Lithia Motors Acquires Stores in Cedar Rapids, Iowa
December 07 2006 - 11:00AM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) the country�s eighth-largest
automotive dealership group, today announced auto-retail store
acquisitions in Cedar Rapids, Iowa. The new stores will be named
Buick GMC Cadillac of North Cedar Rapids, Saturn of Cedar Rapids
and Kia of Cedar Rapids. Annualized revenues of the stores are
approximately $80 million. Lithia has now completed the acquisition
of thirteen stores with approximately $470 million in annualized
revenues in 2006. Sid DeBoer, Lithia�s Chairman and CEO, commented,
�We are excited to be able to increase our presence in the state of
Iowa. In October of this year, we acquired BMW and Mercedes-Benz
stores in Des Moines. With these acquisitions we continue our
expansion into stable Midwestern markets. GMC, Buick and Kia are
new to Lithia�s brand mix with this acquisition. We now have 4
stores selling the Cadillac brand and three stores dedicated to the
Saturn brand. For the year, we have acquired approximately $470
million in annualized sales, which represents 16% growth on our
total revenues of $2.94 billion in 2005,� concluded Mr. DeBoer.
About Lithia Lithia Motors, Inc. is a Fortune 700 and Russell 2000
Company. Lithia sells 26 brands of new vehicles at 104 stores which
are located in 43 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 $2.94 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
newly acquired stores.
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