Overview Key strengths Key risks Resilient business model with diverse revenue streams. Risk of disruption from online competitors, direct-to-consumer (DTC) sales models, and transition to electric vehicles. Strong history of solid operational execution. Exposure to the cyclical new vehicle sales market. Consistent free operating cash flow (FOCF) generation. Balancing expansion opportunities and share buybacks with maintaining appropriate credit metrics. The company generated EBITDA margins of about 7.6% for the 12-months-ended June 30, 2023, compared with 8.4% in 2022. Margins have been falling each quarter as new vehicle gross margins normalize given the higher supply of vehicles. However, gross margins have remained somewhat more resilient than expected as prices of new cars have not yet fallen in 2023. New unit volumes
