Lithia Q3 sales up 6 percent; earnings up 3 percent

Lithia Motors Inc. said Wednesday sales were up 6 percent and its net earnings were up 3 percent in the third quarter of 2001 compared with the year-ago period.

The Medford, Ore., dealer group earned $7.7 million during the quarter, up from $7.5 in 2000. The group generated $471 million in sales in the third quarter, up from $443 million last year.

While Lithia's third quarter new-vehicle sales increased by 1.8 percent, its used vehicle sales shot up 17.5 percent from last year. Finance and insurance sales also rose in the third quarter to $934 per vehicle, up 9.6 percent from the third quarter last year.

Lithia is No. 9 on the Automotive News ranking of the top 100 dealership groups in the United States with $1.6 billion in 2000 group revenue.

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