Lithia & Driveway announced the purchase of two Mercedes-Benz stores in Collierville, Tennessee and Jackson, Mississippi. This strategic move increases store density and luxury mix by adding LAD‘s first Mercedes-Benz store in the Southeast region, bringing an estimated $220M in annualized revenue. This addition brings LAD’s total year-to-date expected annualized revenue acquired to $400M. This acquisition was financed using existing on-balance sheet capacity. To date this year, LAD has invested $230M to repurchase approximately 729,000 shares at a weighted average price of $315 per share. This represents 2.8% of outstanding shares. $589M remains available for repurchase under the existing share repurchase authorization.
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