Lithia Motors Acquires Two Chevrolet Stores Located in Anchorage and Wasilla, Alaska

MEDFORD, Ore.–(BUSINESS WIRE)–April 26, 2004

Lithia Motors, Inc. (NYSE:LAD) announced today that it will be acquiring Tony Chevrolet of Anchorage and Tony Chevrolet of Wasilla located in Alaska. The stores will be renamed Chevrolet of South Anchorage and Chevrolet of Wasilla. The stores have combined annualized sales of approximately $125 million. With this acquisition, Lithia will have acquired approximately $220 million in annualized revenues in 2004. Closing of the transaction is anticipated within the next 10 days.

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Lithia Motors Chairman and CEO Sid DeBoer commented, “We first entered the Anchorage, Alaska market in January of 2001 with the purchase of a Chrysler Jeep store. Later in that year, we completed a new facility and opened a new Dodge store. In February of 2003, we made a purchase of a Hyundai store and in that same year, we acquired a Chevrolet Cadillac store in Fairbanks. Alaska has been a solid performing market for Lithia over the past three years. The two new stores will contribute to our continued growth in the Alaska market.”

Lithia Motors, Inc. is a Fortune 1000 and Russell 2000 Company that sells 25 brands of new vehicles and operates 80 stores and 149 franchises in 12 states in the Western United States and over the Internet through “Lithia.com-America’s Car & Truck Store.” Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations. Lithia retailed 95,255 new and used vehicles and had $2.51 billion in total revenue in 2003.

This press release includes forward looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995 which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty including estimated annualized sales assumptions and the ability of the company to complete additional acquisitions in the current year, as well as others set forth from time to time in the company’s filings with the SEC. Actual results could differ materially due to these risk factors. Specific risks in this press release include estimated sales, completion of the transaction and continued growth in the Alaska market.

For additional information on Lithia Motors, contact: Jeff DeBoer, Senior VP and Chief Financial Officer 541-776-6868 (E-mail: invest@lithia.com) or Dan Retzlaff, Director Investor Relations at 541-776-6819 or log-on to: www.Lithia.com - About Lithia - Investor Info

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