The two positives I took away were:

1. Q4 retail used car sales were up year over year. It is the first yoy increase in nine straight quarters. I don’t think the used market has turned the corner yet but maybe we have reached the “it can’t get any worse” point. Along the same line, net earnings per retail location were “only” down about -5% from last year. Overall net earnings were only off -1% so hopefully the five new locations will start to perform this year.

2. In the press release they indicated they plan to ramp up share buybacks this year. They barely offset dilution last year so that would seem to be a positive as well. They were routinely buying back enough to retire 5% of the common shares prior to 2020 and it would be nice to see them return to those levels if possible.

They continue to plug along grossing the same $2250 per vehicle. Once the used car market ramps back up they should be back to netting $3.5M to $4M per location. Just a matter of how long it takes.

Jeff