Cybersecurity
Car Sellers Warn Investors of Possible Financial Hit From Cyberattack
- Sonic Automotive discloses ongoing negative effects in filing
- ‘Disruptive’ event has caused interruptions at AutoNation
Some of the largest auto dealers in North America are warning of a potential “material” impact to their finances from a cyberattack that has slowed operations at thousands of stores.
Sonic Automotive Inc. and Penske Automotive Group Inc. filed disclosures with the US Securities and Exchange Commission on Friday. Group 1 Automotive Inc., AutoNation Inc., Lithia Motors Inc. and Asbury Automotive Group Inc. followed Monday. All six companies use CDK Global, whose so-called dealership management system was halted a week ago after a crippling hack.