MEDFORD, Ore.–(BUSINESS WIRE)–Lithia Motors, Inc. (NYSE: LAD) announced today the purchase of the remaining six John Eagle Dealerships located in Houston, Texas.
The Houston locations are in addition to the John Eagle Dallas/Austin purchase on August 3, 2020. Combined, these ten Texas dealerships add $1.1 billion in annualized revenues and bring Lithia’s network expansion to over $1.6 billion in revenue thus far in 2020.
“The John Eagle acquisitions improve Lithia’s density in the South-Central region and expands our network with a dominant presence in 4 of the top 5 largest metropolitan markets in the United States,” said Bryan DeBoer, Lithia Motors President and CEO. Lithia Motors financed these acquisitions using free cash flows and existing on-balance sheet capacity.
“The growth of our physical network expands our ability to provide consumers convenient and affordable new vehicle, used vehicle, service and parts solutions and brand impressions. Together, with our Driveway digital home channel, we are providing personal transportation solutions wherever, whenever and however consumers desire,” stated DeBoer.
These import franchises complement Lithia’s domestic footprint in Texas to provide a wide range of vehicles to consumers throughout the South-Central region. Lithia has the broadest coast-to-coast automotive retail network, reaching 92% of the United States.
About Lithia
Lithia Motors, Inc. is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in our 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, 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, massive 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 their 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.
Sites
www.lithiamotors.com
www.lithiainvestorrelations.com
www.lithiacareers.com
Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
Contacts
Eric Pitt
VP, Investor Relations and Treasurer
EPitt@lithia.com
(541) 864-1748
