21/06/2021

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Drive your way

Lithia enters Las Vegas market, buying Hyundai and Genesis stores

1 min read

“We are thrilled to make a strategic entrance into the Las Vegas market with a few of the four Hyundai details in the area, giving us a dominant presence with a dynamic rising manufacturer,” Lithia CEO Bryan DeBoer stated in a assertion. “These franchises are matched completely with the local market demographics and more increase the get to and choice of our Driveway choices by offering shoppers transportation methods where ever, every time and on the other hand they desire.”

Driveway is Lithia’s digital retail platform.

In July 2020, Lithia announced a 5-yr prepare to mature its once-a-year earnings to $50 billion and its earnings for every share to $50. A great deal of that development will arrive via dealership acquisitions and development in Driveway. With the hottest discounts, Lithia stated it has acquired dealerships expected to crank out extra than $six.9 billion in once-a-year earnings.

The retailer this month also raised practically $2 billion in additional cash via fairness and personal debt choices to support it buy extra dealerships.

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