This purchase further increases the offerings of Lithia Motors & Driveway in the second largest metropolitan market in the southwest region.
"We are excited to welcome the high-performing Avondale Nissan team to the Lithia Motors & Driveway family," said Bryan DeBoer, president and CEO. "Their dedication to earning customers for life while making a positive impact in their local community, exemplifies our core values."
This purchase brings LAD's total annualized revenues acquired to over $4.75 billion since the launch of its five-year plan nine months ago.
"The pipeline of acquisition targets that meet our hurdle rates is the most active we have ever seen," said DeBoer. "We are ahead of our target of acquiring $4 billion in annualized revenues each year and are well on our way to reaching our plan of $50 billion in revenue and $50 earnings per share."
This transaction was financed using the capital raised in concurrent equity and debt offerings late last year.
Source: Lithia Motors & Driveway