MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors, Inc. (NYSE: LAD) announced today the addition of Chrysler Dodge Jeep Ram Fiat and Subaru stores in Morgantown, West Virginia.
These stores join Ford Lincoln of Morgantown, acquired in June 2019, as part of the Lithia nationwide network reaching 82% of the U.S.
“We’re excited to broaden our offerings in the Morgantown market,” said Bryan DeBoer, Lithia Motors, Inc. President and CEO. “The addition of the FCA brands and Subaru provides more domestic and import selection for consumers and strengthens our network.”
Lithia anticipates that the new Morgantown locations will generate approximately $100 million in annual revenue. The stores exemplify Lithia’s exclusive market strategy and its technique of acquiring strong stores that are underperforming relative to their potential. In 2018, Lithia increased revenue 17.2% and climbed 29 spots to #265 on the Fortune 500.
“In addition to acquiring more stores, we’re extending our network’s reach by activating sell-from-home technology with vehicle pickup,” said DeBoer. “Having already launched this functionality in the nearby Pittsburgh area, Lithia is actively increasing market share by serving customers wherever, whenever, and however they desire.”
About Lithia Motors, Inc.:
Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest-growing companies in the Fortune 500 (#265 in 2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows while maintaining low leverage. Operational excellence is achieved by focusing on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. With a unique growth model, Lithia reinvests to expand its nationwide network and to fund innovations that create personal transportation solutions wherever, whenever and however consumers desire.