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From what I see the stocking loan boys and BCA have a nice business model. Lend people money to buy an asset which they sell in your behalf to a) create a demand for consumer finance b) create a demand for auction cars The problem comes when the economy takes a down turn and the finance houses want their money back, not stuck in depreciating cars anchored to forecourts. As people I know found out in the 2008 recession, owe the bank a little and you’ve got a problem, owe them a lot and the bank has a problem. I guess most dealers fit in the former. Cazoo sits in the latter but that’s a different model, everyone piles in (money is cheap and many private individuals, pension Co’s et. are also now giving the PE boys money as they search for yield) they build it, then float it and every investor gets his money back with a nice premium, leaving those who bought shares in the floated PLC to take the hit when it becomes apparent that profits won’t match forecasts. Slow and steady with your own cash means you can sleep at night.

Perhaps it’s your stock profile. If yours is quality ‘aspirational’ type German stock then doesn’t that sort of thing attract the dreamers & beggars like moths to a lamp?