Most Public Auto Groups Post Healthy First Half
Just one of the biggest declines, and most engage in buy-sell activity, according to Kerrigan Advisors index.
Four of the seven groups in the index either sold or bought dealerships in the recently completed second quarter.
Pexels/Kelly
The biggest public U.S. automotive groups overall had a strong start to the year, according to the Kerrigan Advisors midyear index reading.
The glimpse of activity among the publicly traded groups actually takes in results for the first seven months of 2024, when the sell-side firm’s Kerrigan Index rose about 7% year-over-year.
Kerrigan pointed out, though, that the showing well trailed the S&P 500 index, which posted about a 16% gain. Still, the Kerrigan Index surged 16% in July to easily surpass the S&P 500’s performance for the month.
Most of the index’s stocks are on the upswing, Kerrigan reported, four of the seven reaching historic records in the first seven months: AutoNation, Asbury, Group 1 Automotive and Sonic Automotive.
Lithia & Driveway, meanwhile, fell over the seventh-month period by more than 16%.
Four of the seven groups either bought or sold dealerships in the recently completed second quarter, Kerrigan said.
Asbury Automotive Group sold several stores in Colorado, Georgia and Texas. Group 1 bought four Mercedes dealerships in the United Kingdom, where it also wrapped up acquisition of the 54-store Inchcape group. Lithia bought two Tennessee stores. And Penske Automotive Group bought to Porsche dealerships in Australia.
Originally posted on Auto Dealer Today
More Industry
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →