For the first time in the company's 68-year history, Medford-based Lithia Motors is reporting a billion dollars in quarterly revenue. Their 2nd quarter report was issued this morning.
Same store new and used vehicle sales grew by 19 percent. The adjusted net income from operations in the quarter was $25.3 million, or $0.97 per undiluted share.
Lithia President and CEO Bryan Deboer says "The combination of acquisitions and same store sales growth increased revenue by 23 percent over the prior year....we are well on our way towards the first milestone for growth we established late in 2012, where total revenue increases by 25 percent from full year 2012 results."
One area Deboer seeks to improve is the sale of late model used vehicles, defined as three to seven years old. A key, he says, is to make use of all of the five ways a dealership acquires used cars: trade-ins, auctions, wholesalers, off the street and other dealerships. Deboer says it's often too easy for an auto retailer to rely too heavily on trade-ins as a source of getting used cars to sell.