(https://www.cnbc.com/2026/08/19/car-dealerships-parts-and-service.html) because gross profits on new vehicles have evaporated post-supply-crunch. The market is reading this as a defensive moat—predictable recurring revenue, less cyclical. That's backward. When discretionary consumers trade DOWN from a new-car purchase to *keeping the old one alive*, they're signaling cash flow constraints, not stability.

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