Strong Earnings Growth
Diluted earnings per share increased by 34.8% to $7.94, with adjusted diluted earnings growing by 25.4% year-over-year.
Record Revenue Achievement
Lithia Driveway achieved a record revenue of $9.2 billion, marking a 7% increase from Q1 of last year.
Value Auto Sales Surge
Value auto sales experienced a significant 38.8% improvement from the previous year.
After-Sales and Warranty Success
After-sales gross profit increased by 7.5%, with warranty work gross profits increasing by 19.7% year-over-year.
Finance Operations Profitability
Driveway Finance Corporation delivered profitability with income of $12.5 million compared to a loss last year.
Inventory Optimization
New vehicle days sales outstanding decreased from 59 to 43 days, and used vehicle DSOs decreased from 53 to 45 days.