MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors, Inc. (NYSE: LAD) announced today the addition of four John Eagle Dealerships located in Dallas and Austin, Texas.
“We’re delighted to announce our network expansion in two of the largest markets in our logistically key South-Central region,” said Bryan DeBoer, Lithia Motors President and CEO. “We’re excited to welcome these high-performing teams to the Lithia family. Their reputation in their communities and extraordinary volume reflect a commitment to an exceptional customer experience.”
The addition of the John Eagle Dealerships is another example of Lithia's proven success strategy of acquiring strong, high-performing franchises. The John Eagle Dealership family and brand is well-renowned, and this purchase includes John Eagle Honda of Dallas, Honda Cars of Rockwall, Howdy Honda of Austin and John Eagle Sports City Toyota. Combined, these businesses add $500 million in annualized revenues and bring Lithia's network expansion to over $1 billion in revenue thus far in 2020. This acquisition was financed using free cash flows and existing on-balance sheet capacity.
“The acceleration of our plan to increase the reach and density of our network to more conveniently serve our customers is well underway. Together, with our Driveway ecommerce digital home channel, we are providing personal transportation solutions wherever, whenever and however consumers desire,” stated DeBoer.
These import franchises complement Lithia’s domestic footprint in Texas to provide a wide range of vehicles to consumers throughout the South-Central region. Lithia has the broadest coast-to-coast automotive retail network, reaching 92% of the United States.
About Lithia
Lithia Motors, Inc. is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in our country. They are a leading provider of personal transportation solutions in the United States and are among the fastest-growing companies in the Fortune 500 (#6 on 10-Year EPS Growth, #4 10-Year TSR in 2020). By providing a wide array of products throughout the entire lifecycle of the consumer’s vehicle ownership experience, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to increase market share, consumer loyalty and team performance. Lithia's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, massive owned inventories, technology and physical network. By purchasing strong businesses, they further strengthen this network, leveraging their national digital home channel Driveway and building upon their massive regenerating capital engine. Together, these endeavors create a unique and compelling high growth strategy that provides transportation solutions wherever, whenever and however consumers desire.
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