Lithia Motors Expands Share Repurchase Authorization By $750M

by Shivani Kumaresan, Benzinga Staff Writer

November 30, 2021 2:13 PM | 1 min read

Lithia Motors Inc LAD announced an increase of $750 million to its share repurchase authorization by its Board of Directors.
The new plan brings total funds available for future repurchases to approximately $885 million.
The company also completed the inaugural Asset-Backed Securities (ABS) offering for Driveway Finance, raising $344 million of additional capital to fund the rapid growth of its auto loan portfolio and network development.
Lithia Motors held $137.8 million in cash and equivalents as of September 30, 2021. Net cash provided by operating activities for the nine months totaled $1.9 billion.
Price Action: LAD shares are trading higher by 1.77% at $288.65 on the last check Tuesday.

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