Lithia Motors, Inc. is an American national automotive retailer headquartered in Medford, Oregon. This is the fourth largest automotive retailer in the United States. In 2015, Lithia Motors entered the Fortune 500 list at # 482, making it one of only three Oregon-based companies in the Fortune 500. This was followed by a year that saw the acquisition of DCH Auto Group, one of the country's 10 largest dealer groups , with 27 dealerships, before being bought by Lithia Motors. In 2016, Lithia climbed to # 346 and in the same year made the Fortune 500 List of Big Ten Companies with the greatest jump in rank in the Fortune 500. Today, Lithia is ranked # 318 at Fortune 500. Lithia employs over 14,150 people in shops across the nation including Alaska and Hawaii. Lithia operates 160 stores in 18 states.
Video Lithia Motors
Histori
Lithia Motors started in 1946 when Walt DeBoer opened a single car dealer in Ashland, Oregon. In the first year the five-man company sold 14 cars. In 1968, Walt's son, Sidney DeBoer, took over the business and incorporated Lithia Motors Inc. Sidney reorganized the business and in 1970 bought a Dodge dealer in Medford. With this, Lithia's operating base moved to Medford and grew to a total of five stores with 19 franchises in 1990.
In December 1996, the company went public, trading on the New York Stock Exchange with an IPO of $ 11 per share. In 2003, Lithia had revenues of $ 2.5 billion from its 84 dealers while employing more than 5,500 people. The company has increased dealership to 88 in 2005. Lithia was fined $ 500,000 by Alaska state in 2006 for charging the illegal car dealer's purchase fees at their Alaskan dealership. That year, they also settled with the Commission of Employment Opportunities for discrimination in the workplace. In early 2007, Lithia developed plans to build a 60-acre (240,000 m 2 ) car center north of downtown Medford and to build a new headquarters in downtown Medford. The Chrysler Jeep Dodge store moved to an auto mall in September 2007, but the project was suspended for seven years as the recession struck shortly after. At the end of 2014, Lithia moved its Honda, Nissan, BMW, and Volkswagen stores to the automotive center. The group's Toyota store, which is planned to be transferred to the center of the car, went through a $ 1.5 million renovation in 2013 and remains on their 5-acre site in downtown Medford. In 2010, it was reported that with the support of two creditors, "Commons," a mixed building with Lithia Headquarters as the largest tenant, is "road" and can continue development. According to an article by The Mail Tribune, "Lithia partnered with Medford Urban Renewal Agency to create The Commons, a revitalization project that includes headquarters and another $ 14 million in infrastructure and three park blocks paid with MURA dollars. Litia employees move to headquarters at the end of 2012. In January 2014, the Commons building was awarded Silver Leadership in Energy and Environmental Design Certification (LEED) by the US Green Building Council. Lithia has received numerous awards, including the Sports Illustrated All-Star Dealer Award in 1990 and Time Quality Dealer Award in 1997, 2016 Top Workplace-Oregon Award, 2016 Best Dealerships to Work For and 2016 Fortune 500-40th Fastest Growing Company.
With the acquisition of DCH Auto Group at the end of 2014, Lithia expanded to 139 stores in 14 states in the US, Hawaii and Alaska.
In September 2016, Lithia Motors partnered with Carbone Auto Group in New York and Vermont, bringing the number of Lithia Motors stores to 152.
In May 2017, Lithia Motors announced that it had acquired the Baierl Auto Group in Pittsburgh, increasing the total number of their stores to 160 and the number of collision centers to 22.
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Products
Lithia sells new cars from General Motors, Chrysler, Toyota, Honda, BMW, Volkswagen, Mazda, and Porsche. New cars account for 58% of car sales, with used cars accounting for 42%. Additional revenue comes from car repair at dealers, financing, and insurance sales.
In 2013, Lithia was named No. 9 on the Automotive News list of 125 of the largest US dealer groups, with new vehicle sales of 56,960 units in 2012. In the second-hand vehicle sales it also ranked No. 1. 9, with used retail vehicle sales of 49,067 in 2012.
The Company received the Global Automotive Shareholder Rating presented by PwC and Automotive News in 2015, the sixth year in a row for Lithia, followed by a three-year award in 2016. The award is given to the company to recognize the highest shareholder return within one year and a three-year period between Global Vehicle Manufacturers, Global Automotive Suppliers and US Automotive Retailers categories.
Latest Finance
Earnings in millions of US dollars.
Annual Income Statement of Income Statement through 2017.
New Vehicle Revenue 2016: $ 4,938,436, Revenue from Used Vehicle: $ 2,226,951
In April 2008, Lithia posted a $ 1.9 million loss in 1Q. 2010 data is 1Q only submission of SEC.
In Q1 2015, the company had a net profit of $ 36.9 million.
Community program
Since 1946, Lithia has been dedicated to making their community serve a better place to live, work and play. Through Lithia 4Kids, they create strategic partnerships with selected nonprofit organizations. The Lithia 4Kids program believes that children in their community are key to the future. "Educate, Advocate, Support and Strength" is the pillar of the Lithia 4Kids initiative. Lithia, DCH Auto Group, Carbone Auto Group and their stores support many organizations. Collaborate with their vendor partners, Lithia Motors, Inc. has donated more than $ 1.4 million to the Southern Oregon University Raider Scholarship Fund.
In 2015, Lithia hosted the first Women's Leadership Conference as a way to help empower female staff members and improve their professional skills in male-dominated fields. Lithia flies in female managers from across the country with the aim of pursuing higher progress within the company and to inspire more women to seek careers in the industry. The conference was so successful that it became an annual event.
See also
- List of companies based in Oregon
References
Source of the article : Wikipedia
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