MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors & Driveway (NYSE: LAD) today announced that nearly five years ahead of schedule, LAD and Sidney DeBoer have completed the conversion of Lithia’s Class B common stock into Class A common stock effective February 23, 2021. As a result, Lithia Motors & Driveway no longer have a dual-class structure and all outstanding shares have the same economic value and voting power.
“We are gracious that our founder and Chairman of the Board, Sidney DeBoer, significantly accelerated the timeline for converting the remaining Class B shares, previously scheduled to sunset at the end of 2025,” said Bryan DeBoer, Lithia Motors & Driveway’s President & CEO. “This acceleration further demonstrates our steadfast commitment to a culture of high performance while maintaining a strong corporate governance profile.”
About Lithia Motors & Driveway:
Lithia Motors & Driveway is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. They are a leading provider of personal transportation solutions in the United States and are among the fastest-growing companies in the Fortune 500 (#6 on 10-Year EPS Growth, #4 10-Year TSR in 2020). By providing a wide array of products throughout the entire lifecycle of the consumer's vehicle ownership experience through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to increase market share, consumer loyalty and team performance. Lithia's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. By purchasing strong businesses, they further strengthen this network, leveraging their national digital home channel Driveway and building upon the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
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