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LITHIA driveway NYSE : LAD LITHIA MOTORS & DRIVEWAY ( LAD ) REPORTS HIGHEST FIRST QUARTER EARNINGS IN COMPANY HISTORY ; INCREASES REVENUE 55 % AND EPS 195 % INCREASES DIVIDEND TO $ 0.35 PER SHARE FOR FIRST QUARTER Medford , Oregon , April 21 , 2021 - Lithia Motors & Driveway ( NYSE : LAD ) today reported the highest first quarter revenue and earnings per share in company history . First quarter 2021 revenue increased 55 % to $ 4.3 billion from $ 2.8 billion in the first quarter of 2020 . First quarter 2021 net income per diluted share was $ 5.81 , a 195 % increase from $ 1.97 per diluted share reported in the first quarter of 2020. Adjusted first quarter 2021 net income per diluted share was $ 5.89 , an 193 % increase compared to adjusted net income of $ 2.01 per diluted share in the same period of 2020 . First quarter 2021 net income was $ 156 million , a 238 % increase compared to net income of $ 46 million in the same period of 2020. Adjusted first quarter 2021 net income was $ 158 million , a 236 % increase compared to adjusted net income of $ 47 million for the same period of 2020 . As shown in the attached non - GAAP reconciliation tables , the 2021 first quarter adjusted results exclude a $ 0.08 per diluted share net non - core charge related to acquisition expenses , net loss on sale of stores , insurance reserves , and a non - cash unrealized investment loss . The 2020 first quarter adjusted results exclude a $ 0.04 per diluted share net non - core charge due to insurance reserves and acquisition expenses , partially offset by a net gain on sale of stores . First Quarter - over - Quarter Operating Highlights : Total company revenues increased 54.9 % New vehicle retail sales increased 59.7 % Used vehicle retail sales increased 54.6 % F & I per unit increased 13.2 % to $ 1,757 Service , body , and parts sales increased 22.5 % Total vehicle gross profit per unit increased 18.7 % to $ 4,392 Adjusted SG & A as a percentage of gross profit improved by 1220 basis points from 74.8 % to 62.6 % " Entering our 75th year in operation , Lithia & Driveway continued to deliver historic operational results driven by our omni - channel strategy and strength in all four business lines . Same store new , used , and F & I revenues were up nearly 30 % and service , body , and parts increased slightly when adjusted for one less service day in 2021 , " said Bryan DeBoer , President and CEO . " The pandemic impacted our first quarter 2020 results only for the last two weeks in March and our team's performance this quarter demonstrates our ability to be the leader in consolidating this highly fragmented industry . As we build on the broadest nationwide network , we continue to expand the reach of our people , inventory , and locations through our national e - commerce home solution Driveway . " Corporate Development During the quarter , we announced the opening of a previously awarded Infiniti location in Los Angeles , California and completed the acquisitions of Fields Auto Group in the Greater Orlando , Florida area , Fink Auto Group in Tampa , Florida , and Avondale Nissan in Phoenix , Arizona . In addition , earlier this month we completed one of the largest acquisitions in automotive history with the purchase of The Suburban Collection in the Detroit , Michigan area . These strategic acquisitions added density in key geographic markets and are anticipated to generate $ 3.1 billion in annualized steady state revenues . " With a record $ 6.5 billion of expected annualized revenue acquired in the first nine months of our 5 - year plan , we are well ahead of schedule and are only getting started , " said DeBoer . " With an acquisition pipeline more active than we have ever seen ,