Industry pressures are challenging dealers’ current business model

1 Trillion Dollar Industry

Has produced an average ROE of 25% over the past 30+ years. The worst year in the industry (2008) still yielded a 12.3% ROE.

Talent / Capital Divide

Dealer population continues to age and look for exit plans to transition ownership to competent investor / operators that are approvable by OEMs. Highly talented operators have the ability and experience, but lack the massive capital that is required to enter the business as an owner.

Industry Remains Highly Fragmented

Aging dealer population with 17,000+ rooftops and less than 10% of retail accounted for by public companies and large private groups.