Lithia & Driveway acquires Elk Grove Subaru, increases share repurchase program

Lithia & Driveway announced the acquisition of Elk Grove Subaru in Elk Grove, California, adding an additional store to its network in the Sacramento area, and continuing to strengthen its density in the Southwest region. This acquisition adds expected annual revenue of $100M and brings LAD‘s total year-to-date annualized revenue acquired to $180M. This acquisition was financed using existing on-balance sheet capacity. LAD announced a $350M increase to its share repurchase authorization by its board of directors, bringing total funds available for future repurchases to approximately $748M. To date this year, LAD has invested over $71M to repurchase over 197,500 shares at a weighted average price of $361 per share. This represents 0.75% of outstanding shares.