Lithia & Driveway (LAD) Acquires First Ferrari Store, Representing The Rocky Mountain Region'
Date
12/6/2022 7:32:17 AM
(MENAFN- PR Newswire) MEDFORD, Ore., Dec. 6, 2022 /PRNewswire/ -- Lithia & Driveway (NYSE: lad ) announced today they have expanded into Colorado, purchasing Ferrari of Denver, the Company's first Ferrari store.
Ferrari of Denver will specialize in personalized, in-home customer experiences covering the full ownership lifecycle.
The only Ferrari location in the greater Rocky Mountains region, this store boasts three Ferrari-certified technicians and a Bentley master-certified technician. In addition to Ferrari, this store also sells Bentley and other luxury brands.
'We're thrilled to welcome this Denver team into the Lithia & Driveway family,' said Bryan DeBoer, President and CEO. 'We are ready to expand our business through greater convenience and optionality to cultivate customer loyalty. Ferrari of Denver will fuel our drive to Earn Customers for Life, while becoming a centrally located hub for premium luxury vehicles in the country.'
Located in Highlands Ranch, CO, this acquisition is projected to generate $75 million in annualized revenue bringing LAD's total expected annualized revenue acquired in 2022 to over $3.3 billion. Acquisitions are a key part of the company's 2025 Plan to reach $50 billion in revenue and $55 to $60 in earnings per share.
About Lithia & Driveway (LAD): LAD is a growth company focused on profitably consolidating the largest retail sector in
North America
through providing personal transportation solutions wherever, whenever, and however consumers desire.
Sites
Lithia & Driveway on Facebook
Lithia & Driveway on Twitter
SOURCE Lithia Motors, Inc.
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