- Lithia Motors & Driveway (NYSE:LAD) announces acquisition of two stores in Florida from Fields Auto Group and opening of a previously awarded Infiniti location in the Downtown Los Angeles area.
- The transaction includes a Land Rover and a Chrysler Jeep Dodge Ram location, both located in the Greater Orlando, Florida market.
- This acquisition will further expand the reach of Driveway, providing products and services throughout the entire vehicle-ownership lifecycle in growing Southeast Region.
- The Infiniti location in Los Angeles is expected to add $40M in annualized revenue and Fields Auto Group expected to add $200M in annualized revenue.
- “We are approaching our annual target of $4 billion in revenue with five months remaining in the first year of our plan and are considerably ahead of schedule,” said DeBoer. This transaction was financed using the capital raised in concurrent equity and debt offerings late last year.