Shares of the Medford, Ore., company at last check were 6.7% higher at $379.52. They're up 31% year to6 date.
Lithia Motors reported net income of $304.9 million, or $10.75 a share, nearly quadruple the $77.7 million, or $3.38 a share, a year earlier. Shares outstanding rose 24% to 28.4 million.
The latest adjusted earnings came to $11.12, beating the FactSet consensus of $6.17.
Revenue totaled $6.01 billion, more than double (up 117.8%) the year-earlier figure and surpassing the the FactSet consensus of $5.08 billion.
New-vehicle retail revenue more than doubled (grew 130%) to $3.15 billion, ahead of Wall Street's call for $2.5 billion, while used-vehicle retail revenue rose 96% to $1.8 billion, beating the analysts' forecast for $1.52 billion.
Same-store revenue grew 20% for new vehicles and 49% for used vehicles.
Service, body, and parts revenue increased 89%.
The company ended the quarter with about $2.6 billion in cash and availability on revolving credit lines.
During the quarter, the company said it completed several acquisitions that in total are expected to contribute $3.7 billion in annualized revenue.
A "robust, demand-driven retail environment" in Q2 helped prompt same-store-revenue growth of 20% for new vehicles, 49% for used vehicles, 39% for [finance and insurance] and 3% for service, body and parts compared to 2019," Bryan DeBoer, president and CEO, said in a statement.
TheStreet's Jim Cramer in April liked the company, saying during a "Mad Money Lightning Round" that "this is a smoking good stock."