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Tuesday, 07 December 2021 22:40

Lithia & Driveway (LAD) Expand Footprint in Florida and Michigan

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Lithia & Driveway announced Dec. 7 the purchase of three Ford stores from the Elder Auto Group.

Elder Ford of Tampa significantly increases LAD's domestic footprint in Florida, and Elder Ford of Troy and Elder Ford of Romeo add density to Michigan operations. Together these stores are expected to generate $425 million in annualized revenue.

 

As an organization, the Elder Auto Group has won numerous awards, including the 2020 Ford Motor Company's prestigious Presidents Award.

 

"The Elder Auto Group has an impeccable reputation for quality customer service, a passion for all things Ford and will be a seamless fit," said Bryan DeBoer, Lithia & Driveways president and CEO. "We are excited to welcome Robert Elder and these strong, high-performing teams to the Lithia & Driveway family."

 

The addition of the Elder Ford stores brings LAD's total expected annualized revenue acquired in 2021 to nearly $7 billion. The company is pacing to exceed its five-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. 

 

Source: Lithia & Driveway

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