One of the world's largest car retailers, this company runs hundreds of dealership showrooms across the U.S., U.K., and Canada, alongside online marketplaces Driveway and GreenCars and its own captive finance arm. It began in 1946 as a single Chrysler-Plymouth-Dodge store in Ashland, Oregon, named after the town's lithium-rich mineral springs. In its first year it sold just 14 cars—a far cry from the sprawling empire it is today.
Lithia Motors amends credit facility, extending maturity to 2031 and adjusting commitments
On February 27, 2026, Lithia Motors entered into a Seventh Amendment to its Fourth Amended and Restated Loan Agreement with U.S. Bank National Association and other lenders.
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The amendment extends the credit facility expiration date to February 27, 2031, with annual 1-year extension options subject to lender consent and conditions.
The amendment converts Used Vehicle Floorplan and Service Loaner Floorplan facilities to VIN-specific reporting upon company election, with adjusted commitments: New Vehicle Floorplan $2.7B, Used Vehicle Floorplan $1.25B, Service Loaner Floorplan $150M, and Revolving Line of Credit $2.4B.
The amendment removes the Simple SOFR Adjustment from the loan agreement.
The full terms are included as Exhibit 10.1 to the 8-K filing.
1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits
Lithia Motors amends bylaws to remove board size cap, sets board at 10 directors
On February 19, 2026, the Board of Directors approved an amendment to the company's Amended and Restated Bylaws, effective the same date.
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The amendment removes the upper limit on the size of the Board, allowing the exact number of directors to be fixed by Board resolution from time to time.
The Board set the size at 10 directors, effective for the election of directors at the 2026 Annual Meeting of Shareholders.
The full text of the amended Bylaws is filed as Exhibit 3.1 to the Form 8-K.
The report was filed under Item 5.03, which covers amendments to articles of incorporation or bylaws.
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 9.01 Financial Statements and Exhibits
Lithia Motors' Chief Innovation & Technology Officer George Hines to step down effective March 1, 2026
Core technology functions will now report to Tina Miller, Chief Financial Officer, and Dianna du Preez, Chief Customer Officer.
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George Hines will transition from Senior Vice President, Chief Innovation and Technology Officer effective March 1, 2026.
Hines will remain with the company in a non-executive role to support an orderly transition.
Hines will continue serving on the Pinewood.AI public board of directors.
The company is aligning IT and technology teams more closely with businesses, customers, and products.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits