Lithia & Driveway’s 401(k) Plan helps you save and invest for the future. You can choose how your contributions are taxed—now or later—and you have access to a wide range of investment options to match your comfort with risk and potential returns. Fidelity administers the plan.

Eligibility

The 401(k) Plan is available to all team members.

When You Can Access Your Funds

You'll be able to access your vested 401(k) account when you retire, leave the Company, become permanently disabled, or in the event of your death. In certain situations, you may also be eligible to take a withdrawal while you're still employed—if specific requirements are met.

You can enroll in the 401(k) Plan starting on your hire date. Lithia & Driveway will automatically set up an account for you and deduct 3% from your pay on a pre-tax basis, 45 days after your hire date, if you don't opt out or select a different contribution percentage. Here's what that means:

• 3% of your eligible pay will be contributed to the plan pre-tax
• Your contributions—and Lithia & Driveway's matching contributions—will be invested into an age-appropriate target date fund based on your birthdate unless you select a different investment option
• Your contribution rate will automatically increase by 1% each January, up to 8% of your pay, unless you change your contribution (increase, decrease, or stop)
• There is no enrollment window for the 401(k) Plan, so you can change your contribution amount at any time

To enroll or opt-out, log in to Fidelity NetBenefits or call Fidelity at 800-835-5095.

Designate a Beneficiary

When you enroll in the 401(k) plan, remember to designate a beneficiary through Fidelity NetBenefits. If something happens to you, they'll receive the assets in your account.

If you haven't named a beneficiary and something happens, the assets will go to:

• Your spouse, or
• Your estate, if you don't have a surviving spouse

Both you and Lithia & Driveway contribute to your 401(k) Plan. You can choose pre-tax contributions, Roth after-tax contributions, or a combination of both—whatever works best for your financial goals.

Your Contributions

• You can contribute 1% to 85% of your eligible pay, up to the annual IRS limit. For 2025, that limit is $23,500
• Catch-up contributions are available starting the year you turn 50. In 2025, the catch-up limit is:
  • $7,500 if you are age 50+
  • $11,250 if you’re between ages 60 and 63

• Rollovers from other qualified retirement plans are accepted, including pre-tax and Roth accounts

To help grow your retirement savings, Lithia & Driveway will match 100% of the first $2,500 you contribute on a pre-tax basis each year. Once you start contributing, Lithia & Driveway's match will be added each pay period when your contribution is made.

Be sure to contribute at least $2,500 this year to get the maximum Company match!

You have access to a wide range of investment choices—each with different levels of risk and potential return. You can update your investment selections anytime by logging into Fidelity NetBenefits.