Lithia Motors & Driveway (NYSE: LAD) today announced the pricing of its public offering (the "Offering") of 3,105,590 shares of its Class A common stock (the "common stock") at a price to the public of $322.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 465,838 shares of common stock at the same public offering price, less underwriting discounts and commissions. The offering is expected to close on May 24, 2021, subject to the satisfaction of customary closing conditions.

In addition, today Lithia concurrently announced the pricing of its private offering of $800 million aggregate principal amount of its 3.875% senior notes due 2029 (the "Notes"), which represents an increase of $300 million from the offering size previously announced. 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. The Offering is being made only by means of a prospectus supplement and an accompanying prospectus. A preliminary prospectus supplement relating to and describing the terms of the Offering was filed with the SEC on May 18, 2021 and is available on the SEC's website at www.sec.gov. Copies of these documents and the final prospectus supplement, when available, may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204, or by email at [email protected]; or Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at [email protected].

This press release is neither an offer to sell nor a solicitation of an offer to buy shares of our common stock or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, shares of our common stock or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.