Two major deal¬≠er¬≠ship net¬≠works saw strong finan¬≠cials in the sec¬≠ond quar¬≠ter of this year, and used vehi¬≠cle sales were a big part of their suc¬≠cess. Lithia Motors, Inc. just report¬≠ed used vehi¬≠cle retail same store sales increased 19%, help¬≠ing income to increase dur¬≠ing the quar¬≠ter.
Lithia stressed the impor¬≠tance of trade-ins to deal¬≠ers for its strong sec¬≠ond quar¬≠ter results in used vehi¬≠cle sales. Lithia Motors focused on acquir¬≠ing more trade-ins for its stores in an effort to con¬≠tin¬≠ue its growth.
Son¬≠ic Auto¬≠mo¬≠tive Inc. saw a 32% increase in sec¬≠ond-quar¬≠ter net income on a recov¬≠er¬≠ing new car mar¬≠ket and record used-vehi¬≠cle vol¬≠ume. Son¬≠ic sold 34,396 new vehi¬≠cles in the quar¬≠ter, up from 28,125 a year ear¬≠li¬≠er. Used-vehi¬≠cle sales rose to 27,528 from 26,799 for the third-largest U.S. auto deal¬≠er group.