Lithia & Driveway acquires three Hyundai dealerships in California

Lithia & Driveway acquired Anaheim Hyundai, Huntington Beach Hyundai, and Garden Grove Hyundai in Orange County. This strategic purchase increases the density of LAD‘s network and increases the company’s import mix in Southern California, bringing in an estimated $440M in annualized revenue. These additions bring LAD’s total year-to-date expected annualized U.S. revenue acquired to $1.16B. This acquisition was financed using existing on-balance sheet capacity and was purchased for less than 10% of revenues. The company said, “These stores complement LAD’s electrification strategy in California, and Hyundai’s innovative and growing EV and hybrid lineup helps meet customer desires across the adoption curve. This growing segment is accelerated by GreenCars, LAD’s digital sustainability platform, which helps educate customers on electrified vehicles, while the company’s comprehensive ecosystem supports the entire ownership lifecycle. In the third quarter, BEVs represented 10% of LAD’s new retail sales, which was slightly higher than the 8% in prior quarters due to the expiration of EV tax credits.”