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LAD-News
LAD-Events
Lithia & Driveway Shares Rise Over 7% as Penske Automotive Agrees to $16.3B Merger
Shares of Lithia & Driveway (LAD) are up more than 7% in morning trading as Penske Automotive (PAG) agreed to a $16.3B merger deal to be taken private by Motown Acquisition, an entity owned by Penske Corporation and Mitsui. CarMax (KMX) is also higher after BofA double upgraded the stock to Buy from Underperform, saying FTC price transparency enforcement - combined with CarMax's own initiatives - has made the retailer "the most price competitive it has been in years." Other auto dealers moving higher today include AutoNation (AN), Group 1 Automotive (GPI), and Sonic Automotive (SAH).
Lithia & Driveway Stock Rises 7.4% to $302.23
Lithia & Driveway is up 7.4%, or $20.74 to $302.23.
Lithia & Driveway Appoints Katie Macaddino as Chief People Officer
Lithia & Driveway announced the promotion of Katie Macaddino to chief people officer. In this role, she will continue to lead Lithia & Driveway's global people and culture organization and serve on the company's senior leadership team, overseeing people strategy, culture, leadership development, total rewards, employee experience, and people systems.
Lithia & Driveway Acquires Rockwall Hyundai with Estimated $75M Annual Revenue
Lithia & Driveway announced the acquisition of Rockwall Hyundai in Rockwall, Texas, as part of the company's continued strategic network expansion and brings an estimated $75M in annualized revenue. This addition brings LAD's total year-to-date expected annualized revenue acquired to $915M. This acquisition was financed using existing on-balance sheet capacity.
Q2 Revenue of $9.79B Exceeds Expectations
Reports Q2 revenue $9.79B, consensus $9.64B. "Our team delivered differentiated growth across the platform, with record quarterly revenues, stable new vehicle margins, improved used vehicle profitability, and meaningful sequential SG&A improvement. Financing Operations delivered 80% income growth, with expanding margins and increasing penetration," said Bryan DeBoer, President and CEO. "We continued to return value to shareholders this quarter, expanding our repurchase authorization by $500 million and purchasing nearly 4% of shares. Our ecosystem is delivering on its design, and we carry strong momentum into the second half of the year."
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