Eagers Automotive Ltd

APE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$65.10	Vjrgp	Htcqcfvq

Eagers Automotive: Record Year for New Vehicle Sales in 2023, but Pent-Up Demand Is Cooling

Angus Hewitt

Feb 8, 2024

We think narrow-moat Eagers Automotive is set to report that 2023 was another strong year. Data from the Federal Chamber of Automotive Industries show the new vehicle market has been on a tear, with a record 1.2 million units sold in 2023, a 13% improvement on 2022. The supply chain issues that plagued shipments in the aftermath of the pandemic, underpinned by manufacturing halts, freight issues, and semiconductor shortages, are abating. As the unprecedented order backlog is filled, sales have continued to climb despite heightened budgetary pressure on consumers.

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