Lithia Motors (LAD) Announces Share Buyback

Lithia & Driveway (NYSE: LAD) announced the acquisition today of Elk Grove Subaru in Elk Grove, California, adding an additional store to its network in the Sacramento area, and continuing to strengthen its density in the Southwest region.

"We are excited to welcome the talented team at Elk Grove Subaru to the Lithia and Driveway team. This addition strengthens our presence in the Southwest region and continues our strategy of expanding our network with high-performing partners like Subaru. We look forward to continuing the store's legacy of building customer loyalty and leveraging our omnichannel capabilities to realize Elk Grove's potential," said Bryan DeBoer, Lithia & Driveway President and CEO.

This acquisition adds expected annual revenue of $100 million and brings LAD's total year-to-date annualized revenue acquired to $180 million. This acquisition was financed using existing on-balance sheet capacity.

Increase to Share Repurchase Authorization

LAD announced today a $350 million increase to its share repurchase authorization by its Board of Directors, bringing total funds available for future repurchases to approximately $748 million.

To date this year, LAD has invested over $71 million to repurchase over 197,500 shares at a weighted average price of $361 per share. This represents 0.75% of outstanding shares.

You May Also Be Interested In

• Cinema United: issues joint letter to state AGs and Paramount
• Almonty Industries launches $300M share repurchase program
• DLH wins spot on $400M Navy cyberspace contract