Company:Lithia Motors

From HandWiki
Revision as of 17:29, 9 February 2024 by BotanyGa (talk | contribs) (update)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Short description: U.S. automotive retailer
Lithia Motors, Inc.
TypePublic
IndustryAutomotive dealerships
Founded1946; 78 years ago (1946) in Ashland, Oregon, U.S.
Founder
  • Walt DeBoer
  • Sidney DeBoer
HeadquartersMedford, Oregon, U.S.
Key people
RevenueIncrease US$22.9 billion (2021)
Increase US$1.7 billion (2021)
Increase US$1.1 billion (2021)
Total assetsIncrease US$11.2 billion (2021)
Total equityIncrease US$4.6 billion (2021)
Number of employees
21,150 (2022)
DivisionsDriveway
Subsidiaries
  • DCH Auto Group
  • Carbone Auto Group
  • Baierl Auto Group
  • Downtown LA Auto Group[1]
  • Day Auto Group[2]
  • Prestige Auto Stores[3]
Websitelithiamotors.com
Footnotes / references
[4][5][6]

Lithia Motors, Inc. is an American nationwide automotive dealership group headquartered in Medford, Oregon.[7] It is the third largest new vehicle automotive dealership group in the United States , below AutoNation and Penske Automotive Group.[8] As of October, 2023, Lithia operates 291 stores in the United States, 14 stores in Canada and 40 in the United Kingdom. As of May 2022, Lithia operates 267 stores in 24 states, and 14 in Canada.[9] Lithia Motors employs approximately 21,150 people.[10]

In 2015, Lithia Motors broke into the Fortune 500 list at #482,[11] making it one of only three Oregon-based companies in the Fortune 500.[12] This followed a year that saw the acquisition of the DCH Auto Group, one of the 10 largest dealer groups in the country, with 27 dealerships, before being purchased by Lithia Motors.[13] In 2016, Lithia climbed to #346 and that same year made the Fortune 500 List of Top Ten Companies with the biggest jump in rank on the Fortune 500.[14] As of 2018, Lithia is ranked #294 on the Fortune 500.[15] As of 2022 Lithia is ranked #158 on the Fortune 500.

History

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.[16] 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.[17]

In December 1996, the company went public, trading on the New York Stock Exchange with an IPO of $11 per share.[17] By 2003, Lithia had revenues of $2.5 billion from its 84 dealerships while employing just over 5,500 people.[18] The company had increased dealerships to 88 by 2005.[19] Lithia was fined $500,000 by the state of Alaska in 2006 for charging car buyers illegal document preparation fees at their Alaska dealerships.[20] That year, they also settled with the Equal Employment Opportunity Commission for workplace discrimination.[21] In early 2007, Lithia developed 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. 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 5-acre site in downtown Medford.[22] 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.[23] 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.[24] 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,[25] 2016 Automotive News Best Dealerships to Work For[26] and 2016 Fortune 500-40th Fastest Growing Company.[27] In 2018, 10 Lithia Motors stores were named "Best Dealerships to Work For" by Automotive News.[28] 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.[29]

With the acquisition of the DCH Auto Group in late 2014, Lithia expanded to 139 stores in 14 states across the US, Hawaii, and Alaska.

In September 2016, Lithia Motors announced that they were acquiring Greiner Ford-Lincoln in Casper, WY.[30]

In September 2016, Lithia Motors partnered with Carbone Auto Group in New York and Vermont, bringing the Lithia Motors store count to 152.[31]

In May 2017, Lithia Motors announced that they had acquired Baierl Auto Group in Pittsburgh, increasing their total store count to 160 and collision center count to 22.[32]

In August 2017, Lithia Motors acquired Downtown Los Angeles Auto Group ("DTLA"), bringing the Lithia store count to 167.[28]

In February 2018, Lithia Motors' store count grew to 179 after their acquisition of Day Automotive Group out of Monroeville, Pennsylvania.[28]

In March 2018, Lithia Motors acquired Prestige Auto Stores in Bergen County, New Jersey bringing the Lithia store count to 185.[28]

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.[33][34] In August 2021 it purchased Canadian dealership Pfaff Automotive, its first outside the United States.[35]

In early 2021, the company has added roughly $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.[36]

Product

Lithia sells new and used cars of various makes and models. New cars make up 58% of auto sales, with used cars making up the other 42%.[37] Additional revenues come from auto repair at the dealerships, financing, and insurance sales.[37]

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.[38]

The company received a Global Automotive Shareholder Value Awards presented by PwC and Automotive News in 2015 the sixth consecutive year for Lithia, followed by a three-year award in 2016.[39] 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.[40]

See also

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

References

  1. ↑ "Lithia purchases LA auto group". 8 August 2017. http://www.autoremarketing.com/retail/lithia-purchases-la-auto-group. 
  2. ↑ "Day Automotive Group Joins Lithia". 27 February 2018. https://www.businesswire.com/news/home/20180227005504/en/Day-Automotive-Group-Joins-Lithia. 
  3. ↑ "Lithia buys New Jersey stores from Prestige". March 2018. http://www.autonews.com/article/20180301/RETAIL07/180309771/lithia-buys-new-jersey-stores-from-prestige. 
  4. ↑ "Lithia Motors, Inc. Financials". https://www.nasdaq.com/market-activity/stocks/lad/financials. 
  5. ↑ "Lithia Motors Total Assets 2006–2021 | LAD". https://www.macrotrends.net/stocks/charts/LAD/lithia-motors/total-assets. 
  6. ↑ "Lithia Motors, Inc." (in en). https://www.google.com/finance?q=NYSE%3ALAD&fstype=ii&ei=FmWHU4D3AqjaigK504DoAg. 
  7. ↑ "Home". http://www.lithiamotors.com/. 
  8. ↑ "Top 150 Dealership Groups". Automotive News. December 27, 2021. https://s3-prod.autonews.com/2021-12/2020-Top-150-Dealership-Groups.pdf. 
  9. ↑ "Lithia Auto Stores". https://www.lithia.com. 
  10. ↑ "FAQ - Lithia & Driveway". https://investors.lithiadriveway.com/faqs. 
  11. ↑ 2022 Fortune 500
  12. ↑ Rogoway, Mike (January 30, 2016). "Precision Castparts' $37B sale finalized". The Oregonian: p. C8. http://www.oregonlive.com/business/index.ssf/2016/01/precision_castparts_sale_is_fi.html. Retrieved 2016-02-02. 
  13. ↑ DCH Auto Group Acquisition
  14. ↑ Fortune 500
  15. ↑ "Lithia Motors" (in en-US). http://fortune.com/fortune500/lithia-motors/. 
  16. ↑ "Lithia Motors Sells 14 Cars the Year It Opens in 1946" (in en). https://www.ijpr.org/show/as-it-was/2014-05-22/lithia-motors-sells-14-cars-the-year-it-opens-in-1946. 
  17. ↑ 17.0 17.1 About Lithia. Lithia.com. Retrieved on September 15, 2007.
  18. ↑ Brinckman, Jonathan. Every Lithia shop moves cars the same way conformity drives it. The Oregonian, October 10, 2004.
  19. ↑ Brinckman, Jonathan. Inside Oregon business: Auto dealer bypasses industry slump. The Oregonian, June 16, 2005.
  20. ↑ Lithia to pay refunds and fine in Alaska. Portland Business Journal, December 5, 2006.
  21. ↑ Brinckman, Jonathan. Lithia settles Colorado discrimination suit. The Oregonian, March 17, 2006.
  22. ↑ Lithia Motors building Oregon's largest auto mall. Portland Business Journal, January 22, 2007.
  23. ↑ "Article missed the point". http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20101001/NEWS/10010318. 
  24. ↑ "Lithia Headquarters Awarded Silver LEED Certification". http://www.fi-magazine.com/news/story/2014/01/lithia-headquarters-awarded-silver-leed-certification.aspx?prestitial=1. 
  25. ↑ Top Workplace Oregon Award
  26. ↑ Best Dealerships to Work For
  27. ↑ Fortune Fastest Growing Companies List
  28. ↑ 28.0 28.1 28.2 28.3 "Lithia Investor Relations". http://www.lithiainvestorrelations.com/pressrelease.html#b2iLibScrollTo. 
  29. ↑ "Cox Automotive Presents Leader in Sustainability Award to BMW of Ramsey" (in en-US). https://www.coxautoinc.com/news/cox-automotive-presents-leader-in-sustainability-award-to-bmw-of-ramsey/. 
  30. ↑ "Lithia acquires Wyoming Ford store" (in en). https://www.autoremarketing.com/retail/lithia-acquires-wyoming-ford-store. 
  31. ↑ 150 Stores
  32. ↑ "Lithia Enters State of Pennsylvania; Baierl Auto Group Joins Lithia" (in en). https://www.businesswire.com/news/home/20170501006102/en/Lithia-Enters-State-Pennsylvania-Baierl-Auto-Group. 
  33. ↑ "Lithia acquires The Suburban Collection" (in en). 2021-04-13. https://www.autoremarketing.com/retail/lithia-acquires-suburban-collection. 
  34. ↑ "Lithia continues buying spree with N.J. Honda acquisition" (in en-US). 2021-04-27. https://asumetech.com/lithia-continues-buying-spree-with-n-j-honda-acquisition/. 
  35. ↑ Greg Layson (2021-08-31). "Lithia acquires Canada's Pfaff Automotive dealership group". https://www.autonews.com/dealers/lithia-acquires-canadas-pfaff-automotive-dealership-group. 
  36. ↑ Broughton, Kristin (2021-04-23). "Lithia Motors Accelerates Dealer Acquisitions Amid Boom in Car Sales" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/lithia-motors-accelerates-dealer-acquisitions-amid-boom-in-car-sales-11619216110. 
  37. ↑ 37.0 37.1 2006 Annual Report. Lithia Motors. Retrieved on September 15, 2007.
  38. ↑ Auto News: http://www.autonews.com/article/20131125/RETAIL04/311259995/lithia-expands-to-boost-used-car-sales#ixzz2qVL3ZKSh
  39. ↑ http://www.autonews.com/article/20160402140000/RETAIL06/304039992 [|permanent dead link|dead link}}]
  40. ↑ 2015 Global Automotive Shareholder Value Awards

External links

No URL found. Please specify a URL here or add one to Wikidata.



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Lithia_Motors&oldid=3475605"