PR Newswire | Jan 5, 2022 07:15AM EST

Target by 32%

01/05 06:15 CST

Lithia & Driveway (LAD) Exceeds December Monthly Driveway Transaction Volume Target by 32% MEDFORD, Ore., Jan. 5, 2022

MEDFORD, Ore., Jan. 5, 2022 /PRNewswire/ -- Driveway, LAD's reimagined way for consumers to shop, finance, and sell vehicles fully online, reported 1,650 transactions in the month of December, significantly exceeding the previously announced 1,250 transactions for December or 15,000 annual run-rate goal.

With 96% of Driveway customers new to LAD, these transactions represent an estimated annual incremental revenue contribution of nearly $0.5 billion dollars. This incremental revenue combined with the Lithia store e-commerce business represents approximately $5 billion in revenue on an annualized basis.

"We are excited with Driveway's outperformance of the December milestone," said Bryan DeBoer, President and CEO of Lithia & Driveway. "Our continued investment in innovation, such as Driveway and Driveway Finance, and building a consumer-centric omni-channel experience is key to generating greater than $1 of EPS for every billion dollars in revenue."

About Lithia & Driveway (LAD):LAD is a growth company powered by people and innovation with a plan to profitably consolidate the largest retail sector in North America. As the leading provider of personal transportation solutions in North America, LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, LAD builds magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. LAD continues to lead the industry's consolidation, and this combined with Driveway's e-commerce in-home experiences and Driveway Finance Corporation further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.

Sites:www.lithiainvestorrelations.comwww.lithia.comwww.driveway.comwww.lithiacareers.com

Lithia & Driveway on Facebook https://www.facebook.com/LithiaMotorshttps://www.facebook.com/DrivewayHQ

Lithia & Driveway on Twitter https://twitter.com/LithiaMotorshttps://twitter.com/DrivewayHQ

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SOURCE Lithia Motors, Inc.