Boston, MA 05\/02\/2014 (wallstreetpr) –\u00a0The $2 billion market capped automotive dealership operator Lithia Motors Inc (NYSE:LAD) <\/b>reported a record Q12014. The company gained on all fronts and mainly saw significant increases in revenue and profits in the quarter. However, the company said its best times were still ahead.<\/p>\n
The company sells new and used vehicles. In addition, it also provides vehicle body and parts. It also earns from warranty services. All these businesses grew in the quarter ended March 31. In fact, according to the management, the month of March was particularly exceptional.<\/p>\n
The management also hailed the performance of its new stores acquisition that contributed more than 9 percent to the total revenue in the latest quarter. The company looks forward to more acquisitions and more so in strategic markets that can drive revenue growth. In addition to new stores acquisition, the company announced plans to optimize its stores to enhance customer experience. On that note, the CEO Bryan DeBoer said the company may consider adjusting store service hours to include late night hours and Sundays for friendly customer service.<\/p>\n
The company currently has 100 stores, suggesting improvement in store numbers since it undertook consolidation following the 2008 credit crunch.<\/p>\n
Used car market<\/b><\/p>\n
The opportunity in the used-vehicle market can be seen inviting many players. As for Lithia Motors Inc (NYSE:LAD), the company said it was closer to meeting its monthly used-vehicle target. The last quarter saw the company increasing per-store used-vehicle volume by 12 percent. It expects to sell about 75 used-vehicles per month per store.<\/p>\n
The market for used-vehicles is projected to undergo significant growth in the coming years, and this provides an opportunity for dealers to monetize their store.<\/p>\n
Q1 in numbers<\/b><\/p>\n
Lithia Motors Inc (NYSE:LAD) generated revenue of $1.1 billion in the latest quarter, up more than 19 percent from $903 million in Q12013. The company realized net income of $24.7 million, more than 12 percent increase from net income of $22.1 million in Q12013.<\/p>\n
The company declared Q1 dividend of 16 cents per share, up by 3 cents per share over the previous quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/02\/2014 (wallstreetpr) –\u00a0The $2 billion market capped automotive dealership operator Lithia Motors Inc (NYSE:LAD) reported a record Q12014. The company gained on all […]<\/p>\n","protected":false},"author":32,"featured_media":20993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2018],"tags":[6290,6291],"stock_ticker":[],"class_list":["post-20991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automobile","tag-lithia-motors-inc-nyselad","tag-nyselad","entry"],"acf":[],"yoast_head":"\n