Stock prices of auto retailers took a beating after auto sales slid in May. But Kenneth Gilman, CEO of the publicly held dealership group Asbury Automotive Inc., says prices will stabilize when Wall Street understands auto retailing.
Gilman, who joined Asbury, of Stamford, Conn., in December after 25 years with The Limited Inc., said auto retail stock prices have declined because investors still lump retailers with manufacturers.
Even though car dealers can rely on parts, service and used-vehicle sales when new-vehicle sales slide, auto retailing still is viewed as a cyclical business, he said.
Gilman recently spoke with Staff Reporter Donna Harris.