5 Best Used Car Stocks to Buy

4. Group 1 Automotive, Inc. (NYSE: GPI)

Number of Hedge Fund Holders: 26    

Group 1 Automotive, Inc. (NYSE: GPI) is placed fourth on our list of 10 best used car stocks to buy. The stock has returned 92% to investors over the past twelve months. The company sells new and used cars and is headquartered in Texas. On May 11, the company declared a quarterly dividend of $0.33 per share, a 6.5% increase from the previous dividend. The forward yield was 0.81%. The firm has a market cap of close to $3 billion and posted more than $10 billion in revenue last year. 

On July 16, investment advisory Bank of America maintained a Buy rating on Group 1 Automotive, Inc. (NYSE: GPI) stock and raised the price target to $351 from $305, noting that a semiconductor shortage affecting sales was increasing pent-up demand for cars. 

At the end of the first quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $304 million in Group 1 Automotive, Inc. (NYSE: GPI), up from 20 the preceding quarter worth $263 million.