LAD — what changed in the latest 10-Q
A section-by-section comparison of LAD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-29 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +69 | −19 | ~57 | 241 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 10 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Other information | Text added/removed | 0 | 0 | ~1 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-29
2025, driven by acquisition activity. Same store new vehicle revenue decreased 1.5% due to a decrease in unit
volume of 2.2%, partially offset by an increase in average selling prices of 0.1%.
Same store new vehicle gross profit per unit decreased 11.1%, driven by a decrease in new vehicle gross profit
margins of 80 bps. Total same store new vehicle gross profit per unit, which includes the finance and insurance
revenue generated from the sales of new vehicles, decreased $352 to $4,812.
Text removed vs the prior filing · source: 10-Q · 2026-04-29
period of 2025 driven by same store performance and supported by acquisition activity. On a same store basis,
used vehicle retail sales increased 4.6% due to an increase in average selling prices of 4.2% and an increase in unit
Allowance for loan losses as a percentage of ending managed receivables
Annualized net credit losses as a percentage of total average managed receivables
Past due accounts as a percentage of ending managed receivables 5
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice