Reflecting the recent strength of the auto industry nationally, Medford, Ore.-based Lithia Motors, Inc., which operates four dealerships in the greater Spokane area, says it had the highest adjusted net income in its history in the second quarter.

It reported adjusted net income of $35.2 million, or $1.34 a diluted share, for the latest quarter, up sharply from $27.4 million, or $1.05 per share, in the 2013 second quarter. For the first six months of this year, it had net income of $63 million, up more than 30 percent from $48 million during the first half of 2013. 

Lithia Motors owns Subaru of Spokane, at 423 W. Third downtown; Camp BMW, at 215 E. Montgomery, on Spokane’s North Side; Camp Chevrolet Cadillac, at 101 E. Montgomery on the North Side; and Mercedes-Benz of Spokane, at 21802 E. George Gee in Liberty Lake. 

The company reported total revenue of $1.2 billion for the latest quarter, compared with a little over $1 billion during the same period in 2013, for a 21 percent increase. For the first six months of this year, total revenues were $2.3 billion, up 20 percent, compared with $1.9 billion for the first half of 2013. 

Bryan DeBoer, Lithia’s president and CEO, says in a press release that for the first time in the company’s history, same-store sales experienced double-digit increases in all four business lines, which consist of same store new vehicle sales, same store used vehicle sales, same store finance and insurance, and same store service, body and parts. 

“Notably, we saw a record quarterly increase in service, body and parts sales, at 10 percent, driven by a 10 percent improvement in customer pay work and a 15 percent increase in warranty activity,” DeBoer says. 

Further, he says the acquisition market remains robust. Lithia bought three stores in the second quarter of 2014, bringing the total number of stores it purchased or opened this year to eight. 

“Last month we announced an agreement to combine the DCH Auto Group and Lithia, which will add their 27 locations and approximately $2.3 billion in annual revenue to our organization,” he says. 

He says the company will continue to look for stores that reflect Lithia’s market strategy and there is potential for more acquisitions over the remainder of 2014. 

Lithia claims to be the eighth largest auto retailer in the country. It sells 29 brands of new vehicles and all brands of used vehicles at 101 stores in 12 states.