Lithia & Driveway (LAD) Enters South Florida with the Addition of Two Audi Stores
MEDFORD, Ore., Nov. 16, 2021 -- Lithia & Driveway announced today their entrance into South Florida with the addition of Audi Fort Lauderdale and Audi Coral Springs. The Florida stores dramatically increase LAD's luxury footprint in the Southeast Region and together are expected to generate $275 million in annualized revenue.
The Audi Coral Springs dealership boasts the world's largest Audi showroom, an impressive 66,000 square feet, and is easily accessible off Florida highways. These well positioned stores will bring LAD one step closer to servicing consumer vehicles within a 100-mile radius anywhere in the country.
"We are excited to welcome these two high performing stores to our Lithia & Driveway family," said Bryan DeBoer, Lithia & Driveway's President, and CEO. Like us, the stores' roots run deep in the communities they serve. By joining forces, we are able to expand our omni-channel network and strengthen our luxury offerings in one of the top U.S. markets." said DeBoer.
The addition of Audi Fort Lauderdale and Audi Coral Springs brings LAD's total expected annualized revenue acquired in 2021 to $6.5 billion. The company is pacing to exceed its 5-year plan, announced in July 2020, to reach $50 billion in revenue and $50 of earnings per share. These acquisitions were financed using existing on-balance sheet capacity.
About Lithia & Driveway (LAD):
LAD is a growth company powered by people and innovation with a plan to profitably consolidate the largest retail sector in North America. As the leading provider of personal transportation solutions in North America, LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, LAD builds magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. LAD continues to lead the industry's consolidation, and this combined with Driveway's e-commerce in-home experiences, further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
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SOURCE Lithia Motors, Inc.