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The $5 billion line in the sand

Inside Line

Pitcher Partners' Steve Bragg has spent the better part of a decade warning that Australia's dealer market is structurally too fragmented, costs are outpacing gross, and the operators stuck in the middle are running out of road. The difference now is the numbers have caught up with the argument.

Mike Sinclair
23 April 2026 · 8 min read

There's a number that keeps coming up in conversations with Pitcher Partners Motor Industry Services partner Steve Bragg. It's been three billion, then four, and now it's five. Five billion dollars in group turnover – the threshold at which, in Bragg's analysis, an Australian dealer group achieves resilience rather than just survivable scale.

It sounds like a round number pulled from thin air. It isn't.

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Mike Sinclair
Mike Sinclair
Partner and Principal Columnist, TheAutoExec Network

Mike Sinclair is an equity partner and Principal Columnist for TheAutoExec Network. Mike has been testing and writing about cars, motorcycles and more for over 30 years. He was a key executive team member when ACP Media and Carsales formed Australia's leading automotive, industrial, marine and motorcycle online network in the 2000s, and the driving force behind the launch of motoring.com.au. For two decades, Mike led the large multimedia and editorial team at Carsales, and all PR and corporate communications. With significant exposure to both OEM and dealership disciplines, Mike now consults with a number of key brands on a range of automotive and powersports opportunities.

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