Lithia Motors

Lithia Motors began in 1946 when Walt DeBoer opened a single car dealership in Ashland, Oregon. In the first year, the five-person company sold 14 cars.{{Cite web |title=Lithia Motors Sells 14 Cars the Year It Opens in 1946 |url=https://www.ijpr.org/show/as-it-was/2014-05-22/lithia-motors-sells-14-cars-the-year-it-opens-in-1946 |archive-url=https://web.archive.org/web/20211008174737/https://www.ijpr.org/show/as-it-was/2014-05-22/lithia-motors-sells-14-cars-the-year-it-opens-in-1946 |url-status=usurped |archive-date=October 8, 2021 |access-date=2021-10-08 |website=Jefferson Public Radio |language=en}} In 1968, Walt's son, Sidney DeBoer, took over the business and incorporated Lithia Motors Inc. 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.[http://www.lithia.com/index.cfm?action=dealerlink&Link=22654 About Lithia.] Lithia.com. Retrieved on September 15, 2007.

In December 1996, the company went public, trading on the New York Stock Exchange with an IPO of $11 per share. By 2003, Lithia had revenues of $2.5 billion from its 84 dealerships, while employing just over 5,500 people.Brinckman, Jonathan. Every Lithia shop moves cars the same way conformity drives it. The Oregonian, October 10, 2004. The company had increased dealerships to 88 by 2005.Brinckman, Jonathan. Inside Oregon business: Auto dealer bypasses industry slump. The Oregonian, June 16, 2005. Lithia was fined $500,000 by the state of Alaska in 2006 for charging car buyers illegal document preparation fees at their Alaska dealerships.[http://www.bizjournals.com/portland/stories/2006/12/04/daily14.html Lithia to pay refunds and fine in Alaska.] Portland Business Journal, December 5, 2006. That year, they also settled with the Equal Employment Opportunity Commission for workplace discrimination.Brinckman, Jonathan. Lithia settles Colorado discrimination suit. The Oregonian, March 17, 2006. In early 2007, Lithia developed plans to build a {{convert|60|acre|m2|adj=on}} auto mall north of downtown Medford and to build a new corporate headquarters in downtown Medford. The Chrysler Jeep Dodge store moved to the auto mall in September 2007, but the project was put on hold for seven years because the recession hit shortly after. In late 2014, Lithia moved their Honda, Nissan, BMW and Volkswagen stores to the auto mall. The group's Toyota store, which the group had planned to move to the auto mall, instead went through a $1.5 million renovation in 2013 and stayed on their five-acre site in downtown Medford.[http://www.bizjournals.com/portland/stories/2007/01/22/daily4.html Lithia Motors building Oregon's largest auto mall.] Portland Business Journal, January 22, 2007.

In 2010, it was reported that with the backing of two lenders, "the Commons," a mixed-use building with Lithia Headquarters as the largest tenant, was a "go" and could proceed with construction. According to an article by The Mail Tribune, "Lithia partnered with the Medford Urban Renewal Agency to create The Commons, a revitalization project that includes the headquarters and another $14 million in infrastructure and three park blocks, paid for with MURA dollars.{{Cite web |title=Article missed the point |url=http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20101001/NEWS/10010318}} Lithia employees moved into their new headquarters in late 2012. In January 2014, the Commons building was awarded Silver Leadership in Energy and Environmental Design (LEED) Certification by the U.S. Green Building Council.{{Cite web |title=Lithia Headquarters Awarded Silver LEED Certification |url=http://www.fi-magazine.com/news/story/2014/01/lithia-headquarters-awarded-silver-leed-certification.aspx?prestitial=1}} Lithia has been the recipient of numerous awards, including Sports Illustrated's All-Star Dealer Award in 1990 and Time's Quality Dealer Award in 1997, 2016 Top Workplace-Oregon Award,[http://www.oregonlive.com/business/index.ssf/2016/09/full_list_of_winners_top_workp.html Top Workplace Oregon Award] 2016 Automotive News Best Dealerships to Work For[http://www.autonews.com/section/bdtwf05 Best Dealerships to Work For] and 2016 Fortune 500-40th Fastest Growing Company.[http://fortune.com/100-fastest-growing-companies/list Fortune Fastest Growing Companies List] In 2018, 10 Lithia Motors stores were named "Best Dealerships to Work For" by Automotive News.{{Cite web |title=Lithia Investor Relations |url=http://www.lithiainvestorrelations.com/pressrelease.html#b2iLibScrollTo |access-date=2019-03-08 |website=www.lithiainvestorrelations.com}} Cox Automotive awarded Lithia Motors' BMW of Ramsey, New Jersey store with the 2019 Cox Automotive Leader in Sustainability Award, citing outstanding community contributions and sustainable programs including waste reduction, water conservation and energy consumption.{{Cite web |title=Cox Automotive Presents Leader in Sustainability Award to BMW of Ramsey |url=https://www.coxautoinc.com/news/cox-automotive-presents-leader-in-sustainability-award-to-bmw-of-ramsey/ |access-date=2019-03-08 |website=Cox Automotive Inc. |language=en-US}}

In February 2021, a source reported Lithia Motors was in talks to acquire the Suburban Collection dealer chain in Michigan. Suburban reported revenues of $2.7 billion in 2019. Later in April of the same year, the company acquired New Jersey dealership Planet Honda of Union, which is expected to add $230 million in annual revenue.{{Cite web |date=2021-04-13 |title=Lithia acquires The Suburban Collection |url=https://www.autoremarketing.com/retail/lithia-acquires-suburban-collection |access-date=2021-04-30 |website=Auto Remarketing |language=en}}{{Cite web |date=2021-04-27 |title=Lithia continues buying spree with N.J. Honda acquisition |url=https://asumetech.com/lithia-continues-buying-spree-with-n-j-honda-acquisition/ |access-date=2021-04-30 |website=Asume Tech |language=en-US}} In August 2021, it purchased Canadian dealership Pfaff Automotive, its first outside the United States,{{cite web |url=https://www.autonews.com/dealers/lithia-acquires-canadas-pfaff-automotive-dealership-group |title=Lithia acquires Canada's Pfaff Automotive dealership group |date=2021-08-31 |website=Automotive News |author=Greg Layson}} and the Driveway.com subsidiary assumed title sponsorship{{Cite web |title=Pfaff Chooses McLaren For 2024 GTD Pro Effort |url=https://www.dailysportscar.com/2023/10/09/pfaff-chooses-mclaren-for-2024-gtd-pro-effort.html |access-date=2024-05-28 |website=www.dailysportscar.com}} of the subsidiary's motorsport presence Pfaff Motorsports.

In early 2021, the company added about $6.5 billion to its annual revenue, placing it about one-third of the way towards the company's target, according to CFO Tina Miller, currently in charge over the project. The success of the project is in part attributed to Lithia's e-commerce platform Driveway, which facilitates online used car sales with its inventory coming from dealer lots owned by Lithia.{{Cite news |last=Broughton |first=Kristin |date=2021-04-23 |title=Lithia Motors Accelerates Dealer Acquisitions Amid Boom in Car Sales |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/lithia-motors-accelerates-dealer-acquisitions-amid-boom-in-car-sales-11619216110 |access-date=2021-04-30 |issn=0099-9660}}

As of May 2022, Lithia operated 267 stores in 24 states, and 14 in Canada.{{Cite web |access-date=22 May 2022 |title=Lithia Auto Stores |url=https://www.lithia.com}}

Lithia sells new and used cars of various makes and models. New cars make up 49% of retail auto sales, with used cars making up the other 51%.[https://s3.amazonaws.com/sec.irpass.cc/2051/0001023128-24-000032.pdf 2023 Annual Report.] Lithia Motors, Inc. Retrieved on May 18, 2024. Additional revenues come from auto repair at the dealerships, financing, and insurance sales.[http://media.corporate-ir.net/media_files/irol/90/90019/LAD_AR_2006.pdf 2006 Annual Report.] Lithia Motors. Retrieved on September 15, 2007.

In 2013 Lithia was named No. 9 on Automotive News' list of the 125 largest U.S. dealership groups, with retail new-vehicle sales of 56,960 units in 2012. In used-vehicle sales it also ranks No. 9, with retail used-vehicle sales of 49,067 in 2012.Auto News: http://www.autonews.com/article/20131125/RETAIL04/311259995/lithia-expands-to-boost-used-car-sales#ixzz2qVL3ZKSh

The company received a Global Automotive Shareholder Value Award presented by PwC and Automotive News in 2015, the sixth consecutive year for Lithia, followed by a three-year award in 2016.http://www.autonews.com/article/20160402140000/RETAIL06/304039992 {{dead link|date=February 2022}} The awards are given to companies to recognize the highest shareholder returns within one-year and three-year periods among Global Vehicle Manufacturers, Global Automotive Suppliers and U.S. Automotive Retailers categories.[http://www.prnewswire.com/news-releases/fca-saic-plastic-omnium-koito-manufacturing-lithia-motors-inc-and-asbury-automotive-group-receive-global-automotive-shareholder-value-awards-presented-by-pwc-and-automotive-news-300021295.html 2015 Global Automotive Shareholder Value Awards]

• List of companies based in Oregon
• Car dealerships in the United States

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Category:American companies established in 1946

Category:Auto dealerships of the United States

Category:Companies based in Medford, Oregon

Category:Retail companies established in 1946

Category:1946 establishments in Oregon

Category:Companies listed on the New York Stock Exchange

Category:Companies in the S&P 400

Category:1996 initial public offerings