Lithia & Driveway buys Rockwall Hyundai in Texas, adds about $75 million in annualized revenue
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Lithia & Driveway announced the acquisition of Rockwall Hyundai in Texas, adding an estimated $75M in annualized revenue and bringing year-to-date acquired annualized revenue to $915M, funded from existing balance-sheet capacity. The company also highlighted ongoing capital return, repurchasing $40M of shares this quarter and $541M year-to-date, with $580M remaining under authorization. The news is supportive for LAD but limited in broader market impact.
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Lithia & Driveway said it has acquired Rockwall Hyundai in Rockwall, Texas, adding an estimated $75 million in annualized revenue. The deal lifts the company’s year-to-date acquired annualized revenue to $915 million. The company also said it spent $40 million this quarter to repurchase about 108,000 shares, and has repurchased about 1.9 million shares year to date, with $580 million remaining under its authorization.
