Lithia Motors(US:LAD) Prnewswire·2024-09-10 12:30Core Insights - Lithia & Driveway has expanded its presence in the U.S. Southeast Region by acquiring three stores from Duval Motor Company in Jacksonville and Gainesville, Florida, which are expected to generate over $200 million in annualized revenue [1][2]. Group 1: Acquisition Details - The newly acquired stores include Acura, Honda, and Subaru brands, marking Lithia & Driveway's entry into these specific markets [1][2]. - This acquisition increases Lithia & Driveway's total expected annualized revenue from acquisitions to $5.9 billion for the year [3]. Group 2: Strategic Importance - The addition of the Duval stores enhances Lithia & Driveway's import and luxury store footprint in Florida, thereby extending the geographic reach of its retail network [2][3]. - The acquisition aligns with the company's growth strategy, emphasizing customer service and community engagement [3]. Group 3: Company Overview - Lithia & Driveway is one of the largest global automotive retailers, offering a wide range of products and services throughout the vehicle ownership lifecycle [4]. - The company aims to modernize personal transportation solutions through a comprehensive network of physical locations and e-commerce platforms, ensuring consistent and profitable growth in a large, unconsolidated industry [4].