Lithia Outpaces AutoNation in Q3
Dealer group posts record profit, sales jump.
Lithia acquired six locations during the quarter.
IMAGE: Getty Images/deepblue4you
Lithia Motors reported its highest third-quarter revenue and profit per share in company history, meeting expectations and besting competitor AutoNation.
The Oregon-based car dealership group’s new-car sales climbed 4.3% to just under 70,000. Meanwhile, Florida-based AutoNation’s sales dropped 4.7% to 55,565.
Lithia posted a profit of $330 million, up 7% year-over-year. Revenue was up 18% to $7.3 billion.
“We posted strong results across our business lines this quarter, while navigating the current environment, integrating a steady stream of acquisitions and continuing to grow Driveway and Driveway Finance,” said President and CEO Bryan DeBoer. “Our teams are focused on improving operating leverage as fundamentals normalize across our industry."
Lithia acquired six locations during the quarter, including one each in Wisconsin and California. So far this year, it’s acquired more than $3 billion in annualized revenues.
READ MORE: Lithia Expands Into Wisconsin
Originally posted on Auto Dealer Today
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