Lithia Announces Acquisition of BMW, Honda and Volkswagen Stores
MEDFORD, OR -- (Marketwired) -- 06/10/13 -- Lithia Motors, Inc.
(NYSE: LAD) announced that today it acquired the O'Brien Auto Group
of Salem in Salem, Oregon. The stores will be named BMW of Salem,
Honda of Salem and Volkswagen of Salem, and add $110 million in
estimated annual revenues.
Bryan DeBoer, President and Chief Executive Officer, commented, "We
are pleased to expand our presence in Lithia's home state of Oregon.
These stores fit our strategy of seeking exclusive franchises in the
markets we serve. The opportunity to deepen our relationship with
manufacturer partners like BMW, Honda and Volkswagen is a key to
achieving our acquisition growth objectives."
Lithia Motors, Inc. is the ninth largest automotive
retailer in the United States. Lithia sells 27 brands of new vehicles
and all brands of used vehicles at 88 stores in 11 states. Lithia
also arranges finance, warranty, and credit insurance contracts; and
provides vehicle parts, maintenance, and repair services at all of
Lithia Motors on Facebook
Lithia Motors on Twitter
VP Finance and Controller
Press spacebar to pause and continue. Press esc to stop.