Lithia & Driveway (LAD) Surpasses Expectations with Record Third Quarter Revenue
MEDFORD, Ore., Oct. 23, 2024 – Lithia & Driveway (LAD) has announced record third-quarter revenue of $9.2 billion, a significant 11% increase from the third quarter of 2023. This marks the highest quarterly revenue in the company’s history, showcasing their continued growth and dominance in the automotive retail sector.
The company’s strong performance can be attributed to multiple factors, including:
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Robust growth in core businesses:
Lithia & Driveway’s core businesses, including new and used vehicle retail, aftersales services, and fleet management, all experienced consistent growth during the third quarter.*
Continued profitability in financing operations:
Financing operations, which include Driveway Finance Corporation, delivered their second profitable quarter in a row, demonstrating the strength and stability of their financial services. Driveway Finance Corporation originated $518 million in loans, contributing to a total portfolio of $3.8 billion.*
Strategic acquisitions and expansion:
Lithia & Driveway actively expanded its network in the Southeast region during the third quarter, acquiring three stores in Florida. These acquisitions bolster their import and luxury store footprint and increase the geographic reach of their retail network.Shareholder Value and Future Outlook
In addition to their impressive revenue growth, Lithia & Driveway also demonstrated their commitment to shareholder value:
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Dividend Payment:
The Board of Directors approved a dividend of $0.53 per share related to the third quarter financial results. This dividend is expected to be paid on November 15, 2024, to shareholders of record on November 8, 2024.*
Share Repurchases:
The company repurchased approximately 986,000 shares during 2024 at a weighted average price of $260, demonstrating confidence in their future growth prospects.Looking ahead, Lithia & Driveway is well-positioned for continued success. Their diversified business model, focus on operational efficiency, and commitment to customer satisfaction have established them as a leader in the automotive retail space. The company continues to pursue strategic acquisitions, expand its network, and develop innovative solutions that meet the evolving needs of their customers.
Listen to the Earnings Call and Explore Investor Resources
For more insights into Lithia & Driveway’s third-quarter performance, you can access their earnings conference call at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the third-quarter results is available on their investor relations website, investors.lithiadriveway.com.
About Lithia & Driveway (LAD)
Lithia & Driveway is a leading global automotive retailer, offering a wide range of products and services throughout the vehicle ownership lifecycle. They provide simple, convenient, and transparent experiences through a comprehensive network that includes physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. Lithia & Driveway is committed to consistent, profitable growth in a massive and unconsolidated industry. Their highly diversified and competitively differentiated design provides them with the flexibility and scale to pursue their vision of modernizing personal transportation solutions.
Connect with Lithia & Driveway Online
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Website:
www.lithiadriveway.com*
Investor Relations:
investors.lithiadriveway.com*
Careers:
www.lithiacareers.com*
Driveway:
www.driveway.com*
GreenCars:
www.greencars.com*
Driveway Finance Corporation:
www.drivewayfinancecorp.com*
Facebook:
https://www.facebook.com/LithiaMotors, https://www.facebook.com/DrivewayHQ*
