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

Who said we should sell in May?

Contributed Blogs
Friday, July 18, 2014
BullMarketBY JASON NORRIS | OB GUEST CONTRIBUTOR

Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”


Read more...

Community colleges and sustainability

Contributed Blogs
Thursday, July 31, 2014
sustainabilityBY MARY SPILDE | OB GUEST CONTRIBUTOR

Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.


Read more...

Startup or Grow Up?

September 2014
Tuesday, August 26, 2014
BY JON BELL

Startup culture is all the rage. Is there a downside?


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...

Green Endeavor cleans up

News
Wednesday, August 06, 2014
080614 ULnew greenendeavorBY LINDA BAKER | OB EDITOR

Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.


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...

Register for 100 Best Companies survey

News
Wednesday, August 20, 2014
OBM-100-best-logo-2015 150pxwBy Kim Moore | OB Editor

The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.


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