US dealer retires on $1m-plus

A retiring car dealer in the United States will get over US$1m a year for the rest of his life.

Soon-to-retire Sidney DeBoer – who built Lithia Motors into one of America’s biggest car dealers – will pocket $1.05m a year, paid quarterly.

He’ll also get $210,000 for serving on the board of directors and a $42,000 car payment, Footnoted reported.

“It’s a huge pay cut for me,” DeBoer told his local paper.

Lithia has become a Fortune 500 company, with dealerships across America’s west and midwest.

New cars make up nearly two-thirds of Lithia’s business, with GM, Chrysler, Toyota, Honda, BMW, VW and Mazda its main brands.