Lithia Motors Acquires Luxury and Import Stores in Iowa
February 27 2007 - 8:00AM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) the country�s eighth-largest
automotive dealership group, today announced auto-retail store
acquisitions in Ames, Johnston, and Des Moines, Iowa. The new
stores will be named Honda of Ames, Lithia Nissan of Ames, Acura of
Johnston, Lithia Infiniti of Des Moines, Lithia Volkswagen of Des
Moines and Audi Des Moines. Annualized revenues of the stores are
approximately $100 million. These are the first acquisitions for
Lithia this year. In 2006, Lithia acquired thirteen stores with
approximately $470 million in annualized revenues. 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 last
year, we acquired BMW and Mercedes-Benz stores in Des Moines, and
then in December we acquired Buick GMC Cadillac of North Cedar
Rapids, Saturn of Cedar Rapids and Kia of Cedar Rapids. With these
most recent acquisitions we now have approximately $245 million in
annualized revenues from the state of Iowa. Infiniti and Acura are
new to Lithia�s brand mix with this acquisition. We look forward to
additional acquisitions and further diversification of our brand
mix throughout the year,� concluded Mr. DeBoer. About Lithia Lithia
Motors, Inc. is a Fortune 700 and Russell 2000 Company. Lithia
sells 32 brands of new vehicles at 108 stores which are located in
46 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 109,648 new and used vehicles and had $3.17 billion
in total revenue in 2006. 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 revenues at the
newly acquired stores.
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