Lithia paid $4.7M for Bend auto dealer
Published 5:00 am Friday, August 6, 2010
Medford-based Lithia Motors Inc. paid $4.7 million for the auto franchises of the Bob Thomas Car Co., in Bend, according to a financial report filed Thursday with the U.S. Securities and Exchange Commission.
Lithia, a publicly traded company, bought Honda of Bend and agreed to the transfer of Bob Thomas Chevrolet and Cadillac, both at 345 N.E. Third St., on July 19, according to Lithia’s report for the quarter ending June 30.
Lithia paid $3.8 million in cash, the report states, and $900,000 was financed.
Thomas, whose family began selling cars in Bend in 1916, lost his General Motors franchises along with more than 1,000 other dealers as the automaker reorganized in bankruptcy. The Bend dealer unsuccessfully appealed the decision and entered into arbitration with GM. He was operating in a wind-down agreement with the automaker at the time of the sale.