Lithia Motors Announces Acquisition of Toyota Store, Sale of CJD
MEDFORD, OR -- (Marketwire) -- 10/26/12 -- Lithia Motors, Inc.
(NYSE: LAD) announced that we acquired Bitterroot Toyota in Missoula,
Montana. The store will be named Lithia Toyota of Missoula, and adds
$45 million in estimated annual revenues. The new location
complements our existing Chrysler Jeep Dodge store in Missoula, which
was acquired in 2003. We now operate two of the four leading
franchises in the community.
We also completed the divestitures of Lithia Chrysler Jeep Dodge of
Renton and Lithia Hyundai of Renton, near Seattle, Washington. These
locations were previously classified as held for sale and their
results have been reclassified to discontinued operations, so there
is no impact on our guidance as a result of their sale.
Bryan DeBoer, President and Chief Executive Officer, commented, "We
are excited to expand our presence in Montana, one of our strongest
states. This store fits our core strategy of seeking exclusive
franchises in our markets. We also completed the sale of two
metropolitan market stores that lack the franchise exclusivity we
seek in our portfolio."
Lithia Motors, Inc. is the ninth largest automotive
retailer in the United States. Lithia sells 29 brands of new vehicles
and all brands of used vehicles at 86 stores in 11 states. Lithia
also arranges finance, warranty, and credit insurance contracts; and
provides vehicle parts, maintenance, and repair services at all of
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