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    Lithia & Driveway (LAD) Reports Record Fourth Quarter Revenue of $9.2 billion, a 20% Increase, and the First Profitable Year for Finance Operations

    2/12/25 5:20:00 AM ET
    $LAD
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary
    Get the next $LAD alert in real time by email

    Announces Dividend of $0.53 per Share for Fourth Quarter

    MEDFORD, Ore., Feb. 12, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) today reported the highest fourth quarter revenue in company history and the first profitable year for Financing Operations, which includes Driveway Finance Corporation.

    Lithia & Driveway (PRNewsfoto/Lithia Motors, Inc.)

    Fourth quarter 2024 revenue increased 20% to $9.2 billion from $7.7 billion in the fourth quarter of 2023.

    Fourth quarter 2024 diluted earnings per share attributable to LAD was $8.12, a 5% increase from $7.74 per share reported in the fourth quarter of 2023. Fourth quarter 2024 adjusted diluted earnings per share attributable to LAD was $7.79, a 6% decrease compared to $8.32 per share in the same period of 2023. Insurance proceeds related to a business interruption claim, partially offset by foreign currency exchange losses, increased diluted earnings per share by $0.17.

    Fourth quarter 2024 net income was $217 million, remained flat compared to net income of $216 million in the same period of 2023. Adjusted fourth quarter 2024 net income was $209 million, a 10% decrease compared to adjusted net income of $232 million for the same period of 2023.

    As shown in the attached non-GAAP reconciliation tables, the 2024 fourth quarter adjusted results exclude a $0.33 per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes, partially offset by acquisition expenses. The 2023 fourth quarter adjusted results exclude a $0.58 per diluted share impact resulting from non-core items, including acquisitions expenses and a net loss on the disposal of stores, partially offset by insurance reserves.

    Key Fourth Quarter 2024 Highlights:

    • Total revenues increased 20% compared to fourth quarter 2023
    • New retail units increased 7.4 % on a same-store basis
    • Aftersales gross profit increased 4.5% on a same-store basis
    • Driveway Finance Corporation (DFC) originated $501 million in loans, for a portfolio of $3.9 billion in average managed receivables, with net interest margin increasing to 4.7%
    • Repurchased 0.9% of outstanding shares

    "2024 marks another milestone year for Lithia & Driveway, with record-breaking fourth-quarter revenues, the first profitable year for Driveway Finance, and the continued maturity of foundational elements to our strategy." said Bryan DeBoer, President and CEO. "Our focus on providing experiences that enhance customer loyalty, unlocking the full potential of our platform, and accelerating the growth of our unique ecosystem, positions us to deliver sustainable performance and best-in-class returns. We believe our omnichannel strategy, supported by a strong financial foundation, will allow us to drive continued growth in 2025 and beyond."

    Full year 2024 revenue increased 17% to a record $36.2 billion from $31.0 billion in 2023.

    Full year 2024 diluted earnings per share attributable to LAD was $29.65, an 18% decrease from $36.29 per share reported in 2023. Full year 2024 adjusted diluted earnings per share attributable to LAD was $29.96, a 19% decrease from $36.94 per share reported in 2023. Equity method investment gains and foreign currency exchange losses had a positive net impact to our diluted earnings per share by $0.44. Full year 2024 net income attributable to LAD decreased 20% to $0.8 billion from $1.0 billion for 2023. Adjusted net income attributable to LAD decreased 20% to $0.8 billion for 2024 from $1.0 billion for 2023.

    As shown in the attached non-GAAP reconciliation tables, the 2024 adjusted results exclude a $0.31 per diluted share net impact resulting from non-core items, including a premium paid for the redemption of the remaining non-controlling interest in Pfaff Automotive, acquisition expenses, and insurance reserves, offset by a net gain on disposal of stores and tax attributes. The 2023 adjusted results exclude a $0.65 per diluted share impact resulting from non-core items, including acquisition expenses, one-time contract buyout, and insurance reserves, offset by a net gain on disposal of stores.

    Full Year-over-Year and 2024 Operating Highlights:

    • Record full year revenues of $36.2 billion, including  $5.9 billion of acquired annual revenue
    • Aftersales gross profit increased 4.7% on a same-store basis
    • Financing operations first profitable year with income of $15.4 million, compared to a loss of $45.9 million in 2023
    • Driveway Finance Corporation scaled portfolio to $3.7 billion in average managed receivables, and increased net interest margin by 135 basis points to 4.2%
    • Repurchased $348 million of shares, 4.6% of shares outstanding

    Corporate Development

    In January 2025, LAD continued to expand its network in the Mid-Atlantic region with the acquisition of the Stohlman Subaru store in Sterling, Virginia. This addition will strengthen LAD's brand offerings in the region's market and increase our presence in this growing market. This acquisition adds expected annual revenue of $80 million.

    Balance Sheet Update

    LAD ended the fourth quarter with approximately $1.4 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit. In addition, unfinanced real estate could provide additional liquidity of approximately $0.3 billion.

    Dividend Payment and Share Repurchases

    The Board of Directors approved a dividend of $0.53 per share related to fourth quarter 2024 financial results. The dividend is expected to be paid on March 21, 2025 to shareholders of record on March 7, 2025.

    During 2024, we repurchased approximately 1,230,000 shares at a weighted average price of $283. To date in 2025, we have repurchased approximately 43,000 shares at a weighed average price of $345. Under the current share repurchase authorization approximately $454.3 million remains available.

    Fourth Quarter Earnings Conference Call and Updated Presentation

    The fourth quarter 2024 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the fourth quarter 2024 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on quarterly earnings.

    About Lithia & Driveway (LAD)

    Lithia & Driveway (NYSE:LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.

    Sites

    www.lithia.com

    investors.lithiadriveway.com

    www.lithiacareers.com

    www.driveway.com

    www.greencars.com

    www.drivewayfinancecorp.com

    Lithia & Driveway on Facebook

    https://www.facebook.com/LithiaMotors

    https://www.facebook.com/DrivewayHQ

    Lithia & Driveway on X

    https://x.com/lithiamotors

    https://x.com/DrivewayHQ

    https://x.com/GreenCarsHQ

    Forward-Looking Statements

    Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as "project," "outlook," "target," "may," "will," "would," "should," "seek," "expect," "plan," "intend," "forecast," "anticipate," "believe," "estimate," "predict," "potential," "likely," "ensure," "goal," "strategy," "future," "maintain," and "continue" or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:

    • Future market conditions, including anticipated car and other sales and gross profit levels and the supply of inventory
    • Our business strategy and plans, including our achieving our long-term EPS and other financial targets
    • The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores
    • Annualized revenues from acquired stores or achieving target returns
    • The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
    • The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models
    • Our capital allocations and uses and levels of capital expenditures in the future
    • Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections
    • Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sources
    • Our continuing to purchase shares under our share repurchase program
    • Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements
    • Our programs and initiatives for team member recruitment, training, and retention
    • Our strategies and targets for customer retention, growth, market position, operations, financial results and risk management

    Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

    • Future national and local economic and financial conditions, including as a result of inflation, governmental programs and spending, and public health issues
    • The market for dealerships, including the availability of stores to us for an acceptable price
    • Changes in customer demand and the electric vehicle landscape and the impact of evolving digital technologies
    • Changes in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery models
    • Changes in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehicles
    • Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms
    • The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levels
    • Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipment
    • Government regulations and legislation
    • The risks set forth throughout "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and in "Part II, Item 1A. Risk Factors" of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.

    Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Non-GAAP Financial Measures

    This presentation contains non-GAAP financial measures, which may include adjusted net income, adjusted net income attributable to LAD, adjusted net income attributable to non-controlling interests, adjusted net income attributable to redeemable non-controlling interest, adjusted diluted earnings per share attributable to LAD, adjusted SG&A, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating income, adjusted net cash provided by operating activities, adjusted income before income taxes, adjusted income tax (provision) benefit, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

    LAD

    Consolidated Statements of Operations (Unaudited)

    (In millions except per share data)





    Three months ended

    December 31,



    %



    Twelve months ended

    December 31,



    %





    Increase





    Increase



    2024



    2023



    (Decrease)



    2024



    2023



    (Decrease)

    Revenues:























    New vehicle retail

    $  4,705.9



    $  3,974.8



    18.4 %



    $  17,553.8



    $  15,154.2



    15.8 %

    Used vehicle retail

    2,638.5



    2,267.5



    16.4



    11,268.6



    9,570.2



    17.7

    Used vehicle wholesale

    340.9



    242.9



    40.3



    1,359.0



    1,325.3



    2.5

    Finance and insurance

    355.8



    331.5



    7.3



    1,417.7



    1,337.0



    6.0

    Aftersales

    973.8



    818.3



    19.0



    3,850.1



    3,197.1



    20.4

    Fleet and other

    207.2



    39.5



    424.6



    787.7



    458.5



    71.8

    Total revenues

    9,222.1



    7,674.5



    20.2 %



    36,236.9



    31,042.3



    16.7 %

    Cost of sales:























    New vehicle retail

    4,398.7



    3,660.5



    20.2



    16,324.1



    13,760.1



    18.6

    Used vehicle retail

    2,477.0



    2,113.4



    17.2



    10,539.9



    8,848.8



    19.1

    Used vehicle wholesale

    344.5



    251.8



    36.8



    1,365.3



    1,343.7



    1.6

    Aftersales

    442.1



    368.0



    20.1



    1,727.2



    1,445.7



    19.5

    Fleet and other

    188.3



    20.0



    841.5



    719.4



    415.1



    73.3

    Total cost of sales

    7,850.6



    6,413.7



    22.4



    30,675.9



    25,813.4



    18.8

    Gross profit

    1,371.5



    1,260.8



    8.8 %



    5,561.0



    5,228.9



    6.4 %

























    Finance operations income (loss)

    9.0



    (2.1)



    NM



    15.4



    (45.9)



    NM

























    SG&A expense

    902.1



    836.8



    7.8



    3,755.2



    3,294.8



    14.0

    Depreciation and amortization

    62.1



    49.4



    25.7



    245.6



    195.8



    25.4

    Income from operations

    416.3



    372.5



    11.8 %



    1,575.6



    1,692.4



    (6.9) %

    Floor plan interest expense

    (64.8)



    (48.3)



    34.2



    (278.8)



    (150.9)



    84.8

    Other interest expense

    (68.4)



    (59.7)



    14.6



    (257.8)



    (201.2)



    28.1

    Other income

    3.9



    15.2



    (74.3)



    39.3



    22.0



    78.6

    Income before income taxes

    287.0



    279.7



    2.6 %



    1,078.3



    1,362.3



    (20.8) %

    Income tax expense

    (69.8)



    (63.6)



    9.7



    (256.7)



    (350.6)



    (26.8)

    Income tax rate

    24.3 %



    22.7 %







    23.8 %



    25.7 %





    Net income

    $  217.2



    $  216.1



    0.5 %



    $  821.6



    $                  1,011.7



    (18.8) %

    Net income attributable to non-controlling interests

    (1.0)



    (1.9)



    (47.4) %



    (4.8)



    (6.5)



    (26.2) %

    Net income attributable to redeemable non-controlling interest

    —



    (0.8)



    (100.0) %



    (14.8)



    (4.4)



    236.4 %

    Net income attributable to LAD

    $  216.2



    $  213.4



    1.3 %



    $  802.0



    $                  1,000.8



    (19.9) %

























    Diluted earnings per share attributable to LAD:























    Net income per share

    $     8.12



    $     7.74



    4.9 %



    $  29.65



    $  36.29



    (18.3) %

























    Diluted shares outstanding

    26.6



    27.6



    (3.6) %



    27.1



    27.6



    (1.8) %







    NM - not meaningful

     

    LAD

    Key Performance Metrics (Unaudited)





    Three months ended

    December 31,



    %



    Twelve months ended

    December 31,



    %





    Increase





    Increase



    2024



    2023



    (Decrease)



    2024



    2023



    (Decrease)

    Gross margin























    New vehicle retail

    6.5 %



    7.9 %



             (140) bps



    7.0 %



    9.2 %



             (220) bps

    Used vehicle retail

    6.1



    6.8



    (70)



    6.5



    7.5



    (100)

    Finance and insurance

    100.0



    100.0



    —



    100.0



    100.0



    —

    Aftersales

    54.6



    55.0



    (40)



    55.1



    54.8



    30

    Gross profit margin

    14.9



    16.4



    (150)



    15.3



    16.8



    (150)

























    Unit sales























    New vehicle retail

    96,760



    80,596



    20.1 %



    369,913



    314,116



    17.8 %

    Used vehicle retail

    95,342



    78,424



    21.6



    411,925



    325,764



    26.4

























    Average selling price























    New vehicle retail

    $  48,635



    $  49,318



    (1.4) %



    $                  47,454



    $                  48,244



    (1.6) %

    Used vehicle retail

    27,674



    28,913



    (4.3)



    27,356



    29,378



    (6.9)

























    Average gross profit per unit























    New vehicle retail

    $ 3,175



    $ 3,899



    (18.6) %



    $  3,324



    $  4,438



    (25.1) %

    Used vehicle retail

    1,694



    1,965



    (13.8)



    1,769



    2,215



    (20.1)

    Finance and insurance

    1,852



    2,084



    (11.1)



    1,813



    2,090



    (13.3)

    Total vehicle(1)

    4,273



    4,973



    (14.1)



    4,310



    5,367



    (19.7)

























    Revenue mix























    New vehicle retail

    51.0 %



    51.8 %







    48.4 %



    48.8 %





    Used vehicle retail

    28.6



    29.5







    31.1



    30.8





    Used vehicle wholesale

    3.7



    3.2







    3.8



    4.3





    Finance and insurance, net

    3.9



    4.3







    3.9



    4.3





    Aftersales

    10.6



    10.7







    10.6



    10.3





    Fleet and other

    2.2



    0.5







    2.2



    1.5





























    Gross Profit Mix























    New vehicle retail

    22.4 %



    24.9 %







    22.1 %



    26.7 %





    Used vehicle retail

    11.8



    12.2







    13.1



    13.8





    Used vehicle wholesale

    (0.3)



    (0.7)







    (0.1)



    (0.4)





    Finance and insurance, net

    25.9



    26.3







    25.5



    25.6





    Aftersales

    38.8



    35.7







    38.2



    33.5





    Fleet and other

    1.4



    1.6







    1.2



    0.8





     



    Adjusted



    As reported



    Adjusted



    As reported



    Three months

    ended December

    31,



    Three months

    ended December

    31,



    Twelve months

    ended December

    31,



    Twelve months

    ended December

    31,

    Other metrics

    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

    SG&A as a % of revenue

    9.9 %



    10.7 %



    9.8 %



    10.9 %



    10.3 %



    10.6 %



    10.4 %



    10.6 %

    SG&A as a % of gross profit

    66.3



    65.2



    65.8



    66.4



    67.4



    62.7



    67.5



    63.0

    Operating profit as a % of revenue

    4.4



    5.1



    4.5



    4.9



    4.4



    5.5



    4.3



    5.5

    Operating profit as a % of gross profit

    29.8



    30.8



    30.4



    29.5



    28.5



    32.7



    28.3



    32.4

    Pretax margin

    3.0



    3.8



    3.1



    3.6



    3.0



    4.4



    3.0



    4.4

    Net profit margin

    2.3



    3.0



    2.4



    2.8



    2.3



    3.3



    2.3



    3.3



     (1)

    Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and

    used retail 

     

    LAD

    Same Store Operating Highlights (Unaudited)





    Three months ended

    December 31,



    %



    Twelve months ended

    December 31,



    %





    Increase





    Increase



    2024



    2023



    (Decrease)



    2024



    2023



    (Decrease)

    Revenues























    New vehicle retail

    $  4,200.5



    $  3,949.8



    6.3 %



    $  15,150.8



    $  14,884.6



    1.8 %

    Used vehicle retail

    2,119.0



    2,248.4



    (5.8)



    8,623.9



    9,372.6



    (8.0)

    Finance and insurance

    321.8



    328.4



    (2.0)



    1,251.0



    1,311.4



    (4.6)

    Aftersales

    838.1



    810.3



    3.4



    3,220.2



    3,128.1



    2.9

    Total revenues

    7,854.3



    7,615.4



    3.1



    29,634.2



    30,446.9



    (2.7)

























    Gross profit























    New vehicle retail

    $ 265.3



    $ 312.6



    (15.1) %



    $ 1,030.3



    $ 1,369.1



    (24.7) %

    Used vehicle retail

    145.8



    153.6



    (5.1)



    638.4



    707.7



    (9.8)

    Finance and insurance

    321.8



    328.4



    (2.0)



    1,251.0



    1,311.4



    (4.6)

    Aftersales

    467.3



    447.3



    4.5



    1,799.2



    1,719.0



    4.7

    Total gross profit

    1,206.0



    1,252.7



    (3.7)



    4,738.1



    5,132.5



    (7.7)

























    Gross margin























    New vehicle retail

    6.3 %



    7.9 %



             (160) bps



    6.8 %



    9.2 %



             (240) bps

    Used vehicle retail

    6.9



    6.8



    10



    7.4



    7.6



    (20)

    Finance and insurance

    100.0



    100.0



    —



    100.0



    100.0



    —

    Aftersales

    55.8



    55.2



    60



    55.9



    55.0



    90

    Gross profit margin

    15.4



    16.4



    (100)



    16.0



    16.9



    (90)

























    Unit sales























    New vehicle retail

    86,077



    80,110



    7.4 %



    315,728



    308,662



    2.3 %

    Used vehicle retail

    74,407



    77,714



    (4.3)



    306,408



    319,225



    (4.0)

























    Average selling price























    New vehicle retail

    $ 48,800



    $ 49,305



    (1.0) %



    $ 47,987



    $ 48,223



    (0.5) %

    Used vehicle retail

    28,478



    28,931



    (1.6)



    28,145



    29,361



    (4.1)

























    Average gross profit per unit























    New vehicle retail

    $ 3,082



    $ 3,902



    (21.0) %



    $  3,263



    $  4,436



    (26.4) %

    Used vehicle retail

    1,959



    1,976



    (0.9)



    2,084



    2,217



    (6.0)

    Finance and insurance

    2,005



    2,081



    (3.7)



    2,011



    2,089



    (3.7)

    Total vehicle(1)

    4,535



    4,979



    (8.9)



    4,668



    5,368



    (13.0)



    (1)

     Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail 

     

    LAD

    Other Highlights (Unaudited)





    Three months ended December 31,



    Twelve months ended December 31,



    2024



    2024

    Key Performance by Country

    Total Revenue



    Total Gross Profit



    Total Revenue



    Total Gross Profit

    United States

    79.3 %



    84.6 %



    77.9 %



    83.7 %

    United Kingdom

    17.5 %



    12.9 %



    18.9 %



    13.7 %

    Canada

    3.2 %



    2.5 %



    3.2 %



    2.6 %

     



    As of



    December 31,



    December 31,



    December 31,

    Days' Supply(1)

    2024



    2023



    2022

    New vehicle inventory

    59



    47



    32

    Used vehicle inventory

    53



    41



    43



    (1)

    Days' supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at

    the end of each reporting period.

     

    Selected Financing Operations Financial Information





    Three months ended December 31,



    Twelve months ended December 31,

    ($ in millions)

    2024



    % (1)



    2023



    % (1)



    2024



    % (1)



    2023



    % (1)

    Interest and fee income

    $         95.6



    9.7



    $         73.2



    8.9



    $       347.8



    9.5



    $       249.4



    8.9

    Interest expense

    (49.1)



    (5.0)



    (45.0)



    (5.4)



    (195.1)



    (5.3)



    (170.5)



    (6.1)

    Total interest margin

    $         46.5



    4.7



    $         28.2



    3.4



    $       152.7



    4.2



    $         78.9



    2.8

    Lease income

    13.4







    5.0







    74.6







    19.1





    Lease costs

    (9.3)







    (2.1)







    (60.3)







    (8.4)





    Lease income, net

    4.1







    2.9







    14.3







    10.7





    Provision expense

    (29.7)



    (3.0)



    (23.8)



    (2.9)



    (106.7)



    (2.9)



    (98.8)



    (3.5)

    Other financing operations expenses

    (11.8)







    (9.4)







    (44.9)







    (36.7)





    Finance operations income (loss)

    $           9.0







    $          (2.1)







    $         15.4







    $       (45.9)





































    Total average managed finance receivables

    $    3,928.7







    $    3,277.0







    $    3,659.9







    $    2,802.8







    (1)

      Annualized percentage of total average managed finance receivables

     

    LAD

    Condensed Consolidated Balance Sheets (Unaudited)

    (In millions)





    December 31, 2024



    December 31, 2023

    Cash, restricted cash, and cash equivalents

    $                           402.2



    $                           941.4

    Trade receivables, net

    1,237.0



    1,105.5

    Inventories, net

    5,911.7



    4,753.9

    Other current assets

    221.3



    136.8

    Total current assets

    $                        7,772.2



    $                        6,937.6









    Property and equipment, net

    4,629.9



    3,981.4

    Finance receivables, net

    3,875.2



    3,259.9

    Intangibles

    4,665.8



    4,332.8

    Other non-current assets

    2,184.8



    1,120.8

    Total assets

    $                     23,127.9



    $                     19,632.5









    Floor plan notes payable

    4,903.1



    3,635.5

    Other current liabilities

    1,648.0



    1,296.7

    Total current liabilities

    $                        6,551.1



    $                        4,932.2









    Long-term debt, less current maturities

    6,119.3



    5,483.7

    Non-recourse notes payable, less current maturities

    2,051.2



    1,671.7

    Other long-term liabilities and deferred revenue

    1,726.9



    1,262.0

    Total liabilities

    $                     16,448.5



    $                     13,349.6









    Equity and redeemable non-controlling interest

    6,679.4



    6,282.9

    Total liabilities, equity, and redeemable non-controlling interest

    $                     23,127.9



    $                     19,632.5

     

    LAD

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In millions)





    Twelve months ended December 31,

    Cash flows from operating activities:

    2024



    2023

    Net income

    $                           821.6



    $                        1,011.7

    Adjustments to reconcile net income to net cash used in operating activities

    436.9



    329.1

    Changes in:







    Inventories

    (260.9)



    (863.5)

    Finance receivables

    (629.4)



    (1,052.0)

    Floor plan notes payable

    109.4



    363.7

    Other operating activities

    (137.6)



    (261.4)

    Net cash provided by (used in) operating activities

    340.0



    (472.4)

    Cash flows from investing activities:







    Capital expenditures

    (351.4)



    (230.2)

    Cash paid for acquisitions, net of cash acquired

    (1,248.5)



    (1,185.1)

    Proceeds from sales of stores

    85.7



    142.9

    Other investing activities

    (340.2)



    2.1

    Net cash used in investing activities

    (1,854.4)



    (1,270.3)

    Cash flows from financing activities:







    Net borrowings on floor plan notes payable, non-trade

    389.9



    878.7

    Net borrowings non-recourse notes payable

    403.7



    1,283.4

    Net borrowings of other debt and finance lease liabilities

    615.8



    358.3

    Proceeds from issuance of common stock

    27.3



    29.7

    Repurchase of common stock

    (365.9)



    (48.9)

    Dividends paid

    (56.5)



    (52.8)

    Other financing activity

    (21.6)



    (38.6)

    Net cash provided by financing activities

    992.7



    2,409.8

    Effect of exchange rate changes on cash and restricted cash

    (4.5)



    33.4

    Change in cash, restricted cash, and cash equivalents

    (526.2)



    700.5

    Cash, restricted cash, and cash equivalents at beginning of period

    972.0



    271.5

    Cash, restricted cash, and cash equivalents at end of period

    445.8



    972.0

     

    LAD

    Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)

    (In millions)





    Twelve months ended December 31,

    Net cash provided by operating activities

    2024



    2023

    As reported

    $                           340.0



    $                         (472.4)

    Floor plan notes payable, non-trade, net

    389.9



    878.7

    Adjust: finance receivables activity

    629.4



    1,052.0

    Less: Borrowings on floor plan notes payable, non-trade associated with

    acquired new vehicle inventory

    (105.5)



    (109.2)

    Adjusted

    $                        1,253.8



    $                        1,349.1

     

    LAD

    Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

    (In millions, except for per share data)





    Three Months Ended December 31, 2024



    As reported



    Net gain on

    disposal of

    stores



    Acquisition

    expenses



    Tax attribute



    Adjusted

    Selling, general and administrative

    $       902.1



    $           7.9



    $          (0.3)



    $             —



    $       909.7

    Operating income

    416.3



    (7.9)



    0.3



    —



    408.7





















    Income before income taxes

    287.0



    (7.9)



    0.3



    —



    279.4

    Income tax (provision) benefit

    (69.8)



    4.1



    (0.1)



    (5.1)



    (70.9)

    Net income

    $       217.2



    $          (3.8)



    $           0.2



    $          (5.1)



    $       208.5

    Net income attributable to non-

    controlling interests

    (1.0)



    —



    —



    —



    (1.0)

    Net income attributable to

    redeemable non-controlling interest

    —



    —



    —



    —



    —

    Net income attributable to LAD

    $       216.2



    $          (3.8)



    $           0.2



    $          (5.1)



    $       207.5





















    Diluted earnings per share attributable to LAD

    $         8.12



    $       (0.15)



    $         0.01



    $       (0.19)



    $         7.79

    Diluted share count

    26.6























    Three Months Ended December 31, 2023



    As reported



    Net loss on

    disposal of

    stores



    Insurance

    reserves



    Acquisition

    expenses



    Adjusted

    Selling, general and administrative

    $       836.8



    $          (0.2)



    $           1.7



    $       (16.7)



    $       821.6

    Operating income

    372.5



    0.2



    (1.7)



    16.7



    387.7





















    Income before income taxes

    279.7



    0.2



    (1.7)



    16.6



    294.8

    Income tax (provision) benefit

    (63.6)



    (0.3)



    0.5



    0.6



    (62.8)

    Net income

    $       216.1



    $          (0.1)



    $          (1.2)



    $         17.2



    $       232.0

    Net income attributable to non-controlling interests

    $          (1.9)



    $             —



    $             —



    $             —



    $          (1.9)

    Net income attributable to redeemable non-

    controlling interest

    $          (0.8)



    $             —



    $             —



    $             —



    $          (0.8)

    Net income attributable to LAD

    $       213.4



    $          (0.1)



    $          (1.2)



    $         17.2



    $       229.3





















    Diluted earnings per share attributable to LAD

    $         7.74



    $             —



    $       (0.04)



    $         0.62



    $         8.32

    Diluted share count

    27.6

















     

    LAD

    Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

    (In millions, except for per share data)













    Twelve Months Ended December 31, 2024







    As reported



    Net gain on

    disposal of

    stores



    Insurance

    reserves



    Acquisition

    expenses



    Premium on

    redeemable

    NCI buyout



    Tax attribute



    Adjusted

    Selling, general and administrative

    $    3,755.2



    $           8.2



    $          (6.1)



    $       (10.0)



    $             —



    $             —



    $    3,747.3

    Operating income

    1,575.6



    (8.2)



    6.1



    10.0



    —



    —



    1,583.5





























    Income before income taxes

    1,078.3



    (8.2)



    6.1



    10.0



    —



    —



    1,086.2

    Income tax (provision) benefit

    (256.7)



    4.1



    (1.6)



    (0.5)



    —



    (13.1)



    (267.8)

    Net income

    $       821.6



    $          (4.1)



    $           4.5



    $           9.5



    $             —



    $       (13.1)



    $       818.4

    Net income attributable to non-

    controlling interests

    (4.8)



    —



    —



    —



    —



    —



    (4.8)

    Net income attributable to

    redeemable non-controlling interest

    (14.8)



    —



    —



    —



    11.6



    —



    (3.2)

    Net income attributable to LAD

    $       802.0



    $          (4.1)



    $           4.5



    $           9.5



    $         11.6



    $       (13.1)



    $       810.4





























    Diluted earnings per share

    attributable to LAD

    $       29.65



    $       (0.15)



    $         0.17



    $         0.35



    $         0.43



    $       (0.49)



    $       29.96

    Diluted share count

    27.1































    Twelve Months Ended December 31, 2023



    As reported



    Net gain on

    disposal of

    stores



    Insurance

    reserves



    Acquisition

    expenses



    Contract

    buyouts



    Adjusted

    Selling, general and administrative

    $    3,294.8



    $         31.2



    $          (5.4)



    $       (27.2)



    $       (14.3)



    $    3,279.1

    Operating income

    1,692.4



    (31.2)



    5.4



    27.2



    14.3



    1,708.1

























    Income before income taxes

    1,362.3



    (31.2)



    5.4



    27.2



    14.3



    1,378.0

    Income tax (provision) benefit

    (350.6)



    8.2



    (1.4)



    (1.0)



    (3.8)



    (348.6)

    Net income

    $    1,011.7



    $       (23.0)



    $           4.0



    $         26.2



    $         10.5



    $    1,029.4

    Net income attributable to non-controlling interests

    (6.5)



    —



    —



    —



    —



    (6.5)

    Net income attributable to redeemable non-

    controlling interest

    (4.4)



    —



    —



    —



    —



    (4.4)

    Net income attributable to LAD

    $    1,000.8



    $       (23.0)



    $           4.0



    $         26.2



    $         10.5



    $    1,018.5

























    Diluted earnings per share attributable to LAD

    $       36.29



    $       (0.83)



    $         0.15



    $         0.95



    $         0.38



    $       36.94

    Diluted share count

    27.6





















     

    LAD

    Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)

    (In millions)





    Three months ended

    December 31,



    %



    Twelve months ended

    December 31,



    %





    Increase





    Increase



    2024



    2023



    (Decrease)



    2024



    2023



    (Decrease)

    EBITDA and Adjusted EBITDA























    Net income

    $      217.2



    $      216.1



    0.5 %



    $      821.6



    $   1,011.7



    (18.8) %

    Flooring interest expense

    64.8



    48.3



    34.2



    278.8



    150.9



    84.8

    Other interest expense

    68.4



    59.7



    14.6



    257.8



    201.2



    28.1

    Financing operations interest expense

    49.1



    45.0



    9.1



    195.1



    170.5



    14.4

    Income tax expense

    69.8



    63.6



    9.7



    256.7



    350.6



    (26.8)

    Depreciation and amortization

    62.1



    49.4



    25.7



    245.6



    195.8



    25.4

    Financing operations depreciation expense

    13.7



    2.1



    552.4



    51.0



    8.4



    507.1

    EBITDA

    $      545.1



    $      484.2



    12.6 %



    $   2,106.6



    $   2,089.1



    0.8 %

























    Other adjustments:























    Less: flooring interest expense

    $      (64.8)



    $      (48.3)



    34.2



    $    (278.8)



    $    (150.9)



    84.8

    Less: financing operations interest expense

    (49.1)



    (45.0)



    9.1



    (195.1)



    (170.5)



    14.4

    Less: used vehicle line of credit interest

    (4.6)



    (8.4)



    (45.2)



    (24.2)



    (19.6)



    23.5

    Add: acquisition expenses

    0.3



    16.6



    (98.2)



    10.0



    27.2



    (63.2)

    Less: loss (gain) on disposal of stores

    (7.9)



    0.2



             NM



    (8.2)



    (31.2)



             NM

    Add: insurance reserves

    —



    (1.7)



             NM



    6.1



    5.4



             NM

    Add: contract buyouts

    —



    —



             NM



    —



    14.3



             NM

    Adjusted EBITDA

    $      419.0



    $      397.6



    5.4 %



    $   1,616.4



    $   1,763.8



    (8.4) %







    NM - not meaningful

     



    As of

    %



    December 31,

    Increase

    Net Debt to Adjusted EBITDA

    2024



    2023

    (Decrease)

    Floor plan notes payable

    $ 4,903.1



    $ 3,635.5

    34.9 %

    Used and service loaner vehicle inventory financing facility

    975.3



    902.8

    8.0

    Revolving lines of credit

    1,633.2



    1,620.7

    0.8

    Warehouse facilities

    834.0



    587.0

    42.1

    Non-recourse notes payable

    2,109.3



    1,705.6

    23.7

    4.625% Senior notes due 2027

    400.0



    400.0

    —

    4.375% Senior notes due 2031

    550.0



    550.0

    —

    3.875% Senior notes due 2029

    800.0



    800.0

    —

    Finance leases and other debt

    1,085.9



    730.8

    48.6

    Unamortized debt issuance costs

    (25.1)



    (31.8)

    (21.1)

    Total debt

    $  13,265.7



    $  10,900.5

    21.7 %











    Less: Floor plan related debt

    $  (5,878.4)



    $  (4,538.3)

    29.5 %

    Less: Financing operations related debt

    (2,943.3)



    (2,292.6)

    28.4

    Less: Unrestricted cash and cash equivalents

    (225.1)



    (825.0)

    (72.7)

    Less: Marketable securities

    (53.4)



    —

    —

    Less: Availability on used vehicle and service loaner financing facilities

    (23.3)



    (25.5)

    (8.6)

    Net Debt

    $ 4,142.2



    $ 3,219.1

    28.7 %











    TTM Adjusted EBITDA

    $ 1,616.4



    $ 1,763.8

    (8.4) %











    Net debt to Adjusted EBITDA

            2.56 x



            1.83 x









    NM - not meaningful

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-lad-reports-record-fourth-quarter-revenue-of-9-2-billion-a-20-increase-and-the-first-profitable-year-for-finance-operations-302374203.html

    SOURCE Lithia Motors, Inc.

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      Announces Increased Dividend of $0.55 per Share for First Quarter MEDFORD, Ore., April 23, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) today reported the highest first quarter revenue in company history, and a 35% increase in diluted earnings per share compared to the same period in 2024. First quarter 2025 revenue increased 7% to $9.2 billion from $8.6 billion in the first quarter of 2024. First quarter 2025 diluted earnings per share attributable to LAD was $7.94, a 35% increase from $5.89 per share reported in the first quarter of 2024. First quarter 2025 adjusted dil

      4/23/25 5:00:00 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Lithia & Driveway (LAD) Announces Chief Operating Officer Transition

      MEDFORD, Ore., April 15, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) has announced today that Adam Chamberlain will transition from his current role as Executive Vice President and Chief Operating Officer effective June 1, 2025 to join Mercedes-Benz as CEO of Mercedes-Benz USA. "We are incredibly grateful for Adam's leadership as our Chief Operating Officer and the value he brought to Lithia & Driveway," said Bryan DeBoer, President and CEO of Lithia & Driveway. "His contributions have helped strengthen our operations, sharpen our offerings and customer awareness, drive

      4/15/25 5:00:00 PM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $LAD
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    • Lithia & Driveway (LAD) Reports Record First Quarter Revenue of $9.2 billion, Achieves 35% Increase in Diluted Earnings Per Share, 25% Increase in Adjusted Diluted Earnings Per Share

      Announces Increased Dividend of $0.55 per Share for First Quarter MEDFORD, Ore., April 23, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) today reported the highest first quarter revenue in company history, and a 35% increase in diluted earnings per share compared to the same period in 2024. First quarter 2025 revenue increased 7% to $9.2 billion from $8.6 billion in the first quarter of 2024. First quarter 2025 diluted earnings per share attributable to LAD was $7.94, a 35% increase from $5.89 per share reported in the first quarter of 2024. First quarter 2025 adjusted dil

      4/23/25 5:00:00 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Lithia & Driveway (LAD) Schedules Release of First Quarter 2025 Results

      MEDFORD, Ore., April 1, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) today announced its first quarter 2025 earnings will be released before the market opens on Wednesday, April 23, 2025. A conference call to discuss the earnings results is scheduled for the same day at 10:00 a.m. Eastern Time. How to Participate The conference call may be accessed by telephone at (877) 407-8029. To listen live on our website, or for replay, visit investors.lithiadriveway.com and click on quarterly earnings. About Lithia & Driveway (LAD) Lithia & Driveway (NYSE:LAD) is the largest global

      4/1/25 5:30:00 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Lithia & Driveway (LAD) Reports Record Fourth Quarter Revenue of $9.2 billion, a 20% Increase, and the First Profitable Year for Finance Operations

      Announces Dividend of $0.53 per Share for Fourth Quarter MEDFORD, Ore., Feb. 12, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) today reported the highest fourth quarter revenue in company history and the first profitable year for Financing Operations, which includes Driveway Finance Corporation. Fourth quarter 2024 revenue increased 20% to $9.2 billion from $7.7 billion in the fourth quarter of 2023. Fourth quarter 2024 diluted earnings per share attributable to LAD was $8.12, a 5% increase from $7.74 per share reported in the fourth quarter of 2023. Fourth quarter 2024 ad

      2/12/25 5:20:00 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary

    $LAD
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    $LAD
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    • SEC Form SC 13G filed by Lithia Motors Inc.

      SC 13G - LITHIA MOTORS INC (0001023128) (Subject)

      11/13/24 4:07:14 PM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Lithia Motors Inc.

      SC 13G/A - LITHIA MOTORS INC (0001023128) (Subject)

      11/12/24 4:00:50 PM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • SEC Form SC 13G filed by Lithia Motors Inc.

      SC 13G - LITHIA MOTORS INC (0001023128) (Subject)

      2/14/24 4:19:51 PM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Lithia Motors upgraded by Citigroup with a new price target

      Citigroup upgraded Lithia Motors from Neutral to Buy and set a new price target of $375.00 from $415.00 previously

      4/23/25 6:48:58 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • The Benchmark Company initiated coverage on Lithia Motors with a new price target

      The Benchmark Company initiated coverage of Lithia Motors with a rating of Buy and set a new price target of $400.00

      1/8/25 7:55:01 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
    • Stephens initiated coverage on Lithia Motors with a new price target

      Stephens initiated coverage of Lithia Motors with a rating of Overweight and set a new price target of $360.00

      9/12/24 8:54:39 AM ET
      $LAD
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary