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Article: Detroit 3 tieshurt profits ofdealer groups.(NEWS)(Statistical data)
- Article from:
- Automotive News
- Article date:
- November 3, 2008
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Exposure to the Detroit 3 contributed to third-quarter net losses for many publicly held dealership groups. Last week Sonic Automotive Inc. wrote down about $21 million in devalued Detroit 3 properties. Group 1 Automotive Inc. took an after-tax charge of about $30 million in franchise value impairments, all related to the Detroit 3. Lithia Motors Inc. said it aims to decrease the impact of the Detroit 3 so that half its franchises are domestic and half imports.
Penske and Asbury automotive groups, which have the least Detroit 3 exposure of the five companies to report last week, remained in the black during the third quarter.
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