Lithia Motors Acquires Chrysler Jeep And Dodge Store in Bryan - College Station, Texas; Lithia Now has Fourteen Stores in Texas
June 06 2006 - 2:33PM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) the country's eighth-largest
automotive dealership group, today announced its acquisition of
TradeMark Chrysler Jeep Dodge in Bryan - College Station, Texas.
The store has annualized revenues of approximately $60 million and
was added to Lithia's operations as Lithia Chrysler Jeep Dodge of
Bryan. This is a new market for Lithia in the state of Texas.
Lithia's thirteen other stores in the state are located in the
cities of Midland, Odessa, San Angelo, Abilene and Corpus Christi.
Lithia now generates approximately $540 million in annualized
revenues in the state of Texas. Lithia's Chairman and CEO Sid
DeBoer commented, "Texas continues to produce opportunities for
growth. The community of Bryan - College Station draws on a
metropolitan area with a population of approximately 189,000 people
and represents the type of regional markets where Lithia has been
successful in the past. Our first Texas acquisition was in San
Angelo in January of 2002. This store represents our fourteenth
store in Texas and our fifth acquisition in the state over the past
twelve months." About Lithia Lithia Motors, Inc. is a Fortune 1000
and Russell 2000 Company that sells 25 brands of new vehicles and
operates 95 stores and 195 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 and annualized revenues derived from the state of Texas.
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