Jun. 10 at 10:38 AM
$LAD Lithia & Driveway acquires two Mercedes-Benz stores in the Southeast region
Lithia & Driveway announced the purchase of two Mercedes-Benz stores in Collierville, Tennessee and Jackson, Mississippi. This strategic move increases store density and luxury mix by adding LAD's first Mercedes-Benz store in the Southeast region, bringing an estimated
$220M in annualized revenue. This addition brings LAD's total year-to-date expected annualized revenue acquired to
$400M.
This acquisition was financed using existing on-balance sheet capacity. To date this year, LAD has invested
$230M to repurchase approximately 729,000 shares at a weighted average price of
$315 per share. This represents 2.8% of outstanding shares.
$589M remains available for repurchase under the existing share repurchase authorization.
