Automotive Retail and Dealerships Sector Outlook — September 2026

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

Automotive Retail: Durability Separates the Field

The report shows where public valuations and strategic transactions place credit across dealer groups, marketplaces and adjacent models.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

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

   This is the cover slide for the Automotive Retail and Dealerships sector outlook, dated September 28, 2026.

   This report examines Automotive Retail and Dealerships — dealer groups, marketplaces and adjacent models — using EV/EBITDA (CY2027E) as the primary valuation basis. We'll walk through where the market places credit today and why the gap between the premium and discount ends of the sector persists.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › AUTOMOTIVE RETAIL AND DEALERSHIPS Automotive Retail: Durability Separates the Field The report shows where public valuations and strategic transactions place credit across dealer groups, marketplaces and adjacent models. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix.

   We've structured this deck so the bottom line comes first — a reader who stops after section 01 still leaves with the full story. From there we move through the market landscape, valuation and situations, precedent transactions and strategic implications, so you can go as deep as you need.

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   CONTENTS What This Report Covers 01 The Bottom Line Dealer Groups Hold the Higher Sector Price, While Growth and Durability Separate Individual Names 02 The Landscape Dealer Economics Anchor the Sector, While Marketplaces Follow a Different Value Framework 03 Valuation & Situations Forward Earnings Still Leave a Wide Gap Between the Two Ends of the Market 04 Precedent Transactions Strategic Buyers Are Reaching Across Retail, Auctions and Marketplaces 05 Strategic Implications Operating Proof Should Connect Growth, Inventory Discipline and Recurring Earnings 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Automotive Retail and Dealerships Split into Dealer Groups, Marketplaces and Adjacent Models

   This slide summarizes the report's full findings on one page.

   Dealer groups command 10.9x forward EV/EBITDA versus 6.1x for marketplaces, a gap that puts parts-and-service earnings and inventory discipline at the center of the owner story. Among the rated companies, the faster-growing cohort trades at 11.0x versus 7.7x for slower growers, and the premium end of the sector reaches 15.5x against 7.0x at the discount end. Precedent transactions show strategic buyers crossing model lines, from wholesale infrastructure to digital retail combinations. So the sector rewards durability as much as growth, and buyers are already testing that thesis across the value chain.

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   01 · THE BOTTOM LINE Automotive Retail and Dealerships Split into Dealer Groups, Marketplaces and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Dealer Groups Hold the Higher Sector Price Franchised new-vehicle dealer groups sit at 10.9x forward EV / EBITDA, versus 6.1x for automotive listings and shopping marketplaces. That gap puts parts-and-service annuity earnings, F&I discipline and fixed absorption at the center of the owner story. 2 Faster Growers Hold a Clearer Valuation Position Among the 15 companies with a forward estimate, the 8 names at or above 5% growth sit at 11.0x, versus 7.7x for the 7 names below it. The forward lens already credits forecast growth, so the remaining gap is consistent with investors also weighing durability. 3 Forward Estimates Leave a Wide Price Gap The premium end sits at 15.5x versus 7.0x at the discount end. Owners defending the upper range need forecast EBITDA supported by inventory turn, recurring service earnings and disciplined front-end and back-end gross. 4 Strategic Buyers Are Crossing Business-Model Lines The transaction record includes Copart, Inc. [CPRT] and ACV Auctions Inc. [ACVA], alongside CarMax, Inc. [KMX] and Edmunds Holding Company. These combinations suggest buyer interest in wholesale infrastructure, inventory access and automotive shopping capabilities beyond the rooftop. 8.9x Sector median EV/EBITDA CY2027E consensus · 15 rated of 17 companies 15.5x Premium end EV/EBITDA vs 7.0x at the discount end top quartile (n=5) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 76 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on dealer economics and market landscape.

   Parts-and-service earnings, F&I discipline and inventory economics anchor how the sector should be read. We'll show how dealer groups, marketplaces and adjacent models differ before turning to valuation.

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   SECTION 02 02 THE LANDSCAPE Dealer Economics Anchor the Sector, While Marketplaces Follow a Different Value Framework Parts-and-service earnings, F&I discipline and inventory economics shape how owners should frame performance. 02 of 06 Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Dealer Groups Anchor the Market, While Platforms and Adjacent Models Widen the Value Framework

   This slide groups the approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   Grouping the approved universe by business model shows dealer groups holding the highest median multiple at 10.9x, while marketplaces sit at 6.1x. That spread frames the rest of the report: durable, recurring earnings from service and F&I versus audience-driven marketplace models. So the segment a company sits in already tells you a lot about how the market prices it.

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   02 · MARKET MAP Dealer Groups Anchor the Market, While Platforms and Adjacent Models Widen the Value Framework 17 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 FRANCHISED NEW-VEHICLE DEALER GROUPS 13 cos median 10.9x Carvana (CVNA) CarMax (KMX) Penske (PAG) Lithia Motors (LAD) AutoNation (AN) Rush Enterprises (RUSHB) Asbury (ABG) Group 1 Automotive (GPI) Sonic Automotive (SAH) Camping World (CWH) ACV Auctions (ACVA) America's Car-Mart (CRMT) Uxin Limited (UXIN) Vehicle margin, F&I, parts and service combine into a blended earnings model shaped by franchise rights and floorplan exposure. AUTOMOTIVE LISTINGS AND SHOPPING MARKETPLACES 2 cos median 6.1x CarGurus (CARG) Cars.com (CARS) Dealer retention and monetization matter alongside audience reach because the model sits outside traditional rooftop economics. ADJACENT MODELS 2 cos median 8.9x Copart (CPRT) Advance Auto Parts (AAP) Remarketing and parts retail bring different inventory, margin and capital profiles into the same sector view.

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   02 · LANDSCAPE

   The Sector Combines Three Models with Different Earnings Quality and Operating Risks

   This slide characterizes the three business models by earnings quality and operating risk.

   Dealer groups, marketplaces and adjacent models carry distinct earnings quality and operating risk profiles, from parts-and-service annuities to audience-driven monetization. Full company-level detail sits in the appendix, but the pattern is already visible here: recurring earnings sources command a valuation premium. So the framework for reading any name in this space starts with which model it belongs to.

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   02 · LANDSCAPE The Sector Combines Three Models with Different Earnings Quality and Operating Risks Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Franchised new-vehicle dealer groups 13 76% 10.9x Carvana Co. (CVNA) · CarMax, Inc. (KMX) · +11 more Dealer economics anchor value. This group sits at 10.9x. Parts-and-service annuity earnings, fixed absorption, F&I product penetration and inventory turn shape the durability behind the blended EBITDA base. Automotive listings and shopping marketplaces 2 12% 6.1x CarGurus, Inc. (CARG) · Cars.com Inc. (CARS) Monetization meets dealer retention. This group sits at 6.1x. Its value case rests on dealer retention, shopping engagement and monetization rather than the front-end, back-end and service mix of a rooftop. Adjacent models 2 12% 8.9x Copart, Inc. (CPRT) · Advance Auto Parts, Inc. (AAP) Different economics widen the lens. This group sits at 8.9x. Remarketing services and parts retail introduce distinct margin, inventory and capital structures that require operating context alongside the headline multiple.

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   03

   This divider introduces the valuation section.

   Forward earnings estimates still leave a wide gap between the two ends of the market. We'll size that gap and test what growth and profitability explain about it.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Earnings Still Leave a Wide Gap Between the Two Ends of the Market The premium survives a forward lens, placing greater weight on the durability of forecast EBITDA. 03 of 06 Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium Survives a Forward Earnings Lens, so Durability Still Matters

   This slide ranks all rated companies by EV/EBITDA (CY2027E), with the sector median at 8.9x.

   Across the rated companies, EV/EBITDA (CY2027E) spans from the premium tier at 15.5x down to the discount tier at 7.0x, with a sector median of 8.9x. That the premium survives a forward-looking lens means the market isn't only pricing near-term growth — it's pricing confidence that forecast EBITDA will hold. So durability, not just growth, is what separates the tiers.

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   03 · PUBLIC MARKET VALUATION The Premium Survives a Forward Earnings Lens, so Durability Still Matters EV / EBITDA (CY2027E) · all 15 rated companies, sorted descending · sector median 8.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.5x CORE · median 8.4x DISCOUNT · median 7.0x Sector median 8.9x WHAT SEPARATES THE TWO ENDS The gap remains wide. The premium end sits at 15.5x, while the discount end sits at 7.0x. The spread remains visible after forecast EBITDA enters the valuation. The lens looks forward. A forward multiple already gives credit for expected earnings. A premium that remains under this lens is consistent with greater confidence in the durability or mix of those earnings. Operations support credibility. Inventory turn, reconditioning speed, fixed absorption and F&I product penetration provide the operating bridge between forecast EBITDA and the valuation range.

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   03 · VALUATION DRIVERS

   Faster Growth Sits with Higher Forward Multiples, While Operating Quality Tests Durability

   This slide splits rated companies into growth and margin cohorts and compares median EV/EBITDA (CY2027E) for each.

   The faster-growing companies trade at 11.0x versus 7.7x for the slower growers, and a parallel split on EBITDA margin shows a similar pattern. This is an association in the data, not a claim that growth causes the premium. So growth and margin both track with valuation, but neither fully explains the spread on its own.

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   03 · VALUATION DRIVERS Faster Growth Sits with Higher Forward Multiples, While Operating Quality Tests Durability Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=7; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 6% The Growth Split Is Visible at 5% Among the 15 companies with a forward estimate, the 8 faster-growing names sit at 11.0x, versus 7.7x for the 7 slower-growing names. This is an observed association rather than evidence that growth alone sets valuation. Inventory Discipline Tests the Growth Story For retailers, unit growth carries more weight when days' supply, inventory turn and reconditioning time support gross profit per unit without adding avoidable floorplan exposure. Annuity Earnings Test Forecast Durability Parts-and-service earnings, fixed absorption and F&I product penetration can make the forecast less dependent on vehicle gross as supply conditions normalize.

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    03 · SITUATION MAP

    The Higher-Priced Group Includes Faster Growers and Durable Slower-Growth Names

    This slide places companies into quadrants cut on EV/EBITDA versus the sector median and revenue growth versus the covered median.

    Cutting the set on the 8.9x sector median and the 5% growth median shows the higher-priced group includes both faster growers and durable slower-growth names. These are observations about where companies sit, not recommendations. So a lower growth rate alone doesn't explain a company's position in the pricing conversation.

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    03 · SITUATION MAP The Higher-Priced Group Includes Faster Growers and Durable Slower-Growth Names Cut on EV / EBITDA vs the sector median (8.9x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Faster Growth Above-median multiple · above-median revenue growth 5 names Carvana Co. (CVNA) · Copart, Inc. (CPRT) · Sonic Automotive, Inc. (SAH) · +2 more Five companies combine above-middle growth with an above-middle multiple. Their position is consistent with the market crediting both forecast expansion and the quality of the earnings base. Higher Multiple, Slower Growth Above-median multiple · below-median revenue growth 3 names CarMax, Inc. (KMX) · Penske Automotive Group, Inc. (PAG) · Asbury Automotive Group, Inc. (ABG) Three companies hold an above-middle multiple despite below-middle growth. Their position suggests that business mix, scale or forecast durability receives credit beyond the growth rate. Lower Multiple, Faster Growth Below-median multiple · above-median revenue growth 3 names Group 1 Automotive, Inc. (GPI) · CarGurus, Inc. (CARG) · America's Car-Mart, Inc. (CRMT) Three companies pair above-middle growth with a below-middle multiple. The gap places greater emphasis on conversion into EBITDA, inventory discipline and the durability of unit economics. Lower Multiple, Slower Growth Below-median multiple · below-median revenue growth 4 names Lithia Motors, Inc. (LAD) · AutoNation, Inc. (AN) · Advance Auto Parts, Inc. (AAP) · +1 more Four companies sit below the middle on both measures. Their operating agenda centers on revenue quality, cost structure, inventory turn and recurring earnings.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Operating Bars Does Not Guarantee the Highest Price

    This slide plots revenue growth against EBITDA margin for the rated companies with median EV/EBITDA per quadrant.

    Cutting the covered set at the growth and margin medians, the quadrant that clears both bars doesn't automatically capture the highest median multiple. That tells us the market is weighing more than these two dimensions when it prices a company. So clearing operating bars is necessary but not sufficient to explain valuation position.

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    03 · GROWTH VS PROFITABILITY Clearing Both Operating Bars Does Not Guarantee the Highest Price Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 15 companies with both estimates · cuts at the covered medians (5% growth, 6% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=5; margin-only n=3; growth-only n=3; neither n=4). CVNA plotted at the chart edge. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 20% 0% 10% 20% 30% 40% MARGIN ONLY median 6.7x BALANCED median 11.1x NEITHER median 11.7x GROWTH ONLY median 10.9x KMX AAP CARS PAG AN LAD ABG SAH CWH GPI CPRT CARG CRMT ACVA CVNA x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Five of the 15 mapped companies sit above both operating cutoffs. Three sit above the margin cutoff alone, and three sit above the growth cutoff alone. Four sit below both cutoffs. The map shows operating position, while the valuation outcome also reflects business mix, scale and differences in forecast confidence. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 15 names clear it (CPRT, CARG).

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    03 · THE AGENDA

    Two Operating Paths Sit Open — Faster Growth or a Steadier Earnings Mix — and the Set Values Them Differently

    This slide frames two open strategic questions for owners and acquirers based on the cohort data.

    Two operating paths are open in this data: chase faster growth, or lean into a steadier earnings mix — and the set prices them differently. These are framed as questions to resolve, not recommendations. So the next twelve months should be about testing which path a given business can credibly sustain.

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    03 · THE AGENDA Two Operating Paths Sit Open — Faster Growth or a Steadier Earnings Mix — and the Set Values Them Differently NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Can Growth Hold with Turn? Test whether unit expansion can coexist with disciplined days' supply, reconditioning speed and gross profit per unit. What changes the answer: The answer changes when growth requires slower inventory turn, heavier discounting or greater floorplan exposure. Can Service Earnings Carry the Cycle? Assess whether parts and service, fixed absorption and F&I can support earnings as vehicle gross normalizes. What changes the answer: The answer changes when recurring gross becomes a larger or smaller part of store profitability. Does the Portfolio Reinforce Itself? Examine whether brand mix and metro density improve inventory sharing, reconditioning, logistics and technician utilization. What changes the answer: The answer changes when portfolio complexity outweighs local operating density. Build or Buy the Capability? Frame sourcing, wholesale, marketplace and service capabilities against internal execution time and strategic fit. What changes the answer: The answer changes when a capability materially improves inventory access, dealer retention or recurring earnings.

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    SECTION 04

    04

    This divider introduces the precedent transactions section.

    Strategic buyers are reaching across retail, auctions and marketplaces. We'll walk through case studies that show where that interest is concentrated.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Are Reaching Across Retail, Auctions and Marketplaces The transaction record spans scaled dealer groups, wholesale infrastructure and digital retail combinations. 04 of 06 Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Strategic Interest Across the Automotive Value Chain

    This slide presents case studies drawn from the transactions with disclosed terms, with the complete list in the appendix.

    The transaction record includes Copart, Inc. [CPRT] and ACV Auctions Inc. [ACVA], alongside CarMax, Inc. [KMX] and Edmunds Holding Company, spanning wholesale infrastructure, inventory access and digital retail. Multiples here are LTM at announcement and aren't directly comparable to the CY2027E public basis used elsewhere in this report. So the deal record confirms buyer interest is crossing traditional business-model lines, even where multiples can't be benchmarked apples-to-apples.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Strategic Interest Across the Automotive Value Chain 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 73 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 60 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2026 $22.6B Penske Corporation and Mitsui & Co., Ltd. Penske Corporation and Mitsui & Co., Ltd. agreed to acquire Penske Automotive Group, Inc. [PAG]. EV / LTM revenue 0.7x EV / LTM EBITDA 14.7x WHY THE DEAL HAPPENED The buyer group and target share a clear automotive focus. The transaction suggests interest in the cash flow, franchise portfolio and operating reach of a scaled dealer group. HOW THE TARGET WAS VALUED The announced enterprise value is $22.6B, equal to 0.7x EV / Revenue and 14.7x EV / EBITDA. The EBITDA multiple sits above the public-company middle of 8.9x. Sep-2026 $1.9B Copart, Inc. Copart, Inc. [CPRT] agreed to acquire ACV Auctions Inc. [ACVA], linking remarketing services with… EV / LTM revenue 2.3x EV / LTM EBITDA 29.0x WHY THE DEAL HAPPENED The combination suggests a strategic fit around wholesale transaction infrastructure, inspection and inventory flow. Those capabilities sit close to the needs of dealers and insurers. HOW THE TARGET WAS VALUED The announced enterprise value is $1.9B, equal to 2.3x EV / Revenue and 29.0x EV / EBITDA. The EBITDA multiple sits above the premium-end public-company benchmark. May-2022 $903M Shift Technologies, Inc. Shift Technologies, Inc. agreed to acquire CarLotz, Inc. in a digital automotive retail combination. EV / LTM revenue 3.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests consolidation around inventory sourcing, reconditioning and customer acquisition. Those operating capabilities matter where scale and unit economics must develop together. HOW THE TARGET WAS VALUED The announced enterprise value is $903M, equal to 3.4x EV / Revenue. The revenue multiple provides the relevant benchmark for this digital retail combination.

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    SECTION 05

    05

    This divider introduces the strategic implications section.

    Operating proof should connect growth, inventory discipline and recurring earnings. We'll close with what this means for owners, dealer groups, marketplaces and buyers.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Proof Should Connect Growth, Inventory Discipline and Recurring Earnings The right priorities differ for dealer groups, marketplaces and buyers evaluating adjacent capabilities. 05 of 06 Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    A Forward Multiple Already Credits the Forecast, and the Earnings Mix Reads as the Question Left Open for Buyers

    This slide lays out the questions the data puts on the table for owners and buyers over the next twelve months.

    A forward multiple already credits the forecast, so the earnings mix is the question left open for buyers evaluating any name in this space. These are directional views grounded in the analysis, not recommendations. So the practical task is connecting growth claims to the recurring earnings that can defend a forward multiple.

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    05 · STRATEGIC IMPLICATIONS A Forward Multiple Already Credits the Forecast, and the Earnings Mix Reads as the Question Left Open for Buyers NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Connect Growth to Durable Unit Economics Focus the operating plan on inventory turn, reconditioning speed, gross profit per unit and the recurring contribution from service and F&I. FOR DEALER GROUPS Use Density to Improve Execution Dense market coverage can support shared inventory, logistics, reconditioning and technician capacity while keeping franchise and manufacturer constraints in view. FOR MARKETPLACES Tie Monetization to Dealer Value Dealer retention, transaction activity and shopping engagement need to support a durable monetization model rather than audience reach alone.

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    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    The appendix carries comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use it to trace any number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, for the first half of the rated set.

    The rated companies are shown here against the 8.9x sector median, with names above shaded teal and those below shaded amber. A small number of companies in the universe carry no eligible multiple and are listed separately in the companion workbook. So this page is the reference point for checking where any individual name sits relative to the sector.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.9x); amber marks below · 15 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 15 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.5x · median 15.5x · 5 companies CarMax, Inc. KMX Franchised new-vehicle dealer groups $26.6B 27.5x 2% 4% 5 Carvana Co. CVNA Franchised new-vehicle dealer groups $70.0B 17.5x 26% 11% 37 ACV Auctions Inc. ACVA Franchised new-vehicle dealer groups $1.7B 15.5x 11% 12% 23 Penske Automotive Group, Inc. PAG Franchised new-vehicle dealer groups $22.9B 14.6x 3% 5% 7 Camping World Holdings, Inc. CWH Franchised new-vehicle dealer groups $4.6B 14.5x 5% 5% 9 CORE — 7.6x–14.5x · median 8.4x · 6 companies Copart, Inc. CPRT Dealer and insurer remarketing services $22.0B 11.1x 6% 40% 45 Sonic Automotive, Inc. SAH Franchised new-vehicle dealer groups $6.6B 10.9x 5% 4% 8 Asbury Automotive Group, Inc. ABG Franchised new-vehicle dealer groups $8.7B 8.9x 4% 5% 10 Group 1 Automotive, Inc. GPI Franchised new-vehicle dealer groups $8.5B 7.9x 5% 5% 10 Lithia Motors, Inc. LAD Franchised new-vehicle dealer groups $13.7B 7.7x 4% 4% 8 CarGurus, Inc. CARG Automotive listings and shopping marketplaces $2.9B 7.7x 9% 34% 43 DISCOUNT — <7.6x · median 7.0x · 4 companies AutoNation, Inc. AN Franchised new-vehicle dealer groups $12.1B 7.5x 3% 6% 9 America's Car-Mart, Inc. CRMT Franchised new-vehicle dealer groups $849M 7.2x 10% 8% 18 Advance Auto Parts, Inc. AAP RV and powersports dealerships $4.7B 6.7x 2% 8% 10

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide continues the public comparables list on EV/EBITDA (CY2027E), grouped by valuation tier.

    The remaining rated companies appear here, again benchmarked against the 8.9x sector median with the same teal-or-amber shading. Together with the prior page, this covers the full rated set in the universe. So the complete comparable set is visible here for direct comparison.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.9x); amber marks below · 15 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 15 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <7.6x · median 7.0x · 4 companies Cars.com Inc. CARS Automotive listings and shopping marketplaces $983M 4.5x 2% 29% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, for the first half of the list.

    The transactions with disclosed terms appear here, with multiples on LTM financials at announcement where disclosed. Deal values link to the underlying filing, and these multiples aren't directly comparable to the CY2027E public basis used elsewhere. So this list is the primary reference for any transaction a client wants to examine directly.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (76 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 73 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 60 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 Copart, Inc. → ACV Auctions Inc. $1.9B 2.3x 29.0x Copart, Inc. [CPRT] and ACV Auctions Inc. [ACVA] connect remarketing services with a digital wholesale venue, suggesting strategic interest in transaction infrastructure and inventory flow. Aug-2026 Penske Corporation and Mitsui & Co., Ltd. → Penske Automotive Group, Inc. $22.6B 0.7x 14.7x The proposed acquisition of Penske Automotive Group, Inc. [PAG] places a large dealer group within a strategic buyer consortium. Feb-2026 Undisclosed buyer → Asbury Automotive Group, Inc. $10.9B 0.6x 11.0x The proposed transaction involving Asbury Automotive Group, Inc. [ABG] adds another scaled franchised dealer group to the transaction record. Oct-2025 Fair Holdings, Inc. → TrueCar, Inc. $134M 0.7x n/a Fair Holdings, Inc. and TrueCar, Inc. pair an automotive buyer with a vehicle-shopping marketplace, suggesting continued strategic interest in consumer shopping capabilities. Oct-2024 Chevron Corporation → Duval Motor Company n/a n/a 7.0x Chevron Corporation and Duval Motor Company show that automotive retail assets can attract interest from buyers beyond traditional dealer consolidators. May-2022 Shift Technologies, Inc. → CarLotz, Inc. $903M 3.4x n/a Shift Technologies, Inc. and CarLotz, Inc. suggest consolidation among automotive retail models where inventory sourcing, reconditioning and customer acquisition are central. Feb-2022 Carvana Co. → U.S. physical auction business of ADESA, Inc. n/a 19.5x 19.5x Carvana Co. [CVNA] and the U.S. physical auction business of ADESA, Inc. connect online retail with physical wholesale infrastructure and inventory access. Feb-2022 Undisclosed buyer → Group 1 Automotive, Inc. $6.0B n/a n/a The proposed transaction involving Group 1 Automotive, Inc. [GPI] reinforces the presence of scaled franchised groups in the transaction record. Apr-2021 CarMax, Inc. → Edmunds Holding Company $404M n/a n/a CarMax, Inc. [KMX] and Edmunds Holding Company connect vehicle retail with automotive research and shopping engagement.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, newest first.

    The remaining transactions with disclosed terms continue here, completing the full set of deals with disclosed terms. As with the prior page, LTM-at-announcement multiples aren't benchmarked against the forward public basis. So between both pages, the full disclosed-terms transaction list is available for review.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (76 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 73 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 60 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2020 CarGurus, Inc. → CarOffer, LLC $275M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2020 Hitachi, Ltd. → Uxin B2B online used car auction business n/a n/a 43.5x Dec-2019 Hellman & Friedman LLC → AutoScout24 n/a 15.2x 26.1x Feb-2016 KAR Global → Brasher’s Auto Auctions n/a 8.3x 8.3x Value shown as recorded in the filing; deal value unit unresolved. Jun-2015 Cox Automotive, Inc. → DealerTrack Technologies, Inc. n/a 4.1x 19.4x Aug-2011 KAR Global → OPENLANE n/a 16.2x 16.2x Value shown as recorded in the filing; deal value unit unresolved. Dec-2006 Kelso & Company, GS Capital → ADESA n/a 9.3x 9.3x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the report.

    This analysis draws on market data and consensus estimates as of September 28, 2026, with company disclosures linked via SEC EDGAR where available. Every figure in this report traces to the record it came from, and the appendix names the source and basis for any figure without a direct link. Exclusions — from ineligible multiples to transactions without disclosed terms — are kept in the companion workbook rather than dropped silently. So any number in this deck can be verified back to its original source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Automotive Retail and Dealerships and it clears the coverage gate with 15 of 17 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 15 of the 15 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 6 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 652 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (651) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Price Gaps Remain Wide Even After Forecast EBITDA Enters the Multiple.

    This is the closing page restating that price gaps remain wide even after forecast EBITDA enters the multiple.

    Price gaps remain wide even after forecast EBITDA enters the multiple, and that gap is where the questions in this report concentrate. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace. So the conversation now shifts to which path — growth or durability — best fits the business in front of you.

    Everything on this page

    Price Gaps Remain Wide Even After Forecast EBITDA Enters the Multiple. NeuraCap AI — Automotive Retail and Dealerships Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Retail and Dealerships Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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