Lithia & Driveway Increases Buyback Authorization by $500M to $726M
LAD•Lithia & Driveway raised its share repurchase authorization by $500 million to $726 million and has invested $396 million year-to-date to buy back 1.45 million shares. Since March 31, it spent $137 million to repurchase 505,000 shares, representing 2.2% of outstanding stock at a weighted average price of $272.
1. Buyback Authorization Increase
Lithia & Driveway increased its share repurchase authorization by $500 million to $726 million, reflecting confidence in its cash flows and growth strategy.
2. Share Repurchase Activity
Year-to-date, Lithia & Driveway has invested $396 million to repurchase 1.45 million shares (6.2% of outstanding stock) at an average price of $274, including $137 million since March 31 to buy back 505,000 shares (2.2% of shares) at a $272 average.
