Five of the six major publicly traded franchised dealership groups reported double-digit percentage declines on new-vehicle gross profits during the second quarter, as inventories grew and rising interest rates cut into shoppers’ buying power. That came as all of the publics except Asbury Automotive Group Inc. posted new-vehicle sales gains in the quarter.
The six publics — Penske Automotive Group Inc., Sonic Automotive Inc., Asbury, Group 1 Automotive Inc., Lithia Motors Inc….
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