Lithia adds $75 million Hyundai dealership
- Lithia & Driveway acquired Rockwall Hyundai in Texas, adding an estimated $75 million in annualized revenue.
- The acquisition increases Lithia’s Dallas-Fort Worth market presence and lifts year-to-date acquired store annualized revenue to $915 million.
- Lithia funded the transaction through existing balance sheet capacity and continued its share repurchase program with $541 million spent year-to-date.
Lithia & Driveway (NYSE:LAD) acquired Rockwall Hyundai in Rockwall, Texas, adding an estimated $75 million in annualized revenue and expanding its dealership network in the Dallas-Fort Worth market.
The acquisition increases Lithia’s presence across Texas, where the company already operates dealerships serving markets including Houston, Austin, Corpus Christi, San Antonio, and West Texas.
The company said the transaction was funded using existing on-balance sheet capacity, while year-to-date expected annualized revenue from acquired stores increased to $915 million after the addition of Rockwall Hyundai.
During the quarter, Lithia repurchased approximately 108,000 shares for $40 million at a weighted average price of $375 per share, while year-to-date buybacks reached about 1.9 million shares for $541 million.
Lithia & Driveway operates automotive dealerships across the United States and continues expanding through acquisitions while using share repurchases as part of its capital allocation strategy.
