Based on preliminary results released Wednesday, Lithia Motors is expecting its same-store used-car unit sales to have increased 4.6 percent in the second quarter.
Meanwhile, Lithia is anticipating a 3.8-percent to 4.1-percent increase in used-vehicle retail same-store sales.
All this part of a quarter where early indications have Lithia’s net income finishing between $51.5 million and $53 million in the second quarter (compared to $51.4 million a year ago) and revenue projected to reach somewhere between $2.425 billion and $2.475 billion, according to the company.
The retailer may also broaden its presence soon.
“We grew revenue and adjusted earnings per diluted share by double digits as our results exceeded our internal projections in the second quarter. Our store leaders continue to modify their tactics in this dynamic market and produced strong results in retail used vehicle sales, service and parts and F&I,” Lithia president and chief executive Bryan DeBoer said in a news release.
“The acquisition market remains active and we believe this is an opportune time to access additional capital for growth,” he said. “We seek greenfield-like returns on our acquisition targets and anticipate further activity in the near future.”
A full run-down of the forecast can be found in the news release from Lithia. Complete results will be announced on July 28.