Lithia Motors Acquires BMW and Mercedes-Benz Stores in Des Moines, Iowa
October 31 2006 - 12:57PM
Business Wire
Lithia Motors, Inc. (NYSE: LAD) the country�s eighth-largest
automotive dealership group, today announced its acquisition of a
BMW and a Mercedes-Benz store in Des Moines, Iowa. Annualized
revenues of the two stores are approximately $65 million. The new
stores will be named BMW of Des Moines and Mercedes-Benz of Des
Moines. Lithia has now completed the acquisition of eleven stores
with approximately $390 million in annualized revenues in 2006. Sid
DeBoer, Lithia�s Chairman and CEO, commented, �We like the
community of Des Moines which is a market that fits well with our
strategy. These stores are Lithia�s first acquisitions in the state
of Iowa and we now have operations in 15 states. This is Lithia�s
third acquisition of a Mercedes-Benz store and our sixth BMW store.
Brand diversification is important to our ongoing strategy and the
acquisitions of high-line and import stores that we have done over
the last month will help us build a more diverse store base,�
concluded Mr. DeBoer. About Lithia Lithia Motors, Inc. is a Fortune
700 and Russell 2000 Company. Lithia sells 26 brands of new
vehicles at 102 stores which are located in 42 markets within 15
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 Mercedes-Benz
store in Des Moines, Iowa. Annualized revenues of the two stores
are approximately $65 million. The new stores will be named BMW of
Des Moines and Mercedes-Benz of Des Moines. Lithia has now
completed the acquisition of eleven stores with approximately $390
million in annualized revenues in 2006. Sid DeBoer, Lithia's
Chairman and CEO, commented, "We like the community of Des Moines
which is a market that fits well with our strategy. These stores
are Lithia's first acquisitions in the state of Iowa and we now
have operations in 15 states. This is Lithia's third acquisition of
a Mercedes-Benz store and our sixth BMW store. Brand
diversification is important to our ongoing strategy and the
acquisitions of high-line and import stores that we have done over
the last month will help us build a more diverse store base,"
concluded Mr. DeBoer. About Lithia Lithia Motors, Inc. is a Fortune
700 and Russell 2000 Company. Lithia sells 26 brands of new
vehicles at 102 stores which are located in 42 markets within 15
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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