Australia’s biggest car dealership group has gone from being viewed as a clapped-out Holden Commodore to a highly sought-after new set of wheels in just 10 months.

Eagers Automotive, which operates 224 showrooms and has 11 per cent of the new-vehicle market, was being spurned by most investors in March last year when its share price slumped to an alarming $2.50 as fears about the economic damage of the COVID-19 pandemic mounted. The stock closed at $13.32 on Friday, up 0.9 per cent for the day, but several analysts believe there are more gains still to come.