Shares of Lithia & Driveway (LAD) are currently trading at $284.85, up $15.39 or 5.71% in the regular trading session Wednesday. The stock has been trading in the range of $55.74 – $288.56 for the past one year. Trading volume is rising over 213K versus an average volume of 477K shares.
The company announced it has acquired Sterling Luxury Group in Loudoun County Virginia. The transaction includes BMW and Mini of Sterling, as well as Rolls-Royce Motor Cars, Lamborghini and McLaren brands, adding three new premium luxury brands to its portfolio.
These additions further increase its brand selection and broadest national network in the industry, now reaching over 95% of the United States.
The transaction is expected to add $225 million in annualized revenue, bringing LAD’s total network expansion to over $3.4 billion in revenue to-date in 2020.
Bryan DeBoer, Lithia & Driveway’s President and CEO, said, “This acquisition accelerates our unique omni-channel strategy and takes us one large step closer to achieving the year one network growth aspiration of our five-year 50/50 plan.”
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