Marubeni Corporation (hereinafter, “Marubeni”) and Lithia & Driveway (NYSE: LAD; hereinafter, “LAD”), one of the largest automotive dealer groups in the United States, have entered into a Letter of Intent for a strategic alliance to jointly participate in the commercial vehicle fleet management business* in North America, expand Marubeni’s automotive-related business, and develop new business in the electric vehicle (EV) field.

With one of the largest vehicle sales and service network in North America, LAD has locations within a 250-mile radius of 95% of consumers in the United States with consumer offerings for the entire vehicle lifecycle, from sales and financing of new and used vehicles to maintenance and repair.

North America is experiencing a shift from owning to using vehicles driven with vehicle-sharing and technological innovations, including the global trends of vehicle electrification and automated driving. Given this shift, the importance of the commercial vehicle fleet management business, which plays the role of vehicle ownership and management, is expected to grow.

Through this alliance with LAD, Marubeni will support the expansion of the US operations of TDF Group Inc. (hereinafter, “TDF”), a Marubeni Group company that operates a commercial vehicle leasing and rental business for companies mainly in Canada. In addition, XL Parts LLC (hereinafter, “XLP”) and TPH Holdings, LLC (hereinafter, “TPH”), which Marubeni operates as aftermarket auto parts distributors mainly in the southern United States, will also promote the expansion of parts transactions with LAD in North America.

*The fleet management business is a commercial vehicle leasing and rental business for corporate customers, providing vehicle-related end-to-end services covering such services as procurement of vehicles, finance, maintenance, and disposal.

About LAD:
Company Name:	Lithia & Driveway (NYSE: LAD)
HQ Location:	Medford, Oregon, USA
Founded:	1946
Representative:	Bryan B. DeBoer
Business Overview:	Automotive dealer group
About TDF:
Company Name:	TDF Group Inc. (49% owned by Marubeni)
HQ Location:	Edmonton, Alberta, Canada
Founded:	1978
Representative:	Ayman Ammoura
Business Overview:	Long-term rental, lease, and sales of used light commercial vehicles for corporate clients
About XLP:
Company Name:	XL Parts LLC (100% owned by Marubeni)
HQ Location:	Houston, Texas, USA
Founded:	1984
Representative:	Mike Odell
Business Overview:	Auto parts sales business for the aftermarket
About TPH:
Company Name:	TPH Holdings, LLC (100% owned by Marubeni)
HQ Location:	Jacksonville, Florida, USA
Founded:	1970
Representative:	David Honig
Business Overview:	Auto parts sales business for the aftermarket