Business Description:
AP Eagers Limited (APE) is an automotive retail group focusing on owning and operating motor vehicle dealerships which provide full facilities covering new motor vehicle sales, used motor vehicle sales, service, spare parts and the facilitation of allied consumer finance. APE's main operations are in South East QLD, Adelaide, Darwin, Melbourne, Sydney and the Newcastle/Hunter Valley region of New South Wales.

Strategy Analysis:
APE's strategy is focused on maintaining its industry position through acquisition of dealerships located on strategically visible and functional properties. APE is structured through a franchise and dealership network and develops its dealership program through acquisition, property rationalisation and refurbishing existing facilities. To improve margins at each dealership, APE is focused on cost control, optimising property usage operational integration.. AP Eagers reported NPAT up 24.7% to $19.73m for the half-year ended 30 June 2011. Revenues from ordinary activities were $1.16bn, up 36.8% from the same period last year. Diluted EPS was 62.1 cents compared to 52.3 cents last year. Net operating cash flow was $24.67m compared to $14.91m last year. The interim dividend declared was 28 cents compared with 23 cents last year.