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Lithia buys 3rd in Boise By DAVID PRESZLER Lithia Motors has beefed up its presence in Boise, adding a third dealership in Idaho's capital city. The Medford-based auto dealership company announced Tuesday that it has purchased the Bob Rice Ford/Chrysler dealership for $10.9 million in cash. "This store is a real solid store," says Lithia spokesman Jeff DeBoer, noting that Ford is a very strong brand and the store has won several awards. "We're excited to build our presence in the attractive Boise market." The deal gives Lithia 42 stores in six states that hold 100 franchises to sell 24 brands of new vehicles. The company had five stores in the Rogue Valley when it went public in 1996. It now employs more than 2,800 people, including nearly 600 in Medford. Lithia's newest Boise store had 1999 sales of $73 million. The company's sales for 1999 were $1.24 billion and it expects its annual revenue to top $1.5 billion this year. The Boise market is a particularly good one, Lithia officials said. "This store is strategically located in a highly attractive market," said Sid DeBoer, Lithia's chairman and chief executive. He noted that a recent study by the University of Texas at El Paso pegged Boise as having the most favorable business climate among 316 cities nationwide. The study, which ranked Medford eighth, compared cities based on a dozen economic indicators. The study says Boise's population has grown an estimated 41.62 percent since 1990 to 422,000 people, making it one of the nation's fastest growing cities. Lithia bought its first two dealerships in Boise late last year, purchasing a pair of stores selling Chevrolet, Lincoln/Mercury and Isuzu vehicles for $8.5 million in cash and stock. The deal is Lithia's first acquisition of 2000 but isn't expected to be the last. The company bought 13 new stores last year and Jeff DeBoer says it has no plans of slowing down. "We'll continue to acquire at the same pace we have," he says. Today's Edition : News | Sports | Business | Weather | Tempo | Classifieds Mail Tribune Copyright � The Mail Tribune 2000, Medford, Oregon USA