Several public retailers that largely sat on the sidelines during the dealership acquisition action of the past few years say they are getting back in the game.
AutoNation Inc., Penske Automotive Group Inc., Group 1 Automotive Inc. and Sonic Automotive Inc. each indicated this month that they again are shopping for franchised dealerships and looking to expand store counts.
The plans by the four dealership groups come amid a recent surge in stock prices for public auto retailers and as competitors such as Lithia Motors Inc. and Asbury Automotive Group Inc. have snapped up stores. Dealership buy-sell activity has broadly skyrocketed following the early months of the coronavirus pandemic in 2020, when deals came to a short-lived standstill.