Update: U.S. Auto Retailer Lithia Motors Profit Nearly Doubles On Record Car Prices News 2021

A global semiconductor shortage forced dealers and automakers to operate with far leaner inventories than usual.

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The company’s net income rose to $307.9 million, or $10.11 per share, for the third quarter ended Sept. 30, from $158.8 million, or $6.86 per share, a year earlier.

The average retail price for new vehicles hit record highs during the quarter, according to auto consultant J.D. power, boosting profits at auto retailers as demand for personal transportation remains high.

Lithia said average gross profit per new vehicle jumped 78.7% to $5,221 and rose 3.9% to $3,046 for used vehicles.

Quarterly revenue rose to $6.17 billion from $3.62 billion, a year earlier.

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