Lithia & Driveway’s service, body and parts revenue rose 55.4% to $627.80 million in the first quarter of 2022, attributable to acquisitions as well as increased customer-pay revenue. On a same-store basis, service, body and parts revenue grew 13.3% to $437.40 million. Performance was led by wholesale parts (up 35%), customer-pay (up 15%) and body shop (up 5%). Warranty work declined 3%.
Service, body and parts gross profit climbed 50.8% to $329.00 million in the quarter. Same-store service, body and parts gross profit rose 14.2% to $238.60 million, primarily because of increased customer-pay transactions.
Same-store service, body, and parts gross margin increased 50 basis points to 54.6%, mainly due to a continued mix shift toward customer-pay, which has higher margins than other service work. Notably, same-store customer-pay gross margin increased 210 basis points.
As of March 31, 2022, Lithia & Driveway operated 281 locations representing 40 brands in 25 states and three Canadian provinces.
