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Lithia Motors Enters Into Canada With Pfaff Partnership

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Lithia Motors Enters Into Canada With Pfaff Partnership
  • Lithia Motors Inc (NYSE: LAD) has partnered with automotive retailer Pfaff Automotive Partners to expand into Canada. The financial terms of the agreement were not disclosed.
  • The deal marks the first entry of a U.S. public automotive retailer into the Canadian market. 
  • Eleven dealership operations and Pfaff Leasing included in the partnership 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.
  • The addition of Pfaff brings Lithia's total expected annualized revenue acquired in 2021 to $5.9 billion.
  • Price Action: LAD shares are trading higher by 0.69% at $329.90 on the last check Tuesday.
 

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