Despite all kinds of unknowns in the economy and on the geopolitical scene, or maybe partly because of them, the sale of auto dealerships continues on the upswing.

Buy-sell activity on a trailing 12-month basis exceeded that of a year earlier, according to sell-side broker Kerrigan Advisors, which said it sees no reason for a pullback for the rest of the year.

The firm recorded 224 dealership transactions in the first half, up 2% year-over-year and 107% above the prepandemic average, the firm said.

Dealerships are also commanding ever-higher prices, publicly held auto groups’ purchase prices so far this year reaching a record $119 million per store.

On the high end of the buy-sell scale, Kerrigan pointed out the offer by Penske Corp. and Mitsui & Co. to take Penske Automotive Group private, which it said would set another industry record with group value of $13.8 billion.

The robust activity and high transaction prices contrast with declining dealership profits. In the first half, Kerrigan calculated that average store earnings fell up to 20% from a year earlier depending on the franchise and market.

The decline came on increased operating costs and falling vehicle gross margins, even as average revenue was up to a record $38 million, the firm said.