Home Archives July 2008 Lithia cuts jobs, millions

Lithia cuts jobs, millions

| Print |  Email
Tuesday, July 01, 2008

MEDFORD Lithia Motors, the eighth-largest U.S. auto group, announced in June that it would cut $18 million annually in costs because of falling consumer confidence, tight credit, high gas prices and sluggish domestic auto sales.

Among the cost-cutting measures, the Medford-based Lithia said it would restructure store management personnel and duties, reduce headcount across the company, further centralize offices by region, sell 10 to 15 of its stores, and postpone further acquisitions.

Since going public in 1994, the company, helmed by CEO Sid DeBoer, has been on a tear of acquisitions. In an April 2006 interview with Oregon Business, DeBoer predicted the company would hit 350 dealerships and $11 billion in revenue by 2014. “I don’t see anything handicapping us,” he said then. Lithia currently has 110 stores in 15 states and posted $3.22 billion in total revenue in 2007.

Three months ago, an internal investigation of Lithia found “a limited number” of its dealerships had incorrectly reported car sales to manufacturers as part of volume-based incentive programs.

 

More Articles

Podcast: Testing for Emotional Intelligence with John Hersey

Contributed Blogs
Friday, September 19, 2014
ivbU3sIXBY TOM COX | OB BLOGGER

How can you tell if you, a peer, a subordinate or a job candidate has the emotional intelligence needed to do well?


Read more...

Molecular Movies

September 2014
Wednesday, August 27, 2014
BY LINDA BAKER

Dr. Chong Fang isn’t God. But the assistant professor of chemistry at Oregon State University is getting closer to figuring out how he put everything together. 


Read more...

Launch

October 2014
Thursday, September 25, 2014
BY JESSICA RIDGWAY

October's Launch article features Soul Kitchen, Easy Company and Slick's Big Time BBQ.


Read more...

Semiconductor purgatory

News
Monday, October 06, 2014
roundup-logo-thumb-14BY LINDA BAKER | OB EDITOR

Intel's manufacturing way station; Merkley's attack dog; Diamond Foods gets into the innovation business.


Read more...

Back to School

September 2014
Wednesday, August 27, 2014
BY LEE VAN DER VOO

By now we’ve all read the headlines: Starbucks is giving away free degrees. Except it isn’t.


Read more...

Powerlist: Law Firms

October 2014
Thursday, September 25, 2014
BY KIM MOORE

A conversation with leading partners at law firms in Portland and eastern Oregon, followed by October's powerlist.


Read more...

What I'm Reading

October 2014
Thursday, September 25, 2014

Nick Herinckx, CEO of Obility, and Jake Weatherly, CEO of SheerID, share what they've been reading.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS