Lithia Motors Inc.
03/04/2026 | Press release | Distributed by Public on 03/04/2026 15:22
Material Agreement (Form 8-K)
Item 1.01. Entry Into a Material Definitive Agreement
Seventh Amendment to Fourth Amended and Restated Loan Agreement
On February 27, 2026, Lithia Motors, Inc. (the "Company") entered into a Seventh Amendment (the "Seventh Amendment") to its Fourth Amended and Restated Loan Agreement, dated as of April 29, 2021 (including all amendments, the "Loan Agreement") with U.S. Bank National Association as administrative agent and agent for the lenders, and each of the lenders party to the Loan Agreement, as lenders.
Among other changes, the Seventh Amendment:
•Extends the expiration date of the credit facility to February 27, 2031 (additionally includes 1-year extension options available annually subject to lender threshold consent and the satisfaction of other conditions).
•Converts the Company's existing Used Vehicle Floorplan and Service Loaner Floorplan facilities to VIN-specific reporting, upon election by the Company. Upon such conversion and as of the VIN Transition Date (as defined in the Seventh Amendment), the allocation of the financing commitment would be adjusted as follows:
◦New Vehicle Floorplan - $2,700,000,000
◦Used Vehicle Floorplan - $1,250,000,000
◦Service Loaner Floorplan - $150,000,000
◦Revolving Line of Credit - $2,400,000,000
•Removal of the Simple SOFR Adjustment.
A copy of the Seventh Amendment is set forth as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The description of the Seventh Amendment in this Report is only a summary and is qualified in its entirety by reference to the actual terms of the Seventh Amendment.
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