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.
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