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ACQUISITIONS
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
In the first nine months of 2025, we completed the following acquisitions:
•In January 2025, Stohlman Subaru in Virginia.
•In March 2025, Elk Grove Subaru in California.
•In June 2025, Collierville Mercedes-Benz in Tennessee.
•In June 2025, Jackson Mercedes-Benz in Mississippi.
•In August 2025, Manchester Renault and Dacia in the United Kingdom.
•In September 2025, Acura of Palm Beach and West Palm Beach Hyundai and Genesis in Florida.
The acquisitions were accounted for as business combinations under the acquisition method of accounting. The
results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of
acquisition.
Revenue and operating income contributed by the 2025 acquisitions subsequent to the date of acquisition were as
follows (in millions):
Nine Months Ended September 30,
2025
Revenue
$149.0
Operating income
7.4
The following tables summarize the consideration paid for the 2025 acquisitions and the PPA for identified assets
acquired and liabilities assumed as of the acquisition date:
(In millions)
Consideration
Cash paid, net of cash acquired
$417.6
Total consideration transferred
$417.6
(In millions)
Assets Acquired
and Liabilities
Assumed
Inventories, net
$82.4
Property and equipment
114.2
Operating lease right-of-use assets
0.4
Other assets
222.6
Operating lease liabilities
(0.4)
Other liabilities and deferred revenue
(1.6)
Total net assets acquired and liabilities assumed
$417.6
The PPA for the 2025 acquisitions is preliminary, as we have not obtained and evaluated all of the detailed
information necessary to finalize the opening balance sheet amounts in all respects. We recorded the PPA based
upon information that is currently available and recorded unallocated items as a component of Other non-current
assets in the Consolidated Balance Sheets.
We expect all of the goodwill related to the acquisitions in 2025 to be deductible for U.S. federal income tax
purposes.
In the three and nine-month periods ended September 30, 2025, we recorded $15.9 million and $16.1 million in
acquisition-related expenses as a component of SG&A expense. Comparatively, we recorded $0.2 million and $9.7
million of acquisition-related expenses in the same periods of 2024.
 
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and
nine-month periods ended September 30, 2025 and 2024 had occurred on January 1, 2024:
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per share amounts)
2025
2024
2025
2024
Revenue
$9,710.7
$9,356.8
$28,667.1
$27,403.0
Net income attributable to Lithia Motors, Inc.
219.1
224.8
693.8
612.9
Basic EPS attributable to Lithia Motors, Inc.
common stockholders
8.71
8.41
26.89
22.57
Diluted EPS attributable to Lithia Motors, Inc.
common stockholders
8.69
8.39
26.85
22.53
 
These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired
stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for
property and equipment, accounting for inventory on a specific identification method, and recognition of interest
expense for real estate financing related to stores where we purchased the facility. No nonrecurring proforma
adjustments directly attributable to the acquisitions are included in the reported proforma revenues and earnings.