on the GM thing. But she should concern herself more with industy sales numbers, than the automakers corporate profits. Most of those guys are massive multinationals with quite diversified operations, that would be truly difficult to completely "weed out" for her comparison to be truly useful.
I've always said that when Autonation setled into normal dealership trading valuations, it's stock would move along with the industry (barring that that AN not make huge individual mistakes).
Now that AN's trading at a p/e of 8...right where it pretty much belongs... as sales go up, so should the stock, as sales go down etc.
Problem for investors is...given the way sales have been (at record levels for 5 years : 17mil+), there is a great likelyhood that the industry has a long way to drop in the future. I remember when 15 million cars wasn't considered a bad year. Now it would look like a disaster.