PR Newswire
MEDFORD, Ore., June 21, 2023
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
View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-lad-expands-us-footprint-in-atlanta-market-301856394.html
SOURCE Lithia Motors, Inc.
