Babcock表示，美国二手车需求并不旺盛，而且汽车信贷数据也显示，次级市场的需求有所减弱。不 过，被给予"增持"评级的Carvana(CVNA.US)凭借其在优化线上购买体验方面的投入，具备超越市场平 均水平的实力;而被给予"减持"评级的CarMax(KMX.US)则表现出运营业绩参差不齐、可能出现高于预期 的贷款损失准备金以及增长放缓的情况。 在新车和二手车经销商中，Babcock对以下公司给予"增持"评级：车之国(AN.US)、第一组(GPI.US)、利 西亚车行(LAD.US)和潘世奇汽车(PAG.US)，其评级依据是强劲的同店销售增长、稳定的经营表现、良 好的产品组合以及高于平均水平的增长情况;而该行对阿斯伯里汽车(ABG.US)和索尼克汽车(SAH.US)则 给予"持股观望"评级。 智通财经APP获悉，巴克莱分析师John Babcock表示，鉴于 2026 财年盈利有望增长，且当前估值已从近 期高位回落，汽车经销商领域存在投资机会，尤其是那些拥有数字化拍卖平台的经销商，比如获得"持 股观望"评级的 ACV 拍卖公司(ACVA.US)和获得"增持"评级的 OPENLANE (KAR.US)。 在关 ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.Zacks Premium also includes the Zacks Style Scores. What are the Zacks Style Scores? Developed alongsid ...

What happenedAccording to a filing with the Securities and Exchange Commission dated October 29, 2025, investment advisory firm Magnolia Group, LLC reported purchasing 44,500 additional shares of Asbury Automotive Group (ABG +0.42%). The estimated trade size was $10.82 million based on the average closing price.What else to knowThe fund increased its position in the Asbury Automotive Group to a total of 282,623 shares valued at $69.09 million. This stock now accounts for 10.95% of Magnolia Group's reported ...

Financial Performance - Consolidated revenue for the nine months ended September 30, 2025, increased to $13.32 billion, compared to $12.68 billion for the prior year, representing a growth of approximately 5.1%[123] - Consolidated gross profit for the nine months ended September 30, 2025, increased to $2.28 billion, compared to $2.20 billion for the prior year, reflecting a growth of about 3.6%[123] - Total revenue for the three months ended September 30, 2025, increased by $564.2 million (13%) to $4,800.9 million compared to $4,236.7 million in 2024, driven by a $365.4 million (17%) increase in new vehicle revenue[128] - Gross profit for the same period increased by $84.5 million (12%) to $802.5 million, with parts and service gross profit rising by $52.0 million (15%)[128] - Net income increased by $20.8 million (16%) to $147.1 million, with diluted net income per share rising by $1.14 (18%) to $7.52[130] - Total revenue for the nine months ended September 30, 2025 increased by $638.4 million (5%) to $13,322.5 million compared to the same period in 2024[157] - New vehicle revenue rose by $578.2 million (9%) to $6,970.9 million, while used vehicle revenue decreased by $25.8 million (1%) to $3,933.8 million[157] - Gross profit for the nine months ended September 30, 2025 increased by $79.9 million (4%) to $2,278.6 million, driven by a $75.5 million (7%) increase in parts and service gross profit[157][159] Vehicle Sales and Revenue - The increase in consolidated revenue was primarily due to an increase in new vehicle units sold and parts and service volume growth, partially offset by a decrease in used vehicle units sold[123] - New vehicle revenue reached $2,528.9 million, a $365.4 million (17%) increase, with new vehicle units sold rising by 5,463 (13%)[132] - The seasonally adjusted annual rate (SAAR) for new vehicle sales in the U.S. was approximately 16.3 million, up from 15.6 million in the prior year, reflecting higher consumer demand[134] - Total new vehicle units sold increased to 134,003 for the nine months ended September 30, 2025, up from 125,963 in the same period of 2024, reflecting a growth of 8,040 units (6%)[162] - Used vehicle retail units sold increased by 1% to 37,696, while same store retail units sold decreased by 4% to 34,294[135] Expenses and Profitability - Income from operations rose by $9.9 million (4%) to $242.6 million, primarily due to the increase in gross profit, despite a $60.6 million (13%) rise in selling, general, and administrative expenses[129] - Selling, general, and administrative (SG&A) expenses increased by $60.6 million (13%) to $527.1 million for the three months ended September 30, 2025, with SG&A as a percentage of gross profit rising to 65.7%[148] - The company experienced a $11.7 million increase in asset impairment expense during the quarter[129] - Total other expenses, net decreased by $20.6 million (33%), primarily due to a $30.7 million increase in gains from dealership divestitures[130] Acquisitions and Investments - The Herb Chambers acquisition, completed on July 21, 2025, involved an aggregate purchase price of approximately $1.78 billion, comprising 33 dealerships and 52 franchises[118] - The company's operating results for the three and nine months ended September 30, 2025, include the results of the Herb Chambers Businesses, significantly impacting revenue and gross profit increases[124] - The company expects capital expenditures of approximately $175.0 million during 2025 for facility upgrades and technology investments[207] Cash Flow and Liquidity - The company’s ability to generate sufficient cash flows and maintain liquidity is critical for working capital, capital expenditures, and acquisitions[109] - Total available liquidity as of September 30, 2025, was $686.9 million, including cash and cash equivalents of $21.2 million[184] - Net cash provided by operating activities was $623.3 million for the nine months ended September 30, 2025, compared to $427.0 million for the same period in 2024[199] - Net cash used in investing activities totaled $1.49 billion for the nine months ended September 30, 2025, compared to net cash provided of $17.8 million for the same period in 2024[201] - Net cash provided by financing activities was $830.7 million for the nine months ended September 30, 2025, compared to net cash used of $430.2 million for the same period in 2024[208] Market Conditions and Future Outlook - Economic conditions, including rising inflation and interest rates, may adversely impact demand and pricing for the company's products and services[119] - The company expects lower finance and insurance (F&I) revenue and gross profit over the next few years due to changes in revenue recognition from TCA contracts[147] - The company anticipates rolling out TCA products to its Koons stores in Q4 2025 and Herb Chambers stores in 2026[147] - The company noted that consumers are keeping vehicles longer due to higher vehicle costs and interest rates, impacting service revenue trends[170] Financial Ratios and Margins - The gross profit margin for new vehicles decreased to 6.4% from 7.0%, attributed to easing inventory constraints affecting historically high margins[133] - Used vehicle retail gross profit margins increased from 5.1% to 5.2% for all stores during the nine months ended September 30, 2025, driven by higher prices for used vehicles[166] - Total parts and service gross margin improved to 58.8% from 57.3% year-over-year, reflecting better profitability in parts and service operations[171]

Core Insights - Asbury Automotive (ABG) reported Q3 2025 adjusted earnings per share of $7.17, exceeding the Zacks Consensus Estimate of $6.80 and up from $6.35 in the previous year, driven by strong gross profits from new vehicle sales, finance and insurance, and parts and service [1][9] - Total revenues for the quarter reached $4.80 billion, marking a nearly 13% year-over-year increase and surpassing the Zacks Consensus Estimate of $4.69 billion [1][9] Segment Performance - New vehicle revenues increased by 17% year over year to $2.53 billion, exceeding the Zacks Consensus Estimate of $2.44 billion, supported by a higher number of units sold, totaling 48,070 (up 13% year over year) [2] - The average selling price (ASP) for new vehicles was $52,609, up 4% year over year, also beating the consensus mark of $52,259 [2] - Gross profit from new vehicle sales was $161 million, a 7% increase from the prior year, surpassing the Zacks Consensus Estimate of $157 million [2] Used Vehicle Performance - Used vehicle retail revenues rose 7% year over year to $1.23 billion but fell short of the Zacks Consensus Estimate of $1.24 billion due to lower unit sales, totaling 37,696 (up 1% year over year) [3] - The ASP for used vehicles was $32,543, up 6% year over year, exceeding the consensus estimate of $31,576 [3] - Gross profit from used vehicles was $61.5 million, a 10% year-over-year increase, but missed the Zacks Consensus Estimate of $63 million [3] Wholesale and Finance Performance - Revenues from the used vehicle wholesale business increased by 27% to $185.5 million, beating the consensus mark of $160 million, although gross profit of $3.8 million fell short of the estimate of $4.15 million [4] - Net revenues from the finance and insurance business reached $200.3 million, an 8% increase year over year, surpassing the Zacks Consensus Estimate of $187 million [5] - Gross profit from finance and insurance was $187.1 million, up 9% year over year, exceeding the consensus estimate of $178 million [5] Parts and Service Performance - Revenues from the parts and service business were $659.4 million, up from $593.1 million in the prior year but missed the Zacks Consensus Estimate of $661 million [6] - Gross profit from this segment was $389.1 million, surpassing the consensus mark of $388 million and reflecting a 9% year-over-year increase [6] Financial Metrics - Selling, general & administrative expenses as a percentage of gross profit rose to 65.7%, an increase of 70 basis points year over year [7] - As of September 30, 2025, the company had cash and cash equivalents of $32.2 million, down from $69.4 million as of December 31, 2024, with long-term debt increasing to $3.6 billion from $3.14 billion [7]

Core Insights - Asbury Automotive Group reported a revenue of $4.8 billion for the quarter ended September 2025, reflecting a year-over-year increase of 13.3% and surpassing the Zacks Consensus Estimate by 2.37% [1] - The earnings per share (EPS) for the quarter was $7.17, up from $6.35 in the same quarter last year, exceeding the consensus EPS estimate by 5.44% [1] Financial Performance Metrics - New vehicle unit sales reached 48,070, exceeding the average estimate of 45,535 [4] - Used vehicle retail unit sales were 37,696, slightly below the average estimate of 39,323 [4] - The average selling price for new vehicles was $52.61 billion, surpassing the average estimate of $52.26 billion [4] - Same-store used vehicle retail unit sales were 34,294, above the average estimate of 33,321 [4] - Average gross profit per unit for total new vehicles was $3.35 billion, slightly above the average estimate of $3.33 billion [4] - Average gross profit per unit for used vehicle retail was $1.63 billion, exceeding the average estimate of $1.59 billion [4] Revenue Breakdown - Revenues from new vehicles totaled $2.53 billion, compared to the average estimate of $2.44 billion, marking a year-over-year increase of 16.9% [4] - Revenues from used vehicles were $1.41 billion, slightly above the average estimate of $1.4 billion, with a year-over-year increase of 9.1% [4] - Wholesale revenues from used vehicles reached $185.5 million, exceeding the average estimate of $159.86 million, representing a year-over-year change of 26.9% [4] - Finance and insurance net revenues were $200.3 million, surpassing the average estimate of $186.93 million, with a year-over-year increase of 8% [4] - Retail revenues from used vehicles were $1.23 billion, slightly below the average estimate of $1.24 billion, reflecting a year-over-year increase of 6.8% [4] - Parts and service revenues were $659.4 million, close to the average estimate of $661.34 million, with a year-over-year increase of 11.2% [4] Stock Performance - Asbury Automotive's shares have returned -2.6% over the past month, while the Zacks S&P 500 composite has increased by 3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company generated a record revenue of $4.8 billion in Q3 2025, with a gross profit of $803 million and a gross profit margin of 16.7% [7] - Adjusted earnings per share (EPS) was $7.17, with adjusted EBITDA at $261 million [7][16] - Adjusted net income for the quarter was $140 million, excluding various non-cash and one-time expenses [16] Business Line Data and Key Metrics Changes - Same-store revenue for new vehicles increased by 8% year-over-year, with unit sales up by 7% [9] - Used vehicle unit volume decreased by 4% year-over-year, but used retail gross profit per unit (GPU) increased to $1,551 [10] - Parts and service gross profit rose by 7% year-over-year, with a gross profit margin of 58.8% [13] Market Data and Key Metrics Changes - The company experienced strong demand for electric vehicles (EVs), with EV unit sales doubling from Q2 to Q3 [25] - Same-store new vehicle day supply was 58 days at the end of September, indicating a stable inventory level against consumer demand [10] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet and optimizing its portfolio while being opportunistic with share repurchases [6][20] - The integration of the Chambers Group is expected to enhance operating metrics and contribute positively to gross profits [4][26] - The strategy emphasizes large, transformative acquisitions in desirable markets [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter is traditionally strong for luxury vehicle sales, with expectations for margins to hold up well [25] - There are anticipated headwinds in the used vehicle market due to a softening labor market and vehicle affordability challenges [10] - The company expects to see efficiency gains from the rollout of Tekion, with significant savings projected by early 2027 [60][61] Other Important Information - The company divested four stores in July, generating annualized revenue of $300 million, as part of its disciplined portfolio management [6] - The adjusted SG&A as a percentage of gross profit was 64.2%, with expectations for reduction as the Tekion rollout progresses [17] Q&A Session Summary Question: Impact of Chambers acquisition on new GPUs - Management confirmed that the Chambers acquisition is expected to have a slightly accretive effect on new GPUs in Q4 [26] Question: Changes in TCA outlook and EPS impact - Management explained that the revised TCA outlook reflects changes in the SAR assumption and the impact of acquisitions and divestitures [31][33] Question: Capital allocation priorities - Management indicated a focus on share repurchases and debt reduction, with M&A remaining a consideration depending on market conditions [44] Question: Trends in luxury vehicle sales - Management noted that luxury vehicle sales remain strong, with no material changes in consumer demand observed [51] Question: Strategies for increasing used vehicle volume - Management highlighted the use of digital marketing tools and a focus on service drives to acquire more used vehicles [65]

Financial Data and Key Metrics Changes - The company generated a record revenue of $4.8 billion in Q3 2025, with a gross profit of $803 million and a gross profit margin of 16.7% [7] - Adjusted earnings per share (EPS) was reported at $7.17, with an adjusted EBITDA of $261 million [7][16] - Adjusted net income for the quarter was $140 million, excluding various non-cash and acquisition-related expenses [16] Business Line Data and Key Metrics Changes - Same-store revenue for new vehicles increased by 8% year-over-year, with unit sales up by 7% [9] - The parts and service business saw a same-store gross profit increase of 7%, with customer pay gross profit up by 8% [6][13] - Used vehicle unit volume decreased by 4% year-over-year, but used retail gross profit per unit (GPU) increased to $1,551 [10][11] Market Data and Key Metrics Changes - The company experienced elevated consumer demand for electric vehicles (EVs), with EV unit sales doubling from Q2 to Q3 [25] - Same-store new day supply was reported at 58 days, indicating a slight improvement in inventory management [10] - The company anticipates headwinds in the used vehicle market due to a softening labor market and vehicle affordability challenges [10] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet and optimizing its portfolio while being opportunistic with share repurchases [6][20] - The integration of the Herb Chambers Group is expected to enhance operating metrics and contribute positively to gross profits [4][26] - The company aims to continue its transition to the Techyon platform, which is expected to improve operational efficiency and reduce costs in the long term [57][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining margins in Q4, particularly in the luxury vehicle segment, despite macroeconomic uncertainties [25] - The company expects to see a recovery in the used vehicle market starting in 2026, with improved inventory levels anticipated in the following years [11][66] - Management acknowledged the challenges posed by the current economic environment but remains confident in the company's ability to generate cash and reduce leverage [20] Other Important Information - The company divested four stores in July, generating annualized revenue of $300 million, as part of its disciplined portfolio management strategy [6] - The adjusted SG&A as a percentage of gross profit was reported at 64.2%, with expectations for potential reductions as the Techyon rollout progresses [17] Q&A Session Summary Question: Insights on new GPUs for Q4 - Management indicated that Q4 is traditionally strong for luxury vehicles, and they expect margins to hold up well despite the lower gross profit from EVs compared to traditional vehicles [25][26] Question: Impact of Chambers acquisition on new GPUs - The acquisition is expected to have a positive effect on new GPUs, as the Herb Chambers Group has historically performed well in generating growth [26] Question: Updates on TCA and EPS projections - Management revised TCA projections due to changes in the SAR estimates, indicating a delay in achieving previous EPS targets [30][32] Question: Capital allocation priorities - Management indicated a focus on share repurchases and debt reduction, with a balanced approach to portfolio management [43] Question: Trends in luxury vehicle performance - Management noted that luxury performance is more brand-specific than region-specific, with expectations for a strong luxury end to the quarter [49] Question: Strategies for increasing used vehicle volume - The company is leveraging digital marketing tools and focusing on service drives to acquire more used vehicles, while balancing volume and profitability [64][66]

Financial Data and Key Metrics Changes - The company generated a record $4.8 billion in revenue for Q3 2025, with a gross profit of $803 million and a gross profit margin of 16.7% [7] - Adjusted earnings per share (EPS) was $7.17, with adjusted EBITDA at $261 million [7][15] - Adjusted net income for the quarter was $140 million, excluding various non-cash impacts [15] - Same-store SG&A as a percentage of gross profit was 64.2%, indicating a focus on cost management [16] Business Line Data and Key Metrics Changes - Same-store revenue for new vehicles increased by 8% year over year, with unit sales up by 7% [9] - Used vehicle unit volume decreased by 4% year over year, but used retail gross profit per unit increased to $1,551 [10] - Parts and service gross profit rose by 7% year over year, with a gross profit margin of 58.8% [12] Market Data and Key Metrics Changes - The company experienced elevated consumer demand for electric vehicles (EVs), with new EV unit sales doubling compared to Q2 [9][23] - Same-store new day supply was 58 days at the end of September, indicating inventory management aligned with consumer demand [10] Company Strategy and Development Direction - The company is focused on deleveraging the balance sheet and optimizing its portfolio while being opportunistic with share repurchases [5][19] - The acquisition of the Herb Chambers Group is expected to enhance operating metrics and contribute positively to gross profits [4][24] - The company aims to continue integrating Techyon to improve operational efficiency and customer experience [4][53] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are macroeconomic challenges, they remain optimistic about maintaining margins and performance in the luxury vehicle segment [23][46] - The company anticipates a recovery in the used vehicle market starting in 2026, with expectations for improved inventory levels [11][61] Other Important Information - The company divested four stores in July, generating annualized revenue of $300 million, as part of its disciplined portfolio management strategy [6] - The rollout of Techyon is ongoing, with expectations for efficiency gains and cost savings once fully implemented [54][56] Q&A Session Summary Question: Impact of Chambers acquisition on new GPUs - Management confirmed that the Chambers acquisition will have a positive effect on new gross profits per vehicle [24] Question: Changes in TCA outlook and EPS impact - Management explained that the revised TCA outlook is primarily due to changes in the SAR assumption and the timing of rollouts [28][30] Question: Capital allocation priorities - Management indicated a focus on share repurchases and debt reduction, with M&A remaining a consideration depending on market conditions [40] Question: Trends in luxury vehicle sales - Management noted that luxury vehicle sales remain strong, with no significant changes in consumer demand observed [46] Question: Marketing strategies for used vehicles - Management highlighted the use of digital platforms and service drives to acquire more used vehicles, while balancing volume and profitability [60][61]

A B G | A s b u r y A u t o m o t i v e Investor Relations Presentation 2025 Third Quarter Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, beliefs, expectations and assumptions, projections regarding Asbury's financial position, liquidity, results of operations, cas ...