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<FONT face="serif">Filed with the Securities and Exchange Commission on June 24, 2004</FONT></P>
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<FONT face="serif"> 	Securities Act Registration No.</FONT></P>
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&nbsp;</P>
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<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
WASHINGTON, D.C. 20549 </FONT></P>
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<FONT face="serif">FORM S-8 </FONT></P>
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<FONT face="serif">REGISTRATION STATEMENT UNDER <br>
THE SECURITIES ACT OF 1933 </FONT></P>
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<B><FONT face="serif">LITHIA MOTORS, INC.</FONT></B><FONT face="serif"> <br>
</FONT>
<FONT size=2 face="serif"> (Exact name of registrant as specified in its charter)</FONT><FONT face="serif"> </FONT></P>
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<B><FONT face="serif">Oregon</FONT></B>&nbsp;
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<B><FONT face="serif">93-0572810</FONT></B>&nbsp;
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<FONT size=2 face="serif">(State of incorporation)</FONT>&nbsp;
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<FONT size=2 face="serif">(I.R.S. Employer Identification No.)</FONT>&nbsp;
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<B><FONT face="serif">360 E. Jackson St., Medford, Oregon</FONT></B>&nbsp;
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<B><FONT face="serif">97501</FONT></B>&nbsp;
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<FONT size=2 face="serif">(Address of principal executive offices)</FONT>&nbsp;
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<FONT size=2 face="serif">(Zip Code)</FONT>&nbsp;
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<B><FONT face="serif">LITHIA MOTORS, INC. 1998 EMPLOYEE STOCK PURCHASE PLAN<br>
</FONT></B>
<FONT size=2 face="serif"> (Full title of the plan)</FONT><FONT face="serif"> </FONT></P>
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<B><FONT size=2 face="serif">Sidney B. DeBoer, Chief Executive Officer <br>
360 E. Jackson St. <br>
Medford, Oregon 97501 <br>
(541) 776-6899</FONT></B><FONT size=2 face="serif"> <br>
(Name, address and telephone number of agent for service) </FONT></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Copies to: Kenneth E. Roberts, Esq.
<br>
Foster Pepper Tooze LLP <br>
601 SW 2</FONT><SUP><FONT size=2 face="serif">nd</FONT></SUP><FONT size=2 face="serif"> Avenue, Suite 1800
<br>
Portland, Oregon 97204 </FONT></P>
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<FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT>
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<FONT size=2 face="serif">Proposed</FONT>&nbsp;
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<FONT size=2 face="serif">Proposed</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="serif">Number of</FONT>&nbsp;
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<FONT size=2 face="serif">Maximum</FONT>&nbsp;
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<FONT size=2 face="serif">Maximum</FONT>&nbsp;
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<FONT size=2 face="serif">Amount of</FONT>&nbsp;
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<FONT size=2 face="serif">Title of Securities</FONT>&nbsp;
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<FONT size=2 face="serif">Shares Being</FONT>&nbsp;
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<FONT size=2 face="serif">Offering Price</FONT>&nbsp;
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<FONT size=2 face="serif">Aggregate</FONT>&nbsp;
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<FONT size=2 face="serif">Registration</FONT>&nbsp;
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<FONT size=2 face="serif">Being Registered</FONT>&nbsp;
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<FONT size=2 face="serif">Registered (1)</FONT>&nbsp;
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<FONT size=2 face="serif">Per Share (2)</FONT>&nbsp;
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<FONT size=2 face="serif">Offering Price (2)</FONT>&nbsp;
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<FONT size=2 face="serif">Fee</FONT>&nbsp;
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<FONT size=2 face="serif">Class A Common Stock</FONT>&nbsp;
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<FONT size=2 face="serif">250,000</FONT>&nbsp;
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<FONT size=2 face="serif">$24.56</FONT>&nbsp;
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<FONT size=2 face="serif">$6,140,000</FONT>&nbsp;
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<FONT size=2 face="serif">$777.94</FONT>&nbsp;
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<FONT size=2 face="serif">(1)</FONT></TD>
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<FONT size=2 face="serif">The shares of Common Stock represent the number of shares which may be issued pursuant to the 1998 Employee Stock Purchase Plan. In addition, pursuant to Rule 416, this Registration Statement also covers an indeterminate
number of additional shares which may be issuable as a result of the anti-dilution provisions of Plan.</FONT>	</TD>
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<FONT size=2 face="serif">(2)</FONT></TD>
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<FONT size=2 face="serif">The maximum offering price for the shares cannot presently be determined as the offering price is established at the time shares are issued. Pursuant to Rule 457(h), the offering price is estimated based on the last sale
price reported for the Common Stock on NYSE on June 18, 2004 and the maximum offering price is calculated for the sole purpose of determining the Registration Fee.</FONT>	</TD>
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<P align="center">
<FONT face="serif">PART II </FONT></P>
<P align="center">
<FONT face="serif">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	At the Annual Meeting of Shareholders of Lithia Motors, Inc., (the "Company") held on April 29, 2004, the shareholders of the Company approved an amendment to the Company's 1998 Employee Stock Purchase Plan ("Plan") increasing
the number of shares of Common Stock authorized for issuance pursuant to the Plan from the previously registered amount of 1,500,000 shares to 1,750,000 shares.</FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The purpose of this Registration Statement on Form S-8 is to register an additional 250,000 shares of Common Stock issuable under the Plan. </FONT></P>
<P>
<B><FONT face="serif">Item 3.Incorporation of Documents by Reference.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The following documents filed by Lithia Motors, Inc. (the "Company") with the Securities and Exchange Commission are incorporated by reference in this registration statement: </FONT></P>
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<FONT face="serif">1.</FONT>&nbsp;
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<FONT face="serif">Registration Statement on Form S-8 filed December 18, 1998 (SEC File No. 333-69169).</FONT></TD>
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<FONT face="serif">2.</FONT>&nbsp;
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<FONT face="serif">Registration Statement on Form S-8 filed June 12, 2000 (SEC File No. 333-39092).</FONT>&nbsp;
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<FONT face="serif">3.</FONT>&nbsp;
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<FONT face="serif">Post Effective Amendment No. 1 to Form S-8 filed May 29, 2001 (SEC File No.</FONT>&nbsp;<FONT face="serif">333-69169).</FONT></TD>
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<FONT face="serif">4.</FONT>&nbsp;
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<FONT face="serif">Post Effective Amendment No. 2 to Form S-8 filed May 15, 2002 (SEC File No.</FONT>&nbsp;
<FONT face="serif">333-69169)</FONT></TD>
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<FONT face="serif">5.</FONT>&nbsp;
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<FONT face="serif">Post Effective Amendment No. 3 to Form S-8 filed July 1, 2003 (SEC File No. 333-69169)</FONT>&nbsp;</TD>
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<FONT face="serif">6.</FONT>&nbsp;
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<FONT face="serif">The Company's Annual Report on Form 10-K for the fiscal year ended December</FONT>&nbsp;<FONT face="serif">31, 2003
<br>
filed March 15, 2004 (SEC File No. 001-14733).</FONT></TD>
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<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of the fiscal year covered by the 2003 Annual Report; and all
documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered 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></P>
<P>
<FONT face="serif"> 	 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	 For purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a statement
contained herein or in any other subsequently filed </FONT></P>
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<FONT size=2 face="serif">ii</FONT></P>

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<P>
<FONT face="serif">document that also is or is deemed to be incorporated herein by reference modifies or supersedes such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.</FONT></P>
<P>
<B><FONT face="serif">Item 8. Exhibits. </FONT></B></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	See Exhibit Index</FONT></P>
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<FONT size=2 face="serif">iii</FONT></P>

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<U><FONT face="serif">SIGNATURES</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	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 Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Medford, State of Oregon, on the 7</FONT><SUP><FONT face="serif">th</FONT></SUP><FONT face="serif"> day of June, 2004. </FONT></P>
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<FONT face="serif">LITHIA MOTORS, INC.</FONT>&nbsp;
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&nbsp;
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<p align="right">By:</TD>
	<TD nowrap colspan=1 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<FONT face="serif">/s/ Jeffrey B. DeBoer</FONT>&nbsp;
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&nbsp;</TD>
	<TD nowrap colspan=1 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
<FONT face="serif">Jeffrey B. DeBoer,</FONT>&nbsp;
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&nbsp;</TD>
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<FONT face="serif">Chief Financial Officer</FONT>&nbsp;
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<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. </FONT></P>
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<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
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<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
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<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
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<FONT face="serif">Sidney B. DeBoer, Chief Executive Officer and</FONT>&nbsp;
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<FONT face="serif">Chairman of the Board of Directors</FONT>&nbsp;
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
	</TD>
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<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
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&nbsp;
	</TD>
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<FONT face="serif">M.L. Dick Heimann, President, Chief Operating Officer, Director</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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&nbsp;
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	<TD nowrap colspan=1>
&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
	</TD>
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	<TD nowrap colspan=1>
<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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&nbsp;
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<FONT face="serif">Brad Gray, Director</FONT>&nbsp;
	</TD>
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&nbsp;
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
	</TD>
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	<TD nowrap colspan=1>
<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
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&nbsp;
	</TD>
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<FONT face="serif">Thomas Becker, Director</FONT>&nbsp;
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&nbsp;
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</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;</TD>
	<TD>
&nbsp;</TD>
	<TD nowrap colspan=1>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1">
<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">William Young, Director</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;</TD>
	<TD>
&nbsp;</TD>
	<TD nowrap colspan=1>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
<FONT face="serif">By: /s/ Jeffrey B. DeBoer</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Date: June 7, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1">
<FONT face="serif">Jeffrey B. DeBoer, Attorney in Fact for</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">Gerald F. Taylor, Director</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;</TD>
	<TD>
&nbsp;</TD>
	<TD nowrap colspan=1>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">By:</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Date:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">Philip Romero, Director</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">iv</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_5"></A>

<P align="center">
<U><FONT face="serif">EXHIBIT INDEX</FONT></U><FONT face="serif"> </FONT></P>
<P>
<U><FONT face="serif">Exhibit</FONT></U><FONT face="serif"> </FONT></P>
<div align="left">
<TABLE border=0 cellspacing=0 cellpadding=0 width="750" style="border-collapse: collapse" bordercolor="#111111">
<TR>
	<TD width = 6%>
	</TD>
	<TD width = 2%>
	</TD>
	<TD width = 91%>
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">5.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Opinion of Foster Pepper Tooze LLP</FONT></TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">23.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Consent of Independent Registered Public Accounting Firm</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">23.2</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Consent of Foster Pepper Tooze LLP (included in Exhibit 5.1)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">24.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">Power of Attorney</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">(Incorporated by reference in Form S-8, filed May 29, 2001, (SEC File No. 333-69169))</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT face="serif">99</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">1998 Employee Stock Option Plan, as amended</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
<FONT face="serif">(Incorporated by reference in Form S-8, filed May 29, 2001, (SEC File No. 333-69169))</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">v</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_6"></A>

<P align="center">
<U><FONT face="serif">EXHIBIT 5.1</FONT></U><FONT face="serif"> </FONT></P>
<P align="center">
<FONT face="serif"> [FOSTER PEPPER TOOZE LETTERHEAD] </FONT></P>
<P>
<FONT face="serif">May 28, 2004 	</FONT></P>
<P>
&nbsp;</P>
<P>
<FONT face="serif">Board of Directors <br>
Lithia Motors, Inc. <br>
360 E. Jackson St. <br>
Medford, Oregon 97501 </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Re:&nbsp;&nbsp; Form S-8 Registration<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	 	1998 Employee Stock Purchase Plan </FONT></P>
<P>
<FONT face="serif">Gentlemen: </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	This firm is special counsel to Lithia Motors, Inc., an Oregon corporation, (the "Company") and, in that capacity, has assisted in the preparation of certain documents, including the  Company's Registration Statement on Form S-8 (the "Registration Statement") relating to the issuance of up to 250,000 additional shares of the Company's Class A Common stock ("Shares") in accordance with the Company's 1998 Employee Stock Purchase
Plan (the "Plan").</FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	In the course of our representation described above, we have examined the Plan, the Registration Statement and amendments as prepared for filing with the Securities and Exchange Commission and related documents and
correspondence. We have reviewed the Restated Articles of Incorporation and the Bylaws of the Company, as amended, and excerpts of minutes of certain meetings of the Board of Directors and shareholders of the Company. We have also received from the
officers of the Company certificates and other representations concerning factual matters relevant to this opinion. We have received such certificates from, and have made inquiries of public officials in those jurisdictions in which we have deemed
it appropriate. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	As to matters of fact, we have relied upon the above certificates, documents and investigation. We have assumed without investigation the genuineness of all signatures and the authenticity and completeness of all of the
documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Based upon and subject to all of the foregoing, we are of the opinion that: </FONT></P>
<P align="center">
<FONT size=2 face="serif">vi</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_7"></A>

<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>

<P>
<FONT face="serif"> 	 	The Shares have been validly authorized, and when (i) the Registration Statement has become effective; (ii) the applicable provisions of the Securities Act of 1933, as amended, and such state securities laws as may be
applicable have been complied with, and (iii) the Shares have been issued in accordance with the Plan as contemplated by the Registration Statement, the Shares will be validly issued, fully paid and non-assessable. </FONT></P>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Regardless of the states in which members of this firm are licensed to practice, this opinion is limited to the present laws of the State of Oregon and the United States of America and to the facts bearing on this opinion as
they exist on the date of this letter. We disclaim any obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	This opinion is provided to you as a legal opinion only, and not as a guaranty or warranty of the matters discussed herein. Our opinion is limited to the matters expressly stated herein, and no other opinions may be implied or
inferred. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The opinions expressed herein are for the benefit of and may be relied upon only by you in connection with the Plan. Neither this opinion nor any extract therefrom nor reference thereto shall be published or delivered to any
other person or otherwise relied upon without our expressed written consent.</FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose
consent is required under Section 7 of the Securities Act of 1933, as amended, or the General Rules and Regulations of the Commission. </FONT></P>
<P>
<FONT face="serif"> 	 	 	 	 	 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	 	 	 	 	 	Very truly yours, </FONT></P>
<P>
<FONT face="serif"> 	 	 	 	 	 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	 	 	 	 	 	FOSTER PEPPER TOOZE LLP  	 	 	 	 	 	</FONT></P>

<P>
&nbsp;</P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif"> 	 	 	 	 	 	/s/ FOSTER PEPPER TOOZE LLP </FONT></P>

<P>
&nbsp;</P>

<P>
<FONT face="serif"> 	 	 	 	 	 	Portland, Oregon </FONT></P>

<P align="center">
<FONT size=2 face="serif">vii</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_8"></A>

<P align="center">
<FONT face="serif">Exhibit 23.1 </FONT></P>
<P align="center">
<U><FONT face="serif">Independent Auditors' Consent</FONT></U><FONT face="serif"> </FONT></P>
<P>
&nbsp;</P>
<P>
<FONT size=2 face="serif">The Board of Directors <br>
Lithia Motors, Inc. and Subsidiaries: </FONT></P>
<P>
<FONT size=2 face="serif">We consent to the incorporation by reference in the registration statement on Form S-8 of our report dated February 6, 2004, relating to the consolidated balance sheets of Lithia Motors, Inc. and Subsidiaries as of December
31, 2003 and 2002, and the related consolidated statements of operations, changes in stockholders' equity and comprehensive income and cash flows for each of the years in the three-year period ended December 31, 2003, which report appears in the
December 31, 2003 annual report on Form 10-K of Lithia Motors, Inc. Our report refers to adoption, effective July 1, 2001, of the provisions of SFAS No. 141, Business Combinations, and certain provisions of SFAS No. 142, Goodwill and Other
Intangible Assets, and adoption, effective January 1, 2002, of the remaining provisions of SFAS No. 142. </FONT></P>
<P>
<FONT size=2 face="serif"> 	 	 	 	 	 	 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	 	 	 	 	 	 	/s/ KPMG LLP</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Portland, Oregon <br>
June 18, 2004 </FONT></P>
<P align="center">
<FONT size=2 face="serif">viii</FONT></P>


<hr color="#000080" size="4">





<hr color="#000080" size="4">





<P>
&nbsp;</P>

</BODY>

</HTML>
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{"company-data": {"conformed-name": "LITHIA MOTORS INC", "cik": "0001023128", "assigned-sic": "5500", "irs-number": "930572810", "state-of-incorporation": "OR", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-116840", "film-number": "04880308"}, "business-address": {"street1": "360 E JACKSON ST", "city": "MEDFORD", "state": "OR", "zip": "97501", "phone": "5417766899"}, "mail-address": {"street1": "360 E JACKSON ST", "city": "MEDFORD", "state": "OR", "zip": "97501"}}
lithias8aespp062104
Filed with the Securities and Exchange Commission on June 24, 2004
Securities Act Registration No.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
LITHIA MOTORS, INC.
(Exact name of registrant as specified in its charter)
Oregon
93-0572810
(State of incorporation)
(I.R.S. Employer Identification No.)
360 E. Jackson St., Medford, Oregon
97501
(Address of principal executive offices)
(Zip Code)
LITHIA MOTORS, INC. 1998 EMPLOYEE STOCK PURCHASE PLAN
(Full title of the plan)
Sidney B. DeBoer, Chief Executive Officer
360 E. Jackson St.
Medford, Oregon 97501
(541) 776-6899
(Name, address and telephone number of agent for service)
Copies to: Kenneth E. Roberts, Esq.
Foster Pepper Tooze LLP
601 SW 2
nd
Avenue, Suite 1800
Portland, Oregon 97204
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Number of
Maximum
Maximum
Amount of
Title of Securities
Shares Being
Offering Price
Aggregate
Registration
Being Registered
Registered (1)
Per Share (2)
Offering Price (2)
Fee
Class A Common Stock
250,000
$24.56
$6,140,000
$777.94
(1)
The shares of Common Stock represent the number of shares which may be issued pursuant to the 1998 Employee Stock Purchase Plan. In addition, pursuant to Rule 416, this Registration Statement also covers an indeterminate
number of additional shares which may be issuable as a result of the anti-dilution provisions of Plan.
(2)
The maximum offering price for the shares cannot presently be determined as the offering price is established at the time shares are issued. Pursuant to Rule 457(h), the offering price is estimated based on the last sale
price reported for the Common Stock on NYSE on June 18, 2004 and the maximum offering price is calculated for the sole purpose of determining the Registration Fee.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
At the Annual Meeting of Shareholders of Lithia Motors, Inc., (the "Company") held on April 29, 2004, the shareholders of the Company approved an amendment to the Company's 1998 Employee Stock Purchase Plan ("Plan") increasing
the number of shares of Common Stock authorized for issuance pursuant to the Plan from the previously registered amount of 1,500,000 shares to 1,750,000 shares.
The purpose of this Registration Statement on Form S-8 is to register an additional 250,000 shares of Common Stock issuable under the Plan.
Item 3.Incorporation of Documents by Reference.
The following documents filed by Lithia Motors, Inc. (the "Company") with the Securities and Exchange Commission are incorporated by reference in this registration statement:
1.
Registration Statement on Form S-8 filed December 18, 1998 (SEC File No. 333-69169).
2.
Registration Statement on Form S-8 filed June 12, 2000 (SEC File No. 333-39092).
3.
Post Effective Amendment No. 1 to Form S-8 filed May 29, 2001 (SEC File No.
333-69169).
4.
Post Effective Amendment No. 2 to Form S-8 filed May 15, 2002 (SEC File No.
333-69169)
5.
Post Effective Amendment No. 3 to Form S-8 filed July 1, 2003 (SEC File No. 333-69169)
6.
The Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2003
filed March 15, 2004 (SEC File No. 001-14733).
All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of the fiscal year covered by the 2003 Annual Report; and all
documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered 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.
For purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a statement
contained herein or in any other subsequently filed
ii
document that also is or is deemed to be incorporated herein by reference modifies or supersedes such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 8. Exhibits.
See Exhibit Index
iii
SIGNATURES
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 Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Medford, State of Oregon, on the 7
th
day of June, 2004.
LITHIA MOTORS, INC.
By:
/s/ Jeffrey B. DeBoer
Jeffrey B. DeBoer,
Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
Sidney B. DeBoer, Chief Executive Officer and
Chairman of the Board of Directors
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
M.L. Dick Heimann, President, Chief Operating Officer, Director
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
Brad Gray, Director
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
Thomas Becker, Director
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
William Young, Director
By: /s/ Jeffrey B. DeBoer
Date: June 7, 2004
Jeffrey B. DeBoer, Attorney in Fact for
Gerald F. Taylor, Director
By:
Date:
Philip Romero, Director
iv
EXHIBIT INDEX
Exhibit
5.1
Opinion of Foster Pepper Tooze LLP
23.1
Consent of Independent Registered Public Accounting Firm
23.2
Consent of Foster Pepper Tooze LLP (included in Exhibit 5.1)
24.1
Power of Attorney
(Incorporated by reference in Form S-8, filed May 29, 2001, (SEC File No. 333-69169))
99
1998 Employee Stock Option Plan, as amended
(Incorporated by reference in Form S-8, filed May 29, 2001, (SEC File No. 333-69169))
v
EXHIBIT 5.1
[FOSTER PEPPER TOOZE LETTERHEAD]
May 28, 2004
Board of Directors
Lithia Motors, Inc.
360 E. Jackson St.
Medford, Oregon 97501
Re:   Form S-8 Registration
1998 Employee Stock Purchase Plan
Gentlemen:
This firm is special counsel to Lithia Motors, Inc., an Oregon corporation, (the "Company") and, in that capacity, has assisted in the preparation of certain documents, including the  Company's Registration Statement on Form S-8 (the "Registration Statement") relating to the issuance of up to 250,000 additional shares of the Company's Class A Common stock ("Shares") in accordance with the Company's 1998 Employee Stock Purchase
Plan (the "Plan").
In the course of our representation described above, we have examined the Plan, the Registration Statement and amendments as prepared for filing with the Securities and Exchange Commission and related documents and
correspondence. We have reviewed the Restated Articles of Incorporation and the Bylaws of the Company, as amended, and excerpts of minutes of certain meetings of the Board of Directors and shareholders of the Company. We have also received from the
officers of the Company certificates and other representations concerning factual matters relevant to this opinion. We have received such certificates from, and have made inquiries of public officials in those jurisdictions in which we have deemed
it appropriate.
As to matters of fact, we have relied upon the above certificates, documents and investigation. We have assumed without investigation the genuineness of all signatures and the authenticity and completeness of all of the
documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies.
Based upon and subject to all of the foregoing, we are of the opinion that:
vi
The Shares have been validly authorized, and when (i) the Registration Statement has become effective; (ii) the applicable provisions of the Securities Act of 1933, as amended, and such state securities laws as may be
applicable have been complied with, and (iii) the Shares have been issued in accordance with the Plan as contemplated by the Registration Statement, the Shares will be validly issued, fully paid and non-assessable.
Regardless of the states in which members of this firm are licensed to practice, this opinion is limited to the present laws of the State of Oregon and the United States of America and to the facts bearing on this opinion as
they exist on the date of this letter. We disclaim any obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion.
This opinion is provided to you as a legal opinion only, and not as a guaranty or warranty of the matters discussed herein. Our opinion is limited to the matters expressly stated herein, and no other opinions may be implied or
inferred.
The opinions expressed herein are for the benefit of and may be relied upon only by you in connection with the Plan. Neither this opinion nor any extract therefrom nor reference thereto shall be published or delivered to any
other person or otherwise relied upon without our expressed written consent.
We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose
consent is required under Section 7 of the Securities Act of 1933, as amended, or the General Rules and Regulations of the Commission.
Very truly yours,
FOSTER PEPPER TOOZE LLP
/s/ FOSTER PEPPER TOOZE LLP
Portland, Oregon
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Exhibit 23.1
Independent Auditors' Consent
The Board of Directors
Lithia Motors, Inc. and Subsidiaries:
We consent to the incorporation by reference in the registration statement on Form S-8 of our report dated February 6, 2004, relating to the consolidated balance sheets of Lithia Motors, Inc. and Subsidiaries as of December
31, 2003 and 2002, and the related consolidated statements of operations, changes in stockholders' equity and comprehensive income and cash flows for each of the years in the three-year period ended December 31, 2003, which report appears in the
December 31, 2003 annual report on Form 10-K of Lithia Motors, Inc. Our report refers to adoption, effective July 1, 2001, of the provisions of SFAS No. 141, Business Combinations, and certain provisions of SFAS No. 142, Goodwill and Other
Intangible Assets, and adoption, effective January 1, 2002, of the remaining provisions of SFAS No. 142.
/s/ KPMG LLP
Portland, Oregon
June 18, 2004
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