Lithia Motors Opens Second and Third L2 Auto Centers in Amarillo and Lubbock, Texas
February 20 2008 - 4:30PM
Business Wire
Lithia Motors, Inc. (NYSE:LAD), the country�s eighth-largest
automotive dealership group, today announced the Grand Opening of
its second L2 Auto facility in Amarillo, Texas, and its third L2
Auto facility in Lubbock, Texas. The new stores represent the
commitment of the Medford, Oregon-based auto retailer to the L2
Auto model. Cost for the new facilities and land are approximately
$6 - $8 million each, with a building footprint of approximately
29,000 square feet. L2 Auto Lubbock sits on eight acres, and L2
Auto Amarillo is on a five-acre parcel. They are the second and
third used-vehicle-only stores to be launched by parent company
Lithia Motors, Inc. The new stores opened for operations on
December 14th, 2007 for Amarillo, and December 20th, 2007 for
Lubbock; and enjoyed their official Grand Opening ceremonies in
late January. Sid DeBoer, Lithia�s Chairman and CEO, commented,
�Our customers have responded with approval and excitement to our
first L2 Auto Store in Loveland, Colorado. The customer traffic is
better than we predicted at the Texas stores, and sales are very
encouraging. People feel good about our process and how it helps
them buy a used vehicle or sell us their vehicle. From their
on-site or online search; to the negotiation-free pricing; to the
easy close of the deal; to the firm bid to sell us their car we
know we will be seeing L2 Auto customers again and again for years
to come. We look forward to the future of these wonderful stores,
and the success they will bring the entire L2 Auto and Lithia
organizations,� concluded Mr. DeBoer. About Lithia Lithia Motors,
Inc. is a Fortune 700 and Russell 2000 Company. Lithia sells 28
brands of new and all brands of used vehicles at 110 stores which
are located in 46 markets within 15 states. Internet sales are
centralized at www.Lithia.com, or through the recently launched
www.L2Auto.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 105,323 new and used vehicles and had $3.23 billion
in total revenue in 2007. Lithia is publicly traded (NYSE:LAD) and
is available on the web at www.Lithia.com. Additional Information
For additional information on Lithia Motors, contact the Investor
Relations Department: (541) 618-5770 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 future sales performance and
customer response.
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