Lithia & Driveway (NYSE: LAD) today announced two milestones that underscore its continued growth and commitment to excellence across its dealership network.

Southwest Regional Expansion

LAD acquired Anaheim Hyundai, Huntington Beach Hyundai, and Garden Grove Hyundai in Orange County. This strategic purchase increases the density of LAD’s network and increases the company’s import mix in Southern California, bringing in an estimated $440 million in annualized revenue.

“These highly profitable acquisitions increase our brand diversity and bring thousands of new customers into our unique ecosystem. Our new teams and omnichannel platform will deliver a seamless ownership experience and deepen lifetime relationships,” said Bryan DeBoer, President and CEO.  “This accretive investment reflects our strict capital discipline and commitment to our return hurdles and supports our strategy to both return value to shareholders and expand our platform’s reach.”

These additions bring LAD’s total year-to-date expected annualized U.S. revenue acquired to $1.16 billion. This acquisition was financed using existing on-balance sheet capacity and was purchased for less than 10% of revenues.

These stores complement LAD’s electrification strategy in California, and Hyundai’s innovative and growing EV and hybrid lineup helps meet customer desires across the adoption curve. This growing segment is accelerated by GreenCars, LAD’s digital sustainability platform, which helps educate customers on electrified vehicles, while the company’s comprehensive ecosystem supports the entire ownership lifecycle. In the third quarter, BEVs represented 10% of LAD’s new retail sales, which was slightly higher than the 8% in prior quarters due to the expiration of EV tax credits.