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Publics see new-vehicle gross profits drop in Q2; Expect shift downward to continue, experts say

Automotive News, 2023-07, Vol.97 (7101), p.3

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Title:
Publics see new-vehicle gross profits drop in Q2; Expect shift downward to continue, experts say
Author: Huetter, John
Subjects: Automobile dealers ; Automobile sales ; Automobiles ; Company sales and earnings ; Electric vehicles ; Forecasts and trends ; Incentives ; Industry sales and revenue ; Interest rates ; Inventory ; Pandemics ; Profits ; Transportation equipment industry ; Vehicles
Is Part Of: Automotive News, 2023-07, Vol.97 (7101), p.3
Description: Five of the six major publicly traded franchised dealership groups reported double-digit percentage declines on new-vehicle gross profits during the second quarter, as inventories grew and rising interest rates cut into shoppers' buying power. The six publics - Penske Automotive Group Inc., Sonic Automotive Inc., Asbury, Group 1 Automotive Inc., Lithia Motors Inc. and AutoNation Inc. - collectively averaged about $5,000 in profit on each new vehicle sold during the second quarter, compared with about $2,000 in the second quarter of 2019, before COVID-19 disrupted the industry in 2020. Margins will continue to moderate because of higher interest rates, rising inventory levels and fewer vehicles being sold at sticker as incentives return, CEO Mike Manley told analysts in a July 21 call.
Publisher: Detroit: Crain Communications, Inc
Language: English
Identifier: ISSN: 0005-1551
EISSN: 1557-7686
Source: ProQuest Central

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