The following is a summary of the Lithia Motors, Inc. (LAD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lithia Motors' Q1 2024 revenue stood at $8.6 billion, indicating a 23% increase from the previous year's Q1.

• There was a 28% decrease in adjusted diluted earnings per share, which came in at $6.11.

• The financing operations showed a marked improvement, with losses reducing by over 90%, amounting to less than $2 million for the quarter.

• Gross profit per unit was about $1,000 higher than normal, but the operating margins were adjusted downward from 7% to a slightly lower 5% plus due to factors such as acquisition costs.

Business Progress:

• The acquisition of Pendragon in January added a profitable fleet management business expanding the company's UK presence and footprint by 140 locations.

• Digital transactions, mainly via Driveway, increased by 32% in the first quarter to over 40,000.

• In terms of expansion, the company added $5.4 billion in annualized revenues through acquisitions in 2024, primarily focusing on larger automotive retail stores.

• The efforts to improve associate productivity, lower costs, and reduce borrowing costs via solutions like Pinewood Technologies are ongoing.

• The company is managing inventory effectively, and is adapting to changes in the used car market by focusing on older model procurement.

• Client interaction has improved substantially, as indicated by a 32% increase in online transactions compared to the previous year.

More details: Lithia Motors IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.