Friday 17 March 2023

Oregon, US-based automotive retailer Lithia & Driveway (NYSE: LAD) has acquired UK-based automotive retailer Jardine Motors Group to expand into the United Kingdom, the company said.

Terms of the transaction were not disclosed.

Jardine Motors Group has a long-established track record and strong market position in the United Kingdom, representing luxury car brands including Audi, Aston Martin, BMW, Mini, Jaguar Land Rover, McLaren, Mercedes-Benz, Porsche, and Ferrari.

The business represents the UK operations and has been owned by Jardine Matheson, a diversified Asian-based group, for the past 31 years. Under Jardine Matheson's long-term ownership, Jardine Motors Group has grown from a family-run vehicle retailer in East Anglia into one of the UK's premier automotive groups.

This addition brings LAD's annualised revenue in 2023 to over USD2.1 bn, kicking off another strong year of acquisition growth. acquisitions continue to be a core component of the company's 2025 Plan to reach USD50 bn in revenue. The acquisition was financed using existing on-balance sheet capacity.

Lithia & Driveway (NYSE: LAD) offers a wide selection of vehicles across global manufacturers and provides a full suite of financing, leasing, repair, and maintenance options.