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Lithia Motors Reports Record First Quarter
Lithia Motors is reporting record first quarter profits- $15.8 million for the first three months of 2012, signaling a continuing recovery for the automotive industry. March proved to be an especially strong month, with Lithia CFO Chris Holzshu observing the best month the company has had since 2005.
The Medford-based auto retailer saw strong numbers in both new and used vehicle sales. President Bryan DeBoer says a relative scarcity in late model used cars may increase their value and help further drive new vehicle sales. C.E.O. Sid DeBoer says that now that gas prices seem to be leveling off, historical trends suggest less need for concern about truck and SUV sales.