Benzinga | Jun 29, 2021 07:28AM EDT

Lithia & Driveway Acquires Michael's Toyota In Bellevue, Washington

Lithia & Driveway (NYSE:LAD) today announced the acquisition of Michael's Toyota in Bellevue, Washington, expected to generate $235 million in annualized revenues.

"This exceptional Toyota store doubles our presence and offerings in the largest automotive retail market in our northwest region," said Bryan DeBoer, President and CEO.

This Toyota location has historically been the largest volume dealer in the region and received numerous industry awards. "We welcome Erick Paulson and his high performing team as they continue to serve and create loyal, satisfied customers in the greater Seattle area," said DeBoer.

This location brings LAD's total expected annualized revenue acquired during the first full year of the 5-year plan to $7.8 billion, nearly doubling the annual target for network development. This acquisition was financed using existing on-balance sheet capacity.