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.
“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.”
Lithia & Driveway expands its footprint in Mid-Atlantic and is projected to generate more than $1.2 billion.
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
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SOURCE Lithia Motors, Inc.
