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CAR Group Limited
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About CAR Group Limited
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FUND MANAGER
DATE
17 Aug 2026
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The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
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Frequently asked questions about CAR Group Limited (ASX:CAR)
Frequently asked questions
Who is investing in CAR Group Limited (ASX:CAR)?
Fund managers including Milford Asset Management, Blackwattle Investment Partners, Wilson Asset Management, Yarra Capital Management, Ten Cap, Pendal Group, Antares Capital, Selector Funds Management, Firetrail Investments, Hyperion Asset Management, Forager Funds, Paradice Investment Management, Perennial Partners, Katana Asset Management, Oracle Advisory Group, Maple-Brown Abbott, Airlie Funds Management, Cooper Investors, Quest Asset Partners, Medallion Financial, Auscap Asset Management, Vertium Asset Management and Investors Mutual Limited have invested in CAR Group Limited (ASX:CAR).
What opportunities or catalysts do fund managers highlight for CAR Group Limited?
Fund managers have consistently framed CAR Group as a high-quality compounder with global growth optionality. In September 2025, when shares traded around $36.78, Blackwattle Investment Partners and Pendal Group both called it a core buy, citing its technology moat, deep incumbency, monopolistic position in several markets, capital-light structure, long-tenured management and an incremental, disciplined approach to international expansion into Korea, Brazil and the US. Selector Funds Management, around August 2025, described CAR as a long-term 12%+ compounder, highlighting its FY25 result, smooth internal CEO succession from Cameron McIntyre to William Elliott, strong growth across Australia, Brazil (webmotors), North America (Trader Interactive) and South Korea (Encar), new products like the Bello messaging tool and C2C payments, and FY26 guidance of 12-14% revenue growth. As AI-disruption fears drove the share price down through late 2025 and into 2026 (from about $30.76 to as low as about $22.80), numerous managers - Wilson Asset Management, Yarra Capital Management, Katana Asset Management, Airlie Funds Management, Forager Funds, Auscap Asset Management, Investors Mutual, Vertium Asset Management, Perennial Partners and Hyperion Asset Management - argued the sell-off was overdone, framing AI as more likely a beneficiary/enabler than a disruptor given CAR's proprietary data, embedded network-effect moat, dealer software, and difficulty of replicating its audience via vibe coding. They pointed to a discounted valuation (13.6-20x forward earnings versus a long-run average near 28x), continued double-digit revenue/EBITDA growth (14%/12% in 1H26), a new AI lab in Brazil, and strong momentum in Trader Interactive's US RV business, Brazil (webmotors) and South Korea as reasons to buy or add, with several managers (Wilson AM, Auscap, Airlie) initiating or reiterating positions into the weakness, and Blackwattle and Yarra Capital continuing to hold and even benefit from a rebound in April-June 2026.
What are the key risks to the CAR Group Limited investment thesis, according to fund managers?
The dominant risk cited across late 2025 and into 2026 was the fear that AI-powered search and large language models could disrupt classifieds and online marketplace business models, a concern flagged repeatedly by Firetrail Investments, Cooper Investors, Katana Asset Management, Yarra Capital Management, Maple-Brown Abbott, Medallion Financial and others, and which drove the share price down from roughly $36.78 to as low as $22.80. Firetrail Investments went further and exited its position in December 2025, judging that the business's risk profile had changed and that classifieds could remain out of favor until AI's impact became clearer. Maple-Brown Abbott noted the stock was among the most AI-impacted tech names amid a broader NASDAQ/SaaS rout, with valuations still looking challenging even after the decline. Antares Capital flagged indirect sentiment pressure from losses developing in the car financing market (though CAR itself has no direct exposure, aside from its US RV-focused Trader Interactive business) and early-stage AI disruption chatter. Medallion Financial said the jury was still out on whether AI would prove a net positive or negative and held rather than adding. Separately, Selector Funds Management flagged the company's gross dollar debt and an approximately 80% payout ratio to shareholders as too high, and Perennial Partners noted the broader technology/SaaS sector had fallen sharply (-24% over 12 months) on AI-disruption concerns weighing on sentiment even as fundamentals held up.
What is the short interest in CAR Group Limited (ASX:CAR)?
The short interest in CAR Group Limited (ASX:CAR) is 1.53% which makes it the 168th most shorted stock on the ASX. Of the 378.4M shares that CAR Group Limited has on issue, 5.8M have been sold short.
What does CAR Group Limited (ASX:CAR) do?
CAR Group Limited, formerly Carsales.com Limited, is a global digital marketplace operator established in the 1990s. The company manages a diversified portfolio of vehicle marketplaces across Oceania, Asia, and The Americas. Key assets include carsales in Australia, Encar in South Korea, Trader Interactive in the U.S., and chileautos in Chile. Additionally, CAR Group maintains a majority stake in webmotors in Brazil. The company focuses on connecting buyers and sellers through its international digital platforms.