Lithia & Driveway kicks off earning season for the retail #automotive publics and it was a bit of a mixed bag...but as I posted a few days ago, this quarter will be all about the bottom line and margins. The grace period on finding a new normal is over and the street expects that good companies will have figured out how to navigate the post-Covid industry. While #Lithia missed on revenue, they beat on the bottom, significantly increasing EPS for the second time in the past two quarters. This was in spite of ongoing challenges with unit margins in the core business; a feather in the cap for their discipline and business diversification. Bottom line...they have a world class management team, a clear identity and a very aggressive long term growth strategy highlighted perfectly on this one slide from their investor presentation.
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Lithia CEO Bryan DeBoer: “Today marks the formal completion of our investment in Pinewood and Pendragon" February 1. 2024 ANE, SK Lithia Automotive Inc successfully concluded its acquisition of the U.K. car dealership group Pendragon PLC. Lithia Motors (Lithia & Driveway) marking a significant milestone in its expansion into the British automotive market. With the deal's closure, Lithia also enters the dealership management system business. This transaction marks the culmination of a series of negotiations, amidst interest from multiple U.S. public auto retail rivals. Approval from the U.K. Competition and Markets Authority and Financial Conduct Authority paved the way for the acquisition. While Lithia eliminated contingencies related to automaker approvals, it maintained the requirement for Financial Conduct Authority clearance. The revised offer, overwhelmingly endorsed by Pendragon shareholders in October, amounted to 397 million pounds, approximately $482 million at the time of the revised offer in early October.-we reported #automotive #retail #dealership #lithia #LithiaandDriveway #pendragon #AutomotiveRetailInside
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-Lithia & Driveway's acquisition of Carousel Motor Group aims at bolstering its footprint in the Minneapolis-St. Paul market, adding over $900 million in annualized revenue and nine premier luxury and domestic brand stores. -Bryan DeBoer, President and CEO, underscores the strategic significance of Carousel Motor Group's successful track record and award-winning stores, highlighting LAD's commitment to long-term customer relationships and omni-channel solutions. -The acquisition marks LAD's first Ford store in Wisconsin at Carousel Hudson Ford, diversifying brand offerings and contributing to the company's year-to-date expected annualized revenue of over $5.4 billion, financed through existing on-balance sheet capacity. To know more, read the full article on #theenterprise #AutomotiveAcquisition #ExpansionStrategy #MinneapolisStPaul #LuxuryBrands #OmniChannelSolutions#globalbusiness #theenterprisenews #followformore #global #finance
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Managing Director | Driving Automotive Retail Future •■CI ■PR ■Press work ■Media Communication
A powerful step towards the globalization of automotive retail!
Lithia CEO Bryan DeBoer: “Today marks the formal completion of our investment in Pinewood and Pendragon" February 1. 2024 ANE, SK Lithia Automotive Inc successfully concluded its acquisition of the U.K. car dealership group Pendragon PLC. Lithia Motors (Lithia & Driveway) marking a significant milestone in its expansion into the British automotive market. With the deal's closure, Lithia also enters the dealership management system business. This transaction marks the culmination of a series of negotiations, amidst interest from multiple U.S. public auto retail rivals. Approval from the U.K. Competition and Markets Authority and Financial Conduct Authority paved the way for the acquisition. While Lithia eliminated contingencies related to automaker approvals, it maintained the requirement for Financial Conduct Authority clearance. The revised offer, overwhelmingly endorsed by Pendragon shareholders in October, amounted to 397 million pounds, approximately $482 million at the time of the revised offer in early October.-we reported #automotive #retail #dealership #lithia #LithiaandDriveway #pendragon #AutomotiveRetailInside
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The Ontario Auto Mayors' Roundtable took place today, hosted by investStratford and the City of Stratford. Our team and Vaughan Economic Development were there to hear the important auto sector discussions led by the Mayors in attendance. It was also an opportunity to meet with economic development professionals and industry organizations from across Ontario about the developments and changes being seen in the auto sector. The Ontario auto sector has seen many significant investments the last few years, focused around the transition to electric vehicle (EV) production and the related supply chain. This includes the most recent $155-million investment to build a new e-compressor manufacturing facility in Vaughan, York Region by Hanon Systems; creating up to 300 new jobs. Additional details on this investment: https://lnkd.in/gB-ZA_xe York Region is Canada's largest independent automotive parts and electronics manufacturing cluster. The Region's high quality talent base, plus access to top talent throughout the Greater Toronto Area makes it an ideal location for companies in the auto parts supply chain or those focused on tech for the auto industry. For more on the Region's auto sector: https://lnkd.in/g6ZJDg5 #YorkRegion #AutoIndustry #Automotive #Canada #Ontario #AutoParts #ElectricVehicles #EVproduction #AdvancedManufacturing #Manufacturing #AutomotiveSector #Talent #TechTalent #YRtech #Technology #HighlySkilledLabour #ZeroEmissions James Bang, Ec.D., Katie Maginn, Brendan Sweeney, Kithio Mwanzia, Brian Kingston, Trillium Network for Advanced Manufacturing, Canadian Vehicle Manufacturers' Association, SONAMI
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Dynamic and Pioneering Leader in K12 Education Innovation |, Career Development Specialist | Higher Education Leadership | Workforce Development & Adult Learning Expert | Keynote Speaker | Instructional Design Authority
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#HORSEPOWER: New growth projects like MOBIS' in Montgomery are building on nearly $5 billion in recent auto industry investments in Alabama.
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Trust and collaboration are at the heart of everything we do. Together, we push limits, find new ways to innovate, and focus on building lasting value. It’s never just about selling your cars—we’re here to create opportunities for ongoing success and shared growth. EBlock Houston EBlock #innovation #collaboration #businessgrowth #automotive #carsales #wholesaleCars #AutoAuctions
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Automotive / people leader / IT systems / aftersales expert currently enjoying life @Lotus Cars Europe
The automotive industry continues to face challenging times, and the recent bankruptcy of Recaro is another testament to this. Recaro, an iconic manufacturer known for its captivating sports cars and performance-oriented aftermarket products, has left a significant void in the tuning and personalization industry. This news is a sobering reminder of the difficulties that even renowned brands can encounter in the current economic climate. Recaro's products have long been a favorite among enthusiasts and tuning enthusiasts, who have appreciated the brand's commitment to quality and its ability to enhance the driving experience. As the industry navigates this turbulent period, the loss of Recaro will be felt across the automotive landscape. The company's expertise and innovative designs have been instrumental in shaping the aspirations of countless car enthusiasts, and its absence will undoubtedly leave a noticeable gap in the market. This development serves as a grim reminder of the need for resilience and adaptability within the industry. As the automotive landscape continues to evolve, businesses must be prepared to navigate the complexities and unexpected challenges that may arise. https://lnkd.in/eT63hnYS
Recaro Automotive Files for Bankruptcy After Over a Century of Business
motortrend.com
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Industry experts Jason Stein, George Karolis and Loyd "Champ" Rawls recently shed light on the growing importance of strategic business diversification in the ever-changing car business. Read more 👉 https://lttr.ai/ATIkC #Automotive #SuccessionPlanning #Diversification #FamilyBusiness #InvestmentOpportunities #RecurringRevenueBusinesses
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Seasoned Automotive Professional | Sales Enablement | Content Producer | Writer | Strategic Collaborator | Project Manager | Curriculum Developer | Training Facilitator | Talent Developer | SaaS
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