The Eagers (ASX:APE) share price is near all-time highs

The Eagers Automotive Ltd (ASX: APE) share price is nudging all-time highs. Shares in Australia’s oldest listed automotive company have surged more than 300% in the past year.

Despite having limited exposure to hot sectors like e-commerce, Eagers has been an unexpected winner post-pandemic.  

So, why exactly are investors flocking to buy shares in Eagers?

Eagers share price jumps on update

Last Friday, investors were jumping to buy shares in Eagers after the company released a promising market update.

For the 3 months ending 31 March 2021, Eagers expects to record an underlying operating profit before tax from continuing operations of approximately $98 million. In addition, the company noted that on a statutory basis, net…