Lithia Motors (NYSE: LAD) shares soared 5.88% in pre-market trading on Wednesday following the company's impressive fourth-quarter results and the first profitable year for its Driveway Finance Corporation subsidiary.

The automotive retailer reported record-breaking fourth-quarter revenue of $9.2 billion, up 20% from the prior-year period, driven by strong performance across all segments, including new and used vehicle sales and aftersales operations. Driveway Finance Corporation achieved net income of $15.4 million in 2024, marking its first profitable year since inception.

Same-store new vehicle retail sales increased 7.4%, while aftersales gross profit rose 4.5%, reflecting resilient consumer demand and the company's focus on enhancing customer experiences. Furthermore, Lithia expanded its Mid-Atlantic presence with the acquisition of a Subaru dealership in Sterling, Virginia, expected to add $80 million in annual revenue.

President and CEO Bryan DeBoer stated, "2024 marks another milestone year for Lithia & Driveway, with record-breaking fourth-quarter revenues, the first profitable year for Driveway Finance, and the continued maturity of foundational elements to our strategy." He expressed optimism about the company's omnichannel strategy and strong financial foundation, positioning it for sustainable growth in 2025 and beyond.