Lithia Motors (LAD) Announces Proposed $1B Share Common Offering

Lithia Motors & Driveway (NYSE: LAD) today announced that we intend to offer, subject to market and other conditions, $1 billion of shares of our Class A common stock (the "common stock") in a public offering (the "Offering"). In addition, we intend to grant the underwriters a 30-day option to purchase up to an additional $150 million of shares of common stock. Lithia intends to use the net proceeds of the Offering for general corporate purposes, which may include financing possible acquisitions, repaying or refinancing debt, working capital and capital expenditures.

In addition, today we concurrently announced our intention to offer $500 million aggregate principal amount of senior notes due 2029 (the "Notes") in a private offering. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes.

J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint book-running managers for the Offering. BofA Securities, BTIG, Craig-Hallum, Guggenheim Securities, Jefferies, Stephens Inc. and Wells Fargo Securities are acting as bookrunners, and The Benchmark Company, Citigroup and Seaport Global Securities are acting as co-managers in the Offering.

A shelf registration statement relating to our common stock has been filed with the Securities and Exchange Commission (the "SEC") and became automatically effective upon filing.

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