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OCTOBER 2025 Investor Presentation Updated 10/17/2025
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NYSE: LAD Disclosure 2 Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward - looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures, which may include adjusted net income, adjusted net income attributable to LAD, adjusted net income attributable to non-controlling interests, adjusted net income attributable to redeemable non -controlling interest, adjusted diluted earnings per share attributable to LAD, adjusted SG&A, adjusted SG&A as a percentage of revenue an d gross profit, adjusted operating income, adjusted net cash provided by operating activities, adjusted income before income ta xes, adjusted income tax (provision) benefit, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre -tax margin and net profit margin, EBITDA, adjusted EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we re view any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the chan ge in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the no n- GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our resu lts from core business operations, because they exclude items not related to core business operations and other non -cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures. Forward-Looking Statements Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can ident ify forward- looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding: • The profitability of our strategy and growth • Future market conditions, including anticipated car and other sales and gross profit levels and the supply of inventory • Our business strategy and plans, including our achieving our long -term financial targets • The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores • Annualized revenues from acquired stores or achieving target returns • The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC -related targets • The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models • Our capital allocations and uses and levels of capital expenditures in the future • Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections • Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit faciliti es, unfinanced real estate and other financing sources • Our continuing to purchase shares under our share repurchase program • Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements • Our programs and initiatives for team member recruitment, training, and retention • Our strategies and targets for customer retention, growth, market position, operations, financial results and risk management Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circum stances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate m ay differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation: • Future national and local economic and financial conditions, including as a result of inflation, tariffs, governmental action s, programs and spending, and public health issues • The market for dealerships, including the availability of stores to us for an acceptable price • Changes in customer demand and the electric vehicle landscape and the impact of evolving digital technologies • Changes in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery models • Changes in the competitive landscape, including through technology and our ability to deliver new products, services and cust omer experiences and a portfolio of in-demand and available vehicles • Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms • The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorab le financing and pay our quarterly dividend at planned levels • Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man -made or other disruptions of our operating systems, facilities or equipment • Government regulations and legislation • The risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.
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NYSE: LAD 3 Source: Bloomberg. Groups have been indexed on a logarithmic scale starting at 100 on 3/31/2015 and ending 6/30/2025 for Revenue Pe r Share and Adjusted EPS and starting 1/30/2015 and ending 9/30/2025 for Total Shareholder Return. Franchise Auto Dealers: Asbury, AutoNation, Group 1, Penske, Sonic. *10-year CAGRs starting fiscal year end 2015 through fiscal year end 2024. ADJUSTED EPS Strategy § Diverse synergistic portfolio of businesses § Complete ownership lifecycle attachment § 100% participation in $2 trillion+ market Track Record* § 10-year Revenue CAGR: 16% § 10-year Adjusted EPS CAGR: 16% § 10-year Total Shareholder CAGR: 16% Target § 100% national coverage § Highly profitable with significant cash flows § $2 EPS per $1 billion of Revenue +494% .xx +150% Lithia & Driveway TOTAL SHAREHOLDER RETURN +273% x +127% HIGHLIGHTS 2015 2020 YTD 2025 S&P 400 Midcap REVENUE PER SHARE +507% x x . +93% 2015 2020 YTD 2025 LAD 16% 10-year Revenue CAGR* 2015 2020 YTD 2025
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NYSE: LAD Verticals – Consumer Growth (REV) Horizontals – Consumer Synergies (EPS) KEY Strategic Differentiation 4
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NYSE: LAD Key Highlights 5 Profitably Modernizing an Industry Building a profitable platform with the ability to respond to changing consumer and industry trends. 01 LARGEST RETAIL INDUSTRY Early stages of consolidation and modernization. Variety of brands, financing solutions, leasing, repair & maintenance options 02 CONSUMER ECOSYSTEM Offerings all aspects of vehicle ownership for the entire lifecycle with omni-channel solutions 03 OPERATIONAL EXCELLENCE Building a diversified and highly adaptable model. Management team in place for over a decade 04 GROWTH & SCALE Disciplined M&A generating strong returns and convenient consumer accessibility 05 ADJACENCIES Transformative, systematic expansion creating diversification and leveraging strengths 06 PREMIER RETAILER Dynamic retailer responsive to consumer trends and driving profitability
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NYSE: LAD Proven consolidator in large, highly fragmented addressable markets1 Over $3 Trillion in Revenue Across Industries 6 01 LARGEST RETAIL INDUSTRY Mobility $900B Used $800B New $700B Aftersales $400B Consumer Finance $400B Fleet Management Mobility $100B $3T 1 Used vehicles: Assumes traditional new franchise dealers target used vehicles less than six years old. | Public used only ret ailers target 0-10 year old used vehicles. | Aftersales: Assumes traditional new franchise dealers addressable market limited by ut ilization of only OEM parts and represents 50% of the market. Source: S&P Mobility US vehicle registrations, Auto care association. | Diversified Mobility Verticals: TTM Sales 2022 - Marine Max, Rush Enterprise, Velocity Vehicle Group, Camping World, Blue Compass | International Expansion: Bilia, AutoCanada, Vertu Motors 2 Based on Lithia Motors US retail unit sales divided by new and used SAAR. Diversified Mobility Verticals In-Store & Online Retail Marketplaces Vehicle Acquisition Platforms, Logistics & Services Consumer Finance Fleet Management LAD New and Used Vehicle US Market Share2 NewUsed Blended 0.4% 0.8% ~1.0% ~2.0% 0.6% 1.1% ~1.5% ~3.0% 1.1% 1.9% ~2.5% ~5.0% 0% 1% 2% 3% 4% 5% 20 19 20 24 Mid-Term Lo ng-Term Traditional franchise auto dealer reach LAD platform provides access to a 70% larger market.
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NYSE: LAD Customer Portal Product Optionality Entire Lifecycle & Lifetime Integrated Resources Wherever, Domestic & Globally Aftersales Support Finance Options Shop, Sell, & Trade Fleet Management Software & Other Lithia & Driveway Ecosystem Earning Customers for Life 7 Customer Experience Simple, Transparent, & Convenient Products & Services Diversified, Affordable, & Omni-channel LAD ECOSYSTEM The LAD Ecosystem fulfills customer needs wherever, whenever, and however they desire, creating infectious customer loyalty. 50+ OEMs Future Adjacencies 02 CONSUMER ECOSYSTEM
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NYSE: LAD Improving Operating Efficiency Adjusted SG&A as a % of Gross Profit 46.6% 42.8% 42.4% 11.8% 13.7% 12.6% 6.1% 7.0% 5.5% 5.7% 4.4% 4.6% 20 19 20 25 YTD (C on solida te d) 20 25 YTD (NA On ly) Mid -Term Long-Term 2024 Vehicle Operations SG&A Performance at a Store Level Operating Results and Efficiency 8 88% 72% 65% 58% 59% 56% Sm allest 3rd Mid dle 3rd Largest 3rd 03 OPERATIONAL EXCELLENCE Operating Effectiveness: Larger stores operate more efficiently with lower SG&A as a % of gross profit. Diversifying Store Size: Growth since 2019 has shifted the average revenue per store from $70 million in 2019 to an average of $80 million in 2024 Acquiring in More Profitable Regions: Stores in the South and Southeast operate with structurally higher profitability and remain a focus of our M&A strategy. Middle 50% Top 25% Store SG&A as % of Gross Profit Increasing scale: As LAD grows, we improve our margins through improved purchasing power, better fixed cost allocation, and greater benefits from organizational learning. Improving efficiency: Larger scale creates more opportunity to centralize costs, improve team member productivity, and implement best practices across more stores. Deploying technology: Industry-leading technology such as Pinewood allows LAD to deliver exceptional customer experiences at lower cost. Advertising Rent and facility costs Other Personnel Vehicle operations SG&A as % of Gross Profit represents auto merchandising and service operations from franchise locations an d excludes Driveway, Greencars, Financing Operations, and other support services. | All other SG&A is reported as “Corporate and Other” in Footnote 19 of the 2024 Form 10-K. $4m Average Gross Profit per Store $12m Average Gross Profit per Store $26m Average Gross Profit per Store 70.2% Mid-50% 67.9% 60-65% 65.1%
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NYSE: LAD Free Cash Flow Generation (EBITDA per diluted share) Regenerative Growth Engine Achieving best-in-class cash flow growth through strategic capital allocation 9 03 OPERATIONAL EXCELLENCE Takeaway: • Generates free cash flow through all economic cycles • Proven integrator of accretive acquisitions; further growing cash flows • Strategy creates exponential cash flow growth over time on absolute and relative terms Source: Bloomberg. Franchise Auto Dealers: Asbury, AutoNation, Group 1, Penske, Sonic ; EBITDA per diluted share starting fiscal year end 2015 through fiscal year end 2024. LAD EBITDA equal to Income before income taxes + Floor plan interest expense + Other interest expense + Financing operations interest expense + Depreciation and amortization. 19% CAGR 16% CAGR LAD Franchise Auto Dealers TTM Capital Allocation Capital allocation calculated as a percent of total uses of capital (Acquisitions, Share Repurchases, Capex, Cash Dividends, Debt paydown percentages not meaningful). Values in charts rounded and may not add to 100. LAD’s Allocation Strategy • LAD has directed capital towards growth and expansion compared to our peers • Aim for leverage ratios in range of 2-3X, with goal of achieving IG rating over time • Share repurchases at parity to acquisitions at current valuations • During the first nine months of 2025, we allocated $662m to share repurchases at an average price of $313 per share Cash dividends Capex Share repurchases Acquisitions $0 $1 5 $3 0 $4 5 $6 0 $7 5 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 27%32% 23% 62%64%68% 83%78%80% 49%37% 43% 18%16%12% 2% 3%3% 21% 26%30% 17%18%17%12%15%14% 4%5%5%3%3%3%2%3%3% 3Q252Q251Q254Q243Q242Q241Q244Q233Q23
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NYSE: LAD Leveraging Growth & Scale 10 447 Stores Globally 137,000+ Retail Vehicles in Inventory $1.9B TTM EBITDA 52 OEM Brands ~205mi Miles to Reach 95% of U.S. 04 GROWTH & SCALE With a focus on consumer convenience and a disciplined, proven M&A strategy, LAD is reducing the distance to our customers. National network works in tandem with eCommerce tools such as Driveway to increase consumer optionality and reach to customers. Driveway Hub 205 mi 1000
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NYSE: LAD 19 39 216 40 51 27 392 Mergers & Acquisitions 11 U.S. PUBLIC DEALERSHIP TRANSACTIONS & ANNUALIZED REVENUES (R) ACQUIRED HISTORICAL RETURNS BY VINTAGE LAD % Public U.S. Acquisitions • LAD is making up a large portion of public acquisitions each year. As a result, $5B average annual revenues acquired internationally over the last 4 years. • 95% success rate over time 04 GROWTH & SCALE Source: Haig Partners, Automotive News, Lithia Motors Inc. | Transaction volume may fluctuate as more buying and selling activity becomes available. | Total Private: 280 in 2019, 305 in 2020, 491 in 2021, 594 in 202 2, 516 in 2023, 467 2024. Number of Dealerships 9 (47%) R: $796M 2019 2020 2021 2022 2023 Totals2024 31 (79%) R: $3.5B 68 (31%) R: $6B 31 (78%) R: $3.5B 15 (29%) R: $1.6B 169 (43%) R: $16.7B Cumulative Returns from acquisition date to end of 20241 • Low Risk – Highly fragmented market; decentralized culture empowers local leadership • Track-Record – Consistent history of acquiring and integrating stores • Valuation Discipline – Consistent hurdle rate framework; cash flow accretive 1Note cumulative returns represents total net income from date of acquisition to 2024 divided by total intangibles [goodwill p lus franchise value, cash paid at time of purchase]. Targeted 5-year return (15% CAGR) 15 (56%) R: $1.3B Divestitures: 54 R: $2.0B 350 250 150 0 159% 105% 97% 47% 18% 7% 0% 50 % 10 0% 15 0% 20 0% 20 19 20 20 20 21 20 22 20 23 20 24 Cumulative Return
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NYSE: LAD Driveway Finance Corporation (DFC) 12 05 ADJACENCIES 2025 assumptions • Significant sequential improvements in profitability • Continued increases in penetration • Net interest margin above 400bps • Decreasing provision rate • SG&A approaching 1% Business Proposition Serving LAD customers through: • Variety of financing options • Integration throughout Lithia platform Portfolio Design • Full credit spectrum lender • Focus on prime FICO portfolio profile • Maximizing risk-adjusted cash flows Key Business Highlights • Market opportunity of approximately 310,000+ retail units • DFC loans are ~3X profitable vs. third-party loans • Targeting penetration rate of 15- 20% of retail units sold Focus on Consumers To mitigate consumer economic stress, DFC is: • Leveraging position at top of funnel • Moving up in credit quality curve Transformative profitability differentiation, at maturity Captive finance returns are consistent through business cycles, diversifying LAD earnings streams Long-term assumptions • Portfolio fully seasoned • 20% penetration across Lithia’s long-term revenue base • Full deployment of loan and lease offerings across all material geographies and verticals US Penetration Rate Global Penetration Rate Portfolio Size ($B) Finance Operations Income ($M) $3.7B $4.5B $7B $17B 2024 2025E Mid -Term Long-Term Portfolio Size ($B) Financing Operations Income ($M) 20%20% 12% 14% 9% $15.4M $60-$70M $150-$200M $550-$600M
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NYSE: LAD Disciplined Credit Risk Strategy Underwriting: Restricting credit policy exceptions Risk management: Increasing down payment requirements Data: Enhancing credit models with alternative data sources Credit Quality: Average origination FICO of 746 Credit Losses: Closely monitoring early warning signs Driveway Finance Corporation (DFC) 13 YoY Improvement in ABS Deal Structure Compared to LADAR 24-11 transaction, our August 13th, LADAR 25-1 reflects material structural improvements, improving capital efficiency Weighted average APR % decreased 119bps Portfolio life net charge-offs (CNL) assumed by rating agencies decreased by 100bps Initial overcollateralization requirement decreased by 360bps 05 ADJACENCIES 1 LADAR YY-# - ABS offering by year/offering number issued by DFC. Originations ($m) UNDERWRITING METRICS APR PORTFOLIO SIZE AND INVESTED CAPITAL % Invested Capital Portfolio Size ($B) Progressing Toward Capital Self-Sufficiency ABS: Developing track record as seasoned issuer in ABS market through quarterly issuances Warehouse: $2B in warehouse capacity with maturities in 2026 and 2027 Operations: Growing portfolio generates significant cash through recurring principal, interest payments, & early pay-offs $518m $501m $623m $731m $732m 9.8% 9.3% 9.1% 8.7% 8.8% 0.0% 2.5% 5.0% 7.5% 10 .0 % $0 m $2 25m $4 50m $6 75m $9 00m Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Originations APR $0.8B $0.9B $0.9B $1.0B $1.4B $2.3B $2.9B $3.5B 36% 28% 22% 22% 10 % 20 % 30 % 40 % 50 % $0 .0 B $1 .0 B $2 .0 B $3 .0 B $4 .0 B $5 .0 B 20 22 20 23 20 24 Q3 '25 YTD Invested capital ABS and warehouse % Invested capital
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NYSE: LAD $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 2019 2025 YTD Mid Term Long Term Future Growth 14 Operations Efficiencies Capital Allocation Diversified. Dynamic. Profitable. Leveraging our platform for growth and scale in revenue and EPS. Competitive Advantage ü Regenerative Growth Engine - $1.7b+ EBITDA • Core operations • Financing Ops • M&A • Reinvestments • Share buybacks and dividends • 2-3x leverage ü Customer Ecosystem and Ownership Lifecycle • Driveway and GreenCars • Sales, sourcing, service, financing, insurance, and fleet management • Product optionality • Customer experience ü Leveraging Growth & Scale • Diverse synergistic portfolio • Close proximity to end markets • Disciplined cost structure • Strong performance management 06 PREMIER RETAILER Financing Ops New Adjacencies 2019 (EPS per $B Rev.) 2025 YTD (EPS per $B Rev.) Mid-Term (EPS per $B Rev.) Long-Term (EPS per $B Rev.) Contribution Range Adjacencies: $0.00-0.05 Financing Ops: $0.10-0.15 Capital Allocation: $0.05-0.10 Operations Efficiencies: $0.20-0.30 Contribution Range Adjacencies: $0.10-0.15 Financing Ops: $0.10-0.20 Capital Allocation: $0.20-0.25 Operations Efficiencies: $0.25-0.35 Revenue: $75-100B SG&A % GP: Mid-50% Op Margin: 5+% Revenue: $40-50B SG&A % GP: 60-65% Op Margin: 5% $1.20-1.30 $1.75-2.00 $0.93 $0.93
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NYSE: LAD 1 Store$150Million$3.3Billion$12.7Billion $31Billion~500 Stores$50Billion$22.8Billion $75-100Billion$2 EPS per billion in Revs LAD Over the Years 15 1946Walt DeBoer founded Lithia Motors in 1946 as a Chrysler-Plymouth-Dodge dealership in Ashland, Oregon. 1996Walt’s son Sid took over in 1968 and grew to 5 locations and 19 franchises in Southern Oregon. In December 1996, the collection of stores transformed into Lithia Motors Inc., a publicly traded company (NYSE: LAD). 2012In May 2012, Bryan DeBoer became CEO, accelerating company growth. That same year, we launched our captive finance company, now known as DFC. In July 2020, LADannounced5-year planto profitablyconsolidate. Mid-TermLAD looks to complete our US dealership footprint to obtain 2.5% new vehicle US market share. This includes offering Driveway.com as an in-service product to help drive conquest of market share. 2019 2020Driveway.comand GreenCars.com launched. Long-TermLAD continues to evolve our business as the majority of vehicles become zero-emission. We plan to reach 5%+ of new vehicle US market share as well as grow into new verticals and international locations. Completed Pendragon transaction establishing a strategic partnership with Pinewood Technologies, adding a UK fleet management company and rounding out our UK automotive retail network. Entered a strategic investment with Wheels, one of North America’s largest fleet management companies. 2024 The pragmatic disrupter with a proven multifaceted success strategy, uniquely and competitively leading the modernization of personal transportation by providing consumers solutions wherever, whenever, and however they desire. During this exciting year for growth, LAD became one of the largest new automotive retailers in North America based on revenues. Simultaneously, we entered the UK market. 2023
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NYSE: LAD Appendix 16
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NYSE: LAD New Vehicle MixBusiness Mix New and Used Revenue / Gross Profit includes F&I Resilient Business Model Profitable business with diversified brand mix, geographic mix and multiple earnings streams Aftersales Used New 25% 11% 37% 52% 41% 34% Q3 2025 Revenue FY 2015 – FY 2019 38% 10% 30% 60% 32% 30% Gross Profit Revenue Gross Profit Segment Segment % 4 Brand Brand Revenue Brand Unit Sales Import 42% Honda 12% 16% Toyota 12% 14% Hyundai 6% 8% Subaru 4% 6% KIA 3% 4% Nissan 1% 1% Other Imports 1 4% 5% Luxury 32% BMW/MINI 9% 7% Audi 6% 5% Lexus 3% 3% Acura 2% 2% Mercedes 4% 3% Porsche 3% 1% Jaguar/Land Rover 3% 1% Other Luxury 2 2% 1% Domestic 26% Ford 11% 11% Stellantis 8% 6% GM 7% 6% Other Domestic 3 <1% <1% For the three-months ending September, 2025. Includes Lithia UK and Canadian OEMs. 1 Other import brands include VW and Mazda. 2 Other luxury brands include Infiniti, Lamborghini, Genesis, Volvo, Rolls-Royce, McLaren, Bently, Ferrari, Maserati, Aston Martin , INEOS, Pagani. 3 Other domestic brands include Harley-Davidson, Airstream. 4 Segment % is based on total revenue by brand. 17
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NYSE: LAD Used Vehicle Marketplace Focus on broad used vehicle spectrum addresses largest proportion of used vehicle TAM of any retailer 18 CPO 14% CORE 26% VALUE 60% Used Vehicle Market 39M units1 § Inventory procurement and reconditioning are critical. Network growth supercharges ability to procure, distributed network allows it turn faster § LAD retails vehicles up to 20 years old § Value autos are highest gross margin and fastest in normalized environment § ~70% of LAD's used vehicle inventory procured from consumers Q3 2025 Same Store Metrics Average Selling Price % Mix ROI 2 CPO $37,103 22% 44% Core 3 $29,298 59% 64% Value Autos $14,849 19% 129% 1 TTM S&P Global Mobility US used vehicle registration data grouped by vehicle age (CPO 0 -3 years, Core 4-8 years, Value Autos 9+ years). 2 Non-GAAP actual results. ROI defined as (Deal Gross Profit / Cost of Sales) x (365 / Days to Turn) for North American operations only. 3 Core includes 1-3 year old vehicles with less than 40,000 miles.
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NYSE: LAD Aftersales Service Retention by Model Year (2024)Same Store Aftersales Aftersales Profitability and Retention Aftersales is a stable, diverse business generating a 21% 10-year gross profit CAGR* 19 Collision center Parts wholesale Warranty Customer pay 54% 56% 25% 24% 15% 15% 6% 5% 20 19 20 24 Q3 2025Revenue Mix 2019 vs. 2024 High margins: Aftersales margins have demonstrated positive same store growth over time, increasing from 50% in 2019 and are anticipated to deliver 55% to 58% in 2025. Growth opportunity: LAD anticipates significant same store growth opportunity due to ongoing organic growth and market share capture. Vehicle Service Continuum: Expanding into the used vehicle market creates synergies between sales and service departments, ensuring a balanced inventory of high-turn vehicles that fuels both sales and service revenue. Consistent Revenue Stream: LAD generates repeat high-margin business throughout the customer lifecycle by retaining over half of customers who’ve purchased a vehicle from us, ensuring a steady flow of service revenue. Increased Loyalty: Customers who return for service are more likely to become repeat buyers, offering valuable trade-in opportunities and creating avenues for cross-selling, such as prepaid service plans and extended vehicle warranties. Bay Utilization: Retention drives consistent service bay activity, maximizing cash flow and providing a competitive edge over independent service providers.Service Retention defined as customers within market who have previously purchased a vehicle from LAD and have returned for s ervice within the past 12 months.US operations only. *10-year CAGRs starting fiscal year end 2015 through fiscal year end 2024. 57% 66% 25% 24% 15% 6% 4% 4% Revenue Gross Profit 98% 88% 73% 64% 55% 46% 44% 32% 27% 23% 20% 0% 25 % 50 % 75 % 10 0% 20 24 20 23 20 22 20 21 20 20 20 19 20 18 20 17 20 16 20 15 20 14 Service Retention
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NYSE: LAD 20 Profitability Ecosystem Reach Driveway.com generated an average of 1.3 million unique visitors per month in Q3 2025. Sell/Trade Driveway’s ecosystem benefits create flywheel effects as customers trade-in and return the LAD for future purchases. Finance Service Driveway increases the reach of our aftersales business and promote brand loyalty across the LAD ecosystem. Driveway Approximately half of Driveway sales are financed through DFC, over 3x the financing penetration rate of physical store sales. Shop Customers purchased 90,000 vehicles through our digital ecosystem throughout the first nine months of 2025.
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NYSE: LAD 21 Increase GreenCars on the Road Operate Sustainable Stores Extend Vehicle Lifecycles Strengthen Our Communities Maximize Team Member Health, Wellness & Safety Champion a High-Performance, Diverse & Inclusive Culture Driving Positive Change ESG AT LITHIA & DRIVEWAY Corporate Sustainability Website > | Climate-Related Financial Disclosures > SOCIAL GOALS ENVIRONMENTAL GOALS Improve Constantly Champion one another’s growth to achieve more together Earn Customers for Life Create welcoming and trustworthy experiences for our customers CORE VALUES Have Fun! Connect as a team through celebration, positivity, passion, and purpose Take Personal Ownership Enjoy the freedom to make the right choices and own our results
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NYSE: LAD Key Same Store Metrics 2025 Financial Outlook 2025 Outlook Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY2019 New vehicle retail gross profit per unit $2,800 - $3,000 $2,867 $3,175 $3,046 $3,082 $2,138 Used vehicle retail gross profit per unit $1,800 - $2,000 $1,767 $1,900 $1,877 $1,959 $2,163 Finance and insurance gross profit per unit $1,800 - $2,000 $1,847 $1,841 $1,881 $2,005 $1,486 Total vehicle gross profit per unit $4,150 - $4,350 $4,109 $4,318 $4,301 $4,535 $3,646 New vehicle retail units year-over-year Low single digits 2.5% 2.0% 3.6% 7.4% -3.3% Used vehicle retail units year-over-year Low single digits 6.3% 3.9% -0.4% -4.3% 12.3% Aftersales revenues year-over-year Mid single digits 3.9% 8.5% 2.4% 3.4% 7.4% Aftersales gross margin 55.0% - 58.0% 58.4% 57.8% 57.8% 55.8% 50.5% Adjusted SG&A as a % of gross profit 66.0% - 68.0% 67.9% 67.7% 68.2% 66.3% 70.6% 22 Same Store results | Total company Adjusted SG&A as a % of gross profit. 2025 Outlook metrics include the same store impacts of Lithia UK acquisitions beginning in Q1 . Q2 2025 results reflect the impact of the Q2 2024 CDK cybersecurity incident.
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NYSE: LAD 2025 Quarterly Income Statement Supplemental Information $M YTD 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 New vehicle retail 13,508.9 4,630.3 4,498.4 4,380.2 17,553.8 4,705.9 4,430.0 4,403.7 4,014.1 Used vehicle retail 9,110.2 3,096.3 3,094.8 2,919.1 11,268.6 2,638.5 2,843.3 2,986.0 2,800.8 Used vehicle wholesale 1,081.1 367.0 383.1 331.0 1,359.0 340.9 390.9 289.5 337.7 Finance and insurance 1,116.7 378.6 373.8 364.3 1,417.7 355.8 360.4 360.9 340.6 Aftersales 3,039.6 1,037.2 1,023.4 979.1 3,801.5 925.2 1,012.8 950.7 912.8 Fleet and other 580.5 166.5 209.5 204.6 787.6 207.2 183.6 241.0 155.8 Total Revenues $28,437.1 $9,675.8 $9,583.0 $9,178.3 $36,188.1 $9,173.5 $9,221.0 $9,231.8 $8,561.8 New vehicle retail 853.6 276.7 299.5 277.4 1,229.7 307.2 306.4 320.8 295.3 Used vehicle retail 591.6 193.4 208.3 189.9 728.7 161.5 188.9 195.6 182.7 Used vehicle wholesale (9.5) (4.5) (3.4) (1.6) (6.2) (3.6) (2.1) 0.5 (1.0) Finance and insurance 1,116.7 378.6 373.8 364.3 1,417.7 355.8 360.4 360.9 340.6 Aftersales 1,756.3 604.5 590.3 561.5 2,123.0 531.8 559.8 529.4 502.0 Fleet and other 52.8 17.3 16.6 18.9 68.2 18.9 17.0 16.7 15.6 Gross Profit $4,361.5 $1,466.0 $1,485.1 $1,410.4 $5,561.0 $1,371.5 $1,430.4 $1,423.9 $1,335.2 Finance operations income (loss) 51.7 19.1 20.1 12.5 8.4 4.3 (1.4) 7.2 (1.7) Selling, general, and administrative 2,965.3 998.0 1,014.7 952.7 3,755.2 902.1 943.6 975.2 934.3 Depreciations and Amortization 194.6 65.5 65.2 63.9 245.7 62.1 63.5 62.3 57.8 Operating Income $1,253.3 $421.6 $425.3 $406.3 $1,568.5 $411.6 $421.9 $393.6 $341.4 Floor Plan Interest Expense (169.8) (57.8) (55.0) (57.1) (278.7) (64.8) (76.6) (76.6) (60.7) Other Interest Expense (200.5) (68.3) (66.7) (65.5) (257.7) (68.4) (64.5) (61.2) (63.6) Other Income (expense) net 35.9 13.3 48.5 0.8 39.5 3.9 5.1 27.0 3.5 Income before income taxes $918.9 $282.2 $352.1 $284.5 $1,071.6 $282.3 $285.9 $282.8 $220.6 Income tax provision (230.9) (63.6) (93.9) (73.3) (255.1) (68.6) (64.7) (66.2) (55.6) Net Income 688.0 218.6 258.2 211.2 816.4 212.7 221.1 216.6 165.0 Net Income attributable to non-controlling interests (5.3) (1.5) (2.1) (1.7) (19.6) (1.0) (13.8) (2.4) (2.4) Net Income attributable to LAD $682.7 $217.1 $256.1 $209.5 $796.8 $212.7 $207.3 $214.2 $162.6 23 Sum of QTD may not equal YTD due to rounding
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NYSE: LAD YTD 2025 Net loss (gain) on disposal of stores Investment loss (gain) Insurance Reserves Acquisition expenses Tax attribute YTD 2025 $M, except for per share amounts As Reported Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Adjusted Selling, general and administrative 2,965.3 9.4 (7.2) 15.4 __ __ __ (0.4) (2.4) (2.5) (0.2) (0.1) (15.9) — — — 2,961.6 Operating income 1,253.3 (9.4) 7.2 (15.4) __ __ __ 0.4 2.4 2.5 0.2 0.1 15.9 — — — 1,257.1 Other Income (expense), net 35.9 __ __ __ 9.7 (36.4) 22.7 __ __ __ __ __ __ __ __ __ 31.8 Income before income taxes 918.9 (9.4) 7.2 (15.4) 9.7 (36.4) 22.7 0.4 2.4 2.5 0.2 0.1 15.9 — — — 918.6 Income tax (provision) benefit (230.9) 2.4 1.8 7.2 (2.4) 9.5 (6.0) (0.1) (0.6) (0.5) — — (0.6) (1.0) (1.3) (3.5) (226.0) Net income $688.0 (7.0) 9.0 (8.2) 7.2 (26.9) 16.7 0.3 1.8 2.0 0.2 0.1 15.3 (1.0) (1.3) (3.5) $692.6 Net income attributable to non - controlling interests (5.3) — __ (8.2) __ __ __ — — — — — — — — — (5.3) Net income attributable to LAD $682.7 (7.0) 9.0 (8.2) 7.2 (26.9) 16.7 0.3 1.8 2.0 0.2 0.1 15.3 (1.0) (1.3) (2.5) $687.3 Diluted earnings per share attributable to LAD $26.42 $(0.25) $0.35 $(0.32) $0.28 $(1.04) $0.66 $0.01 $0.07 $0.08 — — $0.61 $(0.04) $(0.05) $(0.14) $26.60 Diluted share count 25.8 2025 Adjusted non-GAAP Income Statement Supplemental Information 24 Investment losses (gains) retrospectively included in adjusted non -GAAP financial measures presented
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NYSE: LAD FY 2024 Net loss (gain) on disposal of stores Investment loss (gain) Insurance reserves Acquisition expenses Premium on Redeemable NCI Buyout Tax attributes FY 2024 $M, except for per share amounts As Reported Q3 Q4 Q2 Q3 Q4 Q2 Q1 Q2 Q3 Q4 Q3 Q2 Q3 Q4 Adjusted Selling, general and administrative 3,755.2 0.3 7.9 — — — (6.1) (7.7) (1.8) (0.2) (0.3) — — — — 3,747.3 Operating income 1,568.6 (0.3) (7.9) — — — 6.1 7.7 1.8 0.2 0.3 — — — — 1,576.5 Other income (expense), net 39.3 — — (29.5) 0.4 (1.1) — — — — — — — — — 9.1 Income before income taxes 1,071.3 (0.3) (7.9) (29.4) 0.4 (1.1) 6.1 7.7 1.8 0.2 0.3 — — — — 1,049.0 Income tax (provision) benefit (255.0) 0.1 4.0 7.5 (0.2) 0.2 (1.6) (1.6) 1.3 (0.1) (0.1) — (7.6) (0.5) (5.0) (258.6) Net income $816.3 (0.2) (3.9) (22.0) 0.2 (0.9) 4.5 6.1 3.1 0.1 0.2 — (7.6) (0.5) (5.0) $790.4 Net income attributable to non- controlling interests (19.6) — — — — — — — — — — 11.6 — — — (8.0) Net income attributable to LAD $796.7 (0.2) (3.9) (22.0) 0.2 (0.9) 4.5 6.1 3.1 0.1 0.2 11.6 (7.6) (0.5) (5.0) $782.4 Diluted earnings per share $29.45 $(0.01) $(0.14) $(0.81) $— $(0.03) $0.17 $0.22 $0.11 $— $0.01 $0.43 $(0.28) $(0.01) $(0.19) $28.92 Diluted share count 27.1 2024 Adjusted non-GAAP Income Statement Supplemental Information 25 Investment losses (gains) retrospectively included in adjusted non -GAAP financial measures presented
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NYSE: LAD EBITDA, Adjusted EBITDA, and Net Debt Supplemental Information $M YTD 2025 FY2024 FY2023 FY2022 FY2021 Net Income 688.0 816.3 1,011.7 1,261.6 1,062.7 Add: Flooring interest expense 169.8 278.8 150.9 38.8 22.3 Add: Other interest expense 200.5 257.8 201.2 129.1 103.4 Add: Financing operations interest expense 150.0 200.5 170.5 52.2 4.8 Add: Income tax expense 230.9 255.0 350.6 468.4 422.1 Add: Depreciation and amortization 194.6 245.6 195.8 163.2 124.8 EBITDA $1,633.8 $2,054.0 $2,080.7 $2,113.3 $1,740.1 Less: Flooring interest expense (169.8) (278.8) (150.9) (38.8) (22.3) Less: Financing operations interest expense (150.0) (200.5) (170.5) (52.2) (4.8) Less: Used vehicle line of credit interest (11.2) (24.2) (19.6) (9.6) (0.1) Less: Net (gain) on disposal of stores (17.7) (8.2) (31.2) (66.0) — Less/Add: Net (gain) loss on investments (4.1) (30.2) 1.7 — 66.4 Add: Insurance reserves 5.4 6.1 5.4 4.9 5.8 Add: Acquisition expenses 16.1 10.0 27.2 15.0 20.2 Add: Loss on redemption of senior notes — — — — 10.3 Add: Asset impairments — — — — 1.9 Add: Contract buyouts — — 14.3 — — Adjusted EBITDA $1,302.5 $1,528.2 $1,757.1 $1,966.6 $1,817.5 Total Debt 14,138.5 13,265.7 10,900.5 7,647.5 4,599.5 Less: Floor plan related debt (5,889.7) (5,878.4) (4,538.3) (2,993.8) (1,690.1) Less: Financing operations related debt (3,497.7) (2,943.3) (2,292.6) (1,352.2) (407.6) Less:Unrestricted cash and cash equivalents (206.5) (225.1) (825.0) (168.1) (153.0) Less: Marketable securities (54.9) (53.4) — — — Less: Availability on used vehicle and service loaner financing facilities (18.8) (23.3) (25.5) (17.9) (267.4) Net Debt $4,470.9 $4,142.2 $3,219.1 $3,115.5 $2,081.4 26 Investment losses (gains) retrospectively included in adjusted non -GAAP financial measures presented
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