# Auto & Truck Dealerships — company-by-company sector analysis

> Auto & Truck Dealerships: Lithia Motors, Inc. owns the largest revenue base; Carvana Co. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Auto & Truck Dealerships has underperformed S&P 500 by 5% over 52 weeks and 6.1% over 13 weeks. 11 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself. Lithia Motors, Inc. leads with revenue of $37,728 million, based on 16 of 17 comparable companies through Mar 2026.

### Is the Auto & Truck Dealerships sector outperforming S&P 500?

Auto & Truck Dealerships has underperformed S&P 500 by 5% over 52 weeks and 6.1% over 13 weeks. 11 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself.

### Which Auto & Truck Dealerships company is largest by revenue?

Lithia Motors, Inc. leads with revenue of $37,728 million, based on 16 of 17 comparable companies through Mar 2026.

### Which Auto & Truck Dealerships company is growing fastest?

Carvana Co. has the fastest current revenue growth at 51.7%, across 16 of 17 comparable companies.

### Which Auto & Truck Dealerships company has the strongest 4-Factor Sector Score?

OPENLANE, Inc. ranks first at 66.8/100 with 66% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto & Truck Dealerships company reports the most CAPEX?

CarMax, Inc. reports the largest latest CAPEX at $103 million, with 17 of 17 companies comparable.

### Which Auto & Truck Dealerships company has the least gross debt?

CarGurus, Inc. has the lowest comparable gross debt at $188 million. CarMax, Inc. has the highest at $18,643 million.

### Which Auto & Truck Dealerships company has the lowest comparable PEG?

Sonic Automotive, Inc. has the lowest comparable Guarded PEG at 0.18, among 12 of 17 companies that pass the metric’s comparability rules.

### How much history does this Auto & Truck Dealerships comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Auto & Truck Dealerships has underperformed S&P 500 by 5% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.1%. 11 of 17 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Sonic Automotive, Inc. is the strongest against the sector itself at +32.4%.

13-week sector return versus NIFTY 500: 6.1%
52-week sector return versus NIFTY 500: -5.0%
Stocks leading NIFTY: 11/17
Stocks leading sector: 9/17

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 17
Combined market value: ₹1.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. OPENLANE, Inc. (OPLN): 67/100 — Favorable setup; evidence 66%
   - Growth & earnings 26.4/35 | Capital efficiency 14.7/25 | Valuation 9.3/20 | Relative strength 16.4/20
   - Exact sum: 26.4 + 14.7 + 9.3 + 16.4 = 66.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Sonic Automotive, Inc. (SAH): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 11.3/35 | Capital efficiency 10.0/25 | Valuation 14.9/20 | Relative strength 19.6/20
   - Exact sum: 11.3 + 10 + 14.9 + 19.6 = 55.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 34.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Asbury Automotive Group, Inc. (ABG): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.2/35 | Capital efficiency 11.5/25 | Valuation 15.9/20 | Relative strength 10.8/20
   - Exact sum: 16.2 + 11.5 + 15.9 + 10.8 = 54.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Penske Automotive Group, Inc. (PAG): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.8/35 | Capital efficiency 11.2/25 | Valuation 12.1/20 | Relative strength 18.2/20
   - Exact sum: 12.8 + 11.2 + 12.1 + 18.2 = 54.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Rush Enterprises, Inc. (RUSHA): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 10.4/35 | Capital efficiency 17.6/25 | Valuation 13.6/20 | Relative strength 12.1/20
   - Exact sum: 10.4 + 17.6 + 13.6 + 12.1 = 53.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. ACV Auctions Inc. (ACVA): 51/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 23.4/35 | Capital efficiency 7.5/25 | Valuation 10.0/20 | Relative strength 9.8/20
   - Exact sum: 23.4 + 7.5 + 10 + 9.8 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Valvoline Inc. (VVV): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.1/35 | Capital efficiency 10.7/25 | Valuation 8.8/20 | Relative strength 15.0/20
   - Exact sum: 16.1 + 10.7 + 8.8 + 15 = 50.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Lithia Motors, Inc. (LAD): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.5/35 | Capital efficiency 9.4/25 | Valuation 12.1/20 | Relative strength 16.1/20
   - Exact sum: 11.5 + 9.4 + 12.1 + 16.1 = 49.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. CarMax, Inc. (KMX): 48/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 9.9/35 | Capital efficiency 6.3/25 | Valuation 13.4/20 | Relative strength 18.3/20
   - Exact sum: 9.9 + 6.3 + 13.4 + 18.3 = 47.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 19%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Group 1 Automotive, Inc. (GPI): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.5/35 | Capital efficiency 11.9/25 | Valuation 14.6/20 | Relative strength 3.7/20
   - Exact sum: 17.5 + 11.9 + 14.6 + 3.7 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. RideNow Group, Inc. (RDNW): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.7/35 | Capital efficiency 4.8/25 | Valuation 11.5/20 | Relative strength 13.2/20
   - Exact sum: 17.7 + 4.8 + 11.5 + 13.2 = 47.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. CarGurus, Inc. (CARG): 45/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 18.9/35 | Capital efficiency 16.1/25 | Valuation 4.7/20 | Relative strength 5.5/20
   - Exact sum: 18.9 + 16.1 + 4.7 + 5.5 = 45.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Driven Brands Holdings Inc. (DRVN): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.6/35 | Capital efficiency 8.4/25 | Valuation 10.5/20 | Relative strength 5.7/20
   - Exact sum: 20.6 + 8.4 + 10.5 + 5.7 = 45.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. AutoNation, Inc. (AN): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.7/35 | Capital efficiency 11.2/25 | Valuation 12.7/20 | Relative strength 7.0/20
   - Exact sum: 12.7 + 11.2 + 12.7 + 7 = 43.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Carvana Co. (CVNA): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.5/35 | Capital efficiency 12.7/25 | Valuation 6.2/20 | Relative strength 1.1/20
   - Exact sum: 21.5 + 12.7 + 6.2 + 1.1 = 41.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Boyd Group Services Inc. (BGSI): 36/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 18.9/35 | Capital efficiency 8.7/25 | Valuation 4.6/20 | Relative strength 3.6/20
   - Exact sum: 18.9 + 8.7 + 4.6 + 3.6 = 35.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Camping World Holdings, Inc. (CWH): 32/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.9/35 | Capital efficiency 4.3/25 | Valuation 8.9/20 | Relative strength 3.0/20
   - Exact sum: 15.9 + 4.3 + 8.9 + 3 = 32.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Lithia Motors, Inc. is the scale leader at $37,728 million, 17.7% ahead of Penske Automotive Group, Inc.. Carvana Co.'s growth is 51.7% from a $22,522 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Lithia Motors, Inc. is the scale benchmark; Carvana Co. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Lithia Motors, Inc.'s growth falls below Carvana Co.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Lithia Motors, Inc. · $37,728 million | 17.7% versus #2 · Penske Automotive Group, Inc. | 8/8 recent comparable periods | 16/17 companies · 320 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Lithia Motors, Inc. (LAD): ₹37.7K Cr
2. Penske Automotive Group, Inc. (PAG): ₹32.1K Cr
3. AutoNation, Inc. (AN): ₹27.5K Cr
4. CarMax, Inc. (KMX): ₹26.3K Cr
5. Carvana Co. (CVNA): ₹22.5K Cr

### Revenue growth — fastest growers
1. Carvana Co. (CVNA): 52%
2. ACV Auctions Inc. (ACVA): 16%
3. Valvoline Inc. (VVV): 11%
4. OPENLANE, Inc. (OPLN): 10%
5. Boyd Group Services Inc. (BGSI): 9.8%

### 20-quarter Revenue history
- CVNA: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 —
- PAG: Sep 2021 ₹6.5K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.5K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 —
- KMX: Sep 2021 ₹8.0K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹9.3K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 ₹8.0K Cr
- LAD: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹9.2K Cr | Sep 2024 ₹9.2K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 —
- AN: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.6K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 —
- RUSHA: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- VVV: Sep 2021 ₹295 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹296 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹345 Cr | Jun 2023 ₹376 Cr | Sep 2023 ₹390 Cr | Dec 2023 ₹373 Cr | Mar 2024 ₹389 Cr | Jun 2024 ₹421 Cr | Sep 2024 ₹436 Cr | Dec 2024 ₹414 Cr | Mar 2025 ₹403 Cr | Jun 2025 ₹439 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹504 Cr | Jun 2026 —
- ABG: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- OPLN: Sep 2021 ₹347 Cr | Dec 2021 ₹358 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹384 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹383 Cr | Mar 2023 ₹421 Cr | Jun 2023 ₹417 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹442 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹444 Cr | Sep 2024 ₹460 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹460 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹528 Cr | Jun 2026 —
- GPI: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- SAH: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- CARG: Sep 2021 ₹223 Cr | Dec 2021 ₹339 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹511 Cr | Sep 2022 ₹426 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹219 Cr | Dec 2023 — | Mar 2024 ₹216 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹231 Cr | Dec 2024 — | Mar 2025 ₹212 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹239 Cr | Dec 2025 — | Mar 2026 ₹244 Cr | Jun 2026 —
- BGSI: Sep 2021 ₹490 Cr | Dec 2021 ₹516 Cr | Mar 2022 ₹557 Cr | Jun 2022 ₹613 Cr | Sep 2022 ₹626 Cr | Dec 2022 ₹637 Cr | Mar 2023 ₹715 Cr | Jun 2023 ₹753 Cr | Sep 2023 ₹738 Cr | Dec 2023 ₹740 Cr | Mar 2024 ₹787 Cr | Jun 2024 ₹779 Cr | Sep 2024 ₹752 Cr | Dec 2024 ₹752 Cr | Mar 2025 ₹778 Cr | Jun 2025 ₹780 Cr | Sep 2025 ₹790 Cr | Dec 2025 ₹794 Cr | Mar 2026 ₹997 Cr | Jun 2026 —
- DRVN: Sep 2021 ₹371 Cr | Dec 2021 ₹392 Cr | Mar 2022 ₹468 Cr | Jun 2022 ₹509 Cr | Sep 2022 ₹517 Cr | Dec 2022 ₹540 Cr | Mar 2023 — | Jun 2023 ₹562 Cr | Sep 2023 ₹607 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹482 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹502 Cr | Dec 2024 ₹249 Cr | Mar 2025 ₹448 Cr | Jun 2025 ₹551 Cr | Sep 2025 ₹536 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- ACVA: Sep 2021 ₹92 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹204 Cr | Jun 2026 —
- CWH: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- RDNW: Sep 2021 ₹221 Cr | Dec 2021 ₹430 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹412 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹338 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹308 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹295 Cr | Dec 2024 ₹270 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹257 Cr | Mar 2026 ₹260 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -2.7% | Dec 2022 -24% | Mar 2023 -25% | Jun 2023 -24% | Sep 2023 -18% | Dec 2023 -15% | Mar 2024 17% | Jun 2024 15% | Sep 2024 32% | Dec 2024 46% | Mar 2025 38% | Jun 2025 42% | Sep 2025 55% | Dec 2025 58% | Mar 2026 52% | Jun 2026 —
- PAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.2% | Sep 2022 6.5% | Dec 2022 11% | Mar 2023 5.2% | Jun 2023 8.1% | Sep 2023 7.6% | Dec 2023 3.7% | Mar 2024 1.5% | Jun 2024 3.1% | Sep 2024 1.9% | Dec 2024 6.2% | Mar 2025 6.8% | Jun 2025 -0.5% | Sep 2025 1.4% | Dec 2025 15% | Mar 2026 -1.1% | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.0% | Dec 2022 -24% | Mar 2023 -26% | Jun 2023 -17% | Sep 2023 -13% | Dec 2023 -5.5% | Mar 2024 -1.7% | Jun 2024 -7.5% | Sep 2024 -0.9% | Dec 2024 1.2% | Mar 2025 6.7% | Jun 2025 6.1% | Sep 2025 -6.0% | Dec 2025 -6.9% | Mar 2026 -1.0% | Jun 2026 6.2%
- LAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 18% | Dec 2022 10% | Mar 2023 4.0% | Jun 2023 12% | Sep 2023 13% | Dec 2023 10% | Mar 2024 23% | Jun 2024 14% | Sep 2024 11% | Dec 2024 20% | Mar 2025 7.2% | Jun 2025 3.8% | Sep 2025 4.9% | Dec 2025 0.3% | Mar 2026 1.0% | Jun 2026 —
- AN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.6% | Sep 2022 4.5% | Dec 2022 1.8% | Mar 2023 -5.2% | Jun 2023 0.3% | Sep 2023 3.4% | Dec 2023 1.1% | Mar 2024 1.4% | Jun 2024 -6.0% | Sep 2024 -4.5% | Dec 2024 6.6% | Mar 2025 3.2% | Jun 2025 7.6% | Sep 2025 6.9% | Dec 2025 -3.9% | Mar 2026 -2.1% | Jun 2026 —
- RUSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 47% | Dec 2022 44% | Mar 2023 22% | Jun 2023 12% | Sep 2023 6.3% | Dec 2023 7.8% | Mar 2024 -2.1% | Jun 2024 1.2% | Sep 2024 -4.3% | Dec 2024 -0.9% | Mar 2025 -1.1% | Jun 2025 -4.7% | Sep 2025 -0.8% | Dec 2025 -12% | Mar 2026 -9.0% | Jun 2026 —
- VVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 14% | Dec 2022 16% | Mar 2023 17% | Jun 2023 19% | Sep 2023 16% | Dec 2023 12% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 11% | Mar 2025 3.6% | Jun 2025 4.3% | Sep 2025 4.1% | Dec 2025 12% | Mar 2026 25% | Jun 2026 —
- ABG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 61% | Dec 2022 40% | Mar 2023 -8.4% | Jun 2023 -5.2% | Sep 2023 -5.2% | Dec 2023 2.9% | Mar 2024 17% | Jun 2024 13% | Sep 2024 16% | Dec 2024 18% | Mar 2025 -1.2% | Jun 2025 3.0% | Sep 2025 13% | Dec 2025 3.8% | Mar 2026 -0.9% | Jun 2026 —
- OPLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 13% | Dec 2022 7.0% | Mar 2023 14% | Jun 2023 8.6% | Sep 2023 5.9% | Dec 2023 15% | Mar 2024 2.1% | Jun 2024 6.5% | Sep 2024 11% | Dec 2024 2.9% | Mar 2025 7.0% | Jun 2025 8.6% | Sep 2025 8.3% | Dec 2025 8.6% | Mar 2026 15% | Jun 2026 —
- GPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 22% | Dec 2022 17% | Mar 2023 7.4% | Jun 2023 10.0% | Sep 2023 13% | Dec 2023 10% | Mar 2024 8.3% | Jun 2024 3.0% | Sep 2024 11% | Dec 2024 24% | Mar 2025 23% | Jun 2025 21% | Sep 2025 11% | Dec 2025 0.6% | Mar 2026 -1.8% | Jun 2026 —
- SAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6% | Sep 2022 12% | Dec 2022 13% | Mar 2023 1.0% | Jun 2023 4.2% | Sep 2023 5.7% | Dec 2023 -0.2% | Mar 2024 -3.1% | Jun 2024 -5.5% | Sep 2024 -4.2% | Dec 2024 8.7% | Mar 2025 7.9% | Jun 2025 5.9% | Sep 2025 14% | Dec 2025 -0.6% | Mar 2026 1.0% | Jun 2026 —
- CARG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 134% | Sep 2022 91% | Dec 2022 -15% | Mar 2023 -46% | Jun 2023 -53% | Sep 2023 -49% | Dec 2023 — | Mar 2024 -6.9% | Jun 2024 -8.8% | Sep 2024 5.5% | Dec 2024 — | Mar 2025 -1.9% | Jun 2025 6.9% | Sep 2025 3.5% | Dec 2025 — | Mar 2026 15% | Jun 2026 —
- BGSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 28% | Dec 2022 23% | Mar 2023 28% | Jun 2023 23% | Sep 2023 18% | Dec 2023 16% | Mar 2024 10% | Jun 2024 3.5% | Sep 2024 1.9% | Dec 2024 1.6% | Mar 2025 -1.1% | Jun 2025 0.1% | Sep 2025 5.1% | Dec 2025 5.6% | Mar 2026 28% | Jun 2026 —
- DRVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 39% | Dec 2022 38% | Mar 2023 — | Jun 2023 10% | Sep 2023 17% | Dec 2023 2.6% | Mar 2024 — | Jun 2024 -7.7% | Sep 2024 -17% | Dec 2024 -55% | Mar 2025 -7.1% | Jun 2025 6.2% | Sep 2025 6.8% | Dec 2025 4.4% | Mar 2026 8.0% | Jun 2026 —
- ACVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 14% | Dec 2022 -2.0% | Mar 2023 17% | Jun 2023 7.8% | Sep 2023 13% | Dec 2023 20% | Mar 2024 22% | Jun 2024 30% | Sep 2024 44% | Dec 2024 36% | Mar 2025 25% | Jun 2025 21% | Sep 2025 17% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- CWH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -3.2% | Dec 2022 -7.1% | Mar 2023 -11% | Jun 2023 -12% | Sep 2023 -6.8% | Dec 2023 -13% | Mar 2024 -8.3% | Jun 2024 -4.9% | Sep 2024 -0.3% | Dec 2024 8.6% | Mar 2025 3.7% | Jun 2025 9.4% | Sep 2025 4.7% | Dec 2025 -2.5% | Mar 2026 -4.2% | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 145% | Sep 2022 72% | Dec 2022 -23% | Mar 2023 -25% | Jun 2023 -7.0% | Sep 2023 -11% | Dec 2023 -6.3% | Mar 2024 -7.8% | Jun 2024 -12% | Sep 2024 -13% | Dec 2024 -13% | Mar 2025 -20% | Jun 2025 -11% | Sep 2025 -4.8% | Dec 2025 -4.8% | Mar 2026 6.1% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Valvoline Inc. leads opm at 17.1%; ACV Auctions Inc. leads margin change at +3.4 percentage points.

Investor read: Valvoline Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Valvoline Inc. · 17.1% | 3.6% versus #2 · CarGurus, Inc. | 3/8 recent comparable periods | 17/17 companies · 320 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Valvoline Inc. (VVV): 17%
2. CarGurus, Inc. (CARG): 17%
3. OPENLANE, Inc. (OPLN): 14%
4. Driven Brands Holdings Inc. (DRVN): 14%
5. Carvana Co. (CVNA): 9.0%

### Margin change — fastest expanders
1. ACV Auctions Inc. (ACVA): +3.4 pp
2. OPENLANE, Inc. (OPLN): +2.8 pp
3. Driven Brands Holdings Inc. (DRVN): +1.7 pp
4. RideNow Group, Inc. (RDNW): +1.3 pp
5. Valvoline Inc. (VVV): +0.5 pp

### 20-quarter OPM history
- CVNA: Sep 2021 -0.7% | Dec 2021 -2.8% | Mar 2022 -12% | Jun 2022 -8.4% | Sep 2022 -8.8% | Dec 2022 -16% | Mar 2023 -5.1% | Jun 2023 1.4% | Sep 2023 1.7% | Dec 2023 -1.6% | Mar 2024 4.4% | Jun 2024 7.6% | Sep 2024 9.2% | Dec 2024 7.3% | Mar 2025 9.3% | Jun 2025 11% | Sep 2025 9.8% | Dec 2025 7.6% | Mar 2026 9.0% | Jun 2026 —
- PAG: Sep 2021 5.8% | Dec 2021 5.7% | Mar 2022 5.8% | Jun 2022 5.6% | Sep 2022 5.2% | Dec 2022 4.8% | Mar 2023 5.1% | Jun 2023 5.1% | Sep 2023 4.5% | Dec 2023 3.7% | Mar 2024 4.4% | Jun 2024 4.4% | Sep 2024 4.2% | Dec 2024 4.3% | Mar 2025 4.1% | Jun 2025 4.5% | Sep 2025 3.9% | Dec 2025 3.6% | Mar 2026 3.7% | Jun 2026 —
- KMX: Sep 2021 2.4% | Dec 2021 2.4% | Mar 2022 0.5% | Jun 2022 1.8% | Sep 2022 0.2% | Dec 2022 -1.1% | Mar 2023 -0.3% | Jun 2023 2.6% | Sep 2023 0.7% | Dec 2023 -0.1% | Mar 2024 9.3% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 0.6% | Mar 2025 10% | Jun 2025 2.2% | Sep 2025 0.7% | Dec 2025 -1.0% | Mar 2026 9.0% | Jun 2026 1.9%
- LAD: Sep 2021 7.8% | Dec 2021 7.9% | Mar 2022 7.6% | Jun 2022 7.2% | Sep 2022 7.1% | Dec 2022 5.8% | Mar 2023 5.4% | Jun 2023 5.9% | Sep 2023 5.6% | Dec 2023 4.9% | Mar 2024 4.0% | Jun 2024 4.3% | Sep 2024 4.6% | Dec 2024 4.5% | Mar 2025 4.4% | Jun 2025 4.4% | Sep 2025 4.4% | Dec 2025 3.7% | Mar 2026 3.6% | Jun 2026 —
- AN: Sep 2021 7.9% | Dec 2021 8.1% | Mar 2022 7.7% | Jun 2022 8.1% | Sep 2022 7.8% | Dec 2022 6.3% | Mar 2023 6.9% | Jun 2023 6.4% | Sep 2023 6.1% | Dec 2023 5.2% | Mar 2024 5.2% | Jun 2024 4.2% | Sep 2024 5.3% | Dec 2024 4.7% | Mar 2025 5.0% | Jun 2025 3.1% | Sep 2025 5.3% | Dec 2025 4.5% | Mar 2026 4.8% | Jun 2026 —
- RUSHA: Sep 2021 7.1% | Dec 2021 6.8% | Mar 2022 6.9% | Jun 2022 7.5% | Sep 2022 6.8% | Dec 2022 7.3% | Mar 2023 6.7% | Jun 2023 7.1% | Sep 2023 6.1% | Dec 2023 5.9% | Mar 2024 5.9% | Jun 2024 6.1% | Sep 2024 6.4% | Dec 2024 5.6% | Mar 2025 5.0% | Jun 2025 5.7% | Sep 2025 5.3% | Dec 2025 5.2% | Mar 2026 4.9% | Jun 2026 —
- VVV: Sep 2021 30% | Dec 2021 18% | Mar 2022 14% | Jun 2022 19% | Sep 2022 20% | Dec 2022 8.8% | Mar 2023 18% | Jun 2023 23% | Sep 2023 18% | Dec 2023 17% | Mar 2024 20% | Jun 2024 22% | Sep 2024 31% | Dec 2024 35% | Mar 2025 17% | Jun 2025 22% | Sep 2025 19% | Dec 2025 4.0% | Mar 2026 17% | Jun 2026 —
- ABG: Sep 2021 8.4% | Dec 2021 8.9% | Mar 2022 8.2% | Jun 2022 8.5% | Sep 2022 8.1% | Dec 2022 8.2% | Mar 2023 7.7% | Jun 2023 7.7% | Sep 2023 7.2% | Dec 2023 3.3% | Mar 2024 6.3% | Jun 2024 2.4% | Sep 2024 5.5% | Dec 2024 5.3% | Mar 2025 5.6% | Jun 2025 5.9% | Sep 2025 5.1% | Dec 2025 2.7% | Mar 2026 4.7% | Jun 2026 —
- OPLN: Sep 2021 8.4% | Dec 2021 9.3% | Mar 2022 3.7% | Jun 2022 5.8% | Sep 2022 13% | Dec 2022 2.3% | Mar 2023 16% | Jun 2023 -47% | Sep 2023 16% | Dec 2023 13% | Mar 2024 8.6% | Jun 2024 5.4% | Sep 2024 9.2% | Dec 2024 17% | Mar 2025 11% | Jun 2025 9.8% | Sep 2025 11% | Dec 2025 8.6% | Mar 2026 14% | Jun 2026 —
- GPI: Sep 2021 7.1% | Dec 2021 6.6% | Mar 2022 7.4% | Jun 2022 6.9% | Sep 2022 6.7% | Dec 2022 5.9% | Mar 2023 5.8% | Jun 2023 5.9% | Sep 2023 5.6% | Dec 2023 4.3% | Mar 2024 5.4% | Jun 2024 5.1% | Sep 2024 4.4% | Dec 2024 3.5% | Mar 2025 4.2% | Jun 2025 4.4% | Sep 2025 1.9% | Dec 2025 2.5% | Mar 2026 4.5% | Jun 2026 —
- SAH: Sep 2021 4.1% | Dec 2021 5.0% | Mar 2022 4.5% | Jun 2022 4.4% | Sep 2022 4.3% | Dec 2022 -4.0% | Mar 2023 3.0% | Jun 2023 2.1% | Sep 2023 3.8% | Dec 2023 2.8% | Mar 2024 3.2% | Jun 2024 3.1% | Sep 2024 3.3% | Dec 2024 3.4% | Mar 2025 4.0% | Jun 2025 -0.6% | Sep 2025 3.1% | Dec 2025 3.2% | Mar 2026 3.6% | Jun 2026 —
- CARG: Sep 2021 18% | Dec 2021 13% | Mar 2022 6.2% | Jun 2022 4.6% | Sep 2022 6.7% | Dec 2022 10% | Mar 2023 6.1% | Jun 2023 7.4% | Sep 2023 11% | Dec 2023 — | Mar 2024 12% | Jun 2024 -43% | Sep 2024 12% | Dec 2024 — | Mar 2025 24% | Jun 2025 11% | Sep 2025 23% | Dec 2025 — | Mar 2026 17% | Jun 2026 —
- BGSI: Sep 2021 1.6% | Dec 2021 2.8% | Mar 2022 1.9% | Jun 2022 4.5% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 5.6% | Jun 2023 6.4% | Sep 2023 5.7% | Dec 2023 5.5% | Mar 2024 3.5% | Jun 2024 4.1% | Sep 2024 2.8% | Dec 2024 2.5% | Mar 2025 1.9% | Jun 2025 3.4% | Sep 2025 4.2% | Dec 2025 3.4% | Mar 2026 2.0% | Jun 2026 —
- DRVN: Sep 2021 17% | Dec 2021 0.0% | Mar 2022 16% | Jun 2022 -7.0% | Sep 2022 19% | Dec 2022 12% | Mar 2023 — | Jun 2023 14% | Sep 2023 16% | Dec 2023 8.2% | Mar 2024 14% | Jun 2024 17% | Sep 2024 9.9% | Dec 2024 -3.2% | Mar 2025 12% | Jun 2025 6.9% | Sep 2025 12% | Dec 2025 27% | Mar 2026 14% | Jun 2026 —
- ACVA: Sep 2021 -27% | Dec 2021 -26% | Mar 2022 -28% | Jun 2022 -22% | Sep 2022 -24% | Dec 2022 -28% | Mar 2023 -17% | Jun 2023 -16% | Sep 2023 -19% | Dec 2023 -23% | Mar 2024 -16% | Jun 2024 -12% | Sep 2024 -10% | Dec 2024 -16% | Mar 2025 -7.9% | Jun 2025 -3.7% | Sep 2025 -12% | Dec 2025 -9.7% | Mar 2026 -4.5% | Jun 2026 —
- CWH: Sep 2021 13% | Dec 2021 6.0% | Mar 2022 9.0% | Jun 2022 12% | Sep 2022 8.4% | Dec 2022 0.8% | Mar 2023 3.9% | Jun 2023 7.0% | Sep 2023 5.1% | Dec 2023 -1.1% | Mar 2024 0.3% | Jun 2024 5.3% | Sep 2024 3.7% | Dec 2024 -1.3% | Mar 2025 1.5% | Jun 2025 6.6% | Sep 2025 4.4% | Dec 2025 -4.3% | Mar 2026 1.6% | Jun 2026 —
- RDNW: Sep 2021 -10% | Dec 2021 3.7% | Mar 2022 5.1% | Jun 2022 7.5% | Sep 2022 3.7% | Dec 2022 -1.1% | Mar 2023 -0.2% | Jun 2023 0.2% | Sep 2023 -0.1% | Dec 2023 -3.0% | Mar 2024 1.7% | Jun 2024 4.6% | Sep 2024 1.8% | Dec 2024 -15% | Mar 2025 1.6% | Jun 2025 -6.3% | Sep 2025 3.3% | Dec 2025 1.4% | Mar 2026 2.9% | Jun 2026 —

### 20-quarter Margin change history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.9 pp | Sep 2022 −8.1 pp | Dec 2022 −12.7 pp | Mar 2023 +7.2 pp | Jun 2023 +9.8 pp | Sep 2023 +10.5 pp | Dec 2023 +13.9 pp | Mar 2024 +9.5 pp | Jun 2024 +6.2 pp | Sep 2024 +7.5 pp | Dec 2024 +8.9 pp | Mar 2025 +4.9 pp | Jun 2025 +3.0 pp | Sep 2025 +0.6 pp | Dec 2025 +0.3 pp | Mar 2026 −0.3 pp | Jun 2026 —
- PAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −0.6 pp | Dec 2022 −0.9 pp | Mar 2023 −0.7 pp | Jun 2023 −0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −1.1 pp | Mar 2024 −0.7 pp | Jun 2024 −0.7 pp | Sep 2024 −0.3 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −0.4 pp | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −3.5 pp | Mar 2023 −0.8 pp | Jun 2023 +0.8 pp | Sep 2023 +0.5 pp | Dec 2023 +1.0 pp | Mar 2024 +9.6 pp | Jun 2024 −1.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +0.9 pp | Sep 2025 −0.5 pp | Dec 2025 −1.6 pp | Mar 2026 −1.0 pp | Jun 2026 −0.3 pp
- LAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −0.7 pp | Dec 2022 −2.1 pp | Mar 2023 −2.2 pp | Jun 2023 −1.3 pp | Sep 2023 −1.5 pp | Dec 2023 −0.9 pp | Mar 2024 −1.4 pp | Jun 2024 −1.6 pp | Sep 2024 −1.0 pp | Dec 2024 −0.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.8 pp | Mar 2026 −0.8 pp | Jun 2026 —
- AN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 −0.1 pp | Dec 2022 −1.8 pp | Mar 2023 −0.8 pp | Jun 2023 −1.7 pp | Sep 2023 −1.7 pp | Dec 2023 −1.1 pp | Mar 2024 −1.7 pp | Jun 2024 −2.2 pp | Sep 2024 −0.8 pp | Dec 2024 −0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −1.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- RUSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.0 pp | Sep 2022 −0.3 pp | Dec 2022 +0.5 pp | Mar 2023 −0.2 pp | Jun 2023 −0.4 pp | Sep 2023 −0.7 pp | Dec 2023 −1.4 pp | Mar 2024 −0.8 pp | Jun 2024 −1.0 pp | Sep 2024 +0.3 pp | Dec 2024 −0.3 pp | Mar 2025 −0.9 pp | Jun 2025 −0.4 pp | Sep 2025 −1.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- VVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.8 pp | Sep 2022 −9.7 pp | Dec 2022 −9.3 pp | Mar 2023 +4.3 pp | Jun 2023 +3.7 pp | Sep 2023 −2.0 pp | Dec 2023 +8.0 pp | Mar 2024 +1.9 pp | Jun 2024 −0.8 pp | Sep 2024 +12.9 pp | Dec 2024 +17.9 pp | Mar 2025 −3.1 pp | Jun 2025 −0.6 pp | Sep 2025 −12.3 pp | Dec 2025 −30.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- ABG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 −0.3 pp | Dec 2022 −0.7 pp | Mar 2023 −0.5 pp | Jun 2023 −0.8 pp | Sep 2023 −0.9 pp | Dec 2023 −4.9 pp | Mar 2024 −1.4 pp | Jun 2024 −5.3 pp | Sep 2024 −1.7 pp | Dec 2024 +2.0 pp | Mar 2025 −0.7 pp | Jun 2025 +3.5 pp | Sep 2025 −0.4 pp | Dec 2025 −2.6 pp | Mar 2026 −0.9 pp | Jun 2026 —
- OPLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 +4.3 pp | Dec 2022 −7.0 pp | Mar 2023 +11.8 pp | Jun 2023 −52.5 pp | Sep 2023 +3.3 pp | Dec 2023 +10.7 pp | Mar 2024 −6.9 pp | Jun 2024 +52.1 pp | Sep 2024 −6.8 pp | Dec 2024 +4.4 pp | Mar 2025 +2.6 pp | Jun 2025 +4.4 pp | Sep 2025 +1.8 pp | Dec 2025 −8.8 pp | Mar 2026 +2.8 pp | Jun 2026 —
- GPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −0.4 pp | Dec 2022 −0.7 pp | Mar 2023 −1.6 pp | Jun 2023 −1.0 pp | Sep 2023 −1.1 pp | Dec 2023 −1.6 pp | Mar 2024 −0.4 pp | Jun 2024 −0.8 pp | Sep 2024 −1.2 pp | Dec 2024 −0.8 pp | Mar 2025 −1.2 pp | Jun 2025 −0.7 pp | Sep 2025 −2.5 pp | Dec 2025 −1.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- SAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +0.2 pp | Dec 2022 −9.0 pp | Mar 2023 −1.5 pp | Jun 2023 −2.3 pp | Sep 2023 −0.5 pp | Dec 2023 +6.8 pp | Mar 2024 +0.2 pp | Jun 2024 +1.0 pp | Sep 2024 −0.5 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 −3.7 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.4 pp | Jun 2026 —
- CARG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.1 pp | Sep 2022 −11.3 pp | Dec 2022 −2.6 pp | Mar 2023 −0.1 pp | Jun 2023 +2.8 pp | Sep 2023 +3.8 pp | Dec 2023 — | Mar 2024 +6.1 pp | Jun 2024 −50.2 pp | Sep 2024 +1.4 pp | Dec 2024 — | Mar 2025 +11.7 pp | Jun 2025 +53.4 pp | Sep 2025 +11.0 pp | Dec 2025 — | Mar 2026 −7.4 pp | Jun 2026 —
- BGSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 +3.0 pp | Dec 2022 +1.8 pp | Mar 2023 +3.7 pp | Jun 2023 +1.9 pp | Sep 2023 +1.1 pp | Dec 2023 +0.9 pp | Mar 2024 −2.1 pp | Jun 2024 −2.3 pp | Sep 2024 −2.9 pp | Dec 2024 −3.0 pp | Mar 2025 −1.6 pp | Jun 2025 −0.7 pp | Sep 2025 +1.4 pp | Dec 2025 +0.9 pp | Mar 2026 +0.1 pp | Jun 2026 —
- DRVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −24.0 pp | Sep 2022 +1.3 pp | Dec 2022 +12.2 pp | Mar 2023 — | Jun 2023 +20.7 pp | Sep 2023 −2.4 pp | Dec 2023 −4.0 pp | Mar 2024 — | Jun 2024 +3.7 pp | Sep 2024 −6.2 pp | Dec 2024 −11.4 pp | Mar 2025 −1.9 pp | Jun 2025 −10.5 pp | Sep 2025 +1.7 pp | Dec 2025 +30.1 pp | Mar 2026 +1.7 pp | Jun 2026 —
- ACVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.9 pp | Sep 2022 +3.1 pp | Dec 2022 −2.3 pp | Mar 2023 +10.8 pp | Jun 2023 +5.6 pp | Sep 2023 +5.1 pp | Dec 2023 +5.3 pp | Mar 2024 +1.9 pp | Jun 2024 +4.3 pp | Sep 2024 +8.7 pp | Dec 2024 +6.4 pp | Mar 2025 +7.6 pp | Jun 2025 +7.9 pp | Sep 2025 −1.9 pp | Dec 2025 +6.5 pp | Mar 2026 +3.4 pp | Jun 2026 —
- CWH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −4.3 pp | Dec 2022 −5.2 pp | Mar 2023 −5.1 pp | Jun 2023 −4.7 pp | Sep 2023 −3.3 pp | Dec 2023 −1.9 pp | Mar 2024 −3.6 pp | Jun 2024 −1.7 pp | Sep 2024 −1.4 pp | Dec 2024 −0.2 pp | Mar 2025 +1.2 pp | Jun 2025 +1.3 pp | Sep 2025 +0.7 pp | Dec 2025 −3.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.0 pp | Sep 2022 +14.0 pp | Dec 2022 −4.8 pp | Mar 2023 −5.3 pp | Jun 2023 −7.3 pp | Sep 2023 −3.8 pp | Dec 2023 −1.9 pp | Mar 2024 +1.9 pp | Jun 2024 +4.4 pp | Sep 2024 +1.9 pp | Dec 2024 −12.1 pp | Mar 2025 −0.1 pp | Jun 2025 −10.9 pp | Sep 2025 +1.5 pp | Dec 2025 +16.5 pp | Mar 2026 +1.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Carvana Co. leads with $1,927 million of TTM profit, 107.4% above Penske Automotive Group, Inc.. CarGurus, Inc. shows ≥100% on the scoring scale (387.2% uncapped) growth from a $190 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Carvana Co. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Carvana Co. · $1,927 million | 107.4% versus #2 · Penske Automotive Group, Inc. | 5/7 recent comparable periods | 17/17 companies · 323 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Carvana Co. (CVNA): ₹1.9K Cr
2. Penske Automotive Group, Inc. (PAG): ₹929 Cr
3. Lithia Motors, Inc. (LAD): ₹717 Cr
4. AutoNation, Inc. (AN): ₹678 Cr
5. Asbury Automotive Group, Inc. (ABG): ₹548 Cr

### Profit growth — fastest growers
1. CarGurus, Inc. (CARG): 100%
2. Carvana Co. (CVNA): 100%
3. OPENLANE, Inc. (OPLN): 48%
4. Asbury Automotive Group, Inc. (ABG): 32%
5. AutoNation, Inc. (AN): 0.0%

### 20-quarter Net profit history
- CVNA: Sep 2021 ₹-68 Cr | Dec 2021 ₹-182 Cr | Mar 2022 ₹-506 Cr | Jun 2022 ₹-439 Cr | Sep 2022 ₹-508 Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-286 Cr | Jun 2023 ₹-105 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹-200 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹373 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹951 Cr | Mar 2026 ₹405 Cr | Jun 2026 —
- PAG: Sep 2021 ₹356 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹300 Cr | Jun 2023 ₹303 Cr | Sep 2023 ₹264 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- KMX: Sep 2021 ₹285 Cr | Dec 2021 ₹269 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹252 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹-121 Cr | Jun 2026 ₹186 Cr
- LAD: Sep 2021 ₹309 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹344 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹330 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹219 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- AN: Sep 2021 ₹362 Cr | Dec 2021 ₹387 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹286 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- RUSHA: Sep 2021 ₹69 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- VVV: Sep 2021 ₹125 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- ABG: Sep 2021 ₹147 Cr | Dec 2021 ₹141 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹201 Cr | Sep 2022 ₹205 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- OPLN: Sep 2021 ₹-27 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹-194 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- GPI: Sep 2021 ₹173 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹157 Cr | Mar 2023 ₹159 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- SAH: Sep 2021 ₹85 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹-191 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹-46 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- CARG: Sep 2021 ₹29 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹-69 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- BGSI: Sep 2021 ₹0 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- DRVN: Sep 2021 ₹33 Cr | Dec 2021 ₹-39 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹-57 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹27 Cr | Mar 2023 — | Jun 2023 ₹30 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- ACVA: Sep 2021 ₹-25 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-29 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-25 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- CWH: Sep 2021 ₹189 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-109 Cr | Mar 2026 ₹-27 Cr | Jun 2026 —
- RDNW: Sep 2021 ₹-23 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-168 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,076% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -80% | Dec 2024 — | Mar 2025 661% | Jun 2025 542% | Sep 2025 78% | Dec 2025 498% | Mar 2026 8.6% | Jun 2026 —
- PAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 -3.9% | Dec 2022 -4.5% | Mar 2023 -19% | Jun 2023 -19% | Sep 2023 -23% | Dec 2023 -36% | Mar 2024 -28% | Jun 2024 -20% | Sep 2024 -14% | Dec 2024 23% | Mar 2025 19% | Jun 2025 3.3% | Sep 2025 -5.7% | Dec 2025 -3.4% | Mar 2026 -8.9% | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -56% | Dec 2022 -86% | Mar 2023 -57% | Jun 2023 -9.5% | Sep 2023 -5.6% | Dec 2023 116% | Mar 2024 -28% | Jun 2024 -33% | Sep 2024 12% | Dec 2024 52% | Mar 2025 80% | Jun 2025 38% | Sep 2025 -29% | Dec 2025 -50% | Mar 2026 -234% | Jun 2026 -11%
- LAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 6.8% | Dec 2022 -15% | Mar 2023 -33% | Jun 2023 -11% | Sep 2023 -20% | Dec 2023 -14% | Mar 2024 -28% | Jun 2024 -28% | Sep 2024 -17% | Dec 2024 -0.9% | Mar 2025 28% | Jun 2025 19% | Sep 2025 -0.9% | Dec 2025 -36% | Mar 2026 -52% | Jun 2026 —
- AN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.1% | Sep 2022 -2.5% | Dec 2022 -26% | Mar 2023 -20% | Jun 2023 -28% | Sep 2023 -31% | Dec 2023 -24% | Mar 2024 -34% | Jun 2024 -52% | Sep 2024 -24% | Dec 2024 -14% | Mar 2025 -7.4% | Jun 2025 -34% | Sep 2025 16% | Dec 2025 -7.5% | Mar 2026 16% | Jun 2026 —
- RUSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 32% | Dec 2022 42% | Mar 2023 -1.1% | Jun 2023 -11% | Sep 2023 -11% | Dec 2023 -20% | Mar 2024 -22% | Jun 2024 -20% | Sep 2024 -2.5% | Dec 2024 -3.9% | Mar 2025 -14% | Jun 2025 -7.6% | Sep 2025 -14% | Dec 2025 -13% | Mar 2026 1.6% | Jun 2026 —
- VVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 -90% | Dec 2022 -21% | Mar 2023 43% | Jun 2023 63% | Sep 2023 525% | Dec 2023 26% | Mar 2024 30% | Jun 2024 -26% | Sep 2024 19% | Dec 2024 176% | Mar 2025 -12% | Jun 2025 19% | Sep 2025 -71% | Dec 2025 -134% | Mar 2026 18% | Jun 2026 —
- ABG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 39% | Dec 2022 150% | Mar 2023 -24% | Jun 2023 -2.5% | Sep 2023 -18% | Dec 2023 -84% | Mar 2024 -19% | Jun 2024 -86% | Sep 2024 -25% | Dec 2024 130% | Mar 2025 -10% | Jun 2025 446% | Sep 2025 17% | Dec 2025 -53% | Mar 2026 42% | Jun 2026 —
- OPLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 180% | Mar 2023 — | Jun 2023 — | Sep 2023 1,200% | Dec 2023 -67% | Mar 2024 46% | Jun 2024 — | Sep 2024 115% | Dec 2024 271% | Mar 2025 95% | Jun 2025 200% | Sep 2025 71% | Dec 2025 15% | Mar 2026 32% | Jun 2026 —
- GPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3% | Sep 2022 14% | Dec 2022 -3.7% | Mar 2023 -21% | Jun 2023 -15% | Sep 2023 -17% | Dec 2023 -31% | Mar 2024 -7.6% | Jun 2024 -19% | Sep 2024 -29% | Dec 2024 -13% | Mar 2025 -13% | Jun 2025 1.5% | Sep 2025 -89% | Dec 2025 -55% | Mar 2026 1.6% | Jun 2026 —
- SAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 2.4% | Dec 2022 -297% | Mar 2023 -51% | Jun 2023 -76% | Sep 2023 -22% | Dec 2023 — | Mar 2024 -13% | Jun 2024 78% | Sep 2024 8.8% | Dec 2024 51% | Mar 2025 69% | Jun 2025 -212% | Sep 2025 -36% | Dec 2025 -20% | Mar 2026 -14% | Jun 2026 —
- CARG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -34% | Dec 2022 -32% | Mar 2023 -37% | Jun 2023 -22% | Sep 2023 0.0% | Dec 2023 -200% | Mar 2024 75% | Jun 2024 -593% | Sep 2024 21% | Dec 2024 — | Mar 2025 86% | Jun 2025 — | Sep 2025 96% | Dec 2025 98% | Mar 2026 -18% | Jun 2026 —
- BGSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 — | Dec 2022 180% | Mar 2023 950% | Jun 2023 100% | Sep 2023 67% | Dec 2023 36% | Mar 2024 -62% | Jun 2024 -58% | Sep 2024 -85% | Dec 2024 -89% | Mar 2025 -138% | Jun 2025 -55% | Sep 2025 267% | Dec 2025 150% | Mar 2026 — | Jun 2026 —
- DRVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -263% | Sep 2022 15% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 -63% | Mar 2024 — | Jun 2024 23% | Sep 2024 -168% | Dec 2024 -470% | Mar 2025 17% | Jun 2025 -68% | Sep 2025 — | Dec 2025 — | Mar 2026 71% | Jun 2026 —
- CWH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -46% | Dec 2022 -197% | Mar 2023 -95% | Jun 2023 -67% | Sep 2023 -70% | Dec 2023 — | Mar 2024 -1,120% | Jun 2024 -65% | Sep 2024 -74% | Dec 2024 — | Mar 2025 — | Jun 2025 152% | Sep 2025 -463% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -54% | Mar 2023 -289% | Jun 2023 -193% | Sep 2023 -525% | Dec 2023 -1,088% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: CarMax, Inc. reports $103 million of CAPEX; Valvoline Inc. has the highest covered intensity at 11.5%. Coverage is only 17 of 17 companies and 323 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: CarMax, Inc. · $103 million | 6.2% versus #2 · Lithia Motors, Inc. | 8/8 recent comparable periods | 17/17 companies · 323 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. CarMax, Inc. (KMX): ₹103 Cr
2. Lithia Motors, Inc. (LAD): ₹97 Cr
3. Group 1 Automotive, Inc. (GPI): ₹84 Cr
4. Rush Enterprises, Inc. (RUSHA): ₹66 Cr
5. Penske Automotive Group, Inc. (PAG): ₹63 Cr

### CAPEX intensity — highest reinvestment intensity
1. Valvoline Inc. (VVV): 12%
2. Driven Brands Holdings Inc. (DRVN): 7.0%
3. Rush Enterprises, Inc. (RUSHA): 3.9%
4. Camping World Holdings, Inc. (CWH): 2.7%
5. OPENLANE, Inc. (OPLN): 2.5%

### 20-quarter CAPEX history
- CVNA: Sep 2021 ₹196 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- PAG: Sep 2021 ₹67 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- KMX: Sep 2021 ₹79 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹133 Cr | Jun 2026 ₹103 Cr
- LAD: Sep 2021 ₹81 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹97 Cr | Jun 2026 —
- AN: Sep 2021 ₹45 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- RUSHA: Sep 2021 ₹38 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- VVV: Sep 2021 ₹38 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- ABG: Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- OPLN: Sep 2021 ₹15 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- GPI: Sep 2021 ₹25 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- SAH: Sep 2021 ₹76 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- CARG: Sep 2021 ₹0 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BGSI: Sep 2021 ₹4 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- DRVN: Sep 2021 ₹47 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹160 Cr | Mar 2023 — | Jun 2023 ₹169 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- ACVA: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CWH: Sep 2021 ₹54 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- RDNW: Sep 2021 ₹8 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- CVNA: Sep 2021 5.6% | Dec 2021 4.4% | Mar 2022 6.3% | Jun 2022 3.6% | Sep 2022 2.7% | Dec 2022 2.2% | Mar 2023 1.2% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.6% | Sep 2025 0.7% | Dec 2025 0.9% | Mar 2026 0.8% | Jun 2026 —
- PAG: Sep 2021 1.0% | Dec 2021 1.4% | Mar 2022 0.8% | Jun 2022 1.2% | Sep 2022 0.8% | Dec 2022 1.2% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 1.6% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.2% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 0.8% | Jun 2026 —
- KMX: Sep 2021 1.0% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.0% | Sep 2022 1.4% | Dec 2022 1.8% | Mar 2023 1.8% | Jun 2023 1.8% | Sep 2023 1.0% | Dec 2023 2.4% | Mar 2024 2.0% | Jun 2024 1.5% | Sep 2024 1.6% | Dec 2024 2.0% | Mar 2025 2.1% | Jun 2025 1.8% | Sep 2025 2.0% | Dec 2025 2.4% | Mar 2026 2.2% | Jun 2026 1.3%
- LAD: Sep 2021 1.3% | Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.3% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 0.8% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 1.4% | Sep 2024 0.7% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 1.1% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 —
- AN: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 1.5% | Sep 2022 1.1% | Dec 2022 1.4% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 1.8% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.2% | Dec 2024 0.9% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 1.2% | Mar 2026 0.9% | Jun 2026 —
- RUSHA: Sep 2021 3.0% | Dec 2021 3.4% | Mar 2022 2.9% | Jun 2022 3.5% | Sep 2022 3.6% | Dec 2022 3.6% | Mar 2023 4.7% | Jun 2023 4.8% | Sep 2023 5.2% | Dec 2023 3.9% | Mar 2024 4.2% | Jun 2024 4.6% | Sep 2024 7.0% | Dec 2024 6.4% | Mar 2025 5.8% | Jun 2025 5.9% | Sep 2025 5.2% | Dec 2025 4.6% | Mar 2026 3.9% | Jun 2026 —
- VVV: Sep 2021 13% | Dec 2021 11% | Mar 2022 8.8% | Jun 2022 10% | Sep 2022 13% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 11% | Mar 2024 12% | Jun 2024 16% | Sep 2024 16% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 22% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- ABG: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.6% | Dec 2022 0.9% | Mar 2023 0.4% | Jun 2023 0.7% | Sep 2023 1.0% | Dec 2023 1.7% | Mar 2024 2.5% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 3.0% | Mar 2025 0.5% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 2.2% | Mar 2026 1.2% | Jun 2026 —
- OPLN: Sep 2021 4.3% | Dec 2021 4.7% | Mar 2022 3.8% | Jun 2022 4.7% | Sep 2022 3.6% | Dec 2022 3.9% | Mar 2023 2.9% | Jun 2023 3.6% | Sep 2023 3.1% | Dec 2023 2.7% | Mar 2024 3.0% | Jun 2024 2.9% | Sep 2024 2.8% | Dec 2024 3.1% | Mar 2025 2.6% | Jun 2025 2.9% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 2.5% | Jun 2026 —
- GPI: Sep 2021 0.7% | Dec 2021 1.6% | Mar 2022 0.9% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 1.5% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.4% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 1.7% | Mar 2025 0.9% | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 —
- SAH: Sep 2021 2.5% | Dec 2021 3.7% | Mar 2022 1.7% | Jun 2022 1.2% | Sep 2022 2.8% | Dec 2022 0.8% | Mar 2023 1.1% | Jun 2023 1.0% | Sep 2023 2.1% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 1.1% | Mar 2025 1.2% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 —
- CARG: Sep 2021 0.0% | Dec 2021 0.9% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 0.8% | Sep 2023 2.3% | Dec 2023 — | Mar 2024 13% | Jun 2024 12% | Sep 2024 4.3% | Dec 2024 — | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 0.4% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- BGSI: Sep 2021 0.8% | Dec 2021 2.5% | Mar 2022 1.1% | Jun 2022 1.5% | Sep 2022 2.2% | Dec 2022 0.6% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 1.8% | Mar 2024 2.7% | Jun 2024 2.4% | Sep 2024 2.8% | Dec 2024 2.3% | Mar 2025 1.9% | Jun 2025 1.4% | Sep 2025 1.9% | Dec 2025 1.6% | Mar 2026 1.3% | Jun 2026 —
- DRVN: Sep 2021 13% | Dec 2021 17% | Mar 2022 15% | Jun 2022 16% | Sep 2022 25% | Dec 2022 30% | Mar 2023 — | Jun 2023 30% | Sep 2023 25% | Dec 2023 21% | Mar 2024 19% | Jun 2024 13% | Sep 2024 13% | Dec 2024 28% | Mar 2025 15% | Jun 2025 13% | Sep 2025 7.5% | Dec 2025 21% | Mar 2026 7.0% | Jun 2026 —
- ACVA: Sep 2021 1.1% | Dec 2021 0.0% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 0.0% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.7% | Jun 2024 1.2% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.5% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.1% | Mar 2026 1.0% | Jun 2026 —
- CWH: Sep 2021 2.8% | Dec 2021 7.1% | Mar 2022 2.9% | Jun 2022 2.2% | Sep 2022 3.4% | Dec 2022 3.9% | Mar 2023 3.0% | Jun 2023 2.4% | Sep 2023 4.0% | Dec 2023 3.4% | Mar 2024 2.0% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 2.6% | Mar 2025 5.1% | Jun 2025 2.5% | Sep 2025 4.7% | Dec 2025 3.8% | Mar 2026 2.7% | Jun 2026 —
- RDNW: Sep 2021 3.6% | Dec 2021 0.5% | Mar 2022 0.2% | Jun 2022 0.0% | Sep 2022 0.8% | Dec 2022 0.3% | Mar 2023 0.6% | Jun 2023 1.0% | Sep 2023 0.6% | Dec 2023 1.9% | Mar 2024 0.3% | Jun 2024 0.0% | Sep 2024 0.3% | Dec 2024 0.0% | Mar 2025 0.4% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: ACV Auctions Inc. has the clearest covered balance-sheet capacity with $141 million net cash and gross debt of $200 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: CarGurus, Inc. · $188 million | 6% versus #2 · ACV Auctions Inc. | 5/8 recent comparable periods | 17/17 companies · 323 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. CarGurus, Inc. (CARG): ₹188 Cr
2. ACV Auctions Inc. (ACVA): ₹200 Cr
3. RideNow Group, Inc. (RDNW): ₹601 Cr
4. OPENLANE, Inc. (OPLN): ₹607 Cr
5. Rush Enterprises, Inc. (RUSHA): ₹1.4K Cr

### Net debt — lowest net debt
1. ACV Auctions Inc. (ACVA): ₹-141 Cr
2. CarGurus, Inc. (CARG): ₹116 Cr
3. OPENLANE, Inc. (OPLN): ₹427 Cr
4. RideNow Group, Inc. (RDNW): ₹571 Cr
5. Rush Enterprises, Inc. (RUSHA): ₹1.2K Cr

### 20-quarter Gross debt history
- CVNA: Sep 2021 ₹3.9K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹8.6K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- PAG: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 —
- KMX: Sep 2021 ₹17.7K Cr | Dec 2021 ₹18.6K Cr | Mar 2022 ₹19.3K Cr | Jun 2022 ₹19.0K Cr | Sep 2022 ₹19.3K Cr | Dec 2022 ₹18.8K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹19.2K Cr | Sep 2023 ₹19.5K Cr | Dec 2023 ₹19.5K Cr | Mar 2024 ₹19.3K Cr | Jun 2024 ₹19.3K Cr | Sep 2024 ₹19.2K Cr | Dec 2024 ₹19.2K Cr | Mar 2025 ₹19.2K Cr | Jun 2025 ₹19.3K Cr | Sep 2025 ₹19.1K Cr | Dec 2025 ₹17.8K Cr | Mar 2026 ₹18.5K Cr | Jun 2026 ₹18.6K Cr
- LAD: Sep 2021 ₹4.2K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹8.0K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.9K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹14.1K Cr | Sep 2024 ₹14.1K Cr | Dec 2024 ₹13.9K Cr | Mar 2025 ₹13.9K Cr | Jun 2025 ₹14.3K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹15.5K Cr | Mar 2026 ₹16.1K Cr | Jun 2026 —
- AN: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹8.0K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- RUSHA: Sep 2021 ₹909 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- VVV: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- ABG: Sep 2021 ₹1.7K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- OPLN: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹559 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹283 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹607 Cr | Jun 2026 —
- GPI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- SAH: Sep 2021 ₹2.0K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- CARG: Sep 2021 ₹74 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- BGSI: Sep 2021 ₹928 Cr | Dec 2021 ₹985 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹955 Cr | Dec 2022 ₹978 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- DRVN: Sep 2021 ₹2.5K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 — | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- ACVA: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- CWH: Sep 2021 ₹2.5K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- RDNW: Sep 2021 ₹502 Cr | Dec 2021 ₹499 Cr | Mar 2022 ₹654 Cr | Jun 2022 ₹683 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹725 Cr | Mar 2023 ₹751 Cr | Jun 2023 ₹760 Cr | Sep 2023 ₹793 Cr | Dec 2023 ₹700 Cr | Mar 2024 ₹682 Cr | Jun 2024 ₹677 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹554 Cr | Mar 2026 ₹601 Cr | Jun 2026 —

### 20-quarter Net debt history
- CVNA: Sep 2021 ₹3.6K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- PAG: Sep 2021 ₹5.7K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹8.2K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹9.1K Cr | Jun 2026 —
- KMX: Sep 2021 ₹17.7K Cr | Dec 2021 ₹18.5K Cr | Mar 2022 ₹19.2K Cr | Jun 2022 ₹18.9K Cr | Sep 2022 ₹19.2K Cr | Dec 2022 ₹18.1K Cr | Mar 2023 ₹18.6K Cr | Jun 2023 ₹19.0K Cr | Sep 2023 ₹19.0K Cr | Dec 2023 ₹18.9K Cr | Mar 2024 ₹18.7K Cr | Jun 2024 ₹19.1K Cr | Sep 2024 ₹18.7K Cr | Dec 2024 ₹18.9K Cr | Mar 2025 ₹19.0K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹18.6K Cr | Dec 2025 ₹17.6K Cr | Mar 2026 ₹18.4K Cr | Jun 2026 ₹18.5K Cr
- LAD: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹10.4K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹13.7K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹13.5K Cr | Jun 2025 ₹13.9K Cr | Sep 2025 ₹14.3K Cr | Dec 2025 ₹15.1K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 —
- AN: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 —
- RUSHA: Sep 2021 ₹649 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VVV: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹-498 Cr | Jun 2023 ₹886 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- ABG: Sep 2021 ₹1.4K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- OPLN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹348 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹206 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹-62 Cr | Sep 2025 ₹-48 Cr | Dec 2025 ₹447 Cr | Mar 2026 ₹427 Cr | Jun 2026 —
- GPI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- SAH: Sep 2021 ₹1.8K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- CARG: Sep 2021 ₹-247 Cr | Dec 2021 ₹-251 Cr | Mar 2022 ₹-308 Cr | Jun 2022 ₹-300 Cr | Sep 2022 ₹-339 Cr | Dec 2022 ₹-404 Cr | Mar 2023 ₹-247 Cr | Jun 2023 ₹-247 Cr | Sep 2023 ₹-242 Cr | Dec 2023 ₹-118 Cr | Mar 2024 ₹-55 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-58 Cr | Dec 2024 ₹-111 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- BGSI: Sep 2021 ₹897 Cr | Dec 2021 ₹957 Cr | Mar 2022 ₹970 Cr | Jun 2022 ₹974 Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹963 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹488 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- DRVN: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 — | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- ACVA: Sep 2021 ₹-600 Cr | Dec 2021 ₹-579 Cr | Mar 2022 ₹-500 Cr | Jun 2022 ₹-436 Cr | Sep 2022 ₹-427 Cr | Dec 2022 ₹-421 Cr | Mar 2023 ₹-430 Cr | Jun 2023 ₹-395 Cr | Sep 2023 ₹-345 Cr | Dec 2023 ₹-296 Cr | Mar 2024 ₹-216 Cr | Jun 2024 ₹-163 Cr | Sep 2024 ₹-173 Cr | Dec 2024 ₹-147 Cr | Mar 2025 ₹-175 Cr | Jun 2025 ₹-118 Cr | Sep 2025 ₹-96 Cr | Dec 2025 ₹-81 Cr | Mar 2026 ₹-141 Cr | Jun 2026 —
- CWH: Sep 2021 ₹2.4K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- RDNW: Sep 2021 ₹434 Cr | Dec 2021 ₹450 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹615 Cr | Sep 2022 ₹674 Cr | Dec 2022 ₹678 Cr | Mar 2023 ₹699 Cr | Jun 2023 ₹716 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹641 Cr | Mar 2024 ₹632 Cr | Jun 2024 ₹619 Cr | Sep 2024 ₹575 Cr | Dec 2024 ₹506 Cr | Mar 2025 ₹544 Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹533 Cr | Dec 2025 ₹524 Cr | Mar 2026 ₹571 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Rush Enterprises, Inc. leads ROCE at 12.8%, 4.9 percentage points above CarGurus, Inc.. OPENLANE, Inc. has the strongest latest improvement at +1.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Rush Enterprises, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Rush Enterprises, Inc. · 12.8% | 62% versus #2 · CarGurus, Inc. | 0/8 recent comparable periods | 17/17 companies · 322 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Rush Enterprises, Inc. (RUSHA): 13%
2. CarGurus, Inc. (CARG): 7.9%
3. Carvana Co. (CVNA): 5.9%
4. Sonic Automotive, Inc. (SAH): 4.1%
5. AutoNation, Inc. (AN): 3.8%

### ROCE change — fastest improvers
1. OPENLANE, Inc. (OPLN): +1.1 pp
2. RideNow Group, Inc. (RDNW): +1.1 pp
3. ACV Auctions Inc. (ACVA): +0.9 pp
4. Driven Brands Holdings Inc. (DRVN): +0.6 pp
5. CarGurus, Inc. (CARG): +0.4 pp

### 20-quarter ROCE history
- CVNA: Sep 2021 -0.7% | Dec 2021 -3.1% | Mar 2022 -12% | Jun 2022 -5.7% | Sep 2022 -5.0% | Dec 2022 -8.6% | Mar 2023 -2.7% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 -0.7% | Mar 2024 2.3% | Jun 2024 4.4% | Sep 2024 5.7% | Dec 2024 4.1% | Mar 2025 6.0% | Jun 2025 7.3% | Sep 2025 7.6% | Dec 2025 4.5% | Mar 2026 5.9% | Jun 2026 —
- PAG: Sep 2021 4.2% | Dec 2021 4.0% | Mar 2022 4.5% | Jun 2022 4.3% | Sep 2022 4.0% | Dec 2022 3.6% | Mar 2023 4.0% | Jun 2023 4.0% | Sep 2023 3.5% | Dec 2023 2.7% | Mar 2024 3.3% | Jun 2024 3.3% | Sep 2024 3.1% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.6% | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 1.0% | Mar 2022 0.2% | Jun 2022 0.7% | Sep 2022 0.1% | Dec 2022 -0.3% | Mar 2023 -0.1% | Jun 2023 0.8% | Sep 2023 0.2% | Dec 2023 0.0% | Mar 2024 2.1% | Jun 2024 0.4% | Sep 2024 0.3% | Dec 2024 0.1% | Mar 2025 2.4% | Jun 2025 0.7% | Sep 2025 0.2% | Dec 2025 -0.2% | Mar 2026 2.2% | Jun 2026 0.6%
- LAD: Sep 2021 7.9% | Dec 2021 7.0% | Mar 2022 6.8% | Jun 2022 5.8% | Sep 2022 5.3% | Dec 2022 3.9% | Mar 2023 3.5% | Jun 2023 4.0% | Sep 2023 3.7% | Dec 2023 2.8% | Mar 2024 2.4% | Jun 2024 2.6% | Sep 2024 2.8% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 2.0% | Jun 2026 —
- AN: Sep 2021 8.7% | Dec 2021 9.2% | Mar 2022 8.5% | Jun 2022 9.4% | Sep 2022 8.6% | Dec 2022 6.8% | Mar 2023 6.8% | Jun 2023 6.7% | Sep 2023 6.4% | Dec 2023 5.4% | Mar 2024 5.1% | Jun 2024 4.1% | Sep 2024 5.1% | Dec 2024 5.2% | Mar 2025 4.8% | Jun 2025 3.0% | Sep 2025 4.9% | Dec 2025 4.0% | Mar 2026 3.8% | Jun 2026 —
- RUSHA: Sep 2021 14% | Dec 2021 15% | Mar 2022 16% | Jun 2022 18% | Sep 2022 20% | Dec 2022 21% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 19% | Mar 2024 17% | Jun 2024 17% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- VVV: Sep 2021 3.4% | Dec 2021 2.0% | Mar 2022 1.6% | Jun 2022 2.3% | Sep 2022 2.6% | Dec 2022 1.1% | Mar 2023 1.9% | Jun 2023 3.3% | Sep 2023 2.8% | Dec 2023 2.5% | Mar 2024 2.8% | Jun 2024 4.1% | Sep 2024 5.8% | Dec 2024 6.5% | Mar 2025 3.4% | Jun 2025 4.4% | Sep 2025 3.8% | Dec 2025 0.7% | Mar 2026 3.3% | Jun 2026 —
- ABG: Sep 2021 7.7% | Dec 2021 5.3% | Mar 2022 7.3% | Jun 2022 7.3% | Sep 2022 6.6% | Dec 2022 4.5% | Mar 2023 4.1% | Jun 2023 4.2% | Sep 2023 3.8% | Dec 2023 1.7% | Mar 2024 3.6% | Jun 2024 1.4% | Sep 2024 3.1% | Dec 2024 3.2% | Mar 2025 3.1% | Jun 2025 3.3% | Sep 2025 3.0% | Dec 2025 1.6% | Mar 2026 2.5% | Jun 2026 —
- OPLN: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 1.5% | Dec 2022 0.3% | Mar 2023 2.3% | Jun 2023 -8.1% | Sep 2023 2.8% | Dec 2023 2.4% | Mar 2024 1.6% | Jun 2024 1.1% | Sep 2024 2.0% | Dec 2024 3.7% | Mar 2025 2.4% | Jun 2025 2.3% | Sep 2025 2.6% | Dec 2025 2.0% | Mar 2026 3.5% | Jun 2026 —
- GPI: Sep 2021 7.0% | Dec 2021 6.2% | Mar 2022 7.3% | Jun 2022 7.1% | Sep 2022 6.7% | Dec 2022 5.4% | Mar 2023 5.2% | Jun 2023 5.6% | Sep 2023 5.3% | Dec 2023 3.9% | Mar 2024 4.6% | Jun 2024 4.4% | Sep 2024 4.0% | Dec 2024 3.3% | Mar 2025 3.8% | Jun 2025 4.0% | Sep 2025 1.6% | Dec 2025 2.1% | Mar 2026 3.8% | Jun 2026 —
- SAH: Sep 2021 6.3% | Dec 2021 6.4% | Mar 2022 6.1% | Jun 2022 6.0% | Sep 2022 5.7% | Dec 2022 -4.6% | Mar 2023 3.4% | Jun 2023 2.5% | Sep 2023 4.5% | Dec 2023 3.3% | Mar 2024 3.4% | Jun 2024 3.5% | Sep 2024 3.6% | Dec 2024 4.2% | Mar 2025 4.6% | Jun 2025 -0.7% | Sep 2025 3.8% | Dec 2025 3.7% | Mar 2026 4.1% | Jun 2026 —
- CARG: Sep 2021 7.1% | Dec 2021 7.3% | Mar 2022 3.7% | Jun 2022 3.1% | Sep 2022 3.7% | Dec 2022 3.7% | Mar 2023 1.6% | Jun 2023 2.0% | Sep 2023 2.6% | Dec 2023 -2.7% | Mar 2024 3.1% | Jun 2024 -12% | Sep 2024 3.4% | Dec 2024 7.5% | Mar 2025 7.5% | Jun 2025 3.9% | Sep 2025 8.9% | Dec 2025 11% | Mar 2026 7.9% | Jun 2026 —
- BGSI: Sep 2021 0.6% | Dec 2021 1.0% | Mar 2022 0.7% | Jun 2022 1.8% | Sep 2022 1.8% | Dec 2022 1.8% | Mar 2023 2.4% | Jun 2023 2.8% | Sep 2023 2.4% | Dec 2023 2.3% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.1% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 1.3% | Sep 2025 1.6% | Dec 2025 1.0% | Mar 2026 0.7% | Jun 2026 —
- DRVN: Sep 2021 1.4% | Dec 2021 0.0% | Mar 2022 1.5% | Jun 2022 -0.7% | Sep 2022 1.9% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 1.3% | Sep 2023 1.7% | Dec 2023 0.8% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 0.9% | Dec 2024 -0.2% | Mar 2025 1.1% | Jun 2025 0.8% | Sep 2025 1.4% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 —
- ACVA: Sep 2021 -6.0% | Dec 2021 -6.4% | Mar 2022 -4.8% | Jun 2022 -4.2% | Sep 2022 -4.3% | Dec 2022 -4.8% | Mar 2023 -3.5% | Jun 2023 -3.3% | Sep 2023 -3.8% | Dec 2023 -4.6% | Mar 2024 -3.8% | Jun 2024 -3.1% | Sep 2024 -2.8% | Dec 2024 -4.3% | Mar 2025 -2.3% | Jun 2025 -1.1% | Sep 2025 -3.6% | Dec 2025 -2.8% | Mar 2026 -1.4% | Jun 2026 —
- CWH: Sep 2021 10% | Dec 2021 3.3% | Mar 2022 5.8% | Jun 2022 9.6% | Sep 2022 5.7% | Dec 2022 0.3% | Mar 2023 2.1% | Jun 2023 4.6% | Sep 2023 3.0% | Dec 2023 -0.4% | Mar 2024 0.1% | Jun 2024 3.2% | Sep 2024 2.2% | Dec 2024 -0.5% | Mar 2025 0.7% | Jun 2025 4.2% | Sep 2025 2.7% | Dec 2025 -1.7% | Mar 2026 0.7% | Jun 2026 —
- RDNW: Sep 2021 -5.1% | Dec 2021 3.6% | Mar 2022 4.4% | Jun 2022 5.6% | Sep 2022 1.5% | Dec 2022 -0.5% | Mar 2023 -0.1% | Jun 2023 0.1% | Sep 2023 0.0% | Dec 2023 -1.5% | Mar 2024 0.9% | Jun 2024 2.6% | Sep 2024 0.9% | Dec 2024 -8.4% | Mar 2025 0.8% | Jun 2025 -4.3% | Sep 2025 2.2% | Dec 2025 0.9% | Mar 2026 1.9% | Jun 2026 —

### 20-quarter ROCE change history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 −5.5 pp | Mar 2023 +9.6 pp | Jun 2023 +6.3 pp | Sep 2023 +5.7 pp | Dec 2023 +7.9 pp | Mar 2024 +5.0 pp | Jun 2024 +3.8 pp | Sep 2024 +5.0 pp | Dec 2024 +4.8 pp | Mar 2025 +3.7 pp | Jun 2025 +2.9 pp | Sep 2025 +1.9 pp | Dec 2025 +0.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.3 pp | Sep 2023 −0.5 pp | Dec 2023 −0.9 pp | Mar 2024 −0.7 pp | Jun 2024 −0.7 pp | Sep 2024 −0.4 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.3 pp | Mar 2023 −0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 +2.2 pp | Jun 2024 −0.4 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.3 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 −0.1 pp
- LAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 −3.1 pp | Mar 2023 −3.3 pp | Jun 2023 −1.8 pp | Sep 2023 −1.6 pp | Dec 2023 −1.1 pp | Mar 2024 −1.1 pp | Jun 2024 −1.4 pp | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.6 pp | Mar 2026 −0.5 pp | Jun 2026 —
- AN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −2.4 pp | Mar 2023 −1.7 pp | Jun 2023 −2.7 pp | Sep 2023 −2.2 pp | Dec 2023 −1.4 pp | Mar 2024 −1.7 pp | Jun 2024 −2.6 pp | Sep 2024 −1.3 pp | Dec 2024 −0.2 pp | Mar 2025 −0.3 pp | Jun 2025 −1.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.2 pp | Mar 2026 −1.0 pp | Jun 2026 —
- RUSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 +6.6 pp | Mar 2023 +4.9 pp | Jun 2023 +3.4 pp | Sep 2023 +1.4 pp | Dec 2023 −2.1 pp | Mar 2024 −4.1 pp | Jun 2024 −4.2 pp | Sep 2024 −4.7 pp | Dec 2024 −3.3 pp | Mar 2025 −2.2 pp | Jun 2025 −2.5 pp | Sep 2025 −2.3 pp | Dec 2025 −2.3 pp | Mar 2026 −2.2 pp | Jun 2026 —
- VVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −0.9 pp | Mar 2023 +0.3 pp | Jun 2023 +1.0 pp | Sep 2023 +0.2 pp | Dec 2023 +1.4 pp | Mar 2024 +0.9 pp | Jun 2024 +0.8 pp | Sep 2024 +3.0 pp | Dec 2024 +4.0 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 −2.0 pp | Dec 2025 −5.8 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ABG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.8 pp | Mar 2023 −3.2 pp | Jun 2023 −3.1 pp | Sep 2023 −2.8 pp | Dec 2023 −2.8 pp | Mar 2024 −0.5 pp | Jun 2024 −2.8 pp | Sep 2024 −0.7 pp | Dec 2024 +1.5 pp | Mar 2025 −0.5 pp | Jun 2025 +1.9 pp | Sep 2025 −0.1 pp | Dec 2025 −1.6 pp | Mar 2026 −0.6 pp | Jun 2026 —
- OPLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −0.4 pp | Mar 2023 +1.9 pp | Jun 2023 −8.7 pp | Sep 2023 +1.3 pp | Dec 2023 +2.1 pp | Mar 2024 −0.7 pp | Jun 2024 +9.2 pp | Sep 2024 −0.8 pp | Dec 2024 +1.3 pp | Mar 2025 +0.8 pp | Jun 2025 +1.2 pp | Sep 2025 +0.6 pp | Dec 2025 −1.7 pp | Mar 2026 +1.1 pp | Jun 2026 —
- GPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.8 pp | Mar 2023 −2.1 pp | Jun 2023 −1.5 pp | Sep 2023 −1.4 pp | Dec 2023 −1.5 pp | Mar 2024 −0.6 pp | Jun 2024 −1.2 pp | Sep 2024 −1.3 pp | Dec 2024 −0.6 pp | Mar 2025 −0.8 pp | Jun 2025 −0.4 pp | Sep 2025 −2.4 pp | Dec 2025 −1.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- SAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −11.0 pp | Mar 2023 −2.7 pp | Jun 2023 −3.5 pp | Sep 2023 −1.2 pp | Dec 2023 +7.9 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −0.9 pp | Dec 2024 +0.9 pp | Mar 2025 +1.2 pp | Jun 2025 −4.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.5 pp | Mar 2026 −0.5 pp | Jun 2026 —
- CARG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 −3.6 pp | Mar 2023 −2.1 pp | Jun 2023 −1.1 pp | Sep 2023 −1.1 pp | Dec 2023 −6.4 pp | Mar 2024 +1.5 pp | Jun 2024 −13.9 pp | Sep 2024 +0.8 pp | Dec 2024 +10.2 pp | Mar 2025 +4.4 pp | Jun 2025 +15.8 pp | Sep 2025 +5.5 pp | Dec 2025 +3.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- BGSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.8 pp | Mar 2023 +1.7 pp | Jun 2023 +1.0 pp | Sep 2023 +0.6 pp | Dec 2023 +0.5 pp | Mar 2024 −0.9 pp | Jun 2024 −1.1 pp | Sep 2024 −1.3 pp | Dec 2024 −1.3 pp | Mar 2025 −0.8 pp | Jun 2025 −0.4 pp | Sep 2025 +0.5 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- DRVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.2 pp | Mar 2023 — | Jun 2023 +2.0 pp | Sep 2023 −0.2 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 −0.8 pp | Dec 2024 −1.0 pp | Mar 2025 −0.1 pp | Jun 2025 −0.7 pp | Sep 2025 +0.5 pp | Dec 2025 +1.9 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ACVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +1.6 pp | Mar 2023 +1.3 pp | Jun 2023 +0.9 pp | Sep 2023 +0.5 pp | Dec 2023 +0.2 pp | Mar 2024 −0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +1.0 pp | Dec 2024 +0.3 pp | Mar 2025 +1.5 pp | Jun 2025 +2.0 pp | Sep 2025 −0.8 pp | Dec 2025 +1.5 pp | Mar 2026 +0.9 pp | Jun 2026 —
- CWH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 −3.0 pp | Mar 2023 −3.7 pp | Jun 2023 −5.0 pp | Sep 2023 −2.7 pp | Dec 2023 −0.7 pp | Mar 2024 −2.0 pp | Jun 2024 −1.4 pp | Sep 2024 −0.8 pp | Dec 2024 −0.1 pp | Mar 2025 +0.6 pp | Jun 2025 +1.0 pp | Sep 2025 +0.5 pp | Dec 2025 −1.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.6 pp | Dec 2022 −4.1 pp | Mar 2023 −4.5 pp | Jun 2023 −5.5 pp | Sep 2023 −1.5 pp | Dec 2023 −1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.5 pp | Sep 2024 +0.9 pp | Dec 2024 −6.9 pp | Mar 2025 −0.1 pp | Jun 2025 −6.9 pp | Sep 2025 +1.3 pp | Dec 2025 +9.3 pp | Mar 2026 +1.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sonic Automotive, Inc. has the lowest comparable Guarded PEG at 0.18×, 10% below Asbury Automotive Group, Inc.. Only 12 of 17 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sonic Automotive, Inc. · 0.18× | 10% versus #2 · Asbury Automotive Group, Inc. | 0/8 recent comparable periods | 12/17 companies · 28 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sonic Automotive, Inc. (SAH): 0.2
2. Asbury Automotive Group, Inc. (ABG): 0.2
3. Group 1 Automotive, Inc. (GPI): 0.6
4. CarMax, Inc. (KMX): 0.6
5. Rush Enterprises, Inc. (RUSHA): 0.7

### P/E — lowest P/E
1. RideNow Group, Inc. (RDNW): 5.6
2. Asbury Automotive Group, Inc. (ABG): 6.9
3. Lithia Motors, Inc. (LAD): 8.8
4. AutoNation, Inc. (AN): 10.6
5. Penske Automotive Group, Inc. (PAG): 11.2

### 20-quarter Guarded PEG history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.1 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.6 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.4 | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.2 | Sep 2025 0.5 | Dec 2025 1.2 | Mar 2026 — | Jun 2026 —
- AN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2 | Jun 2026 —
- RUSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ABG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.2 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.2 | Jun 2026 —
- GPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CARG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BGSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CVNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 70.6 | Mar 2024 38.6 | Jun 2024 43.3 | Sep 2024 17,411.0 | Dec 2024 127.9 | Mar 2025 73.4 | Jun 2025 84.5 | Sep 2025 86.1 | Dec 2025 49.9 | Mar 2026 38.3 | Jun 2026 —
- PAG: Sep 2021 7.5 | Dec 2021 7.2 | Mar 2022 5.4 | Jun 2022 5.8 | Sep 2022 5.4 | Dec 2022 6.2 | Mar 2023 7.9 | Jun 2023 9.5 | Sep 2023 9.9 | Dec 2023 9.8 | Mar 2024 11.3 | Jun 2024 11.0 | Sep 2024 12.5 | Dec 2024 10.5 | Mar 2025 10.0 | Jun 2025 11.8 | Sep 2025 12.1 | Dec 2025 11.2 | Mar 2026 11.2 | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 19.5 | Mar 2022 15.7 | Jun 2022 16.9 | Sep 2022 17.8 | Dec 2022 19.4 | Mar 2023 22.8 | Jun 2023 24.8 | Sep 2023 28.5 | Dec 2023 20.3 | Mar 2024 26.2 | Jun 2024 27.5 | Sep 2024 31.8 | Dec 2024 28.5 | Mar 2025 25.9 | Jun 2025 17.8 | Sep 2025 18.0 | Dec 2025 12.8 | Mar 2026 25.7 | Jun 2026 29.2
- LAD: Sep 2021 9.4 | Dec 2021 8.1 | Mar 2022 7.2 | Jun 2022 6.4 | Sep 2022 4.8 | Dec 2022 4.6 | Mar 2023 5.6 | Jun 2023 7.6 | Sep 2023 7.9 | Dec 2023 9.1 | Mar 2024 8.9 | Jun 2024 8.2 | Sep 2024 10.9 | Dec 2024 12.1 | Mar 2025 9.3 | Jun 2025 10.0 | Sep 2025 9.2 | Dec 2025 10.3 | Mar 2026 8.8 | Jun 2026 —
- AN: Sep 2021 8.4 | Dec 2021 6.4 | Mar 2022 4.6 | Jun 2022 4.8 | Sep 2022 4.2 | Dec 2022 4.4 | Mar 2023 5.5 | Jun 2023 6.8 | Sep 2023 6.5 | Dec 2023 6.6 | Mar 2024 7.9 | Jun 2024 8.7 | Sep 2024 10.3 | Dec 2024 10.0 | Mar 2025 9.6 | Jun 2025 12.5 | Sep 2025 12.9 | Dec 2025 12.1 | Mar 2026 10.6 | Jun 2026 —
- RUSHA: Sep 2021 11.8 | Dec 2021 12.7 | Mar 2022 9.7 | Jun 2022 7.9 | Sep 2022 6.8 | Dec 2022 7.4 | Mar 2023 7.8 | Jun 2023 9.0 | Sep 2023 9.2 | Dec 2023 11.6 | Mar 2024 12.7 | Jun 2024 10.5 | Sep 2024 13.3 | Dec 2024 14.2 | Mar 2025 14.6 | Jun 2025 14.0 | Sep 2025 15.4 | Dec 2025 15.9 | Mar 2026 19.1 | Jun 2026 —
- VVV: Sep 2021 13.6 | Dec 2021 16.2 | Mar 2022 13.3 | Jun 2022 12.0 | Sep 2022 41.5 | Dec 2022 14.0 | Mar 2023 16.8 | Jun 2023 19.6 | Sep 2023 3.7 | Dec 2023 32.4 | Mar 2024 34.6 | Jun 2024 33.8 | Sep 2024 26.0 | Dec 2024 17.2 | Mar 2025 16.7 | Jun 2025 17.6 | Sep 2025 21.9 | Dec 2025 43.4 | Mar 2026 46.1 | Jun 2026 —
- ABG: Sep 2021 8.0 | Dec 2021 6.5 | Mar 2022 5.0 | Jun 2022 5.1 | Sep 2022 4.3 | Dec 2022 4.0 | Mar 2023 4.9 | Jun 2023 5.6 | Sep 2023 5.5 | Dec 2023 7.8 | Mar 2024 8.6 | Jun 2024 11.7 | Sep 2024 13.5 | Dec 2024 11.3 | Mar 2025 10.5 | Jun 2025 8.7 | Sep 2025 8.6 | Dec 2025 9.3 | Mar 2026 6.9 | Jun 2026 —
- OPLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 456.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 35.2 | Sep 2024 88.8 | Dec 2024 44.1 | Mar 2025 36.0 | Jun 2025 33.0 | Sep 2025 33.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GPI: Sep 2021 6.1 | Dec 2021 6.5 | Mar 2022 4.6 | Jun 2022 4.5 | Sep 2022 3.5 | Dec 2022 3.8 | Mar 2023 4.9 | Jun 2023 5.6 | Sep 2023 5.9 | Dec 2023 7.1 | Mar 2024 6.9 | Jun 2024 7.3 | Sep 2024 10.2 | Dec 2024 11.5 | Mar 2025 10.7 | Jun 2025 12.0 | Sep 2025 15.3 | Dec 2025 15.6 | Mar 2026 12.6 | Jun 2026 —
- SAH: Sep 2021 6.5 | Dec 2021 6.1 | Mar 2022 4.6 | Jun 2022 4.1 | Sep 2022 19.4 | Dec 2022 22.1 | Mar 2023 84.9 | Jun 2023 — | Sep 2023 9.6 | Dec 2023 11.3 | Mar 2024 11.7 | Jun 2024 10.1 | Sep 2024 9.5 | Dec 2024 10.3 | Mar 2025 8.1 | Jun 2025 17.8 | Sep 2025 20.6 | Dec 2025 18.1 | Mar 2026 21.8 | Jun 2026 —
- CARG: Sep 2021 35.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 22.6 | Mar 2023 53.4 | Jun 2023 40.4 | Sep 2023 29.7 | Dec 2023 127.2 | Mar 2024 82.4 | Jun 2024 — | Sep 2024 — | Dec 2024 182.7 | Mar 2025 83.2 | Jun 2025 27.2 | Sep 2025 25.3 | Dec 2025 24.7 | Mar 2026 22.4 | Jun 2026 —
- BGSI: Sep 2021 126.0 | Dec 2021 143.6 | Mar 2022 163.5 | Jun 2022 114.6 | Sep 2022 85.6 | Dec 2022 80.7 | Mar 2023 57.0 | Jun 2023 56.1 | Sep 2023 46.8 | Dec 2023 52.0 | Mar 2024 61.3 | Jun 2024 68.7 | Sep 2024 79.3 | Dec 2024 132.5 | Mar 2025 231.9 | Jun 2025 424.9 | Sep 2025 227.8 | Dec 2025 194.3 | Mar 2026 192.8 | Jun 2026 —
- DRVN: Sep 2021 142.5 | Dec 2021 555.0 | Mar 2022 73.4 | Jun 2022 — | Sep 2022 — | Dec 2022 109.2 | Mar 2023 — | Jun 2023 137.8 | Sep 2023 34.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 178.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 17.4 | Mar 2026 11.3 | Jun 2026 —
- CWH: Sep 2021 6.7 | Dec 2021 6.7 | Mar 2022 5.0 | Jun 2022 4.1 | Sep 2022 5.6 | Dec 2022 7.7 | Mar 2023 9.3 | Jun 2023 34.6 | Sep 2023 92.8 | Dec 2023 46.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Rush Enterprises, Inc. leads ev/ebitda at 9.86×; Lithia Motors, Inc. leads p/bv at 0.89×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Rush Enterprises, Inc. · 9.86× | 1.2% versus #2 · Asbury Automotive Group, Inc. | 0/8 recent comparable periods | 16/17 companies · 282 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Rush Enterprises, Inc. (RUSHA): 9.9
2. Asbury Automotive Group, Inc. (ABG): 10.0
3. AutoNation, Inc. (AN): 10.1
4. Group 1 Automotive, Inc. (GPI): 11.0
5. Lithia Motors, Inc. (LAD): 11.0

### P/BV — lowest P/BV
1. Lithia Motors, Inc. (LAD): 0.9
2. Asbury Automotive Group, Inc. (ABG): 0.9
3. CarMax, Inc. (KMX): 1.0
4. Group 1 Automotive, Inc. (GPI): 1.4
5. ACV Auctions Inc. (ACVA): 1.7

### 20-quarter EV/EBITDA history
- CVNA: Sep 2021 — | Dec 2021 26,434.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 42.6 | Mar 2024 30.0 | Jun 2024 28.5 | Sep 2024 26.8 | Dec 2024 24.4 | Mar 2025 21.1 | Jun 2025 28.3 | Sep 2025 28.7 | Dec 2025 29.7 | Mar 2026 21.0 | Jun 2026 —
- PAG: Sep 2021 10.0 | Dec 2021 9.9 | Mar 2022 8.1 | Jun 2022 8.5 | Sep 2022 8.3 | Dec 2022 9.2 | Mar 2023 10.5 | Jun 2023 11.6 | Sep 2023 11.7 | Dec 2023 11.9 | Mar 2024 12.9 | Jun 2024 12.8 | Sep 2024 13.7 | Dec 2024 12.1 | Mar 2025 11.9 | Jun 2025 13.1 | Sep 2025 13.1 | Dec 2025 13.1 | Mar 2026 13.3 | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 38.9 | Mar 2022 35.9 | Jun 2022 39.7 | Sep 2022 47.5 | Dec 2022 70.2 | Mar 2023 84.5 | Jun 2023 80.4 | Sep 2023 77.2 | Dec 2023 60.4 | Mar 2024 69.6 | Jun 2024 11.1 | Sep 2024 11.5 | Dec 2024 11.2 | Mar 2025 — | Jun 2025 15.5 | Sep 2025 15.1 | Dec 2025 13.3 | Mar 2026 — | Jun 2026 14.9
- LAD: Sep 2021 8.7 | Dec 2021 7.4 | Mar 2022 6.7 | Jun 2022 6.5 | Sep 2022 5.8 | Dec 2022 6.2 | Mar 2023 7.3 | Jun 2023 8.9 | Sep 2023 9.1 | Dec 2023 10.0 | Mar 2024 10.8 | Jun 2024 10.6 | Sep 2024 11.8 | Dec 2024 11.7 | Mar 2025 10.5 | Jun 2025 11.0 | Sep 2025 10.6 | Dec 2025 11.4 | Mar 2026 11.0 | Jun 2026 —
- AN: Sep 2021 6.2 | Dec 2021 5.6 | Mar 2022 4.4 | Jun 2022 4.6 | Sep 2022 4.2 | Dec 2022 4.7 | Mar 2023 5.4 | Jun 2023 6.5 | Sep 2023 6.4 | Dec 2023 6.6 | Mar 2024 7.3 | Jun 2024 7.9 | Sep 2024 8.7 | Dec 2024 8.4 | Mar 2025 8.4 | Jun 2025 9.8 | Sep 2025 10.4 | Dec 2025 10.1 | Mar 2026 10.1 | Jun 2026 —
- RUSHA: Sep 2021 7.5 | Dec 2021 7.8 | Mar 2022 7.1 | Jun 2022 6.2 | Sep 2022 5.8 | Dec 2022 5.9 | Mar 2023 5.9 | Jun 2023 6.3 | Sep 2023 6.5 | Dec 2023 7.5 | Mar 2024 8.1 | Jun 2024 7.3 | Sep 2024 8.2 | Dec 2024 8.7 | Mar 2025 8.4 | Jun 2025 8.2 | Sep 2025 8.7 | Dec 2025 8.5 | Mar 2026 9.9 | Jun 2026 —
- VVV: Sep 2021 24.4 | Dec 2021 17.4 | Mar 2022 19.1 | Jun 2022 22.1 | Sep 2022 21.8 | Dec 2022 28.7 | Mar 2023 18.3 | Jun 2023 18.8 | Sep 2023 16.1 | Dec 2023 16.4 | Mar 2024 17.9 | Jun 2024 17.0 | Sep 2024 14.1 | Dec 2024 10.5 | Mar 2025 10.4 | Jun 2025 11.1 | Sep 2025 11.6 | Dec 2025 14.6 | Mar 2026 14.9 | Jun 2026 —
- ABG: Sep 2021 7.1 | Dec 2021 9.9 | Mar 2022 7.1 | Jun 2022 6.4 | Sep 2022 5.4 | Dec 2022 5.4 | Mar 2023 6.0 | Jun 2023 6.7 | Sep 2023 6.9 | Dec 2023 9.6 | Mar 2024 9.8 | Jun 2024 11.8 | Sep 2024 12.2 | Dec 2024 10.7 | Mar 2025 10.2 | Jun 2025 8.8 | Sep 2025 10.2 | Dec 2025 10.9 | Mar 2026 10.0 | Jun 2026 —
- OPLN: Sep 2021 17.0 | Dec 2021 17.9 | Mar 2022 21.6 | Jun 2022 12.4 | Sep 2022 10.2 | Dec 2022 11.4 | Mar 2023 14.7 | Jun 2023 15.3 | Sep 2023 21.8 | Dec 2023 81.9 | Mar 2024 40.1 | Jun 2024 9.5 | Sep 2024 10.1 | Dec 2024 10.4 | Mar 2025 9.4 | Jun 2025 10.1 | Sep 2025 11.2 | Dec 2025 13.5 | Mar 2026 12.3 | Jun 2026 —
- GPI: Sep 2021 5.6 | Dec 2021 6.4 | Mar 2022 5.2 | Jun 2022 5.0 | Sep 2022 4.4 | Dec 2022 5.0 | Mar 2023 5.8 | Jun 2023 6.5 | Sep 2023 6.6 | Dec 2023 7.6 | Mar 2024 7.9 | Jun 2024 8.4 | Sep 2024 10.4 | Dec 2024 10.6 | Mar 2025 10.0 | Jun 2025 10.7 | Sep 2025 12.4 | Dec 2025 12.4 | Mar 2026 11.0 | Jun 2026 —
- SAH: Sep 2021 6.9 | Dec 2021 8.0 | Mar 2022 6.6 | Jun 2022 6.2 | Sep 2022 6.4 | Dec 2022 11.8 | Mar 2023 14.2 | Jun 2023 16.7 | Sep 2023 16.6 | Dec 2023 10.7 | Mar 2024 10.1 | Jun 2024 10.3 | Sep 2024 10.9 | Dec 2024 10.6 | Mar 2025 9.0 | Jun 2025 13.0 | Sep 2025 12.9 | Dec 2025 12.4 | Mar 2026 13.3 | Jun 2026 —
- CARG: Sep 2021 20.7 | Dec 2021 19.9 | Mar 2022 25.8 | Jun 2022 14.1 | Sep 2022 9.1 | Dec 2022 8.3 | Mar 2023 13.6 | Jun 2023 17.3 | Sep 2023 13.4 | Dec 2023 14.8 | Mar 2024 26.6 | Jun 2024 — | Sep 2024 — | Dec 2024 20.2 | Mar 2025 43.4 | Jun 2025 17.6 | Sep 2025 16.7 | Dec 2025 13.3 | Mar 2026 14.6 | Jun 2026 —
- BGSI: Sep 2021 21.5 | Dec 2021 20.4 | Mar 2022 17.7 | Jun 2022 14.3 | Sep 2022 14.4 | Dec 2022 15.7 | Mar 2023 14.7 | Jun 2023 15.7 | Sep 2023 14.1 | Dec 2023 15.5 | Mar 2024 15.9 | Jun 2024 14.8 | Sep 2024 13.2 | Dec 2024 13.8 | Mar 2025 13.6 | Jun 2025 14.6 | Sep 2025 14.7 | Dec 2025 14.2 | Mar 2026 14.9 | Jun 2026 —
- DRVN: Sep 2021 24.4 | Dec 2021 28.9 | Mar 2022 23.6 | Jun 2022 34.7 | Sep 2022 30.9 | Dec 2022 23.8 | Mar 2023 — | Jun 2023 25.2 | Sep 2023 17.0 | Dec 2023 22.2 | Mar 2024 — | Jun 2024 — | Sep 2024 14.5 | Dec 2024 14.9 | Mar 2025 16.5 | Jun 2025 18.8 | Sep 2025 17.4 | Dec 2025 13.7 | Mar 2026 11.6 | Jun 2026 —
- CWH: Sep 2021 5.0 | Dec 2021 5.7 | Mar 2022 5.5 | Jun 2022 5.3 | Sep 2022 6.0 | Dec 2022 7.2 | Mar 2023 8.2 | Jun 2023 11.9 | Sep 2023 12.6 | Dec 2023 15.2 | Mar 2024 18.6 | Jun 2024 18.7 | Sep 2024 20.4 | Dec 2024 19.8 | Mar 2025 19.8 | Jun 2025 16.9 | Sep 2025 15.4 | Dec 2025 16.8 | Mar 2026 16.1 | Jun 2026 —
- RDNW: Sep 2021 — | Dec 2021 — | Mar 2022 49.3 | Jun 2022 13.7 | Sep 2022 9.1 | Dec 2022 — | Mar 2023 12.5 | Jun 2023 27.8 | Sep 2023 43.9 | Dec 2023 — | Mar 2024 49.7 | Jun 2024 25.7 | Sep 2024 — | Dec 2024 — | Mar 2025 17.9 | Jun 2025 18.0 | Sep 2025 — | Dec 2025 106.6 | Mar 2026 81.8 | Jun 2026 —

### 20-quarter P/BV history
- CVNA: Sep 2021 67.0 | Dec 2021 68.1 | Mar 2022 134.3 | Jun 2022 4.4 | Sep 2022 7.9 | Dec 2022 -1.0 | Mar 2023 -1.6 | Jun 2023 -4.0 | Sep 2023 14.1 | Dec 2023 24.9 | Mar 2024 35.5 | Jun 2024 29.6 | Sep 2024 36.0 | Dec 2024 21.5 | Mar 2025 18.8 | Jun 2025 26.6 | Sep 2025 23.4 | Dec 2025 17.4 | Mar 2026 12.1 | Jun 2026 —
- PAG: Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 1.7 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 2.3 | Jun 2023 2.6 | Sep 2023 2.5 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- KMX: Sep 2021 — | Dec 2021 4.5 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 2.6 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 1.7 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.0
- LAD: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 0.9 | Jun 2026 —
- AN: Sep 2021 3.4 | Dec 2021 3.1 | Mar 2022 2.5 | Jun 2022 2.7 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 3.0 | Jun 2023 3.5 | Sep 2023 3.0 | Dec 2023 2.8 | Mar 2024 2.9 | Jun 2024 2.9 | Sep 2024 3.0 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 3.0 | Sep 2025 3.3 | Dec 2025 3.1 | Mar 2026 3.0 | Jun 2026 —
- RUSHA: Sep 2021 1.8 | Dec 2021 2.1 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 2.2 | Jun 2026 —
- VVV: Sep 2021 41.8 | Dec 2021 40.2 | Mar 2022 28.3 | Jun 2022 22.6 | Sep 2022 14.6 | Dec 2022 19.6 | Mar 2023 4.3 | Jun 2023 18.2 | Sep 2023 21.4 | Dec 2023 75.2 | Mar 2024 95.5 | Jun 2024 52.3 | Sep 2024 29.0 | Dec 2024 20.1 | Mar 2025 17.8 | Jun 2025 15.4 | Sep 2025 13.5 | Dec 2025 12.0 | Mar 2026 12.2 | Jun 2026 —
- ABG: Sep 2021 2.9 | Dec 2021 1.9 | Mar 2022 1.6 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 0.9 | Jun 2026 —
- OPLN: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 2.6 | Mar 2026 2.5 | Jun 2026 —
- GPI: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 —
- SAH: Sep 2021 2.2 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 2.0 | Mar 2023 2.2 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 2.0 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 2.7 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 2.2 | Jun 2026 —
- CARG: Sep 2021 6.3 | Dec 2021 7.4 | Mar 2022 10.8 | Jun 2022 5.5 | Sep 2022 2.9 | Dec 2022 2.2 | Mar 2023 3.1 | Jun 2023 3.7 | Sep 2023 2.8 | Dec 2023 4.2 | Mar 2024 4.3 | Jun 2024 6.0 | Sep 2024 6.4 | Dec 2024 7.0 | Mar 2025 7.1 | Jun 2025 7.6 | Sep 2025 9.5 | Dec 2025 9.7 | Mar 2026 12.9 | Jun 2026 —
- BGSI: Sep 2021 5.5 | Dec 2021 4.7 | Mar 2022 3.9 | Jun 2022 3.2 | Sep 2022 3.7 | Dec 2022 4.4 | Mar 2023 4.5 | Jun 2023 5.2 | Sep 2023 4.7 | Dec 2023 5.4 | Mar 2024 5.5 | Jun 2024 4.8 | Sep 2024 3.9 | Dec 2024 3.9 | Mar 2025 3.7 | Jun 2025 4.0 | Sep 2025 4.3 | Dec 2025 2.6 | Mar 2026 2.1 | Jun 2026 —
- DRVN: Sep 2021 3.0 | Dec 2021 3.4 | Mar 2022 2.7 | Jun 2022 3.1 | Sep 2022 3.2 | Dec 2022 2.8 | Mar 2023 — | Jun 2023 3.0 | Sep 2023 2.6 | Dec 2023 2.6 | Mar 2024 2.9 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 4.9 | Mar 2025 4.6 | Jun 2025 3.9 | Sep 2025 3.3 | Dec 2025 3.2 | Mar 2026 2.6 | Jun 2026 —
- ACVA: Sep 2021 4.8 | Dec 2021 5.3 | Mar 2022 4.4 | Jun 2022 2.0 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 4.3 | Jun 2023 5.8 | Sep 2023 5.2 | Dec 2023 5.4 | Mar 2024 6.7 | Jun 2024 6.6 | Sep 2024 7.4 | Dec 2024 8.3 | Mar 2025 5.5 | Jun 2025 6.2 | Sep 2025 3.9 | Dec 2025 3.2 | Mar 2026 1.7 | Jun 2026 —
- CWH: Sep 2021 8.6 | Dec 2021 11.3 | Mar 2022 9.1 | Jun 2022 4.7 | Sep 2022 5.1 | Dec 2022 6.4 | Mar 2023 7.0 | Jun 2023 9.8 | Sep 2023 6.1 | Dec 2023 7.0 | Mar 2024 8.8 | Jun 2024 5.4 | Sep 2024 7.2 | Dec 2024 2.9 | Mar 2025 3.3 | Jun 2025 3.2 | Sep 2025 3.4 | Dec 2025 2.7 | Mar 2026 2.0 | Jun 2026 —
- RDNW: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 1.1 | Sep 2023 0.6 | Dec 2023 2.7 | Mar 2024 2.5 | Jun 2024 1.6 | Sep 2024 2.0 | Dec 2024 5.6 | Mar 2025 4.0 | Jun 2025 -18.7 | Sep 2025 -24.3 | Dec 2025 -16.9 | Mar 2026 -16.8 | Jun 2026 —

## Market action

RideNow Group, Inc. has the strongest one-year price move in Auto & Truck Dealerships at +211%. Sonic Automotive, Inc. leads on Mansfield relative strength against the S&P 500 at +34.3%. 11 of 17 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. RideNow Group, Inc. (RDNW): 211%
2. OPENLANE, Inc. (OPLN): 66%
3. Rush Enterprises, Inc. (RUSHA): 47%
4. Sonic Automotive, Inc. (SAH): 46%
5. Penske Automotive Group, Inc. (PAG): 31%

### Strongest relative strength versus NIFTY 500
1. Sonic Automotive, Inc. (SAH): 34%
2. OPENLANE, Inc. (OPLN): 22%
3. Penske Automotive Group, Inc. (PAG): 21%
4. CarMax, Inc. (KMX): 19%
5. Rush Enterprises, Inc. (RUSHA): 17%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Carvana Co. (CVNA) — market value ₹72.9K Cr; latest fundamentals Mar 2026
- Penske Automotive Group, Inc. (PAG) — market value ₹14.5K Cr; latest fundamentals Mar 2026
- CarMax, Inc. (KMX) — market value ₹8.4K Cr; latest fundamentals Jun 2026
- Lithia Motors, Inc. (LAD) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- AutoNation, Inc. (AN) — market value ₹7.4K Cr; latest fundamentals Mar 2026
- Rush Enterprises, Inc. (RUSHA) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Valvoline Inc. (VVV) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Asbury Automotive Group, Inc. (ABG) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- OPENLANE, Inc. (OPLN) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Group 1 Automotive, Inc. (GPI) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Sonic Automotive, Inc. (SAH) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- CarGurus, Inc. (CARG) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Boyd Group Services Inc. (BGSI) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Driven Brands Holdings Inc. (DRVN) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- ACV Auctions Inc. (ACVA) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Camping World Holdings, Inc. (CWH) — market value ₹649 Cr; latest fundamentals Mar 2026
- RideNow Group, Inc. (RDNW) — market value ₹251 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Auto & Truck Dealerships company is the biggest?

Lithia Motors, Inc. is the largest, with trailing-twelve-month revenue of $37,728 million, ahead of Penske Automotive Group, Inc. at $32,067 million. That covers 16 of 17 companies with comparable reporting through Mar 2026.

### Which Auto & Truck Dealerships company is growing fastest?

Carvana Co. has the fastest revenue growth at 51.7% year on year, across 16 of 17 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Auto & Truck Dealerships company has the best profit margins?

Valvoline Inc. has the highest operating margin at 17.1%, from 17 of 17 comparable companies. ACV Auctions Inc. shows the biggest recent improvement, at +3.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto & Truck Dealerships company makes the most profit?

Carvana Co. earns the most, at $1,927 million of trailing-twelve-month net profit, from 17 of 17 comparable companies. CarGurus, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto & Truck Dealerships company earns the highest return on capital?

Rush Enterprises, Inc. leads on return on capital employed at 12.8%, across 17 of 17 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Auto & Truck Dealerships stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sonic Automotive, Inc. screens cheapest at 0.18×. Only 12 of 17 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Auto & Truck Dealerships company has the strongest balance sheet?

CarGurus, Inc. carries the lowest comparable gross debt at $188 million, from 17 of 17 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Auto & Truck Dealerships company is investing most in new capacity?

CarMax, Inc. reports the largest capital spending at $103 million, across 17 of 17 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Auto & Truck Dealerships sector beating the market?

Auto & Truck Dealerships has underperformed S&P 500 by 5% over the last 52 weeks and 6.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto & Truck Dealerships stock has the strongest price momentum?

Sonic Automotive, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Auto & Truck Dealerships company scores highest for research priority?

OPENLANE, Inc. scores 66.8 out of 100 with 66% evidence confidence, from 26.4 points on growth and earnings, 14.7 on capital efficiency, 9.3 on valuation and 16.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Auto & Truck Dealerships companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Auto & Truck Dealerships sector?

The 17 Auto & Truck Dealerships companies on this page carry $149,977 million of combined market value. Carvana Co. is the largest at $72,928 million, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Auto & Truck Dealerships sector's P/E ratio?

The median price-to-earnings ratio across the 17 Auto & Truck Dealerships companies on this page is 21.8×, measured on the 16 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Auto & Truck Dealerships sector performing?

11 of the 17 covered Auto & Truck Dealerships companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Auto & Truck Dealerships stocks are listed in the US?

This comparison covers 17 listed Auto & Truck Dealerships companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-truck-dealerships