Sponsored by Lane Powell
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

South Waterfront's revenge

News
Thursday, July 24, 2014
MoodyAveBY LINDA BAKER | OB EDITOR

Remember the naysayers?  Those who called the South Waterfront aerial tram a boondoggle?  Those who rejoiced at the massive sell off of luxury condos at the John Ross and Atwater Place?


Read more...

Podcast: Interview with Steve Balzac

Contributed Blogs
Tuesday, August 19, 2014

082014BalzacBY TOM COX | OB BLOGGER

Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."


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...

A Taste of Heaven

September 2014
Tuesday, August 26, 2014
BY VIVIAN MCINERNY

Craft beer comes to Mount Angel.


Read more...

Why I became an Oregon angel investor

Guest Blog
Monday, July 14, 2014
AngelInvestBY TERRY "STARBUCKER" ST. MARIE

I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.


Read more...

Managing family assets: The importance of planning ahead

News
Friday, August 22, 2014
Unknown-1BY CLIFF HOCKLEY |  OB GUEST CONTRIBUTOR

When business intersects with family, a host of  situations can arise. Without a clear vision and careful planning, hard-earned investments can become stressful burdens.


Read more...

What I'm Reading

September 2014
Wednesday, August 27, 2014

Kim Ierian, President of Concorde Career Colleges, and Deborah Edward, Executive Director of Business for Culture & the Arts, share their recent reads.


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