Lithia Motors Exceeds $2B In May Sales

Automotive retailer Lithia Motors Inc LAD reported $2.1 billion in revenue for May.
It represents an 89% increase compared to pre-pandemic 2019 levels, with a 26% rise in same-store sales.
Sales increased 104% year-on-year, with a 42% Y/Y rise in same-store sales.
"Our technology and team's ability to procure both new and used inventory, combined with continued strength in margins, drove strong performance," said Bryan Deboer, Chief Executive Officer.
At these levels, Lithia looks set to finish the first year of its 5-year plan to achieve $50 in EPS and $50 billion in revenue considerably ahead of schedule.
Lithia also announced the acquisition of the Southwest Kia Auto Group with five locations in the major metropolitan markets of Austin and Dallas, Texas.
These locations are expected to add $350 million in annualized revenues.
Price action: LAD shares closed at $330.93 on Monday.