The Kerrigan Auto Retail Index (The KAR Index), a composite of the seven publicly traded auto retail companies, rose 18.28 percent in July, significantly outperforming the S&P, which rose 3.56 percent for the month. Industry news was very mixed for the month; so much of this rise was likely a recovery from being over-sold in the prior month. The KAR Index fell 11% in June. Year to date, The KAR Index is now down 10.34 percent. The KAR Index was supported by strong increases in each of its component stocks, led by Penske and Group 1, up 25.94 percent and 26.26 percent, respectively. These two stocks had the steepest declines in June, in reaction to Brexit, as they both have significant operations in the U.K. and exposure to a weakening pound.