By Reuters Staff 2 Min Read (Reuters) -Lithia Motors Inc topped Wall Street estimates for first-quarter profit on Wednesday as the auto retailer benefited from strong demand and higher vehicle prices. A global semiconductor chip shortage has created a supply crunch and forced automakers to raise prices, a move that is aiding earnings for the sector. Lithia said its total vehicle gross profit per unit increased 18.7% to $4,392 in the quarter. Sales are also being boosted by low interest rates and a preference for private vehicles during the COVID-19 pandemic. “Just like AutoNation yesterday, Lithia Motors’ results were stronger than expected on all fronts,” J.P.Morgan analyst Rajat Gupta said in a note.