Lithia Motors is the largest automotive retailer in the U.S. and globally, operating 455 dealership locations across the U.S., UK, and Canada representing 54 brands. Lithia sells new and used vehicles, arranges financing and insurance (F&I), and provides aftersales services including repair, maintenance, and parts. Lithia sells primarily through its physical dealership network, complemented by Driveway.com (online vehicle buying, selling, and financing) and GreenCars.com (an EV and hybrid shopping resource). Lithia organizes used inventory into three tiers: certified pre-owned (one- to three-year-old), core (three- to nine-year-old), and value auto (nine-plus-year-old). Management places particular emphasis on value auto, which carries higher front-end gross margins and faster inventory turns than newer used vehicles. Lithia sources roughly 70-75% of used vehicle inventory directly from consumers via trade-ins, giving it a cost advantage over auction-dependent peers. Lithia's four revenue streams — new vehicles, used vehicles, F&I, and aftersales — form a self-reinforcing model: a vehicle sale generates a trade-in, which becomes used inventory; both buyers return for service; and Lithia's captive finance subsidiary, Driveway Finance Corporation (DFC), finances a growing share of transactions. Aftersales and DFC together contribute over 60% of net profit, making the business less dependent on front-end vehicle margins. Lithia has grown revenue roughly three-fold since 2019, primarily through acquisitions, targeting stores at 3-6x normalized EBITDA with a 15% after-tax return hurdle.