The used-vehicle department at Lithia Motors turned in another sterling performance during the third quarter as the dealer group reported double-digit improvements in both same-store and overall used-retail sales.

On a same-store basis, Lithia indicated the rise came in at 11 percent. Altogether, group stores retailed 29,636 units during Q3, representing a 13-percent jump year-over-year.

What Lithia accomplished with its used division helped the company generate the highest third-quarter revenue and earnings per share in its history.

The company shared when it released its Q3 financial statement on Thursday that unadjusted net income totaled $54.0 million, or $2.14 per diluted share. That’s up from $43.4 million, or $1.64 per diluted share, for the third quarter of last year.

Lithia calculated that adjusted net income for the third quarter was $52.0 million, or $2.06 per diluted share, compared to the year-ago figures of $53.6 million, or $2.03 per diluted share.

The company’s Q3 revenue increased by 9 percent, or $185.1 million, to $2.3 billion.

Helping to enhance that figure was how Lithia’s dealerships turned new metal, too. The company turned 38,417 new models during Q3, marking a 2.7-percent lift year-over-year.

While Lithia retailed more units both in the used and new departments during Q3, the dealer group saw gross profit per unit soften a bit again. On the new side, grosses dipped by 4.3 percent to $1,974 while used grosses ticked 2.3 percent lower to $2,322.

Helping to offset that pressure was how Lithia’s F&I gross profit per unit posted a 7-percent jump to come in at $1,289.

Looking ahead, Lithia leadership rattled off a wide array of projections for 2017, which included:

—New vehicle same store sales increasing 1.5 percent

—New vehicle gross margin of 5.5 percent to 5.7 percent

—Used-vehicle same-store sales increasing 5.5 percent

—Used-vehicle gross margin of 11.5 percent to 11.7 percent

—Finance and insurance gross profit of $1,270 to $1,295 per unit

“Though considerable opportunities remain, we delivered record results in the third quarter,” Lithia president and chief executive officer Bryan DeBoer said in the company’s news release accompanying its Q3 results. “Our store leadership increased revenue in all departments, though selling expense grew slightly.

“In the moderating new vehicle sales environment, sustaining sales volume and taking market share from our competitors is crucial to future incremental used vehicle and service transactions, and maintains high performance levels for our manufacturer partners to earn continued support for acquisitions,” DeBoer continued.

“Our entrepreneurial leaders are adjusting to the dynamic marketplace and will seek continued earnings growth in the future,” he went on to say.

Executive promotions

Lithia also mentioned some top executive moves when it shared its Q3 report.

Effective Jan. 1, Chris Holzshu, who currently is senior vice president and chief financial officer, will be promoted to executive vice president and chief human resources officer.

Meanwhile, John North, who currently serves as vice president of finance and chief accounting officer, will be promoted to senior vice president and chief financial officer.

“Given our ambitious growth objectives, ensuring we maximize employee potential to further improve our performance-based culture is critical to our success,” DeBoer said.

“Chris' promotion emphasizes the importance of each and every team member and how accelerating employee development to earn customers for life is vital to our future,” DeBoer continued. “As executive vice president, Chris will lead our human resource, information technology and store administration teams.

“Additionally, I am pleased with the success of our leadership development as demonstrated by John's promotion to CFO,” DeBoer went on to say. “Both Chris and John exemplify our core values of continuous improvement and personal ownership.

“On behalf of the entire organization and our board of directors, congratulations,” he added.