Dealin' Doug buys back Lithia CJD - Fort Collins

[XDCX]

News reports indicate that Dealin' Doug Moreland is going to repurchase the Chrysler/Jeep/Dodge dealership in Fort Collins that he sold to Lithia ten years ago.

To his credit, Moreland probably sold the dealership at the top of the market and he's buying it back at the bottom. Ten years ago CJD dealerships were selling for top dollar as the dream of the Daimler - Chrysler alliance seemed like a "marriage made in heaven."

Terms of the deal have not been released.

Here's a link to the news report: http://www.coloradoan.com/article/20...TES03/90204016

[SHACOS]

Dealin' purchased Centennial CJ a couple of weeks back as well. I think he's just happy to get back some Chrysler dealers since he's been stuck with Mitsubishi and Kia all these years.

[XDCX]

Originally Posted by SHACOS

Dealin' purchased Centennial CJ a couple of weeks back as well. I think he's just happy to get back some Chrysler dealers since he's been stuck with Mitsubishi and Kia all these years.

It will be interesting to see how he does with the stores. He certainly moved a lot of units in the old days.

[XDCX]

A news report that recapped the story concerning Doug Moreland's purchase of the Chrysler/Jeep/Dodge store in Fort Collins suggested that Lithia was going to sell their other dealerships in Colorado.

Perhaps the statement was taken out of context and referred only to the Fort Collins CJD dealership?

Here's a link to the news report: http://www.reporterherald.com/busine...y.asp?ID=21403

[XDCX]

Lithia issued a Press Release today confirming earlier reports in the news that they had sold their Fort Collins dealerships to Doug Moreland. A total of three Colorado stores were sold.

The Press Release also confirmed that 12 additional stores are going to be divested.

There was no indication on the date for their Earnings Announcement or Conference Call.

Here's a link to the news report: http://biz.yahoo.com/bw/090217/20090217005509.html?.v=1

[XDCX]

For some reason several media outlets have picked up the story about Lithia selling three of their stores to Doug Moreland and they're treating it like it was "new" news.

While most of the stories just re-hashed what's already been covered here, one made reference to the original purchase price Lithia paid in 1999. According to the news report, Lithia purchased several Moreland stores for about $66 Million - paid in both cash and stock.

The report also stated that Lithia had granted Moreland a seat on their Board. Moreland left the Lithia Board on Oct. 31, 2002.

Here's a link to the news report: http://www.tradingmarkets.com/.site/...0News/2184101/

As a side note, didn't Moreland have a relative who worked for the Denver Business Center? At the time I remember thinking that it was strange that she didn't work at one of Moreland's dealerships.

[XDCX]

News reports indicate that "Dealin Doug" Moreland is in the process of repurchasing another two dealerships he sold to the Lithia Group in 1999. Once the purchase is complete, Moreland will be the third largest dealer in Colorado.

Terms of the deal were not released, but you can be certain that the price paid is a tiny fraction of what the stores sold for in 1999 - an absolute high point for Chrysler when the "dream" of the Daimler/Chrysler merger was still fresh.

Here's a link to the news report: http://www.denverpost.com/business/ci_12120949

[SHACOS]

His annoying commercials are back too.