Dealership M&A stays strong but selective, Lexus revamps its ES, Ackman bets big on Hertz

Hey everyone. Quick reminder.

Our dealer survey is still live, and early responses are already pointing to some sharp shifts in strategy. If you haven’t weighed in yet, there’s still time—but not much.

(It closes tonight at 11:59 p.m. ET.)

The good news? It’s fast, anonymous, and we’ll share the results with you in the future.

Two minutes. Let’s hear it.

— CDG

Used car sales haven’t been this strong since 2021:

In March, used retail sales spiked 9% compared to February, and are up 12% compared to last year.

The obvious?

Tax refunds helped—but tariff anxiety likely pulled even more demand forward.

And with used inventory already tight, that surge in activity is starting to push prices higher.

The average listing price rose to $25,180 in March—up $169 from February and marking the first price increase of the year.

Big picture? Dealers sitting on clean used inventory could be holding the upper hand heading into summer.

(Data source: Cox Auto)

1. Jerry Seiner Auto enters California with Honda store, Pugmire Auto grows Ford footprint in Southeast

The dealership M&A market isn’t cooling—it’s just getting choosier.

According to Haig Partners:

Despite tariffs and sticky rates, demand for dealerships remains strong—with profits nearly 2x pre-COVID levels, and valuations holding firm.

Recent deals: Jerry Seiner Auto Group just entered California with its first Honda store. Pugmire picked up Ford stores in Georgia and Florida. And Golling Automotive added a Detroit-area CDJR store—its fourth Stellantis franchise.

For now: Consolidation’s not slowing—but the next wave is more strategic, more selective, and still paying up for the right rooftops.

(Go deeper: 4 min. read)

Is dirty customer data killing your retention?

Experian Automotive found 61% of dealer records have bad data—

• Wrong names 

• Old addresses 

• Even outdated ownership records

When your customers move, change jobs, or start families, your data can fall behind—costing you sales. The fix? Experian Automotive’s first-party data solutions clean, verify, and enrich your records so your marketing hits the mark.

Better data means better engagement, smarter targeting, and fewer missed opportunities.

Don’t let dirty data hold you back—stay connected and stay ahead with Experian Automotive.

2. The Lexus ES is getting a major redesign. Here’s what we know so far

Lexus is doubling down on sedans with the upcoming reveal of the all-new 2026 ES at Auto Shanghai on April 23.

What we know: It’s a bold move as most luxury brands shift toward SUVs—but the ES remains a cornerstone for Lexus, topping 3 million sales and climbing 8.6% in Q1.

And now? The eighth-gen model is expected to bring updated electrification tech, a sleeker design, and the same quiet refinement the nameplate is known for.

Big picture: In a market that’s all-in on utility, Lexus is keeping the car in luxury carmaker—and doing it from a position of strength.

(Go deeper: 2 min. read)

3. Why billionaire investor Bill Ackman sees major upside in Hertz

Hertz just got a major vote of confidence—from billionaire investor Bill Ackman.

What’s happening: His firm, Pershing Square, now owns nearly 20% of the rental giant. And Ackman sees tariffs as a tailwind, not a threat.

His take? A 10% rise in used car prices could mean a $1.2B boost to Hertz’s fleet value—nearly half its current market cap.

He’s also bullish on Hertz’s push to rotate inventory, cut costs, and lean into used car sales. And investors liked what they heard, with shares jumping 56% last week.

Bottom line: Tariffs may be clouding the outlook—but Ackman’s betting Hertz can turn that pressure into profit.

(Go deeper: 3 min. read)

• Impersonal assistant: This vehicle AI drove me to distraction

• Ferrari enters the electric era at full speed

• Windsor assembly returning to work—but for how long?

• Honda car produced in Japan will soon only be built in Indiana amid tariff wars

• No one is buying new cars in Russia

Thanks for reading everyone.

— CDG

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