MEDFORD, OR– Lithia Motors, Inc. (NYSE: LAD) announced today that it has increased its existing revolving syndicated credit facility by $150 million, bringing the total availability to $800 million. The facility includes 10 institutions and will expire in April 2017.
“We are appreciative of the support shown by our financial partners in upsizing the capacity in our facility,” said Chris Holzshu, Senior Vice President and Chief Financial Officer. “Acquisition activity over the past twelve months and an improving vehicle sales environment increased our inventory requirements. The additional capacity under our facility will allow us the room we need to grow.”
Lithia Motors, Inc. is the ninth largest automotive retailer in the United States. Lithia sells 29 brands of new vehicles and all brands of used vehicles at 87 stores in 11 states. Lithia also arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.