Eagers Earnings: Competition in Auto Sales Intensifying, Weighing on Profitability
Boom times in the Australian auto market have come to an end, and Eagers Automotive, Australia’s largest dealer, is not immune. While sales growth remained firm in the first half of calendar 2024, up 13% on the previous corresponding period—roughly in line with Australian new-car sales—competition is returning. To unwind excess inventory, promotions have accelerated, putting pressure on profitability across the sector. First-half 2024 underlying profit before tax fell 13% on the PCP to AUD 183 million.
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