Benzinga | Jun 15, 2021 09:09AM EDT

Lithia Motors Exceeds $2B In May Sales

* Automotive retailer Lithia Motors Inc (NYSE:LAD) reported $2.1 billion in revenue for May.

* It represents an 89% increase compared to pre-pandemic 2019 levels, with a 26% rise in same-store sales.

* Sales increased 104% year-on-year, with a 42% Y/Y rise in same-store sales.

* "Our technology and team's ability to procure both new and used inventory, combined with continued strength in margins, drove strong performance," said Bryan Deboer, Chief Executive Officer.

* At these levels, Lithia looks set to finish the first year of its 5-year plan to achieve $50 in EPS and $50 billion in revenue considerably ahead of schedule.

* Lithia also announced the acquisition of the Southwest Kia Auto Group with five locations in the major metropolitan markets of Austin and Dallas, Texas.

* These locations are expected to add $350 million in annualized revenues.

* Price action: LAD shares closed at $330.93 on Monday.