Asbury Automotive Group Inc

The total addressable market for new and used car sales in the U.S. is estimated to be somewhere between $2.5 trillion and $3 trillion, according to the National Automobile Dealers Association.And e-commerce behemoth Amazon is attempting to do what insiders say no one has been able to do yet: bring a seamless online shopping experience to a complex and highly regulated industry.Last month, the company officially began its pilot program to allow a small number of Hyundai dealers to sell vehicles through the Amazon platform…

Vehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California.Mario Tama | Getty ImagesDETROIT – Shares of AutoNation, Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic outlooks regarding consumer demand for new vehicles.The results and comments followed concerns by some Wall Street analysts that the industry could soon shift from an inventory supply problem to a lack of demand, or "demand destruction,"…

A sign advertises to purchase cars at a used car dealership in Arlington, Virginia, February 15, 2022.Saul Loeb | AFP | Getty ImagesDETROIT – Since the start of the pandemic in early 2020, U.S. automakers and dealers have seen record profits as demand outpaced supplies of new cars amid supply chain problems. But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening."Auto…

Car dealerships have been mom and pop businesses for much of their existence. But the industry is slowly consolidating.Six publicly traded dealership groups — AutoNation, Lithia Motors, Group 1 Automotive, Sonic Automotive, Penske, and Asbury Automotive Group — have been on a shopping spree in recent years, buying up a small but growing share of dealerships. And they've been wildly profitable.Circumstances have been especially positive in the past couple of years. New car prices have hit record highs with parts in short…