- Lithia Motors Inc 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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