Total same store used vehicle retail sales increased 10% during the quarter, while same store F&I per unit was up 5% to $1.4K. New vehicle sales increased 4.5% during the quarter and retail used vehicle sales were up 20%. A seasoning of the company's acquisitions helped drive results, according to management.
Gross profit margin increased 20 bps to 14.9% of sales.
"Acquisition activity is heating up. We anticipate further expansion of our nationwide footprint in 2019 through our proven strategy of targeting high quality assets that are underperforming their potential," says CEO Bryan DeBoer.
Previously: Lithia Motors beats by $0.12, misses on revenue (Feb. 13)
Subscribe for full text news in your inbox