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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 15, 1998
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LITHIA MOTORS, INC.
(Exact name of registrant as specified in its charter)
OREGON 93-0572810
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
360 E. JACKSON STREET, MEDFORD, OREGON 97501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (541) 776-6899
(Former name or former address, if changed since last report): N/A
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LITHIA MOTORS, INC.
FORM 8-K
INDEX
Item Description Page
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Item 2. Acquisition or Disposition of Assets 2
Item 7. Financial Statements and Exhibits 2
Signatures 3
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) On October 15, 1998, Lithia Motors, Inc. (the "Company"), acquired the
inventories, operating assets and intangible assets and assumed all
liabilities of Camp Automotive, Inc. ("Camp Automotive") in Spokane,
Washington, pursuant to an Agreement for Purchase and Sale of Business
Assets (the "Agreement") dated August 1, 1998. Pursuant to the Agreement,
the total purchase price was approximately $11.0 million, consisting of
$8.0 million in cash from the Company's existing cash balances and a $3.0
million note to the seller. The Company is leasing the land and
facilities from the seller.
There was no previous relationship between the Company and Camp Automotive,
nor any of the Company's and Camp Automotive's affiliates, officers or
directors.
(b) The Company acquired vehicle and parts and supplies inventories, as well as
other assets used in the business of vehicle sales, service and support.
The Company intends to utilize the purchased assets in the same capacity.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS
(a) FINANCIAL STATEMENTS OF THE BUSINESS ACQUIRED
Financial statements for Camp Automotive are not presently available, and
will be filed as soon as practicable, but not later than sixty days from
the due date for the filing of this Form 8-K.
(b) PRO FORMA FINANCIAL INFORMATION
Pro forma financial information for Camp Automotive is not presently
available, and will be filed as soon as practicable, but not later than
sixty days from the due date for the filing of this Form 8-K.
(c) EXHIBITS
The exhibits filed as a part of this report are listed below and this list
constitutes the exhibit index.
2.1 Agreement for Purchase and Sale of Business Assets, by and between
Phil S. Camp, Jerry W. Camp, Jr., Julie A. Camp McKay, Chris E. Camp,
Travis W. Camp, Carter B. Camp and Camp Automotive, Inc. and the
Company, dated August 1, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 26, 1998 LITHIA MOTORS, INC.
By /s/ SIDNEY B. DEBOER
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Sidney B. DeBoer
Chairman of the Board,
Chief Executive Officer and Secretary
(Principal Executive Officer)
By /s/ BRIAN R. NEILL
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Brian R. Neill
Senior Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
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