Net income of Lithia Motors Inc. in the first quarter, it more than doubled, up 119 percent to $ 342 million as the growing retailer saw increased sales of new and used cars, high gross vehicle revenue and rising average selling prices for vehicles.

Retail sales in Medford, Oregon, rose 54 percent to $ 6.7 billion, a record for the first quarter. Said Lithia.

Sales of new and used Lithia cars increased 23 percent in the first quarter. Lithia said the average selling price of a new car in the first quarter was $ 47,146, up 16 percent, while the average selling price of a used car was $ 30,323, up 32 percent.

The average gross profit per unit of new cars more than doubled to $ 6,179 in the first quarter, according to Lithia. Average gross income per unit of used vehicles and finance and insurance also increased.

Lithium, who went on to acquire dealers in 2021made two acquisitions in the first quarter.

In late January lit. bought three dealerships in Northern California. In late March Lit. acquired three Stellantis dealerships in Las Vegas.

On Wednesday, Lithia said a deal with three stores in Nevada would add $ 400 million to its annual revenue. Lithia’s annual revenue in the first quarter is expected to bring in $ 1.1 billion in revenue, the company said.

The seller noted that since July 2020, he has received $ 11.5 billion annually. has unveiled its five-year plan to reach $ 50 billion in annual revenue by 2025– Revenue almost quadrupled in 2019 to $ 12.67 billion.

Meanwhile, in January, the group closed its BMW de Utica dealership in New York sold his Lithia Chrysler-Dodge-Jeep-Ram-Fiat of Santa Rosa in California in March. Earlier this month, Lithia lost its Honda dealership in West Central Texas.

Lithia now has 267 dealerships in the US and 13 in Canada.

Lithium is shared closed 4.4 percent on Tuesday to $ 308.78.

Income for 1 quarter: $ 6.7 billion, up 54 percent from a year earlier

Q1 net income: $ 342 million, up 119 percent from a year earlier

Adjusted revenue for the 1st quarter: $ 356 million, up 125 percent from a year earlier

Car sales: In the first quarter, Lithia sold 138,631 cars, new and used, up 23 percent. In the same store, Lithia sold 97,045 new and used cars in the first quarter, down 8.8 percent.

Entries: Revenue for the first quarter

Rating: Lithium ranks 2nd Automotive news‘a list of the top 150 US-based dealerships that sold 260,738 new cars in 2021.

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