Lithia Motors, Inc. (NYSE: LAD) has acquired Day Automotive Group in
Monroeville, Pennsylvania, a suburb of Pittsburgh. The Day group is
estimated to generate $340 million in steady state annual revenue.
"We are excited to add the Day team and their strong franchise mix to
our operations in Pennsylvania," said Bryan DeBoer, President and Chief
Executive Officer. "This acquisition rounds out our presence in
Pittsburgh, adding stores in the desirable southeastern metro area to
complement our locations in affluent Cranberry Township. We continue to
see a robust acquisition environment and anticipate more acquisitions in
the near term."
Day joins Baierl as the second acquisition in ten months in the
Pittsburgh metro area and creates a combined platform with nearly $1
billion in annual revenue. We seek strong franchised stores in dominant
market areas that have yet to realize their potential. We continue to
expand our omnichannel retail strategy to innovate and serve customers
throughout the United States.
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 (#318-2017) with 179 stores representing 30 brands in 18 states. We
offer vehicles online and through our nationwide retail network. Our
"Growth Powered by People" strategy drives us to innovate and
continuously improve the customer experience.
Sites
www.lithiamotors.com
www.lithiainvestorrelations.com
www.lithiacareers.com
Lithia Motors on Facebook
www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
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/20180227005504/en/
Lithia Motors, Inc.
John North, 541-618-5748
Senior Vice
President and Chief Financial Officer