Lithia Motors Sells Issaquah Chevrolet Store
August 07 2008 - 7:03PM
Business Wire
Lithia Motors, Inc. (NYSE:LAD) yesterday completed the sale of its
Issaquah Chevrolet franchise to BPP Automotive Group. The General
Motors franchise represented approximately $23.5 million in annual
revenues for Lithia. �Moving forward with the sale of our Issaquah
Chevrolet store was a positive step forward for our company,� said
Sid DeBoer, Lithia�s Chairman and CEO. �It represents more progress
on our restructuring plan; showing once again Lithia�s ability to
execute the changes we have outlined to weather the economic
challenges we face today and allow us to be a more efficient and
diversified company.� About Lithia Lithia Motors, Inc. is a Fortune
700 Company, selling 28 brands of new and all brands of used
vehicles at 109 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 105,108 new and
used vehicles and had $3.22 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, future economic conditions and
others set forth from time to time in the company�s filings with
the SEC. We make forward-looking statements about our ability to
manage through the current sales and economic environment. Specific
risks in this press release include execution of the restructuring
plan and macro-economic and market factors.
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