MEDFORD, Ore., April 27, 2021 /PRNewswire/ -- Lithia Motors & Driveway (NYSE: LAD) announced it has acquired one of the largest Honda dealerships in the country, Planet Honda, located in Union, New Jersey with expected annual revenues in excess of $200 million.
"We are excited to welcome Bill Feinstein and his dedicated team to the Lithia and Driveway family," said Bryan DeBoer, President and CEO. "Adding one of the highest performing Honda stores in the country further strengthens our ability to serve communities throughout the New York and New Jersey metropolitan areas."
This purchase brings LAD's total annualized revenues acquired to over $6.7 billion since the launch of its five-year plan ten months ago. "We continue our accelerated pace of acquisitions and are well ahead of our target of acquiring $4 billion in annualized revenues each year," said DeBoer. "With the most robust and active pipeline in our history, we expect 2021 to be a banner year as we progress toward our five-year plan of $50 billion in revenue and $50 earnings per share. "This transaction was financed using free cash flow and existing on-balance sheet capacity.
About Lithia Motors & Driveway:
Lithia Motors & Driveway is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. They are a leading provider of personal transportation solutions in the United States and are among the fastest-growing companies in the Fortune 500 (#6 on 10-Year EPS Growth, #4 10-Year TSR in 2020). By providing a wide array of products throughout the entire lifecycle of the consumer's vehicle ownership experience through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to increase market share, consumer loyalty and team performance. Lithia's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. By purchasing strong businesses, they further strengthen this network, leveraging their national digital home channel Driveway and building upon the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.