We're a Baker Tilly network member
Learn more
Back to top
Australian Listed Dealer Comparison 2022

Australian Listed Dealer Comparison 2022

We are delighted to have released the first iteration of the Australian Listed Dealer Comparison and it reveals that it is a very interesting time to be a part of the motor industry.

The listed groups Eagers Automotive (ASX:APE), Autosports Group (ASX:ASG) and Peter Warren Automotive Holdings (ASX:PWR) have so far weathered the COVID-19 pandemic and supply shortage ‘Chipdemic era’ with relative ease.

Revenues and volumes may be down on pre COVID-19 levels (2019) but gross margins are elevated and profits are double and triple what they have been in the past, up to 3.43% (profit % on sales, PoS) – a 6.84% improvement on the previous corresponding period (pcp).

New vehicle sales in the six months to June 2022 were down by 5.2% in comparison to June 2021 per VFacts for the Australian market. This is a significant 11.1% decline since June 2018. That’s 67,000 less new vehicle sales in only the first half of the year for the Australian market.

Despite this, the automotive reporting season was dominated by commentary around the improved performance by previous acquisitions, as well as the listed’s plans to continue to grow in a supply constrained market. With most analysts not expecting the supply issues to be resolved in the coming year, how do the big listed groups get bigger without overpaying and over capitalising on dealership assets trading at inflated earnings?

Throw into the mix the two biggest disruptions to dealerships in the last 100 years; Electric Vehicles (EVs) along with the significant infrastructure spend that is required and the agency sales model, the future is a bit cloudier and more uncertain than the relative sunshine (and profits) of today.

Our analysis covers:

  1. 2022 sales results and 2022/23 outlook including impacts from agency, EVs and continued aggregation
  2. Key macroeconomic conditions that will provide headwinds for dealers in the next 12 months
  3. Listed dealer groups consolidated snapshot
  4. Comparisons of the Australian Listed Dealer Groups from several perspectives, including by ranking, financial performance, capital structure, funding ratios, management efficiency ratios and liquidity ratios as well as market share.

To access the analysis, enter your details into the form below.

If you have an existing relationship with Pitcher Partners, please select the firm you currently work with
By clicking submit you agree to Pitcher Partners sharing news and insights with you.
This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

Our experts

Steven Bragg

Steven Bragg

Partner Sydney
John Gavljak

John Gavljak

Partner Sydney
Martin Booth

Martin Booth

Partner Sydney
Pitcher Partners insights Get the latest Pitcher Partners updates direct to your inbox

Thank you for you interest

How can we help you?

Business or personal advice
General information
Career information
Media enquiries
Contact expert
Become a member
Specialist query
Please provide as much detail to ensure appropriate allocation of your query
Please highlight a realistic time frame that will enable us to provide advice within a suitable and timely manner. Please note given conflicting demands with our senior personnel, we will endeavour to respond to you within the nominated time frame. If you require an urgent response, please contact us on 03 8610 5477.
CPN Enquiry
Business Radar 2023
Tax facts 2023-24
Student careers 2023-24
Search by industry