Lithia Motors, Inc. (NYSE: LAD) today reported significant improvements across all business lines in June compared to the results previously reported for April and May.
For the month of June, total same store vehicle unit sales increased approximately 3%, with same store new vehicle units decreasing approximately 15% and same store used vehicle units increasing approximately 23% over the same period last year. Service, body, and parts reflected a strong recovery in June, with same store sales decreasing approximately 3% for the month. The recovery trend in service, body, and parts for the month reflected two more production days in 2020 compared to the same period last year. Same store web traffic, representing unique visitors to our websites, increased nearly 53% for the entire month of June compared to the same period a year ago.
"The notable improvements throughout all business lines are representative of our team's continuous commitment to providing consumers safe, convenient and affordable solutions wherever, whenever and however they desire," said Bryan DeBoer, President and CEO. "Lithia is primed for the second half of 2020 with the expansion of our proprietary ecommerce home channel and the further acceleration of our growth strategy."
Lithia also announced the acquisition of the Smolich Chrysler Jeep Dodge Ram and Nissan locations in Bend, Oregon, which are anticipated to generate $100 million in steady state annualized revenues.
"As the automotive retail environment continues to show significant sequential improvements, we have restarted acquisitions, completing the first two pending acquisitions," said DeBoer. "Growth of our network is the foundation to the fulfillment of our current and future brand promises, regional logistics plan and ability to provide competitive customer offerings through all six business lines."
About Lithia
Lithia Motors, Inc. is a leading provider of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#252-2020). Lithia's rapid growth is powered by people, an industry leading coast-to-coast physical network and ecommerce digital home solutions. Lithia increases market share and optimizes profitability by focusing on the consumer experience and applying proprietary performance measurement systems fueled by data science. Lithia's unique growth model generates significant cash flows, which fund innovation and the expansion of its nationwide network, creating personal transportation solutions wherever, whenever and however consumers desire.
Sites
www.lithia.com
www.lithiainvestorrelations.com
www.lithiacareers.com
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http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
Forward-Looking Statements
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