MEDFORD,
Ore., Feb. 27, 2024 /PRNewswire/ -- Lithia
& Driveway (NYSE: LAD) announced today they have purchased
Carousel Motor Group, growing their footprint in one of the largest
markets in the North Central Region, Minneapolis-St. Paul. The group, comprised
mainly of premium luxury brands, is projected to generate more than
$900 million in annualized
revenue.
"We are excited to expand into the
Twin Cities with Carousel Motor Group and its successful
award-winning stores," said Bryan
DeBoer, Lithia & Driveway President and CEO. "Building
out our network in the North Central Region, our least-dense
region, allows us to foster long-term customer relationships and
provide our omni-channel solutions, offering a full ownership
lifecycle to this market. We welcome Carousel's high-performing
team members to the Lithia & Driveway family."
The group comprises nine stores, both premier luxury and
domestic brands, and is in the greater Twin Cities. Carousel Hudson Ford is one of the largest locations in
Wisconsin and LAD's first Ford
store in the state. This location adds more brand offerings to
LAD's already existing footprint after purchasing Wilde Automotive
Group in October 2022.
These additions bring Lithia & Driveway's total year-to-date
expected annualized revenue acquired to over $5.4 billion. The acquisition was financed
using existing on-balance sheet capacity.
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, ecommerce platforms,
captive finance solutions and other synergistic adjacencies. We
deliver consistent, low-risk, and profitable growth in a massive
and unsolicited 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.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
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SOURCE Lithia Motors, Inc.