Lithia Motors
Photo by: Southern Oregon Regional Economic Development, Inc.

MEDFORD, Ore.–Lithia Motors & Driveway (NYSE: LAD) announced it has acquired five locations in Florida, all serving the greater Tampa market. The acquisition is expected to add $430 million in annualized revenue and includes Hyundai of New Port Richey, the largest-volume Hyundai location in the United States eight years in a row.

With the addition of the Fink Auto Group, LAD now has more than $1 billion in revenue in the key Southeast Region. “We are excited to welcome Scott Fink and his high-performing teams to the Lithia & Driveway family,” said Bryan DeBoer, LAD’s President and CEO. “Their unparalleled commitment to serving their local communities and providing the highest level of customer service exemplifies Lithia & Driveway’s core values.”

This acquisition brings LAD’s total expected annualized revenue acquired to $4 billion since the launch of their five-year plan to reach $50 billion in revenue and $50 of earnings per share. “Four months ahead of schedule, we are excited to announce that we have achieved the annual network growth target of acquiring $4 billion in expected annualized revenue,” said DeBoer. “The acquisition market remains robust, and we are well positioned to continue the acceleration of our network growth strategy.” This transaction was financed using the capital raised in concurrent equity and debt offerings late last year.

Media Contacts:

Eric Pitt
VP, Investor Relations and Treasurer
(541) 864-1748

Susan Donahue
Skyya PR
(646) 454-9378

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