Sponsored by Forest Grove Economic Development
Home Archives April 2008 Lithia Motors hit with loss of $5.1 million

Lithia Motors hit with loss of $5.1 million

| Print |  Email
Tuesday, April 01, 2008

MEDFORD Lithia Motors will slow acquisitions but push on with plans to build a new headquarters despite reporting a preliminary $5.1 million net loss for the fourth quarter of 2007.

Sid DeBoer, chairman and CEO for the Medford-based auto dealer, blamed the loss in part on recessionary market conditions and lower customer counts at most of the company’s 110 stores.

“Since we sell a large ticket to the consumer, discretionary products that must be financed, we felt the impact,” he said in the company’s fourth-quarter conference call. In response, he said the company would cut personnel, advertising, travel and other costs going forward.

President and CEO Bryan DeBoer said during the call that acquisitions would be scaled back, though no specifics were provided. Last year Lithia Motors added five stores in two states.

The company will break ground this spring on its $150 million headquarters in downtown Medford, and Robert Sacks, community relations director for Lithia, says he knows of no plans to scale back the development, set to be finished in 2010.

JAMIE HARTFORD



Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Blips and trends in the housing market

News
Thursday, June 26, 2014
062614 thumb realestateBY ERIC FRUTS | OB BLOGGER

Last year, the housing market in Oregon—and the U.S. as a whole—was blasting off. The Case-Shiller index of home prices ended the year 13% higher than at the beginning of the year. But, was last year a blip, or a trend?


Read more...

OB Video: Building trade ties with the EU

News
Monday, June 16, 2014
BritEmbCampionBY KIM MOORE | OB RESEARCH EDITOR

The Oregon economy could get a boost from a new trade agreement being negotiated between the U.S. and the European Union.


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


Read more...

Interview: Dr. Mark Goulston

Contributed Blogs
Thursday, July 10, 2014
JustListenBY TOM COX | OB BLOGGER

Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.


Read more...

Understanding Oregon medical marijuana dispensary tenants

News
Friday, June 13, 2014
061314 thumb grassrentBY CLIFF HOCKLEY | OB GUEST BLOGGER

This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.


Read more...

Creating a culture of compliance

Business tips
Thursday, June 19, 2014
DataBY MONICA ENAND | GUEST CONTRIBUTOR

Nine tips for building habits among employees to respond when needed.


Read more...

Q&A: David Lively of Organically Grown Co.

News
Tuesday, July 01, 2014
OGCLogoBY HANNAH WALLACE | OB BLOGGER

Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.


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