| Type | Public (NYSE: LAD) |
|---|---|
| Industry | auto retailing |
| Founded | 1946, Ashland, Oregon |
| Headquarters | Medford, Oregon, United States |
| Key people | Sidney P. DeBoer, CEO |
| 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 |
| References: Financial data.[1] | |
Lithia Motors, Inc. (NYSE: LAD) is automotive dealership network headquartered in Medford, Oregon, primarily serving the western United States. It is the seventh largest automotive 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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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 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 began plans to build a 60-acre (240,000 m2) auto mall north of downtown Medford and to build a new corporate headquarters in downtown Medford.[10] In 2009, with plans to build a new corporate headquarters stalled, the company, Medford Urban Renewal Agency and the City of Medford announced they had scrapped the downtown plans and were in negotiations to develop a smaller project.[11]
As of March 2007 the company operated 108 stores in 15 states with 193 franchises.[1] As of August 2009 the company operates 91 stores in 13 states.[12]
Lithia's stock has fallen from $35.75 on March 24, 2006, to as low as $1.55 on Oct. 27, 2008.[13] Recently as 2009-2010 Lithia stock has varied in a 52-week high/low range of $16.49/$5.18 per share respectively.
Lithia sells new cars from General Motors,Chrysler, 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]
Revenue in millions of US dollars.[1]
| Year | Revenue | EPS | Dividend |
|---|---|---|---|
| 2003: | $2,412 | $1.92 | $0.14 |
| 2004: | $2,598 | $2.13 | $0.23 |
| 2005: | $2,852 | $2.54 | $0.44 |
| 2006: | $3,173 | $1.77 | $0.54 |
| 2007: | $3,219 | $1.06 | $0.56 |
| 2008: | $2,137 | $(12.22) | $0.33 |
| 2009: | $1,749 | $0.41 | N/A |
| 2010: | $463(t) | $0.05 | $0.05 |
In April 2008, Lithia posts $1.9 million loss in 1Q.[14] 2010 data is 1Q only SEC filings
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