EXHIBIT 99

LITHIA MOTORS REPORTS RECORD Q4 REVENUES AND EARNINGS PER SHARE

FOURTH QUARTER SAME STORE RETAIL SALES INCREASE 11%

MEDFORD, OREGON, FEBRUARY 20, 2001 (5:00 a.m. PST) – Lithia Motors, Inc. (NYSE: LAD) today announced that fourth quarter revenues increased 29% to $519.7 million from $402.1 million in the fourth quarter of 2000. Earnings per share increased 10% to $0.45 per share on 13.7 million diluted shares outstanding vs. $0.41 per share on 13.8 million diluted shares in the same quarter last year. Net profit increased 9% to $6.1 million compared to $5.6 million in the fourth quarter of 2000. Cash flow per diluted share (net income plus depreciation and amortization) increased 13% to $0.63 per share in the fourth quarter of 2001 versus $0.56 a year ago.

For the quarter, new vehicle sales increased 35%, used vehicle sales increased 33%, parts and service sales increased 15% and finance and insurance revenues increased 38% compared to 2000. Same store retail sales increased 11%.

Sid DeBoer, Lithia’s Chairman and CEO, commented: “A recession, 0% financing and vehicles at their most affordable levels in over 20 years all combined to produce a truly unique period in auto-retailing history in the fourth quarter of 2001. While the new vehicle business was understandably strong due to 0% financing, our used vehicle business was just as strong with similar growth. As a result, the finance/insurance (F&I) business benefited in the form of our highest ever penetration rate of 78%, resulting in an average F&I per retail unit of $977, the highest level of the year and more than $897 in the fourth quarter of last year.”

For the year, total revenues increased 13% to $1.87 billion from $1.66 billion in 2000. Net profit was $21.8 million or $1.60 per share on 13.6 million diluted shares outstanding in 2001. For the full-year 2000 net profit was $24.3 million or $1.76 per share on 13.8 million diluted shares. Cash flow per diluted share was $2.28 per share in 2001 versus $2.31 a year ago.

For the year, new vehicle sales increased 10%, used retail vehicle sales increased 21%, parts and service sales increased 15% and finance and insurance revenues increased 24% as compared to 2000. Lithia’s used to new ratio is the highest of the publicly traded auto-retailers at 0.9 to 1 in 2001. Same store retail sales decreased 0.9%.

Sid DeBoer, added, “The first two quarters of 2001 were difficult as we felt the initial impact of the slowing economy in the West. While new vehicle sales slowed, the less cyclical used vehicle and parts/service businesses continued to demonstrate strength during this period. By the third quarter, we had adjusted to the slowdown, and despite the events of September 11th, we were able to report record sales and profits in Q3. And again, in Q4 we were able to post year-over-year increases in sales and net profits to record levels for the quarter and exceeded our original guidance. The parts/service, retail used vehicle and finance/insurance businesses, which represent 72% of gross profits, posted double digit growth in both gross profits and sales for the year, demonstrating the stable aspects of our business model.”

“Additionally, we have recorded impressive CAGR (Compounded Annual Growth Rate) figures over the past five years in three key areas: annual revenues at 67%, net profit at 53%, and earnings per share or EPS at

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25% per year. Average same-store retail sales growth for the five year period is 5.3%. Lithia remains the premier operator/consolidator in the public auto-retailing sector.”

Jeff DeBoer, Senior Vice President and Chief Financial Officer, commented, “In 2001, Lithia acquired over $340 million in annualized acquisition revenues, most of which occurred in the latter half of the year. Goodwill and intangible assets as a percent of total assets was 24% for the year, demonstrating our disciplined approach to acquisitions, and the lowest level of the publicly traded auto-retailers. So far this year, we have acquired 5 stores with $168 million in anticipated 2002 annualized revenues. We are well positioned to accelerate acquisitions this year and in 2003. In 2001, we were successful at keeping inventories low. While new and used retail unit sales grew by 13% year-over-year, inventories declined by 12% in the same period. Lithia continues to produce healthy cash flows, as demonstrated by the 36% increase in operating cash flow to $49.3 million as compared to $36.3 million in 2000. Book value per share has grown from $4.22 at the end of 1996 when we went public, to $15.95 as of December 31, 2001.”

In February, Lithia acquired a Subaru store in Oregon City, Oregon with $20 million in estimated annualized revenues. Lithia currently owns 123 franchises in California, Oregon, Washington, Nevada, Colorado, Idaho, South Dakota, Alaska and Texas and sells 24 brands of new vehicles at 65 stores 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.

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 and actual results could differ materially due to certain risk factors, including without limitation economic conditions, acquisition risk factors and others set forth from time to time in the company’s filings with the SEC. Specific risks in this press release include anticipated revenues of recently acquired stores.

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, Investor Relations at (541) 776-6819 or log-on to: www.lithia.com – go to About Lithia – Investor Relations

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LITHIA MOTORS, INC.

CONSOLIDATED INCOME STATEMENTS
(In Thousands except per share and unit data)

							Audited
	Three Months Ended						Year Ended
	December 31,						December 31,
	2001			2000			2001			2000
New Vehicle Sales	$	289,520		$	214,799		$	990,615		$	898,016
Used Vehicle Sales		153,788			115,911			582,565			480,846
Service, Body & Parts Sales		49,185			42,736			187,725			164,002
Other Revenues		27,176			28,645			112,283			115,747
Total Revenues	$	519,669		$	402,091		$	1,873,188		$	1,658,611
Cost of Sales		437,169			335,490			1,566,713			1,391,042
Gross Profit		82,500			66,601			306,475			267,569
SG&A Expense		65,525			48,730			239,042			195,500
Depreciation		1,478			1,181			5,482			4,419
Amortization		984			885			3,793			3,186
Income from Operations	$	14,513		$	15,805		$	58,158		$	64,464
Flooring Interest Expense		2,620			3,834			14,497			17,728
Other Interest Expense		1,869			2,989			7,822			7,917
Other Income (Expense), net		(45	)		(168	)		(410	)		716
Pre-Tax Profit	$	9,979		$	8,814		$	35,429		$	39,535
Income Tax		3,847			3,182			13,675			15,222
Net Profit	$	6,132		$	5,632		$	21,754		$	24,313
Diluted Shares Outstanding		13,711			13,837			13,612			13,804
Diluted EPS	$	0.45		$	0.41		$	1.60		$	1.76

OTHER OPERATING DATA

	Three Months Ended						Year Ended
	December 31,						December 31,
Unit Sales:	2001			2000			2001			2000
New		11,299			8,675			39,875			37,230
Used — Retail		9,162			7,443			36,960			30,896
Used — Wholesale		5,037			4,114			18,918			16,751
Total Units Sold		25,498			20,232			95,753			84,877
Average Selling Price:
New	$	25,624		$	24,761		$	24,843		$	24,121
Used — Retail	$	14,179		$	13,109		$	13,381		$	13,149
Used — Wholesale	$	4,740		$	4,458		$	4,651		$	4,454
Key Financial Data:
EBITDA	$	16,930		$	17,703		$	67,023		$	72,785
Gross Margin		15.9	%		16.6	%		16.4	%		16.1	%
SG&A Expense		12.6	%		12.1	%		12.8	%		11.8	%
Operating Margin		2.8	%		3.9	%		3.1	%		3.9	%
Pre-tax Margin		1.9	%		2.2	%		1.9	%		2.4	%

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BALANCE SHEET HIGHLIGHTS
(Dollars in Thousands)

Audited				December 31, 2001			December 31, 2000
Current Assets:
	Cash & Cash Equivalents			$	59,855		$	38,789
	Inventories				275,398			314,290
	Other Current Assets				45,156			43,443
			Total Current Assets		380,409			396,522
Real Estate – Net					84,739			60,788
Equipment & Other – Net					37,238			29,452
Goodwill and intangible assets — Net					156,849			133,871
Other Assets					3,709			7,370
			TOTAL ASSETS	$	662,944		$	628,003
Current Liabilities:
		Floorplan Notes Payable		$	211,947		$	255,137
		Other Current Liabilities			63,628			42,468
			Total Current Liabilities		275,575			297,605
Used Vehicle Flooring					69,000			59,000
Real Estate Debt					40,693			28,898
Other Long-Term Debt					55,137			43,688
Other Liabilities					19,042			17,037
			Total Liabilities	$	459,447		$	446,228
			Stockholders’ Equity		203,497			181,775
			TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	662,944		$	628,003
OTHER BALANCE SHEET DATA (Dollars in Thousands)
Current Ratio					1.38x			1.33x
LT Debt/Total Cap.					32	%		29	%
[Excludes Used Vehicle Flooring]
Working Capital				$	104,834		$	98,917

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