MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors, Inc. (NYSE: LAD) announced today the addition of Jaguar and Land Rover in Mission Viejo, California. The team joins Lithia's nationwide family and represents the first Jaguar Land Rover location in the growing network.
In 2018, the business generated $116 million in revenue and is well positioned to expand its presence in the California market. “Our purchase included the highly desirable real estate providing convenience and stability to our customers in this affluent market for decades to come,” said Bryan DeBoer, Lithia Motors, Inc. President and CEO.
"We're excited to welcome the existing Jaguar Land Rover team and we thank the Pendragon organization for choosing Lithia to follow in their footsteps. This franchise fits nicely into Lithia's strategy of acquiring strong businesses that have considerable potential,” remarked DeBoer. He added, "These are our first Jaguar and Land Rover franchises and we look forward to becoming a top performer with our new partner.”
"The acquisition market remains active and we plan to expand beyond our current national reach of 80%. Future business adjacencies and new digital technologies will further activate our network by providing solutions that our customers crave,” remarked DeBoer.
About Lithia:
Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest-growing companies in the Fortune 500 (#265-2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows while maintaining low leverage. Operational excellence is achieved by refocusing the business on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. Lithia’s unique growth model reinvests to expand its nationwide network and to fund innovations that create personal transportation solutions wherever, whenever and however consumers desire.
