Agree that the key is to dispose of the logistics business. Even...

Agree that the key is to dispose of the logistics business. Even though it is making a small profit it is still dragging down ROE/ROI. Not only will it free up capital (and management time), it will bring an end to the not inconsiderable costs associated with the sale process. I would expect a re-rating of the shares once this happens. Given the history, I'm not holding my breath.

I'm not too worried about the balance sheet given how liquid the asset base is - $996 million in inventories v $1.1 billion in interest bearing debt but the inventories are stated at the lower of cost or realisable value (i.e. are below realisable value). See note 8 to the 2017 Annual Report for the accounting policy and the subsequent semi-annual report for the balance sheet numbers.

When I first read the most recent half year accounts after they were released, I was concerned that the cash flow had more than halved over pcp but then realised that the increase in inventory levels was larger than the fall in cash flow, so nothing to be concerned about - so long as they can sell the cars.