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

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...

Revenge Forestry

November/December 2014
Tuesday, October 14, 2014
BY JONATHAN FROCHTZWAJG

A flare-up in the Elliott Forest raises questions about détente in Oregon’s timber wars.


Read more...

Gone Girl

News
Monday, September 29, 2014
roundup-logo-thumb-14BY LINDA BAKER | OB EDITOR

Wehby disappears, Kitzhaber fails to disclose and Seattle gets bike share before Portland.


Read more...

100 Best Nonprofits announced

News
Thursday, October 02, 2014

100NP14logo4WebOregon Business magazine has named the sixth annual 100 Best Nonprofits to Work for in Oregon.


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...

Election Season

November/December 2014
Wednesday, October 22, 2014

We didn’t intend this issue to have an election season theme. But politics has a way of seeping into the cracks and fissures.


Read more...

Woman of Steel

November/December 2014
Wednesday, October 22, 2014
BY LINDA BAKER

Tamara Lundgren tackles the challenges—without getting trampled.


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