Without seeing your entire analysis, I still dispute your data.
You miss the point by a wide margin. If you built your analysis on the premise of holding COGS constant, you do NOT know what RII is all about. Its main premise is that RII will reduce its cost of cars by efficiencies in its vehicle acquisition ladder (new cars, to leases, to rentals then to Autonation; in advertising (one campaign for 300+ dealers), ad volume discounts; single source for parts, repair, maintenance and financing; and human resources. In HR, some of the best car men in the nation are being acquired with their dealerships and the best of those will create a chain of command nationally. Some may take the money and sit, but in an organizations like this the best ones will prosper. I've seen one claim that RII can lower the price of a car by $500. I saw another that it is closer to $1,000.
Of a more immediate concern is the continued weakness in its price. It gotta believe that someone is about to issue a downgrade, and has advised institutional clients.