Ann: Trading Update, page-35

I started looking at this a couple months ago because of the real estate.

I bought a little, spoke to management and then sold shortly after speaking to them.

The issue is:
1. They are using debt to acquire dealerships, which are intangibles.
2. As they continue to do this (which is their current stated strategy), your investment becomes more leveraged and a higher % of it being intangibles, rather than real estate.
3. They should be buying back their stock at current prices similar to Shriro with an equal access buyback but instead dilute their value with acquisitons on worse metrics than their own stock.

Management are not good and you will be fighting against the tide here until they realise capital allocation (no acquisitions, buybacks & dividends) are key to returns.