Lithia Motors Reports Record June Used Vehicle Sales Increasing 23% & the Acquisition of Two Additional Locations Expanding N...
July 07 2020 - 8:00AM
Business Wire
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
Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
Forward-Looking Statements Certain statements in this
press release, and at times made by our officers and
representatives, constitute forward-looking statements within the
meaning of the “Safe Harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Generally, you can identify
forward-looking statements by terms such as “anticipate”,
“project”, “outlook”, “target”, “may”, “will”, “would”, “should”,
“seek”, “expect”, “plan”, “intend”, “forecast”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “likely”, “goal”,
“strategy”, “future”, “maintain”, and “continue” or the negative of
these terms or other comparable terms. Examples of forward-looking
statements in this press release include, among others, statements
regarding:
- Anticipated positive and negative impacts in consumer demand or
governmental restrictions related to the COVID-19 pandemic or
otherwise;
- Expected level of business interruption due to shelter in place
policies or lifting of those restrictions, and when volumes and
consumer demand will return;
- Future market conditions in the second half of 2020 and
beyond;
- Future acquisitions; and
- Our strategies for customer retention, growth, market position,
financial results and risk management.
Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Forward-looking statements are not
guarantees of future performance, and our actual results of
operations, financial condition and liquidity and development of
the industry in which we operate may differ materially from those
made in or suggested by the forward-looking statements in this
presentation. Therefore, you should not rely on any of these
forward-looking statements. The risks and uncertainties that could
cause actual results to differ materially from estimated or
projected results include, without limitation:
- Future economic and financial conditions (both nationally and
locally), including as a result of the COVID-19 pandemic;
- Changes in customer demand and customers' confidence, and the
financial ability of customers to purchase vehicles;
- Our relationship with, and the financial and operational
stability of, vehicle manufacturers and other suppliers;
- Risks associated with our indebtedness (including available
borrowing capacity, compliance with financial covenants and ability
to refinance or repay indebtedness on favorable terms);
- The adequacy of our cash flow and earnings and other
conditions;
- Disruptions to our technology network including computer
systems and software, as well as natural events such as severe
weather, fires, floods and earthquakes or man-made or other
disruptions of our operating systems, structures, facilities or
equipment; and
- Government regulations, legislation and others set forth
throughout “Part II, Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and in “Part I,
Item 1A. Risk Factors” of our most recent Annual Report on Form
10-K, and from time to time in our other filings with the SEC.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. Except as required by law,
we undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200707005322/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com
(541) 864-1748
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