LAD Lithia Motors Inc

L2 Auto (L2auto.com), a web-based automotive retail store is hosting its grand opening Thursday, May 15th, at 12:00 PM at its first Iowa location at 1190 Boyson Road in Hiawatha. Local store leaders and Chris Holzshu, Vice President of L2 Auto, will be hosting the event. L2 Auto facility and process tours are offered beginning at 10:00 AM and also immediately following the ribbon cutting ceremony. L2 is a subsidiary of Lithia Motors, Inc. (NYSE:LAD). "L2 Auto is the result of years of research and consumer opinion," said Holzshu. "It's a culmination of everything we've learned through many years of experience in the retail automotive business. We took our experience and combined it with our market research to get here. L2 catapults us into the future with a process driven used car sales system that addresses customer concerns one by one, and answers all the issues that car buyers have told us are most important to them." Grand opening attendees will hear from Holzshu and others regarding the L2 Auto process, business model and growth plans. The Cedar Rapids store is the first location to open in Iowa and the fourth L2 Auto store in the country. Each of the stores sits on six to nine acres of land, and the total investment in land and buildings is between $6 and $8 million dollars, of which 75-80% will be financed by various financial institutions. Each of the L2 Auto stores will be between 28,000 and 30,000 square feet, and will carry approximately 250 fully reconditioned used cars and trucks. L2 anticipates that each store will employ between 50 and 60 people. Some of the vehicles in the L2 inventory will look familiar to the residents of Cedar Rapids. That's because L2 Auto will buy any vehicle from anyone in the community with no strings attached. By keeping its focus on the customer, L2 Auto will be a draw for those looking to sell their vehicle quickly and easily. L2 Auto uses an internet-based process that leads the industry in technology to vastly improve all customer experiences. In addition, all L2 vehicles complete a rigorous 240-point inspection and come with both a 60 day "if it breaks we fix it" warranty, as well as a three day, 100% Money Back return program. "Customer peace-of-mind and transaction transparency are L2's mantras," said Holzshu. "The process is simple, but is also absolutely state-of-the-art. There are no hidden charges, no surprises. L2's process is based on educating customers and helping them make intelligent decisions to fulfill their individual transportation needs. That's what we are all about." In addition to Holzshu, many L2 Auto senior executives will be on hand for the grand opening. To learn more about L2, visit L2auto.com. About L2: L2 Auto is an innovative, right-for-the-times, web-based concept that will provide a new and improved experience for consumers in the used car market. L2 represents an entirely new process of online shopping and buying to provide a whole new level of catering to the used car customer. It offers unprecedented transparency in every transaction including availability of a broad selection of popular late model used vehicles, clearly marked "negotiation-free" prices based on current market values, a 240 point inspection plan, a 60 day "if it breaks, we fix it" warranty, and a three day "no questions asked" return policy. About Lithia Lithia Motors, Inc. is a Fortune 700 and Russell 2000 Company. Lithia sells 27 brands of new and all brands of used vehicles at 111 stores which are located in 49 markets within 15 states. Internet sales are centralized at www.Lithia.com, or through 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 105,108 new and used vehicles and had $3.22 billion in total revenue in 2007.