Lithia & Driveway (LAD) Expands Retail Network in Southwest Region and Announces Share Repurchase Authorization Increase

Core Points - Lithia & Driveway announced the acquisition of Elk Grove Subaru, enhancing its presence in the Sacramento area and the Southwest region [1][2] - The acquisition is expected to generate annual revenue of $100 million, contributing to a total of$180 million in year-to-date annualized revenue acquired [3] - The acquisition was financed using existing on-balance sheet capacity [3] Share Repurchase Authorization - Lithia & Driveway's Board of Directors approved a $350 million increase to its share repurchase authorization, raising total available funds for future repurchases to approximately$748 million [4] - The company has invested over $71 million this year to repurchase over 197,500 shares at a weighted average price of$361 per share, representing 0.75% of outstanding shares [4] Company Overview - Lithia & Driveway is the largest global automotive retailer, offering a wide range of products and services throughout the vehicle ownership lifecycle [5] - The company emphasizes simple, convenient, and transparent experiences through its network of physical locations and e-commerce platforms [5] - Lithia & Driveway aims for consistent, profitable growth in a large and unconsolidated industry, leveraging its diversified and competitively differentiated design [5]