Lithia's Third Quarter Weighed Down by Texas and Overhead Spending, but Results Still a Record
We are not changing our moat rating or fair value estimate on auto dealer Lithia Motors despite the firm lowering guidance because we do not see our long-term thesis impaired from this new information. The quarter had several negative headwinds, most notably some markets such as energy-sector-intensive Texas spending heavily (likely on incentives and advertising) to keep market share as well as higher personnel and advertising costs than planned throughout the company.These negative variances ...
Lithia Motors is a providers of personal transportation solutions. The company's segments are Domestic, Import and Luxury. The company's Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. The company's Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. The company's Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products.
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