“We are thrilled to make a strategic entrance into the Las Vegas market with three of the four Hyundai points in the area, giving us a dominant presence with a dynamic growing brand,” Lithia CEO Bryan DeBoer said in a statement. “These franchises are matched perfectly with the local market demographics and further expand the reach and selection of our Driveway offerings by providing consumers transportation solutions wherever, whenever and however they desire.”
Driveway is Lithia’s digital retail platform.
In July 2020, Lithia announced a five-year plan to grow its annual revenue to $50 billion and its earnings per share to $50. Much of that growth will come through dealership acquisitions and growth in Driveway. With the latest deals, Lithia said it has purchased dealerships expected to generate more than $6.9 billion in annual revenue.
The retailer this month also raised nearly $2 billion in additional capital through equity and debt offerings to help it buy more dealerships.
