Lithia Motors, Inc. (LAD)

Lithia Motors is a retailer of new and used vehicles and related services. The company offers nearly 60 vehicle brands across nearly 500 stores in the US, Canada, and the UK. The company has expanded largely through acquiring dealerships in smaller regional markets but now seeks to grow across the US. We expect more deals over time in the US and, at times, abroad. Annual revenue in 2025 was $37.6 billion, and we see over $50 billion possible in a few years. The US was 78.5% of 2025 revenue and the UK second at 18.4%, due to the 2024 Pendragon acquisition. In 2025, new-vehicle sales accounted for about 50% of total revenue. Founded in 1946, Lithia went public in 1996 and is the largest US auto dealer. It is based in Medford, Oregon.