Lithia & Driveway Expands in North Central Region with the Purchase of Carousel Motor Group, Financial Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
Lithia & Driveway (LAD) has expanded its presence in the Minneapolis-St. Paul market by acquiring Carousel Motor Group, a collection of premium luxury brand dealerships. This acquisition is expected to add over $900 million in annualized revenue to LAD's financials, although the financial terms of the deal were not disclosed.
February 27, 2024 | 12:20 pm
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Lithia & Driveway's acquisition of Carousel Motor Group is expected to significantly boost its annual revenue by more than $900 million, enhancing its market presence in the Minneapolis-St. Paul region.
The acquisition of Carousel Motor Group by LAD is directly related to LAD's strategic expansion in the luxury automotive market, particularly in a significant market like Minneapolis-St. Paul. The expected addition of over $900 million in annualized revenue is a substantial financial boost, indicating a positive short-term impact on LAD's stock price due to anticipated growth in revenue and market share.
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