Lithia Motors
From Wikipedia, the free encyclopedia
| Lithia Motors, Inc. | |
|---|---|
 |
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| Type | Public (NYSE: LAD) |
| Founded | 1946, Ashland, Oregon |
| Headquarters | Medford, Oregon, United States  |
| Key people | Sidney P. DeBoer, CEO |
| Industry | auto retailing |
| Products | automobiles |
| Revenue | $3,173 million (FY 2006) |
| Operating income | ▲ $115 million (FY 2006) |
| Net income | ▲ $37.3 million (FY 2006) |
| Employees | 6,261 (2006) |
| Website | lithia.com |
| Financial data.[1] | |
Lithia Motors, Inc. (NYSE: LAD) is an automotive retailer headquartered in Medford, Oregon. It is the seventh largest auto retailer in the United States,[2] and ranks as number 615 on the Fortune 1000 list of the largest companies in the U.S. for 2007.[3] They ranked fourth in their industry for America's Most Admired Companies in 2007.[4]
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[edit] History
Lithia Motors began in 1946 when Walt DeBoer opened a single car dealership in Ashland, Oregon. The first year the five person company sold 14 cars. Next, in 1968 Walt DeBoer died and his son Sidney DeBoer took over the company. Sidney reorganized the business and in 1970 purchased a Dodge dealership in Medford. With this Lithia’s base of operation moved to Medford and grew to a total of five stores with 19 franchises by 1990.[5]
In December of 1996 the company went public, trading on the New York Stock Exchange with an IPO of $11 per share.[5] By 2003, Lithia had revenues of $2.5 billion from its 84 dealerships while employing just over 5,500 people.[6] The company had increased dealerships to 88 by 2005.[7] Lithia was fined $500,000 by the state of Alaska in 2006 for charging car buyers illegal document preparation fees at their Alaska dealerships.[8] That year they also settled with the Equal Employment Opportunity Commission for workplace discrimination.[9] In early 2007 the company announced plans to build a 60 acre auto mall north of downtown Medford and to build a new corporate headquarters in downtown Medford.[10] As of March 2007 the company operated 108 stores in 15 states with 193 franchises.[1]
[edit] Product
Lithia sells new cars from General Motors, DaimlerChrysler, Toyota, Honda, BMW, Volkswagen, Mazda, and Porsche among others.[1] New cars make up 58% of auto sales, with used cars making up the other 42%.[1] Additional revenues come from auto repair at the dealerships, financing, and insurance sales.[1]
[edit] Recent financials
In millions of US dollars.[1]
| Year | Revenue | Net Profit |
|---|---|---|
| 2003: | $2,412 | $35.9 |
| 2004: | $2,598 | $45.6 |
| 2005: | $2,852 | $53.6 |
| 2006: | $3,173 | $37.3 |
In April 2008, Lithia posts $1.9 million loss in 1Q.[11]
[edit] References
- ^ a b c d e f 2006 Annual Report. Lithia Motors. Retrieved on September 15, 2007.
- ^ Donna Harris, Top dealership groups get bigger, richer. Automotive News, March 19, 2007.
- ^ Lithia Motors. CNNmoney.com. Retrieved on September 15, 2007.
- ^ America's Most Admired Companies: Lithia Motors. CNNMoney.com: Fortune. Retrieved on September 15, 2007.
- ^ a b About Lithia. Lithia.com. Retrieved on September 15, 2007.
- ^ Brinckman, Jonathan. Every Lithia shop moves cars the same way conformity drives it. The Oregonian, October 10, 2004.
- ^ Brinckman, Jonathan. Inside Oregon business: Auto dealer bypasses industry slump. The Oregonian, June 16, 2005.
- ^ Lithia to pay refunds and fine in Alaska. Portland Business Journal, December 5, 2006.
- ^ Brinckman, Jonathan. Lithia settles Colorado discrimination suit. The Oregonian, March 17, 2006.
- ^ Lithia Motors building Oregon's largest auto mall. Portland Business Journal, January 22, 2007.
- ^ Lithia posts $1.9 million loss Automobile News Report April 29, 2008
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