Asbury Automotive

Predictability is anchored by recurring parts, service and collision revenue and by deferred recognition from TCA contracts. Still, the model is exposed to SAAR, rates and credit availability. 2025 delivered record revenue, but Q1 2026 showed the usual noise from divestitures, weather and platform transition.

We view P&S and TCA as stabilizers that partially offset vehicle cyclicality, but macro sensitivity and OEM behavior keep predictability in the mid‑range.