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