Lithia wants to hit revenue of $25 billion from acquisitions, up by $5 billion
Summary
MEDFORD, Ore. — Dealership acquisitions, already a hallmark of Lithia Motors Inc.s long-term growth strategy as it became the countrys largest seller of new vehicles, will play an even bigger role in an update to its audacious plan to reach $50 billion in annual revenue by the end of 2025. The change stems from Lithia pulling back on its overall revenue target for Driveway, its online sales platform, by $5 billion, DeBoer said. "We just hit 75 percent of the way through our initial network development plan," DeBoer said in a wide-ranging interview last week at the auto retail giants headquarters here. Lithia bought 25 U.S. franchised dealerships last year, down from 67 in 2021, according to data tracked by Automotive News. "Lithia Motors core competency is M&A," said DeBoer, who earlier in his career was the retailers senior vice president of mergers and acquisitions/operations.