Lithia Motor’s Average Selling Price for New and Used Vehicles

This statistic highlights Lithia Motor’s Average Selling Price for New and Used Vehicles, reported annually from 2016 onwards.

Lithia Motors Inc. operates automotive franchises and is also a retailer of new and used vehicles and related services. They operate their business in three main segments – Domestic, Import, and Luxury. The franchises of each segment sell both new and used vehicles along with their parts and other related automotive services including finance and insurance.  Its dealerships are located across the United States.

Under the new cars department, the company represents more than 30 domestic and imported brands ranging from economy to luxury, SUVs, minivans, etc. The purchases a new car inventory directly from the manufacturer.

They also sell used vehicles at their new vehicles store. They classify the used vehicles in three categories – manufacturer certified pre-owned used vehicles, late model lower- mileage vehicles, and higher mileage older vehicles.

The average selling price for the used vehicles was $19,420 in the first quarter of 2016, $19,980 in the second quarter, $19,600 in the third quarter, and $19,490 in the fourth quarter. The ASP increased to $19,560 in the first quarter of 2017 then decreased to $19,700 in the second quarter,$19,560 in the third quarter, and then increased to $19,520 in the last quarter. The selling price increased in 2018 to $$19,810 in the first quarter, $20,570 in the second quarter, $20,270 in the third quarter, and $20,770 by the last quarter. This increase continued into 2019 and prices went up to $20,350 in the first quarter, $20,720 in the second quarter,$20,760 in the third quarter, and reached $20,930 by the end of the year.

The average selling price for new vehicles back in 2016 was $33,470 in the first quarter, $33,530 in the second quarter, $33,770 in the third quarter, and $34,660 by the fourth quarter. The price then increased in 2017 to $33,980 in the first quarter, $33,860 in the second quarter, $34,180 in the third quarter, and reached $35,740 by the end of the fourth quarter. Prices were still going up in 2018 and had reached $35,060 in the first quarter, $35,220 in the second quarter, $35,520 in the third quarter, and had gone up to almost $37,280 by the end of the fourth quarter of 2018. The price was still rising into 2019 and had reached $36,810 in the first quarter,$37,210 in the second quarter, $37,620 in the third quarter, and reached almost $39,900 by the end of the year.

The price of the company’s products was going up every quarter and every year. The average selling price for used cars moved from $19,620 in 2016 to $19,590 in 2017 to $20,360 in 2018 and now $20,700 in 2019 registering a growth of 5.5% over the last four years. The average price of new cars increased from $33,880 in 2016 to $34,380 in 2017 to $35,770 in 2018 and then $37,660 in 2017 moving at a rate of 11.4% over the last four years. As the company increased its prices revenues have also been going up. We can expect the selling price of their products and revenue from their products to increase in the coming years.

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