Tuesday, Feb. 21, 2023, 11:25 AM
Used-vehicle sales in 2022 for publicly listed Lithia Motors were challenging. The rate of increase in the average retail selling price slowed markedly in the fourth quarter and the decline in the average gross profit per used unit deepened.
Used retail sales in the fourth quarter were basically flat compared to the same quarter in 2021 while full-year sales rose only 0.9%.
The company’s executives put a positive spin on the numbers during the company’s fourth quarter earnings call.
The used market is …