Lithia Motors clears over $3 billion in 3rd quarter

MEDFORD, Ore. — Lithia Motors revealed it’s 3rd quarter earnings today.

Despite the pandemic, the Medford-based auto dealer is growing, announcing more than $3 billion in revenues in the 3rd quarter.

Lithia Motors stock is now up 77% year to date.

It owns over 200 car dealerships across nearly 20 states, reaching 92% of the population.

On Wednesday, CEO, president and director of Lithia Motors, Bryan DeBoer, appeared on CNBC’s Mad Money. DeBoer says some of that revenue came from purchasing new dealerships, “…which is a good start to buy even more.”

The company is also launching a new service called ‘Driveway.’

“Our Driveway strategy, which is a e-commerce solution, provides in-home service body parts work, over the next few years we will be rolling that out market by market in the country,” DeBoer said.

It also allows consumers to look at cars online (both new and used) and have them brought right to your driveway, work place – anywhere you want.

“We have a 7-day return policy no questions asked, as well, and come Q-1 [Quarter 1] next year we’re going to have another 20-30,000 vehicles online and we’ll be the first to provide a 7-day no questions asked policy on new vehicles,” said DeBoer.

The company is now ranked number 252 in the Fortune 500 list.

Multiple reports say the Medford-based company employs over 14,000 people.

 

NBC5 News reporter Mariah Mills is a Medford native. She graduated from the University of Oregon with a Bachelor's Degree in journalism. She also minored in sociology. In school, she covered Oregon athletics for the student-run television station, Duck TV. When she's not reporting, she’s reading, hiking and rooting for her favorite teams, the Seattle Seahawks and the Oregon Ducks.
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