Benzinga | Aug 31, 2021 02:42PM EDT

Lithia Motors Enters Into Canada With Pfaff Partnership

* Lithia Motors Inc (NYSE:LAD) has partnered with automotive retailer Pfaff Automotive Partners to expand into Canada. The financial terms of the agreement were not disclosed.

* The deal marks the first entry of a U.S. public automotive retailer into the Canadian market.

* Eleven dealership operations and Pfaff Leasing included in the partnership will continue to operate under the Pfaff brand name in Canada.

* Chris Pfaff will continue his role as President and CEO of the group.

* "We are excited to ignite our expansion into the Canadian market together with Pfaff," said Bryan DeBoer, LAD President and CEO.

* The addition of Pfaff brings Lithia's total expected annualized revenue acquired in 2021 to $5.9 billion.

* Price Action: LAD shares are trading higher by 0.69% at $329.90 on the last check Tuesday.