Lithia & Driveway acquires Rockwall Hyundai, repurchases shares

Lithia & Driveway (NYSE: LAD) announced the acquisition of Rockwall Hyundai in Rockwall, Texas, a deal the company estimates will add $75 million in annualized revenue, according to a press release from the Medford, Oregon-based automotive retailer.

The acquisition brings LAD's total year-to-date expected annualized revenue from acquisitions to $915 million. The deal was financed using existing on-balance sheet capacity.

Bryan DeBoer, president and CEO of Lithia & Driveway, said the addition "strengthens our presence in the growing Dallas-Fort Worth market and creates greater network density for our customers." The company already operates dealerships across Dallas-Fort Worth, Houston, Austin, Corpus Christi, San Antonio, and West Texas, among other locations.

In a separate update, LAD disclosed share repurchase activity for the current quarter, reporting $40 million spent to buy back approximately 108,000 shares at a weighted average price of $375, representing 0.46% of outstanding shares.

For the year to date, the company has invested $541 million to repurchase approximately 1.9 million shares at a weighted average price of $284, representing 8.1% of outstanding shares. A remaining $580 million is available under the existing share repurchase authorization.

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