Lithia Motors

KBRA Assigns Preliminary Ratings to LAD Auto Receivables Trust 2023-2

Retrieved on: 
Wednesday, May 10, 2023

KBRA assigns preliminary ratings to six classes of notes issued by LAD Auto Receivables Trust 2023-2 (“LADAR 2023-2”), an auto loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to six classes of notes issued by LAD Auto Receivables Trust 2023-2 (“LADAR 2023-2”), an auto loan ABS transaction.
  • LADAR 2023-2 represents the second term ABS securitization for Driveway Finance Corporation (“DFC” or the “Company”) in 2023 and the fourth overall.
  • DFC is a wholly owned subsidiary of Lithia Financial Corporation, itself a wholly owned subsidiary of Lithia Motors, Inc. (“Lithia”).
  • KBRA considered its onsite operational review of Lithia and DFC at its Tigard, OR location, as well as periodic due diligence updates with Lithia and DFC.

KBRA Assigns Preliminary Ratings to LAD Auto Receivables Trust 2023-1

Retrieved on: 
Friday, February 3, 2023

KBRA assigns preliminary ratings to six classes of notes issued by LAD Auto Receivables Trust 2023-1 (“LADAR 2023-1”), an auto loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to six classes of notes issued by LAD Auto Receivables Trust 2023-1 (“LADAR 2023-1”), an auto loan ABS transaction.
  • This transaction is the third ABS securitization for Driveway Finance Corporation (“DFC” or the “Company”).
  • DFC’s first two ABS securitizations, LADAR 2022-1 and LADAR 2023-1, were both rated by KBRA.
  • DFC is a wholly owned subsidiary of Lithia Financial Corporation, itself a wholly owned subsidiary of Lithia Motors, Inc. (“Lithia”).

Commercial Development Resources Partners with AutoNation to Complete One of the Largest Service Centers in the United States

Retrieved on: 
Monday, December 19, 2022

COSTA MESA, Calif., Dec. 19, 2022 /PRNewswire-PRWeb/ -- Commercial Development Resources (CDR), California's premier civil engineering land development firm, announced today the company has completed a new service center, the Mercedes-Benz House of Imports.

Key Points: 
  • Commercial Development Resources worked with AutoNation to complete one of North America's largest automotive service centers and parking structures, the House of Imports Mercedes-Benz located in Buena Park, CA.
  • COSTA MESA, Calif., Dec. 19, 2022 /PRNewswire-PRWeb/ -- Commercial Development Resources (CDR), California's premier civil engineering land development firm, announced today the company has completed a new service center, the Mercedes-Benz House of Imports.
  • There were issues with drainage, existing utilities , and the challenge to tie into the adjacent site's drive aisle and operations.
  • Founded in 2007, Commercial Development Resources is an industry leader in civil engineering , land development, dry utility , and surveying services in the western and southeastern United States.

Pinnacle Mergers Represents Lithia Motors in the Purchase of Three Denver Dealerships

Retrieved on: 
Tuesday, December 13, 2022

FRISCO, Texas, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Pinnacle Mergers & Acquisitions, a nationwide auto dealership brokerage firm, completes another successful deal, representing client Lithia Motors in the purchase of three dealerships in Denver, Colorado.

Key Points: 
  • FRISCO, Texas, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Pinnacle Mergers & Acquisitions, a nationwide auto dealership brokerage firm, completes another successful deal, representing client Lithia Motors in the purchase of three dealerships in Denver, Colorado.
  • Through the years, Pinnacle has represented Lithia Motors in over 50 transactions as the buyer and seller in numerous states from Hawaii to New York.
  • In this most recent closing, Pinnacle brokered the purchase of Ferrari, Bentley and Lotus of Denver for Lithia Motors, which was being sold by Aleks Vekselberg.
  • To learn more about the services offered by Pinnacle Mergers & Acquisitions or to receive a confidential consultation, visit www.pinnaclemergers.com .

Porsche retail network continues its investment in Canada

Retrieved on: 
Thursday, December 8, 2022

Bookending the country, Dilawri and Open Road Auto partnership Porsche Centre Richmond as well as Steele Group’s Porsche of Halifax now espouse the striking new corporate concept.

Key Points: 
  • Bookending the country, Dilawri and Open Road Auto partnership Porsche Centre Richmond as well as Steele Group’s Porsche of Halifax now espouse the striking new corporate concept.
  • The new design was first adopted in Canada with the opening of the relocated Porsche Centre Quebec, owned by Drew Tilson, followed by the all-new Lithia-Motors-operated Porsche Centre Markham last year.
  • These investments by PCL’s dealer partners will benefit customers and give new momentum to the evolution of Porsche automotive retail in Canada.
  • In 2019, a Parts Distribution Centre opened its doors in Mississauga to service the countrywide network of 21 Porsche Centres.

Sunbit Technology Powers Consumer Financing Across Complex Automotive Ecosystem, Driving Nearly $1B in Car Services

Retrieved on: 
Monday, October 31, 2022

LOS ANGELES, Oct. 31, 2022 /PRNewswire-PRWeb/ -- Sunbit, the company building financial technology for everyday expenses, announced today that it has further expanded its automotive footprint, continuing to lead the entire post-sale automotive ecosystem with its consumer financing tool. Today Sunbit is the preferred partner of 14 OEMs offered in more than 6,000 dealerships and 1,500 independent service shops, and has partnered with 22 of the top 25 largest auto groups in the nation. In addition, Sunbit technology is fully integrated into leading customer experience platforms, including Xtime, Quik, and Update Promise, making financing an integral part of the customer journey. With the announcement of its latest partnership with Everyware, a leading contactless payments and customer engagement platform, Sunbit's total combined auto services footprint is the largest in the industry.

Key Points: 
  • In addition, Sunbit technology is fully integrated into leading customer experience platforms, including Xtime, Quik, and Update Promise, making financing an integral part of the customer journey.
  • Already, Sunbit has driven almost $1B in sales in the automotive sector by servicing more than 930K customers.
  • Gunnar Winckler, Executive Director, Automotive Platform Partnerships, said, "In the last few years, the automotive sector has been experiencing a digital transformation.
  • Sunbit technology powers the simple 30-second application process, all with more than 90% approval rates.

LAZYDAYS ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION

Retrieved on: 
Wednesday, October 5, 2022

TAMPA, Fla., Oct. 5, 2022 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: LAZY), today announced that Nick Tomashot will retire as Chief Financial Officer.

Key Points: 
  • TAMPA, Fla., Oct. 5, 2022 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: LAZY), today announced that Nick Tomashot will retire as Chief Financial Officer.
  • Kelly Porter will assume the role of Chief Financial Officer on November 15, 2022.
  • As part of the transition, Mr. Tomashot will remain with Lazydays as an advisor through the end of the year to help facilitate a smooth transition.
  • John North, Chief Executive Officer of Lazydays Holdings, said "I want to thank Nick for his leadership and dedicated service to Lazydays.

Lazydays Announces John North's Commencement of Service as Chief Executive Officer and Appointment to Lazydays Holdings, Inc. Board of Directors

Retrieved on: 
Tuesday, September 6, 2022

TAMPA, Fla., Sept. 6, 2022 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: LAZY) today announced that John North joined Lazydays as its Chief Executive Officer on September 6, 2022.

Key Points: 
  • TAMPA, Fla., Sept. 6, 2022 /PRNewswire/ -- Lazydays Holdings, Inc. (NasdaqCM: LAZY) today announced that John North joined Lazydays as its Chief Executive Officer on September 6, 2022.
  • Mr. North was also appointed to serve as a director on the Company's Board of Directors.
  • Robert DeVincenzi, who has been acting as Interim Chief Executive Officer, will return to his role as Lead Independent Director on the board.
  • In connection with the commencement of John North's service, Lazydays granted Mr. North a restricted stock unit award covering 105,308 shares of Lazydays common stock.

Universal Technical Institute Opens 2nd New Campus in 2022, Bringing Industry-Aligned Automotive, Diesel and Welding Technology Training to South Florida

Retrieved on: 
Tuesday, August 9, 2022

MIRAMAR, Fla., Aug. 9, 2022 /PRNewswire/ -- Universal Technical Institute (NYSE: UTI) is pleased to announce the opening of its new Miramar, Fla. campus, which will serve the South Florida region and mark a second location in the Sunshine State for one of the nation's leading providers of automotive technician training. Classes began August 8 at UTI-Miramar, where students can choose from four core training programs. The new campus is another step in UTI's ongoing growth and diversification strategy to broaden the reach of its skilled trade programs to high demand geographies.

Key Points: 
  • "Adding a second campus in Florida offers additional training opportunities for those living in South Florida and helps meet the needs of local employers for trained technicians."
  • The combined Automotive and Diesel Technology program provides graduates with the flexibility to pursue a career in either industry.
  • "Florida Detroit Diesel-Allison is excited to welcome Universal Technical Institute to the new Miramar, Florida campus," said Stanley A. Dale, vice president of human resources at FDDA.
  • UTI's campuses are accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC), while its employer-aligned technical training programs are offered under four brands:Universal Technical Institute, Motorcycle Mechanics Institute / Marine Mechanics Institute, NASCAR Technical Institute, and MIAT College of Technology.