MEDFORD,
Ore., June 13, 2023 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) announced the purchase of 13 locations from
the Priority Automotive Group in Virginia, expanding its footprint in the
strong performing Mid-Atlantic Region. These exceptional stores are
projected to generate more than $1.2
billion in annualized revenue.
Lithia & Driveway expands its footprint
in Mid-Atlantic and is projected to generate more than $1.2 billion.
"We're thrilled to partner with Dennis
Ellmer and his high performing Priority teams to expand our
domestic operations and consumer options wherever, whenever, and
however they desire," said Bryan
DeBoer, Lithia & Driveway President and CEO. "These
stores not only expand our ability to cultivate long-term customer
relationships in this region, but we also benefit from their
impressive track-record of customer retention and commitment to
community involvement."
The business is comprised of three Honda stores, two Toyota
stores, two Chevrolet stores, a Ford store, a Hyundai and a few
smaller stores, all servicing customers in the Greater Chesapeake
Bay area.
"All of us at Priority are pleased and excited to join forces
with Lithia & Driveway. We knew we had found the perfect
partner to continue to grow Priority in an ever-changing retail
automotive environment," said Dennis
Ellmer, Priority President and CEO. "Our cultures aligned
well with a focus on customer service, growth opportunities for our
associates and commitment to the communities. We look forward to
continued growth with Lithia for years to come."
These additions bring Lithia & Driveway's total year-to-date
expected annualized revenue acquired to over $3.2 billion. The acquisition was financed
using existing on-balance sheet capacity.
About Lithia & Driveway (LAD):
LAD is a growth company focused on profitably consolidating the
largest retail sector globally by providing personal transportation
solutions wherever, whenever, and however consumers desire.
Sites
www.lithia.com
www.investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ
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SOURCE Lithia Motors, Inc.