Auto Retailers Say CDK Outage Dented 3Q Earnings -- Market Talk

Dow Jones10-25

0913 ET - The operator of car dealerships are disclosing the impact of last summer's CDK Global cyberattack on their bottom lines. AutoNation says per-share earnings in 3Q fell by 21 cents due to the July attack on the software provider, which temporarily took thousands of dealers offline. Sonic Automotive is pegging the impact at 36 cents per share, with some of that stemming from excess compensation the company paid employees as a result of the outage. One potential beneficiary of the disruption: CarMax, which doesn't use CDK Global's software and may have taken some of the sales that other dealerships lost during the outage. (dean.seal@wsj.com)

(END) Dow Jones Newswires

October 25, 2024 09:13 ET (13:13 GMT)

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