Quarterly Loss by Lithia Motors Prompts Probe


The $5.1 mil­lion fourth quar­ter loss came as a shock to the man­age­ment of Lithia Motors, Inc. This was the first quar­ter­ly loss since going pub­lic in 1996. The imme­di­ate effect was to delay the fil­ing of the company’s annu­al report with the SEC. Lithia has also formed a task force to look in sales report­ing prac­tices at var­i­ous stores. At least two have been charged back by automak­ers after irreg­u­lar­i­ties were found. A third store vol­un­tar­i­ly returned incen­tive mon­ey to an automak­er.