<SEC-DOCUMENT>0001023128-19-000103.txt : 20190507
<SEC-HEADER>0001023128-19-000103.hdr.sgml : 20190507
<ACCEPTANCE-DATETIME>20190507123114
ACCESSION NUMBER:		0001023128-19-000103
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190507
DATE AS OF CHANGE:		20190507
EFFECTIVENESS DATE:		20190507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LITHIA MOTORS INC
		CENTRAL INDEX KEY:			0001023128
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				930572810
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231255
		FILM NUMBER:		19802145

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH BARTLETT STREET
		CITY:			MEDFORD
		STATE:			OR
		ZIP:			97501
		BUSINESS PHONE:		541-776-6401

	MAIL ADDRESS:	
		STREET 1:		150 NORTH BARTLETT STREET
		CITY:			MEDFORD
		STATE:			OR
		ZIP:			97501
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>lad20190506-s8.htm
<DESCRIPTION>S-8
<TEXT>
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<div><a name="se4357458322043c584cc1644558cebc1"></a></div><div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As filed with the Securities and Exchange Commission on May 7, 2019</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:114%;text-align:right;text-indent:48px;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">Registration No.  333-_________</font></div><div style="line-height:114%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:114%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:160%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:160%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">___________________________</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">FORM S-8</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">REGISTRATION STATEMENT</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">Under the Securities Act of 1933</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">____________________________</font></div><div style="line-height:100%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:183%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LITHIA MOTORS, INC.</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:114%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Oregon</font></div><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(State or other jurisdiction of</font></div><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">incorporation or organization)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">93-0572810</font></div><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:100%;padding-top:5px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">150 N. Bartlett Street</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Medford, Oregon 97501</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(541) 776-6401</font></div><div style="line-height:100%;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(Address, including zip code, and telephone number, including area</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">code, of registrant&#8217;s principal executive offices)</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________________</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:114%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">Amended and Restated Lithia Motors, Inc. 2009 Employee Stock Purchase Plan</font></div><div style="line-height:103%;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(Full title of the plan)</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">______________________________</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Steven J. Boender</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stoel Rives LLP</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">760 SW Ninth Avenue, Suite 3000</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Portland, Oregon 97205</font></div><div style="line-height:114%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(503) 294-9292</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:103%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Name, address and telephone number of agent for service)</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:100%;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&#160;&#160;See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. </font></div><div style="line-height:100%;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:3%;"></td><td 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style="padding-top:1px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;Accelerated Filer &#9744;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;Non-Accelerated Filer &#9744;</font></div><div style="padding-top:1px;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">(Do not check if a smaller reporting 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style="font-family:inherit;font-size:8.5pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744; </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;</font></div><div style="line-height:100%;padding-bottom:2px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s862adf96c6714fdf9817a36167e0dd80"></a></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div><div style="line-height:108%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CALCULATION OF REGISTRATION FEE</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:0%;"></td><td style="width:4%;"></td><td style="width:1%;"></td><td style="width:16%;"></td><td style="width:20%;"></td><td style="width:18%;"></td><td style="width:23%;"></td><td style="width:18%;"></td></tr><tr><td colspan="4" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title of</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To Be Registered</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To Be</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registered</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Proposed</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maximum</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Offering</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Price</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Per Share (1)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Proposed</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maximum</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Aggregate</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Offering</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Price (1)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount Of</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registration</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fee (1)</font></div></td></tr><tr><td colspan="4" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:12px;padding-right:25px;"><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Class A Common Stock, no par value</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:12px;padding-bottom:2px;padding-right:25px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,500,000</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:12px;padding-bottom:2px;padding-right:25px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$111.97</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:12px;padding-bottom:2px;padding-right:25px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$167,947,500</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:12px;padding-bottom:2px;padding-right:25px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$20,355.24</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to Securities Act Rules 457(c) and 457(h), the maximum offering price per share, the maximum aggregate offering price and the registration fee were calculated based upon the average of the high and low prices of the Class A Common Stock on May 2, 2019, as quoted on the New York Stock Exchange.</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="sdd04eb7d9b064b83adaddb60c78be753"></a></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:108%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:108%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXPLANATORY NOTE</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Registration Statement is filed by Lithia Motors, Inc., an Oregon corporation (the &#8220;Company&#8221;), to register additional securities issuable pursuant to the Amended and Restated Lithia Motors, Inc. 2009 Employee Stock Purchase Plan (the &#8220;Plan&#8221;) and consists of only those items required by General Instruction E to Form S-8. &#160;</font></div><div><a name="sfb445032783d4239b397a95bf8da1031"></a></div><div style="line-height:108%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PART I</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:108%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INFORMATION REQUIRED IN THE </font></div><div style="line-height:108%;padding-bottom:32px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECTION 10(a) PROSPECTUS </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants as specified by Securities Act Rule 428(b)(1).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s66e03e78e24149c0a7f0d08f94446374"></a></div><div style="line-height:108%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PART II</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:108%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INFORMATION REQUIRED IN THE </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">REGISTRATION STATEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sdd12479ade724b19b8941eac557aeed6"></a></div><div style="line-height:108%;padding-bottom:16px;text-align:left;padding-left:93px;text-indent:-94px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 3. Incorporation of Certain Documents by Reference</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following documents of the Company filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) are incorporated herein by reference: </font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a)  The Company&#8217;s Registration Statement on Form S-8 filed with the Commission on August 28, 2009 (Commission File No. 333-190192);</font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) The Company&#8217;s Annual Report on Form 10-K for its fiscal year ended December 31, 2018, filed with the Commission on February 25, 2019 (Commission File No. 001-14733); </font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c)  The Company&#8217;s Current Report on Form 8-K filed with the Commission on March 4, 2019 (Commission File No. 001-14733); </font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)  The Company&#8217;s Current Report on Form 8-K filed with the Commission on April 24, 2019 (Commission File No. 001-14733);</font></div><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(e)  The Company&#8217;s Current Report on Form 8-K filed with the Commission on April 25, 2019 (Commission File No. 001-14733); </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:108%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:108%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, filed with the Commission on April 26, 2019 (Commission File No. 001-14733); and</font></div></td></tr></table><div style="line-height:108%;padding-bottom:16px;text-align:justify;padding-left:72px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(g) The descriptions of the Class A Common Stock of the Company contained in the Company&#8217;s registration statements filed under Section 12 of the Exchange Act, including any amendment or report filed for the purpose of updating the description.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective amendment which indicates that all securities offered pursuant to this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sb9bbe02ac9d0416c97b52d2fa505ff47"></a></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 6. Indemnification of Directors and Officers</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the Oregon Business Corporation Act (the &#8220;Oregon Act&#8221;), the Company&#8217;s Restated Articles of Incorporation as amended April 25, 2019 (the &#8220;Articles&#8221;) and the Company&#8217;s Second Amended and Restated Bylaws as amended April 25, 2019 </font></div><div><br></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(the &#8220;Bylaws&#8221;), the Company has broad powers to indemnify directors and officers against liabilities that they may incur in such capacities.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Oregon Act authorizes the indemnification of an individual made a party to a proceeding because the individual is or was an officer or director against certain liability incurred in the proceeding if:</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a)    the conduct of the individual was in good faith;</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b)    the individual reasonably believed that his or her conduct was in the best interests of the corporation or at least not opposed to its best interests;</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c)    in the case of any criminal proceeding, the individual had no reasonable cause to believe his or her conduct was unlawful;</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)    in the case of any proceeding by or in the right of the corporation, the individual was not adjudged liable to the corporation; and</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(e)    in connection with any proceeding (other than a proceeding by or in the right of the corporation) charging improper personal benefit to the individual, the individual was not adjudged liable on the basis that he or she improperly received personal benefit.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Oregon Act also authorizes a court to order indemnification, whether or not the above standards of conduct have been met, if the court determines that the officer or director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances. In addition, the Oregon Act provides that the indemnification described above is not exclusive of any other rights to which officers or directors may be entitled under the corporation&#8217;s articles of incorporation or bylaws, or under any agreement, action of its board of directors, vote of shareholders or otherwise.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Article VIII of the Articles provides that the Company will indemnify its directors and officers against reasonable expenses (including attorney fees), judgments, fines, penalties, excise taxes or settlement payments incurred or suffered by reason of service as a director or officer or at the Company&#8217;s request as a director, officer, partner or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. </font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Oregon Act also authorizes a corporation to include in its articles of incorporation a provision eliminating or limiting the personal liability of a director to the corporation or its shareholders for monetary damages for conduct as a director, except that such a provision cannot affect the liability of a director (i) for any breach of the director&#8217;s duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for any unlawful corporate distribution as defined in the Oregon Act or (iv) for any transaction from which the director derived an improper personal benefit.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Article VII of the Articles provides that the liability of the Company&#8217;s directors to the Company or its shareholders for monetary damages for conduct as a director is limited to the fullest extent not prohibited by law.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the indemnification and exculpation provided by the Articles, the Company has entered into an indemnity agreement with each of its directors and officers. The indemnity agreements require the Company to provide indemnification, to the fullest extent not prohibited by law, for all liability (including attorney fees, judgments, fines and amounts paid in settlement) actually and reasonably incurred by the director or officer in connection with any actual or threatened proceeding (including, to the extent not prohibited by law, any derivative action) by reason of the fact that the person is or was serving as a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including an employee benefit plan.</font></div><div style="line-height:109%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains directors&#8217; and officers&#8217; liability insurance under which the Company&#8217;s directors and officers are insured against loss (as defined) as a result of claims brought against them alleging breach of duty, neglect, error or misstatement while acting in such capacities.</font></div><div><a name="s80bfcc027fa644c48357fbf350ea899d"></a></div><div style="line-height:108%;padding-bottom:16px;text-align:left;padding-left:93px;text-indent:-94px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 8. Exhibits</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The attached Exhibit Index is incorporated herein by reference.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s204ff0116c344bb2a6a768dc092b0639"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9. Undertakings</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A.    The undersigned registrant hereby undertakes:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1)    To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a)    To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b)    To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c)    To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:10pt;">, that paragraphs (A)(1)(a) and (A)(1)(b) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act are incorporated by reference in this registration statement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2)    That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3)    To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">B.    The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C.    Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="se3d62248116b41169b93509b192e666e"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:109%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Medford, the State of Oregon, on May 7, 2019.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:52%;"></td><td style="width:5%;"></td><td style="width:43%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LITHIA MOTORS, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Bryan B. DeBoer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name: Bryan B. DeBoer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title: President and Chief Executive Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div><div style="line-height:109%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on May 7, 2019.</font></div><div style="line-height:109%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:109%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each of the undersigned constitutes and appoints Bryan B. 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DeBoer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Chairman of the Board</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Sidney B. 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McIntyre</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:1px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">/s/ David J. 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Robino</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:1px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">/s/ Susan O. Cain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Susan O. Cain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:1px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">/s/ Kenneth E. Roberts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Kenneth E. Roberts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:1px;text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">/s/ Louis P. Miramontes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Director</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Louis P. Miramontes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s66c662e92eb947b59a610da4cd1ebafd"></a></div><div></div><div><br></div><div style="line-height:120%;padding-bottom:32px;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT INDEX</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:7%;"></td><td style="width:5%;"></td><td style="width:88%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit <br>Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description of Exhibit</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.1*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restated Articles of Incorporation of Lithia Motors, Inc., as amended May 13, 1999 (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 10-K for the year ended December 31, 1999).</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/1023128/000102312819000077/lad20190425-8k_ex31.htm"><font style="font-family:inherit;font-size:10pt;">4.2*</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Articles of Amendment to Restated Articles of Incorporation of Lithia Motors, Inc. (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed April 25, 2019).</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/1023128/000102312819000077/lad20190425-8k_ex32.htm"><font style="font-family:inherit;font-size:10pt;">4.3*</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Second Amended and Restated Bylaws of Lithia Motors, Inc. (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Form 8-K filed April 25, 2019).</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="lad20190506-s8_ex51.htm"><font style="font-family:inherit;font-size:10pt;">5.1+</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Opinion of Stoel Rives LLP.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="lad20190506-s8_ex231.htm"><font style="font-family:inherit;font-size:10pt;">23.1+</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consent of KPMG LLP.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="lad20190506-s8_ex51.htm"><font style="font-family:inherit;font-size:10pt;">23.2+</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consent of Stoel Rives LLP (included in Exhibit 5).</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24.1+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Power of Attorney (included on signature page).</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/1023128/000102312819000077/lad20190425-8k_ex101.htm"><font style="font-family:inherit;font-size:10pt;">99.1*</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amended and Restated Lithia Motors, Inc. 2009 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Form 8-K filed April 25, 2019).</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">+&#160;&#160;&#160;&#160;Filed herewith. <br> <br>*&#160;&#160;&#160;&#160;Incorporated by reference</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div>	</body>
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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>lad20190506-s8_ex51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<div><a name="s672ABCDF63C43BD8AA9B802BE9545AB9"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 5.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">May 7, 2019</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Lithia Motors, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">150 N. Bartlett Street</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Medford, Oregon 97501</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re: &#160;&#160;&#160;&#160;Registration on Form S-8 of Shares of Class A Common Stock, no par value (&#8220;Class A Common Stock&#8221;), of Lithia Motors, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We have acted as counsel to you in connection with the preparation of a Registration Statement on Form S-8 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Registration Statement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Act</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which you are filing with the Securities and Exchange Commission with respect to up to 1,500,000 additional shares (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of Class A Common Stock, no par value, that may be issued pursuant to the Amended and Restated Lithia Motors, Inc. 2009 Employee Stock Purchase Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We have examined the Registration Statement and such documents and records of Lithia Motors, Inc. as we have deemed necessary for the purpose of this opinion. In giving this opinion, we are assuming the authenticity of all instruments presented to us as originals, the conformity with originals of all instruments presented to us as copies and the genuineness of all signatures.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Based upon and subject to the foregoing, we are of the opinion that any original issuance Shares that may be issued pursuant to the Plan have been duly authorized and that, upon the registration by its registrar of the Shares and the issuance thereof by Lithia Motors, Inc. in accordance with the terms of the Plan, and the receipt of consideration therefor in accordance with the terms of the Plan, such Shares will be legally issued, fully paid and nonassessable.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ STOEL RIVES LLP</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">STOEL RIVES LLP</font></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>lad20190506-s8_ex231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<div><a name="sE7343CC1ABA33EC5EC0D8EF0D2869C57"></a></div><div><div style="line-height:120%;padding-top:84px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 23.1</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:26px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Consent of Independent Registered Public Accounting Firm</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board of Directors</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:Arial;font-size:10pt;">Lithia Motors, Inc.:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We consent to the use of our reports dated February&#160;22, 2019 with respect to the consolidated balance sheets of Lithia Motors, Inc. as of December&#160;31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, changes in stockholders&#8217; equity, and cash flows for each of the years in the three-year period ended December&#160;31, 2018, and the related notes (collectively, the consolidated financial statements), and the effectiveness of internal control over financial reporting, incorporated herein by reference. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our report on the effectiveness of internal control over financial reporting as of December&#160;31, 2018 contains an explanatory paragraph stating that management excluded from its assessment of the effectiveness of Lithia Motors, Inc. and subsidiaries&#8217; internal control over financial reporting as of December&#160;31, 2018, 17 acquired stores&#8217; internal control over financial reporting. The total assets of these 17 stores represented approximately 9% of consolidated total assets as of December&#160;31, 2018 and approximately 8% of consolidated revenues for the year ended December&#160;31, 2018. Our audit of internal control over financial reporting for Lithia Motors, Inc. and subsidiaries also excluded an evaluation of the internal control over financial reporting of these 17 stores. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/KPMG LLP</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Portland, Oregon</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:Arial;font-size:10pt;">May&#160;6, 2019</font></div><div><br></div><div></div>	</body>
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