Lithia Motors is readying to cut hundreds of positions following a collapse in the supply of used vehicles after the COVID-19 pandemic, the Financial Times’ Peter Campbell reports, citing people with knowledge of the matter. Lithia, which acquired Pendragon dealerships and its used car marketplace CarStore this year, plans to shutter CarStore and cut about 250 jobs across the UK.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LAD:
- LAD Upcoming Earnings Report: What to Expect?
- Lithia & Driveway price target lowered to $297 from $320 at Guggenheim
- Lithia & Driveway price target raised to $385 from $380 at BofA
- Morgan Stanley upgrades U.S. auto industry view to Attractive from In-Line
- Lithia & Driveway price target raised to $230 from $220 at Morgan Stanley
