Lithia Motors Signs New $225 Million Credit Facility with US Bank, DaimlerChrysler Financial Services Americas LLC and Toyota Fi
September 11 2006 - 8:00AM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) announced today that it has entered
into a new credit facility that will be funded by US Bank,
DaimlerChrysler Financial Services Americas LLC and Toyota
Financial Services. All three lenders will participate equally in
Lithia's new credit facility. The credit facility of up to $225
million is for acquisitions and working capital. Jeff DeBoer,
Senior Vice President and CFO of Lithia Motors, stated, "These are
three of the strongest and most credit worthy companies in the
financial services sector. The funding from US Bank,
DaimlerChrysler Financial Services Americas LLC and Toyota
Financial Services creates a strong foundation for our long-term
capital needs as we continue our strategy of consistent growth in
the future." Tom Pritchard, President of US Bank Dealer Commercial
Services, commented, "Our business revolves around a flexible model
whereby dealers can rely on US Bank for all levels of financial
service and guidance, be they simple banking services or complex
financing arrangements such as this new credit facility for Lithia
Motors. We are looking forward to the opportunity to expand our
relationship with Lithia by working closely with our new syndicated
partners from Toyota and DaimlerChrysler." About Lithia Lithia
Motors, Inc. is a Fortune 700 and Russell 2000 Company with 97
stores located in 39 markets in 13 states, selling 25 brands of new
vehicles and over the Internet at "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. About US Bank US Bank Dealer Commercial
Services provides a wide array of commercial banking and financing
services to auto, marine, and recreational vehicle dealers. US Bank
is part of U.S. Bancorp (NYSE:USB). With assets of $213 billion,
U.S. Bancorp is the 6th largest financial holding company in the
United States. The company operates 2,434 banking offices and 4,966
ATM's, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is
the parent company of US Bank. Visit U.S. Bancorp on the web at
www.usbank.com. About DaimlerChrysler Financial Services Americas
LLC DaimlerChrysler Financial Services Americas LLC provides
brand-specific financing for automotive dealers' inventories and
their retail consumers, and conducts business as Chrysler Financial
and Mercedes-Benz Financial. As DaimlerChrysler Truck Financial, it
also finances commercial vehicles for affiliate products such as
Freightliner, Sterling and Western Star. The company serves as the
headquarters for operations in the United States, Canada, Mexico,
Puerto Rico, Argentina, Brazil and Venezuela, and has approximately
5,600 employees who manage a portfolio of more than $107 billion
with nearly five million contracts. DaimlerChrysler Financial
Services Americas LLC is a company of the DaimlerChrysler Financial
Services Group, headquartered in Berlin, Germany, which operates in
39 countries with an employee base of close to 11,000 and a global
portfolio of approximately $147 billion. DaimlerChrysler Financial
Services is one of the leading financial services organizations
worldwide. About Toyota Financial Services TFS is the finance and
insurance brand for Toyota in the U.S., offering retail auto
financing and leasing through Toyota Motor Credit Corporation
(TMCC) and extended service contracts through Toyota Motor
Insurance Services (TMIS). Lexus Financial Services is the brand
for financial products for Lexus dealers and customers. TFS
currently employs over 2,900 associates nationwide, and has managed
assets totaling more than $60 billion. It is part of a worldwide
network of comprehensive financial services offered by Toyota
Financial Services Corporation, a wholly owned subsidiary of Toyota
Motor Corporation. 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 company having sufficient capital
and acquisition opportunities to continue its current growth
strategies. 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.
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