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
Structure Leads to Optimized Auto Listings
As the average car-buying journey has shifted to a blend of digital and retail, a dealership’s vehicle listings must be optimized to answer shoppers’ questions clearly and accurately.
Read More →
Consumers Mixed on Economy, Finances
A July survey shows spotty sentiment of current and future conditions, in addition to demographic differences as overall opinion of present circumstances kept sliding.
Read More →
EVs Closing the European Gap
Electrified powertrains led June new-vehicle sales in Europe, reaching 26% of the market.
Read More →
Early Intervention Saves Retention
Sales and service departments have the highest annual dealership turnover rates, according to a new industry report, costing money and time that could be better spent elsewhere.
Read More →
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →