MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors, Inc. (NYSE: LAD) announced today the addition of BMW of San Francisco.
“We’re very pleased to announce that we have expanded our network in our Southwest Region with BMW of San Francisco,” said Bryan DeBoer, Lithia Motors President and CEO. “This purchase brings our annual network revenue expansion thus far in 2020 to over $500 million annually, increasing our network density to more conveniently reach our customers.”
BMW of San Francisco is another example of Lithia's proven success strategy of acquiring strong franchises in strategic locations. The store is expected to generate $210 million in revenue and joins Lithia's network of 190 physical locations nationwide, providing both in store and digital home offerings serving customers throughout the entire ownership lifecycle. This acquisition was financed using free cash flows and existing on-balance sheet capacity.
“We’re very excited to welcome the talented team of BMW of San Francisco to the Lithia family. Their passion for BMW and their enthusiasm for technology is geared perfectly for the digitally and sustainably sophisticated customers of this region. We’re eager to partner with them to provide the ultimate customer experience, including at home and at work convenience,” stated DeBoer.
Lithia has the broadest coast-to-coast automotive retail network reaching 92% of the U.S. Lithia Motors continues to incrementally and profitably modernize the industry through its mission of Growth Powered by People.
Lithia Motors, Inc. is a leading provider of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#252-2020). Lithia's rapid growth is powered by people, an industry leading physical network and ecommerce digital home solutions. Lithia builds magnetic brand loyalty by providing customers with convenient and transparent experiences throughout their ownership lifecycle. Lithia further increases market share and optimizes profitability by leveraging their proprietary performance measurement systems that are fueled by data science. Lithia's unique growth model generates significant cash flows, which fund innovation and the expansion of its nationwide network, creating personal transportation solutions wherever, whenever and however consumers desire.
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