In the third quarter of 2022, Lithia & Driveway’s service, body and parts revenue rose 23.2% to $712.20 million, driven by acquisitions as well as increases in customer-pay revenues. Same-store service, body and parts revenue increased 9.0% to $615.20 million.
Service, body and parts gross profit grew 27.0% to $384.20 million. On a same-store basis, service, body and parts gross profit increased 12.7% to $331.90 million, attributable to an increased volume of customer-pay transactions.
Same-store service, body, and parts gross margins increased 170 basis points to 53.9%.
As of Sept. 30, 2022, Lithia operated 291 dealership locations representing 40 brands across 26 states and three Canadian provinces.