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 its locations.
Lithia Motors on Facebook
Lithia Motors on Twitter
Add to Digg Bookmark with del.icio.us Add to Newsvine
VP Finance and Controller
Most Popular Stories
- Paniagua Wins Grand Prize in Young Artists Program
- Yaris Adds French Flair for US Market
- Cable TV Not Going Away, Says Cable TV
- German Intelligence Blames Ukraine Rebels for MH17
- IBM to Pay Big to Unload Chip Division
- Sub Hunt Brings Cold War Chill Back to Baltic
- Turkey to Help Kurds Reach Fight in Kobani
- Perez Leads Push for Obama's Job Proposals
- Prius Drivers Battle Stereotypes
- Cowboys Turn Back Clock to Glory Days