MEDFORD,
Ore., June 21, 2023 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) announced the purchase of Wade Ford in
Smyrna, Georgia, expanding its
reach in the Southeast Region and adding an estimated $285 million in annualized revenue.
"We're thrilled to have the team at Wade Ford join the LAD
family as we continue to focus on network development in the U.S.
This is our second store in Atlanta and continues the build out of our
network of southeastern locations from Virginia to Florida," said Bryan
DeBoer, Lithia & Driveway President and CEO. "Wade Ford
has been serving the area since 1933. Their strong reputation with
customers and community support allows us to expand our operations
in this highly competitive market."
The Wade Ford purchase is projected to bring Lithia &
Driveway's total year-to-date expected annualized revenue acquired
to $3.5 billion and $17.5 billion since announcing its 2025 Plan to
achieve $50 billion in revenue. LAD
has accomplished 70% of its 2025 Plan network development target of
$25 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 through 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.