Pre-earnings channel checks

What's in each report

The signal.

A single call on the company's North American vehicle sales, from Bullish to Bearish, with a confidence rating and the evidence behind it.

Volume and revenue.

New and used units and revenue for this quarter, last quarter and a year ago, plus market share.

Pricing.

Average final listed price, cuts from the first listed price, and price against MSRP.

Inventory health.

Quarter-end stock, how long vehicles take to sell, aged inventory and Market Days Supply. For dealer groups, a same-store view that strips out acquisitions.

Mix and geography.

Top makes and models, electric vehicle sales and leading states.

Management check.

Claims from the last earnings call, tested against the data.

Bull and bear cases.

Both sides, built on specific figures.

Why investors use them

• Read the quarter early. Measured from vehicle-level sales and listing records, and published before the earnings release.
• Hold management to account. Last quarter's claims are scored against actual results.
• Spot margin pressure sooner. Aging stock and deeper price cuts show up before reported gross profit does.
• Compare like for like. Every company is measured on the same definitions.