Lithia & Driveway (LAD) Continues Canadian Expansion With The Addition of Sisley HondaMay 20th, 2022
Lithia & Driveway (NYSE: LAD) and Pfaff Automotive Partners today announced the first addition to their Canadian portfolio in 2022, Sisley Honda, based in Thornhill, Ontario. The addition of Sisley, one of the highest-volume Honda dealerships in Canada, significantly increases LAD’s mainstream Canadian footprint. The acquisition follows the partnership LAD formed with Pfaff in 2021.
Like Pfaff and Lithia, Sisley is a multi-generational family business; it was founded in 1946, and has represented the Honda brand for 45 years. Over time, the dealership has had four locations, and its current location at 88 Steeles Avenue West in Thornhill has been its home since 2002. Sisley is one of the highest-volume Honda dealers in Canada and is a green leader, recognized by Honda Canada in 2021 for having cut energy consumption by 30%.
“We are excited to welcome the Sisley Honda team to our Lithia & Driveway family,” said Bryan DeBoer, Lithia & Driveway’s President and CEO. “The store’s roots run deep in the Thornhill community, and by joining forces, we are able to expand our omni-channel network in Canada, strengthening our position in one of the top Canadian markets.”
The addition of Sisley Honda brings LAD’s total expected annualized revenue acquired in 2022 to $1.28 billion. The company is pacing to exceed its 5-year plan, announced in July 2020, to reach $50 billion in revenue and $50 of earnings per share. These acquisitions were financed using existing on-balance sheet capacity.