MEDFORD, Ore., Dec. 7, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) announced today the purchase of three Ford stores from the Elder Auto Group. Elder Ford of Tampa significantly increases LAD's domestic footprint in Florida, region 6 and Elder Ford of Troy and Elder Ford of Romeo add density to Michigan operations in region 3. Together these stores are expected to generate $425 million in annualized revenue.
As an organization, the Elder Auto Group has won numerous awards, including the 2020 Ford Motor Company's prestigious Presidents Award. "The Elder Auto Group has an impeccable reputation for quality customer service, a passion for all things Ford and will be a seamless fit," said Bryan DeBoer, Lithia & Driveways President and CEO. "We are excited to welcome Robert Elder and these strong, high-performing teams to the Lithia & Driveway family."
The addition of the Elder Ford stores brings LAD's total expected annualized revenue acquired in 2021 to nearly $7 billion. The company is pacing 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.