06:21 AM EDT, 06/10/2025 (MT Newswires) -- Lithia & Driveway (LAD) said Tuesday that it has acquired two Mercedes-Benz dealerships in Tennessee and Mississippi, adding $220 million in annualized revenue.

The acquisitions were funded with existing balance sheet capacity, bringing Lithia's year-to-date expected annualized revenue to $400 million, the company said.

Additionally, Lithia said it has repurchased 729,000 shares so far this year for $230 million at an average price of $315 each. The buybacks account for 2.8% of outstanding shares, with $589 million still authorized, the company said.