Lithia Motors Announces Acquisition of BMW and Mercedes Stores
April 18 2011 - 8:30AM
Marketwired
Lithia Motors, Inc. (NYSE: LAD) announced that today it acquired
Rasmussen BMW MINI, Mercedes-Benz of Portland and Mercedes-Benz of
Wilsonville, located in metropolitan Portland, Oregon. The stores
add $176 million in estimated annual revenues.
Bryan DeBoer, President and Chief Operating Officer, commented,
"The Rasmussen group has a strong history in the Portland market.
We intend to continue their success and welcome their employees to
the Lithia team. We remain focused on seeking exclusive franchises
in the markets we serve. Adding luxury brands like Mercedes-Benz,
BMW and MINI in a metropolitan market like Portland is a core
Lithia strategy."
Greg Rasmussen, President of Don Rasmussen Company, added, "I am
pleased that Lithia, an Oregon-based corporation, is purchasing
these stores. Continuity to our customers and employees is of
critical importance to both of our organizations. Lithia will carry
on the proud tradition and heritage of these stores."
About Lithia Lithia Motors, Inc. is the
ninth largest automotive retailer in the United States. Lithia
sells 27 brands of new and all brands of used vehicles at 85
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.
For additional information on Lithia Motors, contact John North,
VP Finance and Controller at (541) 618-5748.
Sites www.lithia.com www.lithiacares.com
www.lithiajobs.com
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Contact: John North 541-618-5748 jnorth@lithia.com
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