Lithia Motors, Inc. (NYSE:LAD) Q3 2022 Earnings Conference Call October 19, 2022 10:00 AM ET

Company Participants

Amit Marwaha - Director of IR

Bryan DeBoer - President and CEO

Chuck Lietz - VP, Driveway Finance Corporation

Chris Holzshu - EVP and COO

Tina Miller - SVP and CFO

Conference Call Participants

Joe Enderlin - Stephens Inc.

John Murphy - Bank of America-Merrill Lynch

Ryan Sigdahl - Craig-Hallum Capital Group

Rajat Gupta - J.P. Morgan

Ali Faghri - Guggenheim Partners

Colin Langan - Wells Fargo

Bret Jordan - Jefferies

Adam Jonas - Morgan Stanley

David Whiston - Morningstar

Lee Cooperman - Omega Family Office

Operator

Good morning, and welcome to the Lithia & Driveway Third Quarter 2022 Conference Call. [Operator Instructions]

I would now like to turn the call over to your host, Amit Marwaha, Director of Investor Relations. Thank you. You may begin.

Amit Marwaha

Thank you. With me today are Bryan DeBoer, President and CEO; Chris Holzshu, Executive Vice President and COO; Tina Miller, Senior Vice President and CFO; Chuck Lietz, Vice President of Driveway Finance.

Today's discussion may include statements about future events, financial projections and expectations about the company's products, markets and growth. Such statements are forward-looking and subject to risks and uncertainties that could cause actual results to materially differ from the statements made. We disclose these risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission.

We urge you to carefully consider these disclosures and not place undue reliance on forward-looking statements. We undertake no duty to update any forward-looking statements, which are made as of the date of this release.

Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today's press release for a reconciliation to comparable GAAP measures. We have also posted an updated investor presentation to our website investors.lithiadriveway.com, highlighting our third quarter results.

With that, I would like to turn the call over to Bryan DeBoer, President and CEO.

Bryan DeBoer

Thanks, Amit. Good morning, everyone. And we appreciate you joining us today. We look forward to updating you on our business growth and progress towards achieving our 2025 plan and beyond.

Earlier today we reported third quarter results growing revenues by 18% to $7.3 billion from $6.2 billion in the third quarter of 2021. Same-store sales numbers were solid, with total revenue increasing 4%, new vehicles were up 1%, used were up 3.5%, while service body and parts were up 10%. This was driven by continued focus on operational excellence at our Lithia stores, expansion of our e-commerce platform Driveway, measured growth the DFC and integration of stores acquired over the past year.