Lithia Motors, Inc. (NYSE: LAD) has acquired Baierl Auto Group in
Pittsburgh, Pennsylvania, comprised of Toyota, Honda, Subaru, Ford,
Chevrolet, Acura, Kia and Cadillac locations in the affluent retail area
of Cranberry Township. On an annualized basis, Baierl is estimated to
generate $500 million in revenue and $0.15 in earnings per share.
"The combination of Baierl and Lithia continues our strategy of
acquiring dominant franchises with entrepreneurial leadership ready to
further unlock the potential of our new team and brand," said Bryan
DeBoer, President and Chief Executive Officer. "Since 1954, Baierl has
provided exceptional customer service to the Western Pennsylvania
Community and we're pleased to partner with them to accelerate growth.
Entering the Pittsburgh market increases our involvement in cutting-edge
technology around autonomous transportation and allows us to proactively
adapt and learn from the consumer behaviors and trends associated with
it."
Baierl joins DCH and Carbone as one of our brands to rapidly grow while
sharing best practices and technology. We are expanding an omnichannel
retail strategy driven by people to innovate and serve customers
throughout the United States.
"We continue to increase the size and agility of our organization,
strengthening our capital engine for growth," said DeBoer. "Our strategy
of acquiring businesses that have yet to realize their potential
provides greenfield rates of return, while the stores we purchased over
the past several years supply internal dry powder to deliver earnings
growth independent from the new vehicle SAAR as they mature. Our
entrepreneurial, people-powered culture allows us to purchase unrealized
potential at extremely attractive prices with very low risk and
outperform not only auto retail, but all retail."
About Lithia
Lithia Motors, Inc. is one of the largest automotive retailers in the
United States and is among the fastest-growing companies in the Fortune
500. With the addition of Baierl, Lithia now sells 30 brands of new
vehicles and all brands of used vehicles at 160 stores in 18 states.
Lithia also arranges finance, warranty, and credit insurance contracts.
In addition, Lithia provides vehicle parts, maintenance and repair
services at all of its locations.
Sites
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Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning the "Safe-Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements regarding our goals, plans, projections and guidance
regarding our financial position, results of operations, market
position, pending and potential future acquisitions and business
strategy, and often contain words such as "project," "outlook,"
"expect," "anticipate," "intend," "plan," "believe," "estimate," "may,"
"seek," "would," "should," "likely," "goal," "strategy," "future,"
"maintain," "continue," "remain," "target" or "will," and similar
references to future periods.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170501006102/en/
Lithia Motors, Inc.
John North, 541-618-5748
Senior Vice
President and Chief Financial Officer