MEDFORD, Ore. -- Lithia Motors Inc., hoping to eliminate all debt except floorplan lines and mortgages, said it should raise $40 million in its stock offering expected to close this week. Lithia has said it intends to apply proceeds toward debt reduction, working capital and possible dealership acquisitions. Lithia, the No. 8 U.S. dealership group based on 2008 new-vehicle retail unit sales, posted profits in the first and second quarters this year, ending a five-quarter losing streak.
Lithia expects to raise $40 million in offering
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