Lithia & Driveway Expands in North Central Region with the Purchase of Carousel Motor Group Including Twin Cities Ferrari
MEDFORD, Ore., Feb. 27, 2024 -- Lithia & Driveway (NYSE: LAD) announced today they have purchased Carousel Motor Group, growing their footprint in one of the largest markets in the North Central Region, Minneapolis-St. Paul. The group, comprised mainly of premium luxury brands, is projected to generate more than $900 million in annualized revenue.
"We are excited to expand into the Twin Cities with Carousel Motor Group and its successful award-winning stores," said Bryan DeBoer, Lithia & Driveway President and CEO. "Building out our network in the North Central Region, our least-dense region, allows us to foster long-term customer relationships and provide our omni-channel solutions, offering a full ownership lifecycle to this market. We welcome Carousel's high-performing team members to the Lithia & Driveway family."
The group comprises nine stores, both premier luxury and domestic brands, and is in the greater Twin Cities. Carousel Hudson Ford is one of the largest locations in Wisconsin and LAD's first Ford store in the state. This location adds more brand offerings to LAD's already existing footprint after purchasing Wilde Automotive Group in October 2022.
These additions bring Lithia & Driveway's total year-to-date expected annualized revenue acquired to over $5.4 billion. The acquisition was financed using existing on-balance sheet capacity.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is one of the largest global automotive retailers providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, ecommerce platforms, captive finance solutions and other synergistic adjacencies. We deliver consistent, low-risk, and profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever, and however consumers desire.