Correction -- GM and Lithia Reach Agreement Concerning Hiawatha, IA Franchise
May 12 2010 - 6:32PM
Marketwired
Lithia Motors, Inc. (NYSE: LAD) - An article written for The
Gazette, Cedar Rapids, Iowa, incorrectly stated that Buick GMC
Cadillac of North Cedar Rapids, Iowa had their franchise agreement
reinstated as a result of arbitration proceedings. This is not
correct. General Motors elected to extend the franchise after
reaching a mutually acceptable agreement with Lithia Motors, Inc.
Through conversation between General Motors and Lithia
executives, GM decided not to terminate the franchise as planned.
This agreement was reached with the cooperation and understanding
by General Motors that the customers in this market would be well
served by continuing this franchise.
About
Lithia
Lithia Motors, Inc. is the ninth largest automotive retailer in
the United States and a Fortune 800 company. Lithia sells 26 brands
of new and all brands of used vehicles at 84 stores, which are
located in 12 states. 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.
Additional
Information
For additional information on this matter, please contact Polly
Ficek at 541-776-6559. For additional information on Lithia Motors,
contact the Investor Relations Department: 541-776-6591 or visit
www.lithia.com and click on "Investor Relations." Sites
www.lithia.com www.lithiacares.com www.lithiajobs.com
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Lithia Motors Polly Ficek 541-776-6559
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