The past three months have been good to Lithia & Driveway.

In this week’s news release of third-quarter financial results, the global automotive retailer and finance provider reported the highest third quarter revenue in company history at $9.2 billion, up 11% from Q3 2023.

For the first nine months of 2024 revenues rose to $27 billion, a 15.6% increase from $23.4 billion in 2023.

“Our third-quarter performance was strong and demonstrated the team’s ability to grow our business, leveraging size and scale and seizing new opportunities while focusing on operational efficiency,” president and CEO Bryan DeBoer said. “Our core businesses showed consistent growth while delivering substantial cost savings, and our adjacent operations continued building momentum, positioning us well for the future.”

Overall, the company’s Q3 net income was $223 million, down 16% year-over-year, and its adjusted net income of $222 million represented a 14% YOY decrease.

LAD’s sales soared in the three months ending Sept. 30, especially among used cars. The company’s 300-plus dealerships in the U.S., Canada and the U.K., retailed almost 105,000 used units, an 18.4% leap over Q3 2023 as the company continues to acquire dealerships. But gross profit on those sales dropped 15.5% to $1,801 per unit and gross margin fell from 7.2% last year to 6.6%.

On the new-car side, gross per unit plummeted 26% YOY as sales rose 15.5% but margin sank from 9.2% to 6.9%.

LAD also announced the second profitable quarter for its financing operations, which includes Driveway Finance Corporation. That division reported net income of $900,000, a huge improvement from the $4.4 million loss a year ago, but down from the $7.2 million profit in Q2.

DFC originated $518 million in loans, for a total portfolio of $3.8 billion, and priced a $615 million asset-backed securities offering in October, the company’s ninth securitization.

“Our diversified model continues to strengthen our market position, driving shareholder value,” DeBoer said. “We remain committed to creating customer loyalty through exceptional experiences and operational excellence across our omnichannel ecosystem.”