Lithia Motors Inc. said Wednesday new-vehicle sales and net income slipped in the first quarter because of the coronavirus pandemic and related stay-at-home orders across the country.
Finance and insurance profit, used-vehicle sales and body and parts profits rose in the quarter despite significant sales declines in the second half of March.
The Medford, Ore., retailer said Wednesday net income dropped 18 percent to $46.2 million in the first quarter. First-quarter revenue fell 1.6 percent to $2.8 billion.
Before the coronavirus pandemic, which shuttered stores and slowed sales across the U.S., the nation’s third-largest retailer experienced growth across its major business lines, CEO Bryan DeBoer said in a statement. Lithia is the first publicly-traded dealership group to report first-quarter earnings.
“These results continued through early March before being negatively impacted by varying levels of shelter-in-place policies enacted in most states due to COVID-19,” DeBoer…