Daniel Imbro | Automotive News | Stephens

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Institutional Equities and Research

Lithia eyes additional businesses in 2025 plan and beyond | Automotive News

Jul 13, 2023

Three years into Lithia Motors Inc.'s audacious plan to reach $50 billion in revenue by the end of 2025, two things are clear.

Amid a sometimes turbulent economic environment, Lithia has been nimble in pursuit of its goals, said Daniel Imbro, an analyst with Stephens Inc.

"I think their flexibility and commitment to kind of that long-term target through a changing backdrop is what's allowed them to continue to execute, despite maybe the composition looking different than we thought it would," Imbro told Automotive News. "They've talked about lower earnings for Driveway Finance but higher earnings from the core business. There's been a change in maybe what the buckets are to get there. But I think they continue to execute pretty well on getting toward those targets."

Lithia's pulling back on its revenue target for Driveway is a reflection of how expensive the cost of capital is, Imbro added, while the auto retailer seems well ahead of its plan on the mergers and acquisitions side and has been able to find attractive deals.

Its 2025 plan is achievable but with two caveats, Imbro said.

"It will be very [merger and acquisition]-dependent, in my opinion," he said. "And we would need to see OEM production really pick up the next couple years."

Stephens' estimate for Lithia's revenue is $30.1 billion this year and $31.2 billion in 2024, but those figures do not include the Priority or Georgia acquisitions, Imbro noted.

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