Car Dealership Guy Podcast Nov 13, 2025

Q3 Auto Market Cheat Sheet – The Car Brands Accelerating and Stalling Out in Late 2025 | Alan Haig, President of Haig Partners

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Company

Carvana

Carvana is a company that sells used cars online. You can buy a car from them without ever visiting a dealership, and they even have a special way to deliver cars to your home.

Brand

Audi

Audi is a car brand from Germany that makes luxury cars. They are known for their stylish designs and advanced technology in their vehicles.

Concept

EVs

EVs are cars that run on electricity instead of gasoline. They are better for the environment because they don't produce exhaust fumes.

Brand

Volkswagen

Volkswagen is a well-known car company from Germany that makes many different types of cars, including the popular Beetle and Golf models.

Term

ICE vehicles

ICE vehicles are cars that run on gasoline or diesel. They have engines that burn fuel to make the car go, which is different from electric cars that use batteries.

Concept

EV market share

EV market share is how many of the cars sold are electric cars. It helps show how popular electric cars are getting compared to regular cars.

Brand

BMW

BMW is another German car brand that makes luxury vehicles. They are famous for their sporty cars that are fun to drive.

Brand

Mercedes

Mercedes is a luxury car brand from Germany known for making high-end vehicles that often include advanced technology and safety features.

Brand

Lexus

Lexus is a luxury car brand that is part of Toyota. They are known for making reliable and comfortable cars.

Car

Porsche Cayman

The Porsche Cayman is a two-door sports car that has a hard top. It shares many features with the Boxster but is designed for a different driving experience.

Term

EV

An EV, or electric vehicle, is a car that runs on electricity instead of gas. They are usually better for the environment because they don't produce exhaust fumes.

Term

hybrid

A hybrid car uses both a gasoline engine and an electric motor. This helps it save fuel and produce less pollution than a regular car.

Brand

Toyota

Toyota is a car company famous for making reliable cars and being one of the first to create hybrid vehicles, which use both gas and electricity.

Brand

Subaru

Subaru is a car brand that makes vehicles known for their all-wheel drive, which helps with traction. They are currently working on adding more hybrid options to their lineup.

Brand

Kia

Kia is another car company from South Korea that makes a variety of vehicles, including electric cars. They are known for their modern designs and good prices.

Brand

Nissan

Nissan is a car company from Japan that makes many different types of vehicles, including electric cars.

Car

Ford F150

The Ford F-150 is a big truck that many people use for work and everyday driving. It's known for being tough and can carry heavy loads, which is why a lot of people like to buy it.

Car

Ford Escape

The Ford Escape is a smaller SUV that's good for everyday driving and family use. It's easier to park and handle than larger trucks.

Term

F&I

F&I means Finance and Insurance. It's the part of a car dealership that helps you figure out how to pay for the car and offers insurance options.

Term

average transaction value

Average transaction value is how much people usually spend when they buy a car at a dealership. It shows what kind of cars are popular and how much they cost.

Brand

Volvo

Volvo is a car company from Sweden that is famous for making safe and reliable cars. They have been facing some challenges in the market recently.

Brand

Infiniti

Infiniti is the luxury brand of Nissan, making high-end cars and SUVs. They have had some difficulties in getting noticed and selling well lately.

Brand

Lincoln

Lincoln is Ford's luxury car brand, making fancy cars and SUVs. They have been having a tough time competing with other luxury brands recently.

Term

after sale

After sale means the services and help you get after buying a car, like repairs and parts.

Term

selling parts

Selling parts means providing replacement or upgrade pieces for cars, which helps car companies make money.

Term

minimum advertised prices

Minimum advertised prices are rules that tell stores the lowest price they can show for a product. This helps keep prices fair and protects the brand's image.

Term

OEMs

OEM means Original Equipment Manufacturer, which is the company that makes the original parts for cars. When someone talks about OEMs, they are usually talking about car makers like Toyota or Ford.

Car

The Hyundai Palisade is a large SUV that can fit a lot of people and their stuff. It's designed to be comfortable and safe for families, which is why it's often talked about as a good option for those needing more space.

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You know, we see Hyundai and Kia stores now regularly making north of five million dollars

Sometimes more than ten million dollars per location that never happened a decade ago

So there are some really good brands out there to buy

Conversely, you know the Nissan's and the Stilanus's and the infinities and the Lincoln's and the Volvos are really really challenged

Yeah, I mean look, it's also, you know, we have there's more money, you know, more capital chasing fewer assets

Yeah, I mean it's one of the incredible just accomplishments here over the last five to seven years of how far they've come

Today, I'm joined by Alan Hague president of Hague Partners while headlines scream volatility dealership buy-sells are booming

Alan breaks down what's driving the surge which brands are winning market share and how dealers are positioning themselves to thrive in a rapidly changing retail

Landscape a big thank you to our sponsors for making this episode possible Equifax

Amazon autos and of course Hague Partners and now let's get into the show

Alan Hague back on the cdg podcast Alan welcome. Thank you. You see it's good to be back with you

Good to have you back on post new NYC marathon. I hope I hope you're hanging in there

It was a long day, you see that was about a 12-hour event for me a lot shorter for the faster runners

But for me, I I got on the subway at 6 a.m. And I came back to my hotel room at 6 p.m.

So it was quite a day though which kind of showed the best of New York City and I mean

It brought out the message everybody runners spectators, etc. And so how does that work?

I've never I've never participated in a marathon like when you say 6 a.m. To 6 p.m.

How what period of that are you actually running? Longer than I wanted to

But for the New York City Marathon, it's unique and that all the runners start in Staten Island

So you have to get all the way over Staten Island everybody and there's 60,000 people that signed up for this race and and

So they have to get everybody over there by 7 30 close the bridge and then they start to launch the runners

So there's so many runners that I started running at around 11 a.m.

And I ran so slowly I had such a bad day. I didn't finish until I was really getting dark almost 5 p.m.

And along the way are 2 million spectators and I shouldn't call it spectators because spectators implies passive

You know just watching. Yeah, these were active. These were participants

There was so much energy coming from that crowd and good humor and support and everything else that it really made a painful day

pretty fun and

There were a lot of funny signs that were out there. There are a lot of funny sayings New Yorkers definitely have their sense of humor

This morning. I was watching a video of

Of the race of you know, some people who had run and I remember passing by a guy

who was missing basically his whole right leg and his

Left leg below the knee and he had those blade runner shoes

she remember from Oscar Pistorius on his prosthetics and he had a couple of canes and

He's a young man. I learned he was from Venezuela. It was some accident

And he finished the race and I remember running by him and thinking like well, whatever I was whining about my feet or

My stomach or whatever like that man was incredible

And he really showed I think the best

The people can offer because people were out there to set a goal. They worked hard almost everybody achieved it

I looked at the stats 99.3% of people ran it finished it and they finished it

that's a real that's a really high rate because of all the fans cheering for them and

you know, I ran for this charity called Fred's team which provides money to Sloan Kettering Hospital for cancer research and

All one team raised nine million dollars and that we were one of many that were running, you know as a charity

So it was just a wonderful day. It was the best New York City has to offer and I felt just privileged to be a part of it

That's incredible. Great work

And I should say this is sort of impromptu. I didn't even plan to chat about this

But in not so positive news, I'm sure you saw the news about Carmack's new CEO or I should say dear

You know Bill Nash resigning. What do you think about that? I'm curious to hear an opinion on what's happening over there

I'm not a real expert on Carmack's, you know, I think that's um, if you look at the

Development of Carvana, I have to think that the board members and the investors say wait a minute. Why why aren't we Carvana?

We were here well before they were we've got the clicks and the bricks

They're just not getting Carvana's just not getting into the bricks with their acquisitions. We've had physical dealerships. We've had a buy online

How are they worth? No, so much more than we're worth

I believe that Mr. Full Yard. I've heard he's a brilliant man. I don't know him personally

So I suspect that they will improve. I suspect and again, I don't know this

but you might have some disgruntled shareholders and

and

Now you know if you look at what Carvana's done

It's just quite impressive if you believe in their business model or not the amount of value that created for the shareholders

The experience I give to their consumers the impact they've had on our industry, you know

It's significant and really just less than a decade

And they're not done as you know, they've been buying some new car stores

So they could have an impact. Yeah, not only on CarMax

But on the stock price of the public retailers as well

And you of course know that we launched CDG circles, which is you know primarily or dealer chat groups and beyond and

And one of the conversations in one of the circles

Has been about

Carvana and you know people the dealers are sharing different, you know tips and insight they're hearing from their from their reps and from you know

manufacturers

But all signs seem to be pointing to more acquisitions more franchises more dealerships for Carvana

You had written a letter to Elon Elon Musk about a year ago or two years ago, maybe and you said hey Elon you should

Embrace the dealership model and and they did I I forget who someone it did get generated lots of press

I mean it went viral

You know online and the Twitter verse and whatnot, but it's funny to see that

Elon while he hasn't adopted or embraced it

Carvana since has I actually recorded a podcast with Ernie Garcia and I said and no on the podcast at Ernie

so when are we when are we entering the franchise realm and

He didn't respond on the go

He's like oh, we're not I have no plans right now and in two months later

They're like we're entering the French around and obviously this had nothing to do with my podcast

You know a public company doesn't make these types of decisions since 60 days, but it's pretty funny timing

that they've since entered and

are

Selling new cars online

Well a lot of research has shown that the majority of customers still want to come in and touch the product

Maybe they need help with financing

Maybe they see to understand the difference in colors or packages or whatever

But the large majority of customers still want to come into a physical dealership to transact and if you're Carvana

And you want to own the used car space as much as you can

It limits the number of vehicles you can sell if you can't get them into your

physical environment, so you know, I think Carvana should speak for themselves in terms of their future plans

As opposed to me speculating

but this allows them to address a much bigger share of the market and

Certainly, there are people that will buy a new car side unseen

We knew we realized that during the pandemic they'll buy a used car and then on the new side in some ways

That's even more of a commodity product, right because it doesn't have any scratches

It doesn't have any smell. It doesn't have any wear and tear, right? It's totally new. So it really is a commodity

So, you know, we expect that they'll put to use their expertise in marketing

their expertise in financing their expertise in ensuring and

Provide a very good customer experience

It'll be curious to see on the fixed operation side

If that's a big part of their future

Are they going to be expanding the service stalls and expecting more customers to come in or is it really more of a

New news vehicle play that's unclear to me at least so Alan talk to me before we get into

Or let's I was starting high level about just the current state of the market our last update

Of course, we did a quarter ago, right? Where are we at today? Government still shut down as of this recording

Potential chip shortage 2.0 looks like it's getting serious

You know Honda dealer sending me memos showing that Honda's just you know keeping them abreast of what's happening

But there's no doubt about it that it's real, right? Yeah

Consumers is continuing to or I should say sentiment from what I read online

Is that the lowest or lower than it was during the recession and I find that pretty striking?

But that's you know, again, I don't I don't recall it right now who specifically measured that but that's that's a pretty stark indicator

So what is where talks us about the M&A market all that said that's macro

But what is happening in the dealership M&A market as of as of now?

Well, the M&A market took a big step backwards in the first quarter this year

They're almost half as many dealerships sold in the first quarter of 25 as there were of 24

And we speculated that's because you know these transactions take at least three months off in a year

Just to conclude

So we look back three five six months. What do we have? We had a presidential election going on

And I think that if you're going to be buying a store and spending tens of millions of dollars

You kind of want to know what talk of tax environment

I'm gonna be in what type of economic environment we end and so I think I think a lot of deals kind of went slow in

sideways or died maybe in the fourth quarter of

Last year and then the first quarter of this year

After the election, we still have tons of noise. I mean you mentioned some of you see right, but we have two wars

We have the presidential election. We have tariffs. We have a political assassination, which are the cur

We just had a mayor elected first socialist mayor in this country in decades that I know of you had the plant fire in Kentucky

You have the chips factory shutdown and is that Holland? I can't remember

On the positive side, you had the carb stuff eliminated nationwide, which is a huge relief to this industry

We got our first rate cut the EV credits were eliminated

So I mean just the whipsaw we've had back and forth positive and negative news

You know at the end of the day, how does that all shake out dealership and a m&a is coming back strong?

the number of dealerships that closed in the third quarter of this year a hundred and forty eight stores closed so if you

annualize that that's almost 600 stores

For the year, which is about you know, almost the most we've ever seen and I can tell you in terms of our practice

The number of inbound calls we've had and requests for meetings and requests for valuations

I'd say it's gone up significantly just in the past 30 days

So, you know dealers have made so much money since the pandemic started, you know, it's really been

2020 21 22 23 24 25, you know, they've they've just done so well and the average age of a dealer continues to go up

So at some point, you know, we're gonna have a pent up demand of sellers

And I think that that happened a little bit when when dealership values doubled or tripled, I should say

You know now they're still quite high

But in terms of m&a, I think the the the market is wide open

I mean the financings are coming through the banks or even to lend real estate is kind of recovered

Profitability went up in the second quarter and the third quarter

So dealers are feeling pretty good, but it does vary a lot by brand

I'll tell you that, you know, some brands are getting no low and some brands are getting all the love

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Before I ask you I was I was going to go into just what kind of deals or buyer profiles are driving the current momentum

Let's table that for one second. Talk to us about brands

last podcast we recorded the big news was

Audi

taking a you know a full turn down in

In their blue sky multiple and so I'd love to understand, you know, what you're seeing in terms of

Brand and sentiment across brand with amongst dealers. Well, you mentioned Audi. So just to follow up on that

You know, the Volkswagen group as a whole went really really heavy towards EVs globally and

They stopped innovating anything really on the ice side

They weren't bringing any really many ice vehicles to the market and it was a bad bet

And we know now that the US government has abandoned subsidizing these vehicles the consumers

You know, it's less than 10% of the people would like to have an EV with the credit

We'll see what happens when the credit is fully gone where the EV market share goes

The Volkswagen group had limited production in the United States Volkswagen has a plant in Chattanooga

That was operating pretty far below capacity. They were building a plant for Scout, which they weren't planning on selling through their franchise channels

They just made the wrong bets and I've had some dealer friends who tell me that Audi manage my

Insist on making all the decisions and then they make all the wrong decisions and the Audi dealers are kind of left holding the bag

And I feel bad for out of yours because you know, the throughput per store compared to their

BMW or Mercedes or Lexus competitors is way lower

So they have these expensive facilities that Audi required them to build

But they're not getting near enough volume to justify the investment many Audi stores are breaking even some well

Many we know are actually losing money and there's not a lot of cavalry on the horizon for them

So as a result, we've seen the value of Audi stores decline more than any other franchise in

2025

now

Audi's part of the Volkswagen family Volkswagen is in a bit of the same boat

They don't have you know, lots of juicy products coming out the consumers are snapping up

Porsches in the same boat, you know Porsche was going hard towards EV

I think they're gonna be EV only by 2032. I can't remember the timing that they said they were talking about giving up models like the Boxster and the Cayman and

You know really moving away from internal combustion engines now

They've also learned that that's not what consumers want. It's not what governments are gonna require

So they're scrambling to keep their dealerships supplied with vehicles. I heard the new

I guess he's executive vice president of Porsche and North America speak about a month ago

You know, they're gonna keep production going for the Boxster and the Cayman

They are going to bring a three row SUV to the US market for the first time, but that's still two three years away

So I think that the profitability of every brand and the Volkswagen channel is gonna be declining because they've bet so much on

conversely

certain brands

were a little bit wiser and said, you know, we're gonna have a Macy's approach to

Powertrains and I remember hearing Bob Carter from Toyota talk about this at the New York auto show

Maybe four or five years ago. If you want an EV, we'll have that for you

If you want to plug in, you know hybrid will have that for you

If you want a hybrid will have that for you and if you want a gas motor will have that for you

And they have and they've absolutely killed it in the market since then they're taking share

The profitability of Toyota and Lexa stores is close to an all-time high even including the pandemic years

On average, you know, some people many people were taking markups on cars during the pandemic era

But they absolutely had the right strategy and now they're far ahead of their competitors

Even brands that were growing quite strongly, you know before

The pandemic and before the EV thing like Subaru

Subaru just doesn't really have many hybrids yet. They're coming but they don't have them

So they're they're losing some share to

To Toyota the Korean brands have a good strategy to hybrid

Gas and they're taking share Hyundai and Kia are gaining share nicely. Yeah

Well, so a couple of things there though. It looks like the EV market share

Is gonna come in for October a little bit more than half below

Uh, the prior month, right? So let's say from like 12 to like five and a half percent

So it takes us back about three and a half years if you look back to last time we were at

That level, you know early 2022

Say close to four years really

Secondly, you mentioned Volkswagen. It's sort of anticipating a rough patch ahead, which will impact valuations

The podcast right before this one that I recorded was with Fred Emick

from

Emick Automotive in Colorado one of the highest volume sellers of EVs in the country

and

I asked him I said Fred I said

What's on the horizon right like his Volkswagen? Listen, he's chairman of the national dealer council

is his Volkswagen listening or

Do you like do you believe you have the right tools to actually affect you a change or where are we going?

And listen, she's he's a Volkswagen dealer. He was very candid and honest

But he didn't sound

You know, he didn't sound

Just like he really saw the light at the end of the tunnel. That was at least how I read it

And you can you know, anyone can listen to the podcast themselves and make their own judgment

But I think everything putting that and this together

I think it signals

Some potentially, you know a bit of a rough patch for for the brand for for the foreseeable future

well years ago

Mike Jackson who was CEO at alternation for many years. He has a phrase which I

remember which is

There's a battle for talent and capital at auto retail. There's a battle and if you are an OEM

And you don't bring product for your retailers

You show that you don't really care that much about them. In fact, you want to compete directly with them

They're the retailers are going to react by

Moving on they're going to sell their stores. They're not going to put their best people on the stores

They're not going to invest in their facilities

They're going to they're going to take their talent their capital and put it into the brands

That are supporting them and so

I don't think that Volkswagen has listened very carefully to its us dealers

Over decades. It's not new

But it's particularly

Dire now in a way

because

During the pandemic everybody did well all franchises did well every product that came was getting full stickers just about or way over sticker

But now that you got to compete head to head

Volkswagen is a massive automaker has all these brands

But are they coming with the right product and power drains in the next couple years to compete with the

Toyotas of the world

You know or the chinese vehicles in these other markets because because china was a huge market for Volkswagen

And they're all kinds of articles about Volkswagen and the amount of capital they need over the next couple years versus what they have

and so

you know, that's that's a macro issue with the government of

Germany and labor costs and china and tariffs

But in the u.s. Market for dealers

Volkswagen has not been a good partner to their dealers

And dealers like Fred Emick are kind of letting them know which they should

I mean the fastest thing they can do is put that scout vehicle in the hands of Volkswagen dealers

They will sell it far better than a Volkswagen website will

Yeah, it seems like uh, it seems like a lack of listening sort of like ford circa 2022

Uh, and you know, they they definitely I got to give them credit for being more

You know just attentive and listening to the dealers and making some adjustments accordingly

Um, you know putting putting Volkswagen group aside it clearly covers multiple brands

Are you is there any other brand right now in specific or brands that?

Are uh, you know in this in a very transitory period anything you see out there? Well, if you look at

Stilanus and Nissan they had a positive

They had growth and sales in a third quarter. It's the first time and I don't even know how many quarters that they started growing which is

Terrific news for for the dealers. Um

I spoke with a large dealer yesterday that has a Nissan store and he's selling quite a lot of nissans

But they have these stair step games that are going on so he might sell a lot of cars and make no money

And he's also wondering like what's the point? You know, why why am I doing this? Maybe I should just

move most of my business over to my

Surrounding stores where I kind of get slow and steady profits as opposed to these peaks and valleys

um, I think the other challenge we may see for

Stilanus and Nissan dealers is you know, their sales have dropped quite a lot

And there's a lag in the fixed operation business between new vehicle sales and the fixed operations, right?

So as you have fewer units in operation, you might have a declining fixed operations base, which is

Scary because that's the most profitable part of our industry. So those dealers absolutely have to be building a used car operation

That can be at least one to one if not two to one or even three to one

Used to new so that they can feed that fixed operations base keep their technicians around etc

Um, meanwhile, you have other brands like Toyota where it's just got like, you know

Growing units in operation. That's going to be very positive if they're they're fixed operations

Um, you know Ford's another brand that we're watching carefully

They've been giving up a lot of their lower price products

um, and really

Relying a lot on the f-150 franchise. So

From a dealer's perspective, even if you only made a thousand dollars new vehicle gross on a

Ford escape, you know, you could still do f and i

You can still take a trade in you had a you had a product to sell a customer

At a lower price point that you could work your way up

But as they walk away from some of these lower priced units, you know an f-150

I think the average transaction value at a Ford source is 57,000 at a

Toyota store. I think it's

Big difference

So, you know, the customer was looking for a payment

They're going to keep going more and more towards the Toyota and less and less towards the Ford. I think

For anything other than an f-150

So we're really seeing a divergent uh success of brands right now that we didn't see during the pandemic when everybody was doing great

Talk to me about buyer profiles like who's driving demand right now, especially as demand is rising again

I think it's important to mention that when

You when we were seeing the emanate demand slow earlier in the year a lot of it was driven by the public's

And what are we seeing now? I mean, you know almost a year later

Uh, who's driving demand in in today's market?

Well, there have been several public companies that have bought dealerships this year all our nation bought some stores in the Chicago area

We know asbury bought her chambers big group of stores up in the northeast

Uh, sonic bought some stores on the west coast some land river stores

So they have been more active this year than in the past

But still the large majority of m&a are private dealers

The private dealers include a guy with one store buying a second store or a guy with no stores buying his first store

all the way up to

a private equity backed organization that has invested billions of dollars and

Can take down

Really the largest transactions out there. Um, so we we still put those in the private buyer group even though they have immense capital

Um, still a lot of

confidence in auto retail

Uh, I mentioned all those risks or shocks that were going on

And despite all that profits went up for for automotive retailers in the third quarter

So I think we're going to continue to see strong demand for dealerships

We look back at our average blue sky multiple over the last

Almost 10 years and it's slowly gone up on average

Some of it's thanks to brands like Toyota that where Toyota used to be around five five and a half

And now it's more like a seven and change

And but also brands like Hyundai and Kia that used to be three to four and now they're you know, four to five

um, so a lot of those brands have improved as

Businesses, you know, we see Hyundai and Kia stores now regularly making north of five million dollars

And sometimes more than 10 million dollars per location

That never happened a decade ago

So there are some really good brands out there to buy conversely

You know the nissans and the stalinises and the infinities and the lincoln's and the volvos are really really challenged today

Yeah, I mean look, it's also, you know, we have there's more money, you know more capital chasing few fewer assets

And it's uh

But it is I mean, yeah, I mean it's one of the incredible

Incredible just accomplishments here over the last five five to seven years of how far they've come

I'd love to understand now from a projection perspective assumptions

You're you're in the details here with, you know closing deals

Weekly basic, uh, what type of assumptions are you seeing being made right now?

We had this conversation. I think maybe a year and a half or two years ago as

Or maybe yeah to even a little bit more than two years when interest rates started rising

And dealers were

Hold on where the last two years were an anomaly. I want to look at, you know, since 2019

I want to adjust but what are you seeing now? How are dealers projecting the environment for the next 12 months?

Uh, that could be from an interest rate perspective a discount rate, you know, that can be from just overall volume

I'm curious to know what major

Uh trends you're observing

Well, when people are valuing a store, they're really going to look they're they want to know what the store has been making

But they're going to put together own projections to figure what they're going to make and then they'll value the store based upon that

Um, in the past there have been these formulas. Hey, it's the last three years of

Of earnings you average those and you put a multiple on and that's the blue sky number

We're not in that world anymore because the earnings were so high and they've come down a bit

So most buyers we see are really looking at current earnings

As the baseline they're not going back to 2019. We're we're still at twice the level of profits where it's 2019

So that's that's history. That doesn't matter at all in terms of the present valuation

And then they're trying to figure out

Okay, this brand that i'm buying house performing the market the facility, etc

What's going to happen over the next three or five years?

And if it's a Toyota store and it's underperforming

We're showing projections that

Toyota will provide them with more units to become sales effective

They can't just manufacture more units. What they effectively do is take it away from the other dealers

So if you have a Toyota store or you're buying a Toyota store and the store is not sales effective

We're projecting that over a 12 to 24 month period

A buyer will be able to make that

Dealship sales effective. So that's going to go up and other often when people are selling their stores

They're not operating at their

peak

Then maybe

People have gotten a little bit inattentive

Maybe management goes home earlier than they used to

Maybe expenses have creeped up. So in most cases when people are selling their stores

We can identify an opportunity for the incoming buyer to do better

Which is a win-win because that means that a buyer can pay a strong value for a dealership

And then improve it and get a good return on investment. That's the win-win

Where we have a challenge is when a seller has got a rock star gm

And he's 200 sales effective and the use in your ratio is three to one and

And then we go to sell that store and buyers might be a little bit afraid of the performance

Are you seeing any reluctance or hesitancy driven by

The government shut down, you know the the mayor of new york. I know that's very

That's very regional but you know again just

Gleaning inside some chats and seeing the dc based virginia based dealers

Talking a little bit, you know some somewhat somewhat of a slowdown

I'm curious to know if that's trickling yet into the buy sell market in any way

Not that event. I think people view that as a temporary event. It's happened before

you know, there's a

Stated belief that

President trump wants to shrink the size of the government and maybe this is one way he's going to do it

Right is just get people to quit

So and certainly that's a that's more of a local thing than a global or national event

I feel badly for those people that are doing their jobs. They're not getting paid. So we do need to solve that

It's not fair to them

but in general

you know the

The economics nationwide are pretty good right now, you know, california

Can't really enforce the carb laws. So dealers are going to have the full

Inventory of vehicles to sell to customers

Economic growth is still pretty good

inflation is

Two three percent, which is not hurting anybody

Unemployment is not popped up even though we hear about companies laying off workers. Maybe it's ai related or maybe they just are shedding excess workers

So that's a little concerning. I have a daughter that's graduating from a master's program this spring and

I'm kind of wondering what her her outlook is going to be for getting a job

We still see people we still that is very concerning. Yeah, yeah

So we have to put her on the front line selling cars if anybody needs a

A nice young lady

I think that's one of the best bet on that. Yeah, I mean she's been the partly the card girl

at the university of north carolina the golf course out here

So she knows how to talk to uh the old guys

So we still see a lot of demand for stores now

Sometimes when people call us

It's interesting because they're I say I want to buy a dealership. What would you want to buy?

What brand how much you want to pay? We do these kind of screening

And I would say a decent number of them say I want to buy a dealership in a red state

I never remember hearing that description

my whole life

That investments were just driven based upon

You know the politics of that state now. We knew certain states like

California and New York, etc. Were more challenging higher tax, etc

But there were still plenty of investment dollars going to the states

Because there are lots of wealthy people and a lot of commerce in the states

Uh, but you know, I got a call last week from a dealer in hawaii wants to expand

Skips right over california, which is the natural place for them to go and where do they go first arizona?

You know, texas

Even the carolina is maybe even florida

So that's a long darn way for that dealer to fly to buy a store

Because they're kind of done with the politics

In the blue states. Um, now we have other friends that are investing in california and doing great

But that red state blue state is the first time I've heard that and maybe it's just a reflection of this division

We have on our society

The polarization that's happened during the last decade. Maybe that's social media or other reasons

But we've got some transactions going on in california now where the valuations are really strong. In fact, we had

We had one transaction

We marketed it when carb was in place

People were concerned about it because these brands didn't have many hybrids

We accepted an offer and the buyer was so slow

That we ended up walking away

And remarketing and we got an offer that was 30 higher more in blue sky

So wow and after carb was gone. So to me that's

That's a

An example set of one. So I don't know that it's a massive law

But the value of that dealership group was significantly higher without carb than it was with carb

So i'm very hopeful for the other transactions. We have one in california. In fact, I know because reading the numbers

Buyers are are eager to do business in california again, whereas for a long time they were

Looking to take capital elsewhere. Yeah

Yeah, again, there's so much capital chasing these assets

You know, there's always going to be buyers for you know an asset almost anywhere in this current industry at the moment

Sticking on the topic of valuations. I'm friendly with some dealers in Miami new york

And there's been a lot of talk about vehicle brokering

Um and specifically I was asked about the you know, the perspective on

dealership valuations and brokering

um, is this you know, you think about a dealership and

Depending on what uh, what uh, percentage of their business to actually do through brokering and not as you know direct sales

but

You know, some brands are very heavy into this right now and is this do you view?

Is this something that you've thought of is this?

Uh, do you see this as a as a as a big risk to these brands if

The to dealership valuations that these brands are starting to get

You know more protective and you know going to start cracking down on brokering

Or do you maybe see it as an opportunity or to get in with these brands today before they do that?

I'm curious to know if you know, this topic is something that has crossed your mind recently or you know, you've been asked about it

So brokering is something I became aware of

Maybe 12 15 years ago in new york. We're selling a Mercedes store in brooklyn

And that's when I sort of realized. Oh, there's certain communities

You know, like in the jewish community a lot of people go to the rabbi to make financial decisions

And often their rabbi will help them purchase cars and the rabbi is the broker

And the rabbi is going to take a cut and everybody's okay with that

Uh, but it it makes it hard to

Sell a store if you're doing a lot of broker business because

Will those brokers stay with you?

if you

Turn down that business, what's the natural demand for for that store affiliate deal? Yeah, it's yeah

There's no loyalty. It's uh, it's a it's a cheaper sale. There's no loyalty to it. Yeah in california, you know, there's

More national type brokers or somebody from

The purging community, you know people who immigrated from iran, they've got somebody

A man or woman they go to to help buying cars because they don't want to go into the stores korean

You know vietnamese etc. There's certain communities where this is pretty

Prevalent so it makes it more difficult if you're buying a store

To know what the real level of demand is

now I think that

Pardon me. It also

A lot of the factories don't like it because they don't they don't know who the customer is

The the the retailer doesn't know the customer sometimes are not even provided with a lot of the information of the customer

And so that makes it harder for the factory and the retailer to stay and touch with that customer because for the after sale

It's the parts in the service

And factories care a lot about getting that customer back in the dorsion because they make a ton of money

of selling parts

To the retailer who then puts them on the car to the customer

So I have heard I believe Mercedes is doing this

that they're beginning to

Take pop to enact policies to reduce

The level of of brokers of business in their stores

And it may be in the terms of if you're selling a lot of units

To customers that are outside of your area

Perhaps you don't get the same margin on that car

And I don't know the details yet, but I do know that that's going and that's a positive for the retailer

and that's a positive for

The factory and ultimately I think could be positive for the customer because now they have a relationship with a dealer

If they have a problem with the car, you know, if they have a problem today the rabbi can't fix it

Right, so it's helpful for them to have a relationship with with the retailer

Um, so this change I think would be for the benefit of dealerships particularly in Los Angeles

You mentioned Miami

And the northeast where brokers are important. Just like a couple years ago

Toyota, I believe put in place minimum advertised prices to prevent retailers from selling

Well below invoice and that had the effect of boosting margins for everybody in the Toyota world and making that business model even better

So I know sometimes the retailers

complain about the OEMs that do things to take money out of their pockets

But if if the OEMs can take actions to

Eliminate or reduce the broker business

That's going to be I think a very positive thing for the retailers in those communities

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It would the way I say it is it would likely grow profits, which would grow valuations. Yes, exactly us

Yeah, I should have asked you the question

Well, I wanted to get your perspective. You're the expert. Yeah talk to me about

I guess now zooming back out just general brand

Are you seeing any any new oems enter the you know must must own sphere?

Or maybe must sell sphere. We spoke about vw group, you know, we we touched on that

But anything kind of recently get um, you know creep up into like, you know must own sphere due to you know

We have strategy anything else here any other positive momentum you're seeing there across any oem

I mean to us there's certain value brands that that we like, you know in terms of return on investment

um, I would put

The general motor stores into that category where they sell between three and five times earnings. They're very stable

They have great fixed operations

Um, if you can get a dealership in a growing area, you'll have some wind at your back

We did some math you'll see about

the the very positive return on capital

for Ford stores or or general motor stores

Buying neighboring stores and closing them down

And I'd be happy to share that math. I don't know how I do it on your channel

but you really

Even using pretty conservative assumptions by closing down some of these stores because they're over dealer

But if you can buy some of these stores and Ford I believe has got some capital to help do this

You shut down the stores even if you lose half or two-thirds

Of the customer base

You pick up that gross profit with really no incremental expenses. It's a really good deal

So we like Ford, you know Ford

We wish they weren't walking away from some of their lower price products

But their truck franchise is excellent if you really know trucks on the commercial side

And you build out, you know the the Ford pro type business

That's a business model. We like that's maybe under value today

We already talked about the Korean brands

Um, Toyota and Lexus are like buying a bond versus a stock, you know, it's gonna be a great

Place to put your capital, but the prices are so high

It may not provide the best return on investment

The the Korean brands

have a

Product allocation strategy where if you buy, let's say you're a good operator, you buy in a performing store

Can you well absolutely give you lots and lots of product until you say enough if you buy a Honda store or a Toyota store

You have to play in the turn and earn system unless you buy a big underperforming store

It takes a long time to earn that that allocation

So it really depends upon your strategy if you got a lot of capital and you want to buy a store

That's not going to take a lot of work and just make you a good return

You focus on Honda and or Toyota and Lexus and maybe some of the luxury brands

Um, you know to us on the luxury side, I think Mercedes is the buy now

Mercedes took some policies that I believe reduced their profits

They went so far on the EV side

They made dealers take all these EVs and EVs and the dealers lost a ton of money on them

They didn't really bring new products for Mercedes dealers to sell. So Mercedes market share has gone down

They were negative this last quarter by about eight percent

BMW conversely was up by about the same percent

Mercedes also had a policy of trying to restrict or prevent

Buyers or their stores from

If they weren't already Mercedes dealer, they didn't want you to buy one of their stores

And so that shrunk the the demand for the stores

And now they're walking away from that. They're allowing people that are Mercedes dealers to acquire their their stores

They also were trying to restrict the number of Mercedes stores that dealers could own to I think it was six or seven without any frame agreement

They've now pushed that to nine. So I think with

Oh, one more thing is

Adam Chamberlain, who's the new president there Mercedes Benz USA. He and his his team and he's got greg gates back with him as well

They want this brand. I love this quote from a from a dealer. They want Mercedes to be

Aspirational again, not unobtainable

By that they mean at what prices they were selling their vehicles

They raised their prices so much that a lot of their customers said I just can't afford to get a new one

So they want to go from selling about 300 000 units a year to 400 000 units a year

Really in the next I think it's three or five years

So this could be a low in terms of profitability of a Mercedes store

Because they had to suffer all the losses of flushing all those EVs out

And there are other vehicle sales drops so their profits per store are probably lower today and they haven't quite some time

And if you believe in adam chamberlain and greg gates and the rest of the team there and Mercedes

You know in germany to bring the right products to the u.s. Market

Could you get a 33 lift in sales 300 000 400 000 without adding more points? That would be a home run

You could buy a Mercedes store today current earnings and the current valuation

And if you are adam chamberlain or a Mercedes dealer listening should shoot adam chamberlain the text and tell him

Let's let's let's do a podcast. We have to have a discussion about this

You mentioned the Korean brands. I was drawing this down

I had I had a couple dealers. This is a new one for me, but I had a couple of dealers just

You know one dealer told me

Hey, I'm seeing some friction on the Hyundai side and Kia

Another dealer told me they took an unexpected loss under Hyundai store

Again, I haven't dug into this. It's still very fresh

But I am curious if you've heard any

Any rumblings with respect to Hyundai kia

From dealers or have you you've seen anything reflect in any deal activity whatsoever? So it's an interesting

company because um

It's a new one. I believe hunt is the majority shareholder kia and the products that they make are

They're not clones, but they're their brothers or sisters, right? So it's how you ride is pretty much the same as a palisade

But the two companies

Don't really get along like I think kia absolutely wants to

sell the pants off of Hyundai

The Kia management is perceived as more friendly to dealers

than Hyundai

I think Hyundai is a little bit tough. They maybe choose favorites. So if you're in the club

You you get a lot of product you get ad points you get rights of first refusal offered to you

You you have, you know, you're you're paddling downstream with Hyundai

If you're there's a perception if you're not in the Hyundai club, then maybe it's hard to get the product

Maybe the stair stuff, you know incentives are unfair for you

Um, and so you're almost encouraged to

Maybe sell your store and by the way, we know

Who should sell it to because he's our favorite child don't sell it to somebody else sells our favorite child

So that's the you know, Hyundai dealers have felt like that's not the spirit of partnership I'd want from my factory

And that's you know, hopefully I'm not being critical of Hyundai

I think they developed an amazing product and they've taken so much market share

Profitably over the last 10 years that I have great deal respect for what they've accomplished

I'm just talking about from the retailer's perspective

What we hear now on the Kia side

I think it's viewed as a little bit more of a level playing field if you're a good dealer

you're going to get the cars and

If you can sell all those cars are going to give you more cars and

The facility requirements that Kia and Hyundai have this is for both of them

I say are reasonable compared to certain other brands like Audi

Where they have this very expensive cost to build a facility that in the end doesn't really sell that many cars

You know Hyundai and Kia we really like those brands because you can sell a lot the cost of facilities not that much

You have to update the image, but it's a few million dollars

Not seven read to redo a show room like with Audi or 15

So we're fans of those

But I think that the perception is that Kia is a more dealer friendly company than Hyundai and therefore we have

Kia stores that hire multiple to Hyundai even though it's the same product

Yep, I've seen that too

Alan before we wrap up

We've been very insightful

Curious to know what is your

What's your pulse on the market for the for the next three six nine months?

I mean, what do you what are you forecasting here for this next year?

As as much as you can because we know it's been a period of rapid change

But you know are we going to see the market m&a market accelerate stabilize slow down?

What's your what's your sense on the market right now?

I believe the market's going to continue as it is. I think that we've had all these shocks we talked about and things are still going

I think that

You know every retailer has a goal

You know if they are older their goal might be a stay in for a couple more years and do the best they can and

Give their communities and employ their their people and and continue to do well

If they're younger and they want to grow and they're looking for that acquisition opportunity

I don't think anybody ever feels like they get a good deal when they buy a dealership, you know

But I I was making this analogy you'll see and I I brought a visual aid if you don't mind me showing but

so this is the

This is the metal

That everybody had finished the line got

It's a really nice metal. It looks like the metal and for the Paris Olympics last year

And I I looked at it and they gave it to everybody, right?

I mean the finish the winner got the same thing as this except they got a big check

But I think all of us have got our objectives, right?

And we're all marching towards these and maybe we had objectives. Maybe we don't

But I don't see anything on the horizon right now

That's going to really change the economics of auto dealerships. You mentioned Carvana

You know, there's 17 000 stores Carvana now owns two

Could I see them owning hundreds of dealerships in a decade or two?

That's possible. Would that change the economics for for dealers?

Likely however, I also believe that dealers won't stand still

You know, they will react. They will adopt their own digital retailing

They'll respond more on the fixed operation side if I have a I can't compete as well on

On the variable side

I can own the customer on the fixed side and I have a new teammate

John Murphy comes from us from Bank of America Merrill Lynch

He's developing some research that shows

How massive

The opportunity is for franchise retailers on the fixed operation side that they're just letting go to the independent shops

So our business will change over the next decade

new entrants like Carvana come or we have

Autonomous vehicles rolling around

But the one thing I know is that the franchise retail system

Is going to respond to those threats

And the opportunities and they remember we're still selling 16 million cars a year

We're probably eight or 10 million and it's short because of the pandemic

We have a lot of pen of demand in my opinion

So I think that the retailers are out that see all the risks

You know, they're out there running their own races. They got their own prizes in mind

And it may not turn out the way they expected like I didn't run nearly as fast as I would

But I think that they're going to invest and work hard and build other companies just as they always have so I have

No real worries right now about how the next few years are going to be in our industry

And I think your point on fixed stops is a great one because you know, I recorded with uh

Nowling auto from texas or ryan ryan nowling the other day

And you know, we're just talking about the emphasis he's putting on fixed to the extent that he said you'll see

He said I am selling a car to get a service customer

I he said I don't care about front end profit. I don't care about profit on a new car

Again, he's on the more of extreme end of operators today, but he's straight upset. I want that lifetime value

I want that retention

um, and it's working for him, but you know, just that all in on fixed ops mentality

Uh, we're probably going to see a lot more of that as

The industry, you know, he saw there's more competition and inevitably in my opinion

Margins continue to compress on the sale of a vehicle. I don't think you have to be a genius to believe that

So I think I think that's a good point

I'm and I'm looking forward to seeing what john murphy puts out because I'm you know

It makes sense that there would be a ton of opportunity on that side of the business

Yeah, I mean, it's it'll be interesting too. You see is if you look at the the performance of the

Stellanus dealers and markets where

Carbona is opened

If I could see how Carbona would be taking new share

But they're going to be taking new share not just from Stellanus dealers, but from four dealers and Chevy dealers and

Really the whole market, right?

And if they sell a lot of additional units

And those units go back to their homes and they're closer to the existing stores

You might see Stellanus dealers around Carbona stores sell fewer new units, but do more fixed ops

Are they worse off that way? You know, it's not clear. So I think it's really uncertain

But

What is certain is the resiliency of our

Of our dealer base our dealer friends out there

That they will find a way to get five departments, right new use finance insurance parts for his body

They're gonna find a way to make money

It's funny you say that because i'm talking with a dealer right now who's

Right next door to a Carbona store

That I believe just opened new car store the texas one and you know, you can look this up

And we're just talking about strategy like okay

So how are you planning to compete like what's a creative?

You know angle or positioning that you can take being across the street from a Carbona store

And that's an interesting idea that you just presented. It's like hey

Let them get their new car business

Maybe conquest their service business. I don't know but you're right in tvd

It also begs the question what percentage of their sales are happening out of market

And you know, that's of course a customer. That's not local, but it's uh, we're gonna follow that closely

We'll see we'll see how it shakes. Yeah. Yeah. All right. Well allen allen haig haig partners allen always a pleasure

things for coming on and uh, it's been super fun

So I enjoyed it. Pleasure to speak with you guys always. Yes. See talk to you soon. Bye

All right, hope you enjoyed that episode please give the podcast a rating consider subscribing to the show

And check the show notes for links to what we talked about. Thanks for tuning in. I'll see you guys next time

About this episode

Alan Haig, President of Haig Partners, discusses the current state of the automotive market, highlighting brands that are thriving and those that are struggling. He notes Hyundai and Kia's impressive profitability, while brands like Nissan and Stellantis face challenges. The conversation also touches on the impact of Carvana's acquisitions and the evolving dealership landscape. Haig emphasizes the importance of fixed operations for dealers and predicts continued demand for dealerships despite market fluctuations. Insights into brand strategies and dealership valuations provide a comprehensive overview of the automotive retail environment.

after sale Audi average transaction value BMW Carvana EV EV market share F&I hybrid ICE vehicles

Ford Escape Ford F-150 Hyundai Palisade Porsche Boxster Porsche Cayman

Original notes

Today I’m joined by Alan Haig, President of Haig Partners. We dig into why Q4 buy-sell activity is suddenly exploding, which franchises are becoming “must-own” (and which aren’t), how rate cuts are reshaping buyer math, and get a sneak peek at the latest Haig Report before its released. This episode is brought to you by: 1. Equifax - Fund More Auto Loans, Faster. Auto loan applicants are 40% more likely to be funded when instantly verified by The Work Number. You can get the data you need to know your borrower better and make fast, smart decisions. Equifax provides instant, secure access to verified borrower identity, address, income, and employment information, helping you move deals forward quickly." Visit @ https://carguymedia.com/3Lplzue to learn more. 2. Amazon Auto - With Amazon Autos, your dealership can reach more buyers, drive more sales, and deliver a modern, more delightful car-buying experience. Learn more @ https://sell.amazon.com/programs/autos⁠⁠⁠⁠ 3. Haig Partners - Since 2014, the Haig Report® has delivered expert analysis on dealership performance, market activity, and franchise valuations, offering a clear view of opportunities and challenges in automotive retail. Learn more in the full Q3 2025 Haig Report® by subscribing to receive it as soon as it’s released. Visit @ https://share.hsforms.com/1AEDx2iJDSsibryqbI1HyCgnr2vn 4. CDG Circles - A modern peer group for auto dealers. Private dealer chats. Real insights — confidential, compliant, no travel required. Visit https://cdgcircles.com to learn more. Check out Car Dealership Guy’s stuff: For dealers: Industry job board ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://jobs.dealershipguy.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Dealership recruiting ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.cdgrecruiting.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Fix your dealership’s social media ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.trynomad.co⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Request to be a podcast guest ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.cdgguest.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ For industry vendors: Advertise with Car Dealership Guy ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.cdgpartner.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Industry job board ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://jobs.dealershipguy.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Request to be a podcast guest ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.cdgguest.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Topics: 00:59 What defines the marathon's spirit? 02:53 Why did the CarMax CEO resign? 03:49 How is Carvana influencing the market? 07:14 Current state of the auto market? 11:14 Which brands are performing best? 21:40 Who is buying cars today? 26:51 Biggest opportunity in dealership sales? 29:05 Where are the hottest regional markets? 43:59 Future outlook for dealers? Car Dealership Guy Socials: X ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠x.com/GuyDealership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/cardealershipguy/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@guydealership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/cardealershipguy⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Threads ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠threads.net/@cardealershipguy⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠facebook.com/profile.php?id=100077402857683⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Everything else ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠dealershipguy.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Car Dealership Guy Podcast

Car Dealership Guy

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