Benzinga | Oct 6, 2020 07:07AM EDT

Lithia Motors Acquires Latham Ford; Acquisition Amount Not Disclosed

Lithia Motors, Inc. (NYSE:LAD) announced today the purchase of Latham Ford serving the Albany, NY, metropolitan area.

"We are pleased to add Latham Ford to the Lithia Family, further strengthening our ability to serve our communities in the Northeastern United States," said Bryan DeBoer, Lithia Motors President and CEO.

Latham Ford is expected to add $55 million in annualized revenue, bringing Lithia's total network expansion to over $1.75 billion in revenue thus far in 2020. This acquisition was funded using free cash flow and existing on-balance sheet capacity.

"The growth of our physical network expands our ability to provide consumers with convenient and affordable new vehicle, used vehicle, service and parts solutions. Together, with our Driveway digital home channel, we are providing flexible and complete vehicle ownership solutions wherever, whenever and however consumers desire," said DeBoer.

Lithia has built the broadest coast-to-coast automotive retail network, reaching over 92% of the United States and creating the fulfillment foundation of its omni-channel offerings. Lithia Motors continues to pragmatically and profitably modernize the industry through its mission of Growth Powered by People.