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

Healthcare Perspective

November/December 2014
Wednesday, October 22, 2014
BY KIM MOORE

A conversation with Majd El-Azma, president and CEO of LifeWise Health Plan of Oregon, followed by the Healthcare 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...

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...

I Know How You Feel

November/December 2014
Wednesday, October 22, 2014
BY JESSICA RIDGWAY

Most smartphones come equipped with speech recognition systems like Siri or Cortana that are capable of understanding the human voice and putting words into actions. But what if smartphones could do more? What if smartphones could register feeling?


Read more...

Podcast: Turn Things Around with David Marquet

Contributed Blogs
Friday, October 17, 2014
davidmarquet thumbBY TOM COX | OB BLOGGER

How can you move from a command-and-control leadership model to one of true empowerment and accountability? David Marquet did, and he took notes along the way.


Read more...

OB Poll: Wineries and groceries

News
Friday, October 24, 2014

24-winethumbA majority of respondents agreed: Local vineyards should remain Oregon-owned and quality is the most important factor when determining where to eat or buy groceries.


Read more...

Grape Expectations

October 2014
Thursday, September 25, 2014
BY HANNAH WALLACE

Well-financed outsiders from France and California are buying up vineyards and wineries in the Willamette Valley.


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