Asbury Automotive Takeaways from CFO Fireside Chat

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Asbury Automotive Takeaways from CFO Fireside Chat

J P M O R G A N North America Equity Research

10 June 2026

Asbury Automotive Underweight

ABG, ABG US

Takeaways from CFO Fireside Chat Price (10 Jun 26):$198.13

Autos & Auto Parts

As part of our 7th Annual Auto Retail Ecosystem June Conference Call Series, we Rajat Gupta AC

hosted a fireside chat with ABG management, featuring CFO Michael Welch and (1-212) 622-6382

VP, Finance and Treasurer Chris Reeves (see replay of our discussion). Our rajat.gupta@jpmorgan.com

conversation encompassed a wide array of topics relevant to ABG and the broader Jash Patwa

auto retail ecosystem, including: US consumer health, new/used GPU trajectory, (1-212) 622-5472

off-lease EV supply dynamics, P&S momentum, Tekion-related disruption, jash.patwa@jpmchase.com

SG&A leverage path, capital allocation priorities, and potential strategic review of Yash Beswala

TCA. Below we highlight key takeaways from today's call: (1-212) 622-0028

yash.beswala@jpmchase.com

• The US consumer is in a pause. Management characterized April & May J.P. Morgan Securities LLC

trends as being broadly consistent with March, with SAAR holding at

consistent but muted levels as consumers digest higher gas prices, war-related

uncertainty, and macro choppiness, offsetting any incremental benefit from tax

refunds. Management noted the cautious backdrop is showing up across both

new vehicles and P&S, with consumers visibly reluctant to spend until there is

more clarity on gas prices. Management has not yet seen consumers shift from

large SUVs into smaller, more fuel efficient vehicles, characterizing current

behavior as deferral rather than mix shift, while hybrid demand has continued

to strengthen and inbound EV interest has ticked up modestly off a small base.