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Lithia Motors Inc
Lithia Motors Inc. is a prominent figure in the automotive retail sector, weaving a narrative of growth and evolution since its inception in 1946. With its roots planted in the humble locale of Ashland, Oregon, the company ventured into the broader automotive marketplace with unwavering ambition. Lithia has consistently expanded its reach, evolving into one of America's leading automotive retailers. It operates a range of dealerships across the country, capitalizing on its diversified portfolio which spans new and used vehicle sales, vehicle financing, insurance products, and the lucrative sector of vehicle servicing and parts. This multi-faceted approach allows Lithia to capture various revenue streams, catering to a wide range of customer needs and preferences.
At the heart of Lithia's business model is its innovative strategy of aggressive acquisitions and integrations, enabling significant expansion into new markets. By acquiring existing dealerships and seamlessly incorporating them into its network, Lithia benefits from local expertise while maintaining a centralized operational strategy. The company brings efficiency and volume purchasing power, optimizing inventory and customer service. Moreover, Lithia's digital initiatives, like their online platform Driveway, reflect their commitment to modernizing the car buying experience, marrying traditional sales methods with the convenience of online shopping. This blend of strategic acquisitions, service diversification, and digital transformation underscores Lithia Motors Inc.'s robust position in the ever-evolving automotive industry landscape.
Lithia Motors Inc. is a prominent figure in the automotive retail sector, weaving a narrative of growth and evolution since its inception in 1946. With its roots planted in the humble locale of Ashland, Oregon, the company ventured into the broader automotive marketplace with unwavering ambition. Lithia has consistently expanded its reach, evolving into one of America's leading automotive retailers. It operates a range of dealerships across the country, capitalizing on its diversified portfolio which spans new and used vehicle sales, vehicle financing, insurance products, and the lucrative sector of vehicle servicing and parts. This multi-faceted approach allows Lithia to capture various revenue streams, catering to a wide range of customer needs and preferences.
At the heart of Lithia's business model is its innovative strategy of aggressive acquisitions and integrations, enabling significant expansion into new markets. By acquiring existing dealerships and seamlessly incorporating them into its network, Lithia benefits from local expertise while maintaining a centralized operational strategy. The company brings efficiency and volume purchasing power, optimizing inventory and customer service. Moreover, Lithia's digital initiatives, like their online platform Driveway, reflect their commitment to modernizing the car buying experience, marrying traditional sales methods with the convenience of online shopping. This blend of strategic acquisitions, service diversification, and digital transformation underscores Lithia Motors Inc.'s robust position in the ever-evolving automotive industry landscape.
Revenue Growth: Lithia & Driveway reported Q3 revenue of $9.7 billion, up 4.9% year-over-year, with same-store revenues increasing 7.7% across all business lines.
Earnings Strength: Adjusted diluted EPS reached $9.50, up 17% year-over-year, and adjusted EBITDA rose 7.7% to $438 million, driven by solid execution and cost control.
Used Vehicle Outperformance: Used retail revenue jumped 11.8% YoY with units up 6.3%. Value segment units grew 22.3% YoY, and self-sourced used vehicles hit 74%, a record level.
After Sales Momentum: Aftersales gross profit climbed 9.1% and margins expanded by 280 basis points to 58.4%, led by strength in customer pay and warranty service.
Cost Discipline: SG&A in North America was flat sequentially at 64.8% despite normalization of gross profit per unit (GPU), reflecting strong cost controls.
Share Repurchases: The company bought back 5.1% of outstanding shares in Q3 and 8% year-to-date, capitalizing on what management calls a significant discount to intrinsic value.
Strategic Acquisitions: Lithia reiterated its $2 billion acquisition revenue target for 2025, with deals expected to close by year-end and returns well above hurdle rates.
Finance Business Growth: Driveway Finance penetration reached 14.5% in North America with strong credit performance and $19 million in Q3 income.
