Lithia Reports Q3 Results
Profit, revenue were up but short of Wall Street forecasts.
Lithia CEO and president Bryan DeBoer said it had "strong results across our business lines".
IMAGE: Lithia Motors
Lithia Motors reported $330 million in third-quarter profit, or $11.92 per share, up 7% year-over-year but short of Wall Street expectations.
The Medford, Oregon-based car dealership group’s revenue increased 18% quarter-over-quarter to $7.3 billion, though that was also below forecasts.
Lithia sold slightly more new and used cars – up 4.3% and 6.4%, respectively.
"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 Bryan DeBoer, president and CEO. “Our teams are focused on improving operating leverage as fundamentals normalize across our industry. With our size and scale, we are well positioned with financial flexibility and liquidity to continue delivering growth with strong returns as we progress toward achieving our 2025 plan."
Lithia acquired six locations during the quarter, five in Wisconsin and one in California.
The group ranks second on Automotive News’ list of the top 150 U.S. dealership groups.
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →