MEDFORD, Ore., March 30, 2021 /PRNewswire/ -- Lithia Motors & Driveway (NYSE: LAD) announced it has acquired Avondale Nissan located in Phoenix, Arizona. This purchase further increases the offerings of Lithia Motors & Driveway in the second largest metropolitan market in the Southwest Region.
"We are excited to welcome the high-performing Avondale Nissan team to the Lithia Motors & Driveway family," said Bryan DeBoer, President and CEO. "Their dedication to earning customers for life while making a positive impact in their local community, exemplifies our core values."
This purchase brings LAD's total annualized revenues acquired to over $4.1 billion since the launch of its five-year plan nine months ago. "The pipeline of acquisition targets that meet our hurdle rates is the most active we have ever seen," said DeBoer. "We are ahead of our target of acquiring $4 billion in annualized revenues each year and are well on our way to reaching our plan of $50 billion in revenue and $50 earnings per share." This transaction was financed using the capital raised in concurrent equity and debt offerings late last year.
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.
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SOURCE Lithia Motors, Inc.