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MailTribune.com
  • SEC filing details Lithia Motors' recent deals

    New lots in Renton, Wash., Missoula, Mont., paying off
  • Lithia Motors disclosed details Friday of several financial dealings in a filing with the Securities and Exchange Commission.
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  • Lithia Motors disclosed details Friday of several financial dealings in a filing with the Securities and Exchange Commission.
    Earlier in the week, the nation's ninth-largest auto retailer announced it had acquired Bitterroot Toyota from Bitterroot Motors of Missoula, Mont., and renamed it Toyota of Missoula. Lithia said it paid $13.3 million in cash for the dealership, which generated $56.3 million in revenue during 2011.
    The Medford-based company also said it sold Lithia Chrysler Jeep Dodge of Renton and Lithia Hyundai of Renton stores in Renton, Wash., coming away with net proceeds of $3.7 million after paying off $10.1 million in floor plan notes. Lithia acquired the Chrysler Jeep Dodge franchises in 2000 and dealership in 2002. As of Friday, the company said, it operates 86 stores in 11 Western states.
    Through the first nine months of the year, Lithia said it has paid out $6.9 million in dividends. The 10 cents-per-share common stock dividend announced Wednesday for shareholders of record on Nov. 9, and payable on Nov. 23, will equal approximately $2.6 million, a 1.18 percent yield.
    By comparison, Penske Automotive Group earlier this month announced a 13 cent-per-share dividend for a 1.75 percent yield. Auto Nation, the largest auto retailer in the country, has not paid a dividend in more than a year.
    Lithia said it had capital expenditures of $35 million through the first nine months of 2012, compared with $23 million in 2011, attributed to its new headquarters building, store improvements and the purchase of new store locations.
    "Many manufacturers provide assistance in the form of additional vehicle incentives if facilities meet image standards and requirements," the company said in its filing.
    "Accordingly, we believe it is an attractive time to invest in facility upgrades and remodels that will generate additional manufacturer incentive payments."
    Reach reporter Greg Stiles at 541-776-4463 or email business@mailtribune.com.
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