TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Lithia & Driveway (NYSE: LAD) and Pfaff Automotive Partners today announced a new partnership, the first step in LAD’s expansion into Canada. The deal marks the first entry of a U.S. public automotive retailer to the Canadian market and the next major step in Pfaff’s near-60-year history of growth and innovation.
Eleven dealership operations and Pfaff Leasing, included in the partnership with LAD, 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. “In Pfaff, we saw a perfect partner with a strong reputation with the customer built on a passion for motorsports, an attractive portfolio of brands, and a forward-looking, performance-oriented culture. With their strong presence in Canada, and great knowledge of the performance and luxury market, they are the perfect hub for our future growth in Canada and will be valuable as we continue to grow throughout North America.”
Pfaff’s partnership with LAD is the culmination of a process initiated over five years ago, and the two companies have a strong cultural fit and an intense focus on delivering an exceptional experience to customers.
“With their scale and resources, Lithia & Driveway are best-positioned to enable Pfaff’s continued growth,” said Chris Pfaff, President and CEO of Pfaff Automotive Partners. “LAD's customer-centric brands and e-commerce capabilities will continue to evolve our customer experience, and we also gain access to a huge depth of talent and resources across their organization as we continue to innovate. Best of all, with LAD's continued growth, there are unlimited future opportunities for our team members."
The addition of Pfaff brings LAD’s total expected annualized revenue acquired in 2021 to $5.9 billion USD. The company is well ahead of schedule and positioned to exceed their 5-year plan to reach $50 billion USD in revenue and $50 USD of earnings per share announced i n July 2020. Scotiabank acted as financial advisor to Pfaff in connection with this transaction.
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, 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.
About Pfaff Automotive Partners
Pfaff Automotive Partners, a leading Canadian automotive retailer, was founded in 1964. Its brand offering includes Volkswagen, Audi, BMW, MINI, Porsche, McLaren, Singer Vehicle Design, Pagani, BAC Mono, Harley-Davidson, Mercedes-Benz, Subaru, and Automobili Pininfarina automobiles and motorcycles. It has a 50-plus-year racing history across many forms of motorsport. The company also operates Pfaff Tuning, Pfaff Leasing, and Pfaff Autoworks. For more information, please visit www.pfaffauto.com.
Sites
www.lithiainvestorrelations.com
www.lithia.com
www.pfaffauto.com
On social media
https://www.facebook.com/LithiaMotors
https://www.facebook.com/pfaffauto/
https://www.instagram.com/pfaffauto/
CONTACT Laurance Yap // lyap@pfaffauto.com // 416.948.0672
