In this week’s Tuesday Ticker, strong collision repair demand continued supporting large MSOs even as dealership profitability softened and automotive suppliers accelerated investment in parts, production and service infrastructure.
Automotive Properties REIT
Automotive Properties Real Estate Investment Trust, a Toronto-based owner of dealership, collision repair and automotive service real estate properties, reported first-quarter rental revenue of $29.1 million, up 21.7% from $23.9 million a year earlier.
Cash net operating income rose 19.0% to $23.8 million, while adjusted funds from operations increased 19.1% to $14.8 million. Same-property cash net operating income rose 2.1%.
The REIT owns automotive retail and service properties leased to dealership and aftermarket operators across Canada and the U.S., giving it a direct link to dealership traffic, fixed operations activity and long-term automotive service demand.
During the quarter, Automotive Properties REIT completed the acquisition of two dealership properties in Santa Ana, Calif., for US$30.15 million. The sites are occupied by Audi South Coast and South Coast Volkswagen and operated by Penske Automotive Group.
“We continue to benefit from stable contractual rental growth and strong operating fundamentals across our portfolio,” said Milton Lamb, chief executive officer of Automotive Properties REIT.
Following the announcement, Automotive Properties REIT units closed at $11.50 on May 13, up $0.05 or 0.4% from the previous close of $11.45.
Boyd Group
Boyd Group Services Inc., the Winnipeg-based parent company of Boyd Autobody & Glass, Gerber Collision & Glass and Assured Automotive, reported record first-quarter sales of US$996.7 million on May 13, up 28.1% from a year earlier, while adjusted EBITDA rose 51.9% to US$122.4 million.
The company added 269 locations during the quarter, increasing its collision footprint by 33% year over year. That included 258 locations through its acquisition of Joe Hudson’s Collision Center.
Same-store sales increased 1.7%, or about 2.6% after adjusting for unusual winter storm activity in the U.S. South. Boyd also reached 80% internalization of scanning and calibration work.
“We delivered all-time record sales and Adjusted EBITDA in the first quarter, reflecting strong execution of our growth strategy and operational priorities,” said Brian Kaner, president and chief executive officer of Boyd Group.
Following the announcement, Boyd shares closed at $134.54 on May 13, down $18.32 or 12.0% from the previous close of $152.86.
AutoCanada
AutoCanada Inc., the Edmonton-based dealership group with collision repair operations across Canada, reported first-quarter revenue of $1.19 billion on May 13, down 4.1% from $1.24 billion a year earlier.
Gross profit fell 14.6% to $169.1 million, while the company posted a net loss of $3.3 million compared with net income of $9.7 million a year earlier. Adjusted EBITDA fell 28.0% to $31.0 million.
Collision repair gross profit rose 0.8% to $18.3 million. AutoCanada also stated that its collision business remains a strategic platform supported by insurance-related demand and consolidation opportunities.
“We entered 2026 focused on stabilizing dealership performance, improving operational execution, and strengthening our balance sheet, and we made meaningful progress against those priorities during the quarter,” said Samuel Cochrane, chief executive officer and interim chief financial officer of AutoCanada.
Following the announcement, AutoCanada shares closed at $20.93 on May 13, down $0.82 or 3.8% from the previous close of $21.75.
CIE Automotive
CIE Automotive S.A., the Bilbao, Spain-based automotive components supplier, reported record first-quarter results, with revenue topping €1.0 billion and EBITDA exceeding €200 million for the first time.
The company reported net profit of €96 million and an EBITDA margin of 19.1%. Operating cash generation reached €136 million, representing more than 70% of EBITDA.
CIE Automotive also began construction of a new factory in Mexico representing an €86-million investment tied to future North American production demand.
Following the announcement, CIE Automotive shares closed at €31.60 on May 12, up €1.25 or 4.1% from the previous close of €30.35.
Garrett Motion raises full-year outlook
Garrett Motion Inc., the Rolle, Switzerland- and Plymouth, Mich.-based turbocharger and powertrain systems supplier, reported first-quarter net sales of US$985 million on May 12 and raised its full-year outlook following stronger demand across commercial vehicle and electrification programs.
Adjusted EBIT reached US$154 million, while adjusted free cash flow totaled US$47 million.
“Our strong first-quarter results reflect disciplined execution and continued customer demand across our portfolio,” said Olivier Rabiller, president and chief executive officer of Garrett Motion.
Following the announcement, Garrett Motion shares closed at US$12.31 on May 12, up US$0.84 or 7.3% from the previous close of US$11.47.
