MEDFORD, Ore., Sept. 14, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced today the addition of one of the top Honda stores in the Southeast, Curry Honda located in Chamblee, Georgia. This is LAD's first dealership in Georgia and its strategic location in the top-ten Atlanta market.
LAD also added to its Southwest network with the purchase of the number one Jeep volume dealer in California, year to date, Orange Coast Chrysler Jeep Dodge Ram Fiat in Costa Mesa. Jon Gray, one of the top Chrysler, Jeep, Dodge leaders in the country, and past national dealer chairman of what is now Stellantis National Dealer Council, will continue to lead the dealership. Together, these locations are expected to generate $320 million in annualized revenue.
"As we strive to bring seamless online and offline experiences to consumers throughout North America, we're ecstatic to welcome these two high-performing dealership teams to the family," said Bryan DeBoer, Lithia & Driveway's President and CEO. "These additions help us expand our omni-channel network and reach our goal of delivering and servicing consumer vehicles within a 100-mile radius anywhere in the country."
The addition of Curry Honda in the Atlanta metro area and Orange Coast Chrysler Dodge Jeep Ram Fiat in Orange County, California brings LAD's total expected annualized revenue acquired in 2021 to $6.2 billion. These acquisitions follow shortly after LAD joined with Pfaff Automotive Partners to expand into Canada.
The company is well ahead of pace to exceed its 5-year plan, announced in July 2020, to reach $50 billion in revenue and $50 of earnings per share. These acquisitions were financed using existing on-balance sheet capacity.
About Lithia & Driveway (LAD):
LAD is a growth company powered by people and innovation with a plan to profitably consolidate the largest retail sector in North America. As the leading provider of personal transportation solutions in North America, LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, LAD builds magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. LAD continues to lead the industry's consolidation, and this combined with Driveway's e-commerce in-home experiences, further accelerates 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.