Used Sales Up Double-Digits for Lithia
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MEDFORD, Ore. –
Joining the list of dealer groups reporting third-quarter results this week, Lithia Motors reported Wednesday that it pushed its used retail sales up more than 26 percent year-over-year, selling 13,320 used units.
The company generated $230.3 million in used retail revenue, compared to $184.6 million in the same period of 2011.
Meanwhile, Lithia sold 5,173 wholesale vehicles (up 16.2 percent), pulling in $35,419 in wholesale revenue (down 0.5 percent).
These results were part of Lithia’s $884.4 million in revenue from continuing operations in the third quarter, versus the $715.2 million it pulled in during the year-ago time frame.
Income from continuing operations surged from $16.3 million to $23.3 million on a year-over-year basis.
Earnings per share ($0.90) were at an all-time high, said president and chief executive office Bryan DeBoer.
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“Our stores delivered solid results in the third quarter,” said DeBoer. “We generated the highest quarterly EPS in our history while driving SG&A expense as a percentage of gross profit to an all-time low.
“We continue our focus on improving vehicle sales volumes, service revenues and customer satisfaction. Our team challenges each other every day to increase performance throughout the organization, and remains vigilant to identify areas of opportunity,” he continued.
