Oct 15, 2007 |
Lithia Schedules October 18th Grand Opening of New Dodge Store |
Sid DeBoer, Lithia Chairman and CEO, to Welcome First Store in Oregon's Largest Auto Mall
MEDFORD, Ore.--(BUSINESS WIRE)--Oct. 15, 2007--Lithia Motors, Inc. (NYSE:LAD), announced today, the Grand Opening of Oregon's newest and largest auto mall. At 10:30 AM on Thursday, October 18th, Sid DeBoer, Lithia Chairman and CEO will welcome the first store, Medford Dodge, to its new location in the auto mall at 4540 Grumman Drive in Medford.
To get to the Oregon Auto Mall from downtown Medford, take Delta Waters Road behind Wal-Mart and Costco for approximately one-half mile. From Eagle Point, turn right off of Highway 62 onto Coker Butte.
The 59,000 square foot facility is the first of the Lithia stores to make the move to the auto mall. "This move is historic for us. The store that started our company is going to be the first store in the Oregon Auto Mall. We are proud that we can provide this state-of-the-art facility to the Rogue Valley, and we know our customers are going to love coming here," said Sid DeBoer.
"Opening the Dodge store at the Oregon Auto Mall is an enormous milestone for our company," DeBoer stated. "It is the start of an easier shopping experience for the Rogue Valley, and it's the first step in the construction of the Medford Commons project." The Medford Commons is a partnership between Lithia Motors, and the Medford Urban Renewal Agency. The partnership serves to revitalize downtown Medford through the creation of a new Lithia headquarter building. This new building will serve as the anchor of a mixed-use retail and commercial project.
About Lithia
Lithia Motors, Inc. is a Fortune 700 and Russell 2000 Company. Lithia sells 30 brands of new and all brands of used vehicles at 109 stores which are located in 46 markets within 15 states. Internet sales are centralized at www.Lithia.com, or through the recently launched www.L2.com. 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 109,648 new and used vehicles and had $3.17 billion in total revenue in 2006.
This press release includes forward looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. 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 future locations and the timing of opening, total investment, inventory levels, store acreage, square footage, ability to finance, and the customer experience.
CONTACT: Lithia Motors, Inc.
Robert Sacks
Director, Community Relations
541-840-8644
or
Jeff DeBoer
Senior Vice-President, Chief Financial Officer
541-776-6868
SOURCE: Lithia Motors, Inc.
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