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Lithia Announces New Credit Agreement
Lithia Motors is announcing they have completed a new 650-million dollar 5-year revolving credit facility with 10 institutions. The Medford-based auto retailer says this will provide money for new and used vehicle inventory, plus funds for general corporate purposes.
4 manufacturer-affiliated finance companies (Mercedes- Benz, BMW, Toyota and Nissan) are a part of the syndicated credit line, as well as 6 banks (J.P. Morgan Chase, Wells Fargo, Bank of The West, Key Bank and U.S. Bank). Corporate officials say the credit agreement will lessen the expense of borrowing and strengthens their balance sheet.