Lithia Motors Acquires Dodge Store in Fresno, California; Lithia Now has Twelve Stores in California
April 24 2006 - 8:00AM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) the country's eighth-largest
automotive dealership group, today announced its acquisition of
Fresno Dodge in Fresno, California. The store has annualized
revenues of approximately $50 million and was added to Lithia's
operations as Lithia Dodge of Fresno in early April. This is
Lithia's fifth dealership in the Fresno market. Lithia's other
stores in Fresno include Lithia Ford of Fresno, Lithia Nissan of
Fresno, Lithia Hyundai of Fresno and Lithia Mazda Suzuki of Fresno.
Combined annualized revenues in the Fresno market now totals
approximately $215 million. Lithia's Chairman and CEO, Sid DeBoer,
commented, "Fresno has a strong and growing economy and we have
some of our strongest stores and personnel in that market. Along
with this acquisition, we were also awarded two additional
Chrysler, Dodge and Jeep open points in the Fresno market area.
This speaks to the strong relationship that we have forged with our
Chrysler manufacturer partner. With this acquisition and the future
development of the new open points, Lithia will be the exclusive
Dodge dealer in the Fresno market." About Lithia Lithia Motors,
Inc. is a Fortune 1000 and Russell 2000 Company that sells 25
brands of new vehicles and operates 94 stores and 189 franchises in
12 states in the Western United States and over the Internet
through "Lithia.com-America's Car & Truck Store." Lithia also
sells used vehicles; arranges finance, warranty, and credit
insurance contracts; and provides vehicle parts, maintenance, and
repair services at all of its locations. Lithia retailed 103,333
new and used vehicles and had $2.9 billion in total revenue in
2005. Additional Information For additional information on Lithia
Motors, contact the Investor Relations Department: (541) 776-6591
or log-on to: www.lithia.com - go to Investor Relations Forward
Looking Statements This press release includes forward looking
statements within the meaning of the "Safe-Harbor" provisions of
the Private Securities Litigation Reform Act of 1995, which
management believes are a benefit to shareholders. These statements
are necessarily subject to risk and uncertainty and actual results
could differ materially due to certain risk factors, including
without limitation economic conditions, acquisition risk factors
and others set forth from time to time in the company's filings
with the SEC. Specific risks in this press release include the
estimated annualized revenue at the new store, the strength of the
market and personnel in Fresno, the strength of Lithia's
relationship with Chrysler Corporation and the proposed future
exclusivity of Lithia's Dodge stores in the Fresno market.
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