MEDFORD, Ore., June 4, 2024 /PRNewswire/ — Lithia & Driveway (NYSE: LAD) announced today a $350 million increase to its share repurchase authorization by its Board of Directors, bringing total funds available for future repurchases to approximately $660 million.
“Increasing our share repurchase authorization reflects confidence in our long-term growth and profitability,” said Bryan DeBoer, Lithia & Driveway President and CEO. “With all of the foundational pieces of our unique strategy in place, we are turning all efforts to delivering operational excellence and deploying of capital to drive the greatest shareholder return.”
To date this year, LAD has invested over $156 million to repurchase nearly 609,500 shares, 2.2% of outstanding shares, at a weighted average price of $257 per share.
About Lithia & Driveway (LAD)Lithia & Driveway (NYSE: LAD) is one of the largest global automotive retailers providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.
Sites
www.lithia.cominvestors lithia drivewaywww.lithiacareers.comwww.driveway.comwww.greencars.comwww.drivewayfinancecorp.com
Lithia & Driveway on Facebook
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SOURCE Lithia Motors, Inc.
