Lithia Motors Inc.’s first quarter internet earnings greater than doubled, hovering 119 per cent to $342 million (all figusres in USD) because the increasing retailer noticed will increase in new- and used-vehicle gross sales, sturdy gross revenue per automobile and rising common automobile promoting costs.

Income for the Medford, Ore., retailer climbed 54 per cent to $6.7 billion, a first-quarter file, Lithia mentioned.

Lithia’s new- and used-vehicle gross sales elevated 23 per cent within the first quarter. Lithia mentioned the common promoting worth for a brand new automobile within the first quarter was $47,146, up 16 per cent, whereas the common promoting worth for a used automobile was $30,323, a soar of 32 per cent.

The common gross revenue per unit on new autos greater than doubled to $6,179 within the first quarter, Lithia mentioned. The common gross revenue per unit for used autos and finance and insurance coverage additionally elevated.

Lithia, which went on a dealership acquisition tear in 2021, made two acquisitions within the first quarter.

On the finish of January, Lithia purchased three dealerships in Northern California. In late March, Lithia acquired three Stellantis dealerships in Las Vegas.

Lithia on Wednesday mentioned the three-store Nevada deal will add an anticipated $400 million to its annual income. Lithia’s first-quarter dealership acquisitions mixed are anticipated to generate annual income of $1.1 billion, the corporate mentioned.

The retailer famous that it has acquired $11.5 billion in annualized revenues since July 2020, which is when it revealed its five-year plan to achieve $50 billion in annual income by 2025— almost quadruple 2019’s income of $12.67 billion.

In the meantime, the group closed its BMW of Utica dealership in New York in January and offered its Lithia Chrysler-Dodge-Jeep-Ram-Fiat of Santa Rosa in California in March. Earlier this month Lithia divested of a Honda dealership in west-central Texas.

Lithia now has 267 dealerships in america and 13 in Canada.

Lithia shares closed up 4.4 per cent on Tuesday to $308.78.

Q1 income: $6.7 billion, up 54 per cent from a 12 months earlier

Q1 internet earnings: $342 million, up 119 per cent from a 12 months earlier

Q1 adjusted earnings: $356 million, up 125 per cent from a 12 months earlier

Automobile gross sales: Lithia offered 138,631 autos, new and used, within the first quarter, up 23 per cent. On a same-store foundation, Lithia offered 97,045 new and used autos within the first quarter, down 8.8 per cent.

Information: First-quarter income

Rating: Lithia ranks No. 2 on Automotive Information‘ record of the highest 150 dealership teams based mostly in america, retailing 260,738 new autos in 2021.