Lithia Motors Announces Three Additional Acquisitions Plus the Grand Opening Of Its Newly Refurbished Honda Store in San Angelo, Texas
MEDFORD, Ore., June 5 -- Lithia Motors, Inc. announced today that it has completed three acquisitions; Grizzly Dodge, Chrysler, L/M and Suzuki in Missoula, Montana; Expressway Dodge in Broken Arrow, Oklahoma and Montana Dodge in Billings, Montana. The stores will be renamed Lithia Auto Center of Missoula, Lithia Dodge of Broken Arrow and Lithia Dodge of Billings. The stores have combined annualized sales of approximately $100 million. The acquisitions were paid for in cash. Year to date, Lithia has now completed six store acquisitions.
Lithia Motors Chairman and CEO Sid DeBoer added, "With the acquisition of these stores we've added two new states to our line-up of operations as we continue our strategy of diversifying markets. All of these stores are representative of a typical Lithia acquisition; an average sized store of a major brand located in a regional market. In the past, we have been very successful in our strategy to integrate, improve and brand these types of stores."
Additionally, Lithia is announcing the Grand Opening of its newly remodeled Honda store in San Angelo, Texas on June 13, 2003. Lithia acquired this store in early 2002. There will be a ribbon cutting ceremony to launch a month long Grand Opening sales promotion. Representatives of Honda will be present for the ceremonies.
"The Honda store in San Angelo has been an under performer for the company. With our recently completed remodel and expansion of the store, we expect increased sales and happier customers with the Honda brand in this market, Lithia has been very successful with its network of Honda stores," concluded Sid DeBoer.
Lithia Motors, Inc. is a Fortune 1000 and Russell 2000 Company that sells 24 brands of new vehicles and operates 75 stores and 140 franchises in 12 states in the Western United States and over the Internet through "Lithia.com-America's Car & Truck Store." 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 91,478 new and used vehicles and had $2.38 billion in total revenue in 2002.
This press release includes forward looking statements, which management believes are a benefit to shareholders. Within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation economic conditions, acquisition risk factors and others set forth from time to time in the company's filings with the SEC. Specific risks in this press release include estimated annualized sales assumptions.
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