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Auto retailer Lithia Motors profit jumps on demand, higher prices boost

July 21 (Reuters) - U.S. auto retailer Lithia Motors Inc reported a four-fold rise in its quarterly profit on Wednesday, boosted by higher vehicle prices and strong demand for personal transportation during the COVID-19 pandemic.

The company’s net income for the second quarter ended June 30 was $304.9 million, or $10.75 per share, compared with $77.7 million, or $3.38 per share, a year earlier.

Reporting by Shreyasee Raj in Bengaluru; editing by Uttaresh.V

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