Are VW stores a bargain — or worthless?

Some U.S. Volkswagen dealers believe the troubled brand will recover.

Others want out now.

Yet others sit on the sidelines, holding onto their stores, waiting to see whether the company can right itself.

"There are a good number of people where Volkswagen stores are losing money, and they don't see it as a strong franchise. They're saying, 'Let's move on and use the real estate for something else,'" said Alan Haig, president of Haig Partners, a dealership buy-sell advisory firm in Fort Lauderdale, Fla. 

"There are others who see an opportunity and say, "I can't buy a franchise cheaper than Volks-wagen these days.'" 

VW's troubles started with its admission in September that it had deceived U.S. regulators about pollution levels from its diesel cars. The scandal hurt VW brand sales, even as sales at the automaker's Audi and Porsche brands have been largely unaffected. 

VW Group released its first-quarter earnings last week. The results exuded hope embedded in disappointment. 

The automaker reported a 19 percent drop in profit, primarily due to problems at the VW brand, but its quarterly profit of 2.4 billion euros ($2.7 billion) beat analysts' forecasts and was an improvement from the loss it posted in the fourth quarter. 

This report examines some examples of retailers' sometimes conflicting views of VW dealerships in the buy-sell arena.