Asbury's Third Quarter Held Back by Frozen Used-Vehicle Inventory
We are not changing our moat rating or fair value estimate for Asbury Automotive after the dealer missed consensus EPS expectations for its third quarter as we had already felt the shares were overvalued. Adjusted EPS of $1.52 increased 6% year over year, but consensus was $1.61. Stop-sale orders on used vehicles due to Takata airbags continues to hurt business but has improved from the second quarter with the worst brands (likely Honda) having about 20% of used-vehicle inventory on stop-sale, d...Asbury Automotive Group is a holding company. Through its subsidiaries, the company is an automotive retailer. The company's stores provide automotive products and services, including new and used vehicles; parts and service, including vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, prepaid maintenance, and credit life and disability insurance. The company's new vehicle franchise retail network is made up of dealerships operating under locally-branded dealership groups.
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