October 16, 2009 (FinancialWire) — Auto dealership operator Lithia Motors, Inc. (NYSE: LAD) has raised $46.0 million through a public offering by issuing 4.6 million shares of class A common stock, including 600,000 shares under the underwriters’ over-allotment option, at a price of $10 per share.

J.P. Morgan Securities (NYE: JPM) acted as the sole bookrunner.

Lithia should see net proceeds of around $43.2 million

The company plans to use the net proceeds for general corporate purposes, including working capital and potential acquisitions. Prior to such use, Lithia plans to use the net proceeds of the offering to pay down amounts outstanding under its revolving credit facility and one or more of its flooring lines of credit, which can be re-accessed when cash is needed for other purposes.

Medford, Oregon-based Lithia Motors sells 27 brands of new and all brands of used vehicles at 87 stores, which are located within 13 states.

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