Abrams Capital Amends Lithia Motors Stake, Maintains Significant Position

TL;DR

**Abrams Capital still holds a big chunk of Lithia Motors, signaling continued institutional confidence.**

AI Summary

Abrams Capital Partners II, L.P. filed an amended SC 13G/A on February 9, 2024, indicating their beneficial ownership of Lithia Motors, Inc. Class A common stock as of December 31, 2023. This filing, Amendment No. 5, updates their previous disclosures, showing their continued significant stake in the auto dealer. This matters to investors because it signals that a major institutional investor, Abrams Capital, maintains a substantial position in Lithia Motors, potentially indicating confidence in the company's long-term prospects.

Why It Matters

This filing confirms a major institutional investor, Abrams Capital, continues to hold a significant stake in Lithia Motors, which can be seen as a vote of confidence in the company's future performance.

Risk Assessment

Risk Level: low — This filing is a routine update from a passive investor and does not indicate any immediate negative risks for Lithia Motors.

Analyst Insight

An investor should note that a significant institutional holder, Abrams Capital, is maintaining its position in Lithia Motors, suggesting continued confidence. However, this filing doesn't provide new information about their current buying or selling activity, only their position as of December 31, 2023.

Key Players & Entities

• Abrams Capital Partners II, L.P. (company) — reporting person and beneficial owner
• LITHIA MOTORS INC (company) — subject company
• Abrams Capital Management, L.P. (company) — filing entity
• David Abrams (person) — group member of Abrams Capital
• December 31, 2023 (date) — date of event requiring filing

FAQ

Filing Documents

• d767464dsc13ga.htm (SC 13G/A) — 58KB
• 0001193125-24-029945.txt ( ) — 60KB

From the Filing

SC 13G/A 1 d767464dsc13ga.htm SC 13G/A SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 5)* Lithia Motors, Inc. (Name of Issuer) Class A common stock without par value (Title of Class of Securities) 536797103 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Except as otherwise provided herein, beneficial ownership information contained herein is given as of the date listed above. SCHEDULE 13G CUSIP No. 536797103 Page 2 of 7 Pages 1 NAME OF REPORTING PERSONS Abrams Capital Partners II, L.P. Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Abrams Capital Partners II, L.P.- Delaware Abrams Capital, LLC - Delaware Abrams Capital Management, LLC - Delaware Abrams Capital Management, L.P. - Delaware David Abrams - United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER Abrams Capital Partners II, L.P.- 0 shares Abrams Capital, LLC- 0 shares Abrams Capital Management, LLC - 0 shares Abrams Capital Management, L.P. - 0 shares David Abrams - 0 shares 6 SHARED VOTING POWER Abrams Capital Partners II, L.P. - 1,941,198 shares Abrams Capital, LLC - 2,229,222 shares Abrams Capital Management, LLC - 2,391,188 shares Abrams Capital Management, L.P. - 2,391,188 shares David Abrams - 2,391,188 shares Refer to Item 4 below. 7 SOLE DISPOSITIVE POWER Abrams Capital Partners II, L.P.- 0 shares Abrams Capital, LLC- 0 shares Abrams Capital Management, LLC - 0 shares Abrams Capital Management, L.P. - 0 shares David Abrams- 0 shares 8 SHARED DISPOSITIVE POWER Abrams Capital Partners II, L.P. - 1,941,198 shares Abrams Capital, LLC - 2,229,222 shares Abrams Capital Management, LLC - 2,391,188 shares Abrams Capital Management, L.P. - 2,391,188 shares David Abrams - 2,391,188 shares Refer to Item 4 below. 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Abrams Capital Partners II, L.P. - 1,941,198 shares Abrams Capital, LLC - 2,229,222 shares Abrams Capital Management, LLC - 2,391,188 shares Abrams Capital Management, L.P. - 2,391,188 shares David Abrams - 2,391,188 shares Refer to Item 4 below. 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Abrams Capital Partners II, L.P. 7.1% Abrams Capital, LLC 8.1% Abrams Capital Management, LLC 8.7% Abrams Capital Management, L.P. - 8.7% David Abrams - 8.7% Refer to Item 4 below. 12 TYPE OF REPORTING PERSON (See Instructions) Abrams Capital Partners II, L.P.- OO (Limited Partnership) Abrams Capital, LLC - OO ( Limited Liability Company) Abrams Capital Management, LLC - OO ( Limited Liability Company) Abrams Capital Management, L.P. - OO (Limited Partnership) David Abrams - IN SCHEDULE 13G CUSIP No. 536797103 Page 3 of 7 Pages Item1. (a) Name of Issuer Lithia Motors, Inc. (b) Address of Issuers Principal Executive Offices 150 N. Bartlett Street, Medford, OR 97501 Item2. (a) Name of Person Filing Abrams Capital Partners II, L.P. Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams (b) Address of Principal Business Office, or, if none, Residence Abrams Capital Partners II, L.P. Abrams Capital, LLC Abrams Capital Management, LLC Abrams Capital Management, L.P. David Abrams c/o Abrams Capital Management, L.P. 222 Berkeley Street, 21st Floor Boston, MA 02116 (c) Citizenship Abrams Capital Partners II, L.P.- Delaware Abrams Capital, LLC- Delaware Abrams Capital Management, LLC - Delaware Abrams Capital Management, L.P. - Delaware David Abrams - United States (d) Title of Class of Securities Class A common stock without par value (d) CUSIP No.: 536797103 SCHEDULE 13G CUSIP No. 536797103 Page 4 of 7 Pages Item3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or