Lithia Motors Inc. say it has sold three dealerships in Fort Collins, Colo., to a Colorado-based auto dealer, bringing the number of stores sold since the auto retailer announced restructuring to 17.
Oregon-based Lithia says it sold the dealerships to auto dealer Doug Moreland for an undisclosed price. The company says it now operates 98 stores in 13 states, and it wants to sell 12 others.
The beleaguered auto retailer said in June it would restructure because of tight credit and declining sales.
Moreland owns numerous dealerships in Colorado, California and Arizona, and is well-known through radio and television commercials as his advertising character "Dealin' Doug."
Lithia says it raised $100 million in 2008 from the sales of stores.
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