Benzinga | Jun 22, 2021 12:06PM EDT

Lithia Motors Acquires Toyota Of Jackson For Undisclosed Sum

* Automotive retailer Lithia Motors Inc (NYSE:LAD) has acquired Toyota of Jackson in Jackson, Mississippi.

* Lithia did not disclose the terms of the deal.

* The location is expected to add to Lithia's growing Southeast region and is the first in Mississippi.

* Lithia expects the acquisition to add $95 million in annualized revenue and bring Lithia's total expected annualized revenue acquired to $7.6 billion since the launch of its 5-year plan in July 2020.

* "Our growing presence in the Southeast region strategically enhances our nationwide network that is foundational to Lithia and Driveway conveniently serving customers throughout the entire vehicle ownership lifecycle," said Bryan DeBoer, Chief Executive Officer.

* Lithia's cash and equivalents stood at $170.3 million as of March 31, 2021.

* Price action: LAD shares closed lower by 0.67% at $324.75 on Monday.