Lithia Motors finished 2015 with full-year and fourth-quarter used sales both up by double digits, and the dealer group also experienced a spike in new-car sales, as well.

The company said Wednesday morning it sold a total of 24,010 used vehicles during the fourth quarter of last year, up by 11.4 percent from the same period of 2014.

And for the full year, Lithia sold 99,109 used vehicles, up by a whopping 38.3 percent year-over-year.

The retailer also said it enjoyed a 7.1-percent increase in Q4 new-vehicles sales (which came in at 34,350), while full-year new sales (137,486) soared by 50.9 percent.

Lithia management also said that used-vehicle retail same stores sales were up by 12 percent for the last quarter and increased by 13 percent for the full year.

For same-store used retail units, the dealer group sold 23,355 used vehicles in Q4, up from 21,430 sold during the same quarter of 2014. And for the year, according to its same-store stats, the company sold 77,552 used vehicles, up from 70,976 sold over the course of 2014.

And unit sales weren’t the only metrics rising for the dealer group last year. The company reported the highest fourth-quarter and full-year adjusted net income in company history; for Q4, Lithia’s adjusted net income came in at $46.1 million, up from $37.5 million in Q4 of 2014.

And revenue for the full-year increased by 46 percent to $7.9 billion from $5.4 billion in 2014. This was due in part to a surge in used-vehicle sales, as well as increases in sales in departments such as F&I and service dollars, as well.

Service body and parts same-stores sales increased by 10 percent over Q4 and for the full-year, while same-store F&I dollars per units increased $69 to $1,189 for the quarter and were up $73 to $1,244 for the full-year.

Used revenue was also on the rise right along with dollars and sales in these crucial dealership departments:

• Used vehicle retail revenue was up to $469.4 million in Q4, up 14.6 percent year-over-year.
• Used vehicle retail revenue increased 41.4 percent to $1.9 billion for the full-year 2015.

The dealer group has been adding stores consistently since October of last year — purchases included a Chrysler Jeep Dodge Ram Fiat store in Concord Calif.; a Chrysler Jeep Dodge Ram Alpha Fiate dealership in Spokane, Wash; a Subaru store in Riverside, Calif.; and a Toyota store in Milford, Mass.

The company estimated the stores will contribute approximately $200 million in annual revenues to the dealer group.

Taking a quick look at what numbers Lithia is projecting for used vehicles this year, the dealer group said it expects used-vehicle sales to increase by 6 percent in 2016 with used-vehicle gross margin growth of 12.4 to 12.6 percent.

Editor’s note: Stay tuned for further analysis from Auto Remarketing on Lithia’s used performance in Q4 and full-year 2015.