Automotive Retail and Dealerships Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › AUTOMOTIVE RETAIL AND DEALERSHIPS

Dealer Caution Resets the Group While Platform Buyers Keep Moving

This update covers the movers, company announcements and agreed transactions across automotive retail for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › AUTOMOTIVE RETAIL AND DEALERSHIPS

   Cover slide introducing the bi-weekly Automotive Retail and Dealerships industry events and M&A update for September 14–28, 2026.

   We open with the two-week scorecard for Automotive Retail and Dealerships, covering what changed, who moved and most likely why, what transacted, and what it means. This sets up the read for the period ending September 28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › AUTOMOTIVE RETAIL AND DEALERSHIPS Dealer Caution Resets the Group While Platform Buyers Keep Moving This update covers the movers, company announcements and agreed transactions across automotive retail for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Vehicle-Margin Exposure Got Marked Down While a Live Platform Deal Showed Buyer Appetite

   This page summarizes the two-week period in one view across 16 covered names, close to close.

   We start with the bottom line: vehicle-margin exposure got marked down across the group while a live platform deal signaled buyer appetite. Thirteen of sixteen covered names fell over the period, with a median move of -12.9%, against a +0.8% return for the S&P 500 — this was a sector-level reset, not a market one. At the same time, Copart's tender offer for ACV Auctions shows strategic buyers still paying up for platform capability. So what: operators should expect earnings tied to vehicle margin to keep getting repriced even as coverage and data assets hold their value.

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   THE BI-WEEKLY BOTTOM LINE Vehicle-Margin Exposure Got Marked Down While a Live Platform Deal Showed Buyer Appetite The two-week period in one page · 16 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Selling Was Broad, Not a Single-Name Story 13 of 16 covered names fell; the median move was -12.9%. The S&P 500 returned +0.8% over the same window, so this was a sector-level reset rather than a market one. 2 AutoNation's Conference Week Set the Tone for the Group AutoNation, Inc. (AN) finished the two-week period at -21.5%, including -10.5% on Sep 17, the day it presented at Morgan Stanley's Laguna Conference. Coverage the following day linked the commentary to softer service revenue and new-vehicle margins. 3 A Tender Offer Put a Wholesale Marketplace Directly in Play Copart, Inc. (CPRT) announced on Sep 17 that a wholly owned subsidiary had commenced a tender offer for all outstanding shares of ACV Auctions Inc. (ACVA). That is a buyer paying for dealer coverage and transaction data, not rooftops. 4 The Precedent Record Still Frames What Capability Costs The trailing set of 40 precedent transactions carries a median EV/EBITDA of 14.7x, well above the standing sector lens of 8.9x on CY2027E EV/EBITDA. Strategic buyers continue to pay up for platforms rather than for average earnings. +17.4% Best mover — Uxin Limited (UXIN) worst: AN -21.5% · 3 up / 13 down of 16 covered -12.9% Sector median two-week return vs S&P 500 +0.8% 1 Transactions announced in the two-week period terms not fully disclosed

3. 03
   PUBLIC MARKET MOVERS

   One Conference Appearance and One Earnings Print Explain the Two Ends of the Range

   This page shows the two-week close-to-close price moves for covered names, split by what drove the extremes.

   We show that one conference appearance and one earnings print explain the two ends of the range this period. AutoNation fell -21.5% over the window, including a -10.5% day on Sep 17 tied to commentary at Morgan Stanley's Laguna Conference, while the sector median move was -12.9% against a +0.8% S&P 500 return. The materiality bar sits at 21.2% on a sector-relative basis, which frames how unusual the AutoNation move actually was. So what: this is a name where the market treated management's own commentary as new information, not just noise.

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   PUBLIC MARKET MOVERS One Conference Appearance and One Earnings Print Explain the Two Ends of the Range Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -12.9% · S&P 500 +0.8% · materiality bar ±21.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -12.9% AutoNation, Inc. (AN) -21.5% Shares moved following AutoNation, Inc.'s Sep 17 appearance at Morgan Stanley's Laguna Conference, the period's worst single day at -10.5%; next-day coverage tied the commentary to softer service revenue and muted new-vehicle margins. Fixed operations commentary now carries a Discount-tier name's multiple as much as new-vehicle gross does. COMPANY-SPECIFIC Uxin Limited (UXIN) +17.4% Shares moved following Uxin Limited's Sep 24 release of unaudited results for the quarter ended June 30, 2026 — the same day as the +19.3% single-day move, with the reporting date flagged in a Sep 16 release. Used-vehicle retail results still reprice the equity faster than anything else on the calendar. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Buying Coverage, Adding Reconditioning and Terming Out Capital

   This page lists the two-week period's highest-impact company events, each linked to its source filing or article.

   We walk through the period's highest-impact events: companies spent the two weeks buying coverage, adding reconditioning capacity and terming out capital. Each item here links back to the underlying filing or article, and every 'why it matters' line is our read of the recorded evidence. Taken together, these moves show operators positioning on cost and capacity rather than growth. So what: this is the operational groundwork buyers and advisors will reference when the next deal gets priced.

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   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Buying Coverage, Adding Reconditioning and Terming Out Capital The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · GlobeNewsWire Cars.com carried an October collector-car auction programme spanning live and online bidding Listings and auction inventory sit in the same demand funnel as retail. Programming specialty inventory is how a Discount-tier marketplace defends audience and lead quality. Marketplaces are competing on inventory distinctiveness, not just traffic volume. Sep 23 · NEWS · Business Wire AutoNation marked ten years of its DRV PNK campaign with new cancer grants across its associate base A decade-long national programme run through more than 20,000 associates is a statement about brand and workforce continuity at a name the market marked down hard this period. Consumer-facing brand equity is one of the few assets that does not reprice with vehicle margin. Sep 22 · NEWS · PRNewsWire Group 1 Automotive appointed Benjamin Hart to its board of directors, effective November 1, 2026 Board additions at a Core-tier consolidator are a governance signal ahead of an active capital allocation period. NeuraCap reads it alongside the same-day notes closing as preparation, not repair. Governance and funding are being set up in the same window at the larger groups. Sep 17 · NEWS · Business Wire Copart commenced a tender offer through a merger subsidiary to acquire all shares of ACV Auctions A salvage and auction operator moving on a digital wholesale marketplace is the clearest evidence in the period that strategic buyers are crossing business-model lines. Marketplace and wholesale platforms are now inside the strategic buyer set, not adjacent to it. Sep 16 · NEWS · Business Wire Carvana extended same-day vehicle delivery to customers in the greater Minneapolis area Delivery speed is a retail conversion tool, and extending it market by market is how an online retailer converts logistics density into units sold. Fulfilment reach is becoming part of the sourcing-and-delivery argument, not a marketing add-on. Sep 15 · NEWS · Business Wire Carvana added inspection and reconditioning capability at its existing ADESA Charlotte auction site Reconditioning cost per unit and turn speed sit directly under used-vehicle gross profit per unit. Putting that capability inside an owned wholesale site shortens the path from acquisition to retail-ready. Scaled reconditioning attached to owned sites is the cost line operators are competing on.

5. 05
   M&A & STRATEGIC ACTIVITY

   Copart Takes Its Offer for ACV Auctions Straight to Shareholders

   This page covers the one M&A transaction announced during the two-week period.

   We highlight Copart's tender offer for ACV Auctions, announced Sep 17, as the period's one new transaction. The trailing precedent set carries a median EV/EBITDA of 14.7x, well above the sector's standing valuation lens of 8.9x on CY2027E EV/EBITDA, underscoring how much premium strategic buyers still pay for platform capability. So what: this deal gives the market a live, public reference point for what marketplace and data assets are worth today.

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   M&A & STRATEGIC ACTIVITY Copart Takes Its Offer for ACV Auctions Straight to Shareholders 1 transaction announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 22 n/a Suncar Technology Group Inc Suncar Technology Group Inc completed its acquisition of Shengda Automobile EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows the transaction closed on Sep 22. The buyer's rationale is not set out in the record, so NeuraCap reads it only as further evidence that adjacent-model consolidation continued through the window. HOW THE TARGET WAS VALUED No enterprise value was disclosed for this transaction. For context, the trailing set of 40 precedent transactions carries a median EV/EBITDA of 14.7x.

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This page translates the period's evidence into implications for operators, acquirers and advisors.

   We translate the period into three tracks: operators need to lead with fixed-operations and reconditioning discipline, acquirers now have a live marketplace bid to reference alongside the completed Suncar Technology Group and Shengda Automobile transaction, and advisors should lead conversations with the tender offer, the closed notes offering and the capacity additions recorded this period. These are observations drawn from the two-week record, not recommendations. So what: the groups acting fastest on this evidence set the terms for the next round of activity.

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   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.9x 17 companies in the study 3 valuation tiers Standing thesis: Automotive Retail and Dealerships Split Into Dealer Groups, Marketplaces and Adjacent Models FOR OWNERS & OPERATORS Fixed Operations and Reconditioning Discipline Carry the Argument Now The period's commentary put service revenue and new-vehicle gross under the microscope. FOR ACQUIRERS The Reference Set Now Has a Live Marketplace Bid in It Copart's tender offer for ACV Auctions gives the reference set a current, public data point for wholesale platform capability alongside the completed Suncar Technology Group Inc and Shengda Automobile transaction. FOR ADVISORS Lead with Sourcing, Service Earnings and the Buyer Crossing Model Lines The evidence to lead with is the Sep 17 tender offer, Group 1 Automotive's closed notes offering and Carvana's capacity additions — all inside a window where 13 of 16 covered names fell and the median move was -12.9%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update and states the report's limitations.

   We close with how this update is built: every figure links to the filing or publisher record it came from, and the sources drawn on for the period are listed here. This is methodology and disclosure, not additional analysis. So what: readers can verify every number in this deck against its original record before acting on it.

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   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Automotive Retail and Dealerships Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T141149Z_482_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com · sec.gov

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