Lithia Motors Achieves 100th Store Milestone with the Acquisition of BMW and Porsche Stores
October 23 2006 - 3:00PM
Business Wire
Lithia Motors, Inc. (NYSE: LAD) the country�s eighth-largest
automotive dealership group, today announced its acquisition of a
BMW and a Porsche store in Seaside, California. Annualized revenues
of the two stores are approximately $70 million. The new stores
will be named BMW of Seaside and Porsche of Seaside. Lithia has now
completed the acquisition of nine stores with approximately $325
million in annualized revenues in 2006. Sid DeBoer, Lithia�s
Chairman and CEO, commented, �We have now reached a milestone of
100 new vehicle retail stores. Lithia went public in December of
1996 with 5 operations in Southern Oregon. We have grown from 5 to
100 stores over the last 10 years. This represents an annual growth
rate of 35% to our store base. I want to thank all of Lithia�s
employees that helped us get to this point.� �This is Lithia�s
first acquisition of a Porsche store and our fifth BMW store. We
currently have operations in 14 states and with this acquisition we
have 15 stores located in Northern California markets. The
acquisition of these stores is a good step towards our continuing
brand diversification efforts. Luxury brands represent 10% of our
current franchise mix and we would like to see that grow in the
coming years,� concluded Mr. DeBoer. About Lithia Lithia Motors,
Inc. is a Fortune 700 and Russell 2000 Company. Lithia sells 26
brands of new vehicles at 100 stores which are located in 41
markets within 14 states. Internet sales are centralized at
www.Lithia.com. 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 stores. Lithia Motors, Inc. (NYSE: LAD) the country's
eighth-largest automotive dealership group, today announced its
acquisition of a BMW and a Porsche store in Seaside, California.
Annualized revenues of the two stores are approximately $70
million. The new stores will be named BMW of Seaside and Porsche of
Seaside. Lithia has now completed the acquisition of nine stores
with approximately $325 million in annualized revenues in 2006. Sid
DeBoer, Lithia's Chairman and CEO, commented, "We have now reached
a milestone of 100 new vehicle retail stores. Lithia went public in
December of 1996 with 5 operations in Southern Oregon. We have
grown from 5 to 100 stores over the last 10 years. This represents
an annual growth rate of 35% to our store base. I want to thank all
of Lithia's employees that helped us get to this point." "This is
Lithia's first acquisition of a Porsche store and our fifth BMW
store. We currently have operations in 14 states and with this
acquisition we have 15 stores located in Northern California
markets. The acquisition of these stores is a good step towards our
continuing brand diversification efforts. Luxury brands represent
10% of our current franchise mix and we would like to see that grow
in the coming years," concluded Mr. DeBoer. About Lithia Lithia
Motors, Inc. is a Fortune 700 and Russell 2000 Company. Lithia
sells 26 brands of new vehicles at 100 stores which are located in
41 markets within 14 states. Internet sales are centralized at
www.Lithia.com. 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 stores.
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