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News and Information about autonation

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AutoNation stop sales of vehicles affected by Takata airbag recall

AutoNation Inc. has halted sales of used vehicles affected by the Takata Corp. airbag recalls and warnings. According to AutoNation spokesman Marc Cannon, the move affects less than 400 vehicles. The company’s chief executive, Mike Jackson, has called for carmakers to act as one instead of offering different responses.

He quipped that “some entity” should make the move for the auto industry and tell affected carmakers of what they should do. He noted that the United States National Highway Traffic Safety Administration, or NHTSA, has a “Tower of Babel” with regards to the issue.

NHTSA, a part of the US Transportation Department, is the agency in charge of highway safety in the country. In fact, NHTSA issued last week confusing information about the recall. Transportation Secretary Anthony Foxx has remarked that he has already asked the DOT inspector general's office to review NHTSA's handling of the Takata matter.

Read the entire article AutoNation stop sales of vehicles affected by Takata airbag recall

AutoNation and Hennessey partner to offer performance upgrades

AutoNation Inc. has started offering performance upgrades at its 27 Chevrolet dealerships this month via collaboration with aftermarket tuning firm Hennessey Performance. Ron Frey, AutoNation’s chief strategy officer, told Automotive News in an interview that the company will arrange vehicle shipping to Hennessey’s sites in California or Texas.

The package will be first discussed between the customer and Hennessey Performance before the tuner starts it works on the vehicle. Once the upgrade is completed, the vehicle will be sent back to the customer. Hennessey upgrades can be availed for the Corvette, Camaro, SS, Tahoe, Silverado and Suburban.

Frey remarked that AutoNation is a big fan of Hennessey, since the tuner offer customers with performance upgrades across multiple brands through a single provider. Hennessey chief executive John Hennessey disclosed that the tuner intends to launch another operation near AutoNation’s headquarters in Fort Lauderdale, Fla., within 2015.

Read the entire article AutoNation and Hennessey partner to offer performance upgrades

AutoNation logs 15% rise in first-quarter net income to $95.1 million

AutoNation posted a 15-percent surge in net income to $95.1 million in the first quarter of 2014, thanks to a huge wave of sales in the last few weeks of March that offset weak sales in the period prior. The surge was attributed to higher gross profits in all four of AutoNation’s business categories: new cars, used cars, finance and insurance and parts and service.

The group posted a 7-percent rise in revenues to $4.36 billion. AutoNation chief executive Mike Jackson remarked the sales growth in the last 10 days of March is likely to continue throughout the year. Jackson said in a statement that the retailer expects growth for entire 2014 to be between 3 percent and 5 percent, continuing the momentum set during last couple of days in March.

He said that AutoNation expects industry new vehicle sales for 2014 to top 16 million units. During the first quarter of 2014, AutoNation posted a5-percent rise in overall vehicle unit volume, selling 71,223 new vehicles (up 6 percent) and 52,136 used vehicles (up 3 percent). The retailer, however, saw its new-vehicle profit margins drop during the quarter as gross profit in the category surged just 3 percent despite an 8-percent jump in new-vehicle revenue.

Read the entire article AutoNation logs 15% rise in first-quarter net income to $95.1 million

AutoNation hikes US new-vehicle retail sales by 6% in March 2014

AutoNation Inc. logged a 6-percent surge in new-vehicle retail sales in the United States in March to 28,796 units. It also logged a 4-percent rise in new-vehicle sales for the first quarter of 2014 to 70,217 units. AutonNation said in a statement that its retail sales in the luxury segment leaped 8 percent in March to 5,380 units, domestic-brand retail sales rising 9 percent to 9,233, and import-brand retail sales jumping 3 percent to 14,183.

The retailer’s same-store sales climbed 4 percent in March to 28,158 and 2 percent in the first quarter to 68,682 vehicles. Industrywide, light-vehicle sales in the US surged 6 percent to 1.5 million units in March, topping analysts’ forecasts and marking an end to sluggish sales start to 2014.

AutoNation chief executive Mike Jackson remarked in an interview on CNBC, that the harsh winter weather clearly impacted the entire US economy, but noted that the last 10 days of sales in March were “phenomenal.” He said that incentives have been offered on vehicles since build rate was expecting sales of 16 million units. He expects the US auto industry to breach the 16 million unit sales mark this year.

Read the entire article AutoNation hikes US new-vehicle retail sales by 6% in March 2014

Mike Jackson, chief executive of AutoNation Inc., is getting an increase salary for the first time since 2002. AutoNation said in its proxy filing that Jackson will receive a base salary of $1.25 million this year, representing an increase of $100,000 over his salary for the past 12 years.

Despite his flat salary, Jackson’s overall compensation has varied in the past 12 years due to bonuses, stock options and allowances. In 2013, Jackson received a total pay of $6.28 million, compared to $6.55 million in 2012. He received a bonus of $1.65 million in 2013, down from $2.06 million in 2012. On the other hand, the value of stock options awarded to Jackson in 2013 surged to $3.32 million.

Jackson’s chief lieutenant, chief operating officer Mike Maroone, also received a lower overall pay in 2013 to $5.05 million. He received a total of $5.11 million in 2012. While $1 million base salary was unchanged, his bonus dropped to $1.07 million from $1.34 million. The value of stock options awarded to Maroone surged to $2.66 million, up from $2.53 million.

Read the entire article AutoNation CEO gets first base salary increase in 12 years

AutoNation Inc. chief executive Mike Jackson called 2013 as "perfect" for the dealership group, but he is seeking more this year. "I'm pretty optimistic. The powerful drivers are still there," Jackson told Automotive News after disclosing Autonation’s strong profits in the fourth quarter of 2013. "The industry pretty much has its house in order, and so it should be a very profitable year for suppliers, manufacturers and retailers," Jackson said, expecting 3 to 5 percent in industry new-car sales growth this year – placing auto sales in the United States at the low 16-million-unit territory.

While AutoNation doesn't provide guidance for its own performance, its executives said the group has a strong footprint with dealerships in high-growth areas and a good balance of import, luxury and domestic-brand stores.

"We're very confident we're in the right place at the right time," AutoNation COO Michael Maroone remarked. He added that AutoNation is enjoying a strong rebound in the states that suffered the most from housing crunch during the recession like California, Nevada, Arizona and Florida. In the fourth quarter of 2013, business in both Arizona and Florida surged 12 percent.

Read the entire article AutoNation CEO Mike Jackson expects better results in 2014

AutoNation Inc. has disclosed that its new-vehicle unit sales surged 10-percent year-on-year in June 2013. In a statement, the largest auto dealership group in the United States said it sold 25,162 vehicles in June 2013, compared to 22,862 units in June 2012. On a same-store basis, June 2013 sales soared 5 percent year-on-year to 24,107 units.

AutoNation's sales increase in June 2013 was slightly higher than the auto industry's growth in the same month, pegged at 9 percent. The dealership group posted a 15-percent year-on-year increase in domestic-brand vehicle sales in June 2013 to 8,130 units. AutoNation posted 8-percent increases on sales of import and luxury brands to 12,460 and 4,572, respectively.

The dealership group posted a 10-percent year-on-year rise in new-vehicle sales in the second quarter of 2013, propelled by a 16-percent increase in domestic brand sales, a 10-percent hike in luxury brand sales; and a 10-percent jump in import sales.

Read the entire article AutoNation logged 10% jump in new-vehicle sales in June 2013

AutoUSA Internet Sales Solutions -- AutoNation Inc.'s lead-referral unit -- has launched an online service that allows consumers search dealership Web sites for new and used vehicles using monthly payments as basis. The service -- called Shop-By-Payment -- is offered by and available to dealers who subscribe to Payment Pro, AutoUSA’s payment-based prequalification tool for dealership Web sites.

AutoUSA president Phil DuPree said in a statement that customers can search for vehicles they can afford based on monthly payment, instead of the make, model or price. According to AutoUSA, the Shop-By-Payment works by giving consumers who visits a dealership Web site an option to search inventory based on their desired monthly payment. After picking a certain price, consumer will be asked to provide their names, addresses, phone numbers and other information.

Once they click the "Get Payments" button, they authorize AutoUSA to fetch personal credit and other information for credit prequalification. Shop-By-Payment then displays monthly payment quotes based on the consumers' credit, the dealership's finance programs and available vehicle inventory.

Read the entire article AutoUSA launches Shop-By-Payment online service

The high price of Tesla’s Model S luxury sedan is the only reason why the demand for this “first-rate car” is limited, AutoNation Inc. CEO Mike Jackson said in a speech given to the Rotary Club of Atlanta. In fact, Jackson thinks that the Model S is "the best electric car” that he has ever driven. Jackson took the car for a test drive last August 15 at a showroom located near the company’s base.

The Model S is actually Tesla’s most affordable model. Nevertheless, Jackson believes that it’s still very expensive and that economics would be a limiting factor. Tesla CEO Elon Musk is relying on the Model S, which is priced from $57,400, to push sales so that it could finally have a profitable quarter.

The production of the battery-powered Model S at Tesla’s factory in Fremont, Calif., is being expanded. It is targeting the delivery of 5,000 units this year and 20,000 in 2013.

Read the entire article AutoNation’s Mike Jackson believes the high price makes the Tesla Model S a first-rate car

The net profit of AutoNation Inc. in the second quarter surged by almost 10% to $78.6 million even as new-car margins fell and supplies of Japanese-brand vehicles had normalized. The largest dealership group in the country posted a net income of $78.6 million in the second quarter, higher than the $71.9 million recorded in the second quarter of 2011.

Its operating income climbed 14% to $164.2 million while the revenue rose by 17% to $3.9 billion, mainly boosted by a 29% rise in retail new-vehicle unit sales. CEO Mike Jackson said that the gain in new-vehicle unit volume resulted to the improvement in gross profit in AutoNation's new-vehicle, parts and service, and finance and insurance operations. He said that for the rest of the year, the outlook for industry sales is strong.

In a statement, Jackson said that the new vehicle sales will continue to increase. It’s also assumed that the industry new vehicle sales for 2012 will be in the mid-14 million units. He said that sales will improve with product launches that will be sped up, as well as with strong consumer credit and replacement demand. The overall U.S. economy continues to be slow but the U.S. light-vehicle demand has increased by 15% from January until June.

Read the entire article AutoNation’s net profit in the second quarter surged by almost 10%

China Grand Automotive has bested Pang Da Automobile in 2011 to become China’s number one dealership group in terms of revenue. It is quite interesting to compare the largest dealership group in China, having 400 franchised dealerships selling 40 brands, with the number one auto retailer in the United States, AutoNation.

In terms of vehicle sales, China Grand has the upper hand, selling 412,000 new and used vehicles in 2011, according to the China Automobile Dealers Association. It is assumed that majority of the vehicles sold by China Grand were new units. AutoNation, meanwhile, sold around 17,000 less vehicles than China Grand.

The largest dealership group in the US sold 224,034 new vehicles and 171,094 used units in 2011, for a total of 395,128 vehicles. However, AutoNation has the edge in revenues, earning around $13.8 billion in 2011. China Grand, meanwhile, earned around 64.1 billion yuan, equivalent to around $10.1 billion.

Read the entire article AutoNation bests China Grand Automotive on sales revenues in 2011

AutoNation Inc. had a strong performance in March with sales of 25,489 units, prompting the company to raise its 2012 industry sales prediction to the mid-14 million range. This 15% increase is believed to be the effect of the continuing revival of domestic brand automakers. AutoNation’s sales grew 13% for the first quarter.

The results were strong enough for the nation’s largest dealership group to help raise its outlook for the year from its former estimate of 14 million vehicles. AutoNation currently expects 2012 sales to range from 14.4 million to 14.7 million vehicles. When interviewed by CNBC, AutoNation CEO Mike Jackson said that AutoNation was “strong geographically everywhere.”

He added that sales are driven by the pent-up demand as its vehicles have an average age of 10.8 years. It helps that credit is ample and the product offerings are strong. He said that these vehicles have to be replaced.

Read the entire article AutoNation raising its 2012 industry sales forecast

The biggest dealership group in the United States -- AutoNation Inc. -- has reduced the pay packages for its top two executives last year. Chief Executive Officer Mike Jackson earned $6.43 million total compensation last year, a decline from the $6.77 million he earned in 2010. His salary of $1.15 million was unchanged, but his bonus declined to $1.51 million from $2.86 million.

The value of stock option awards to Jackson increased around $1 million to $3.58 million. Chief Operating Officer Michael Maroone earned a $5.03 million total compensation in 2011, a drop from the $5.2 million he earned in 2010.

His salary of $1 million was unchanged while his bonus decreased to $982,200 from $1.87 million. The value of stock option awards to Maroone increased around $800,000 to $2.86 million. The compensation levels for 2011 were revealed in the dealership group's proxy statement issued on Monday.

Read the entire article AutoNation cuts 2011 pay packages for CEO Mike Jackson, COO Michael Maroone

New cars are being sold at half the price by AutoNation Direct, the online unit of the largest dealership group in the U.S., through eBay Motors as part of its nationwide promotional launch. A total of 29 new Ford, General Motors and Nissan vehicles are available for half the sticker price starting Friday until March 30.

What’s offered is a range of vehicles from 2011 to 2013 model years as well as nameplates like the Ford F-150, Nissan 370Z and Chevrolet Corvette. Ron Frey, president of AutoNation Direct, said that this promotion is meant to attract the buyers’ attention as well as demonstrate AutoNation Direct's service.

By clicking quickly on the "Buy It Now" button on the eBay listing, the buyers also have to agree to join in AutoNation Direct promotions. Frey said that AutoNation wants to introduce itself to the public and this is one “extreme” way to do it. The promotion and the buyers’ testimonials will be published by AutoNation on its social media platforms.

Read the entire article AutoNation Direct selling new cars at half price through eBay Motors

AutoNation Inc. is bidding to buy used vehicles that are listed for sale on renowned third-party websites even without having seen any of them. It offers to pay the offered amount for an automobile if the condition description proves to be accurate when it is brought to an AutoNation establishment. COO Mike Maroone of the country's biggest dealership group states that the pilot program with Edmunds.com, eBay and Autobytel will identify whether it is a practical method to purchase used-vehicle inventory compared to doing it at auctions.

He added that they would rather earn from the trade-ins instead of outbidding everyone else at the auction, adding that they try and find creative ways to purchase them. He relates that the pilot program began in the fourth quarter last year and will continue until they "validate it."

He explains that it has to be proven that it is "worth the time and the effort." Maroone did not disclose how many automobiles have been bought under the program. The guaranteed proposal to buy vehicles is provided to consumers who list automobiles for sale in areas where AutoNation has stores, a spokesperson states.

Read the entire article AutoNation offers to buy used cars listed in popular third-party websites

Even with the tough challenges in the middle of the year, the net income of AutoNation Inc. reached record levels in the fourth quarter due to the boost it got from the rebound of new and used vehicles. AutoNation, the biggest auto retailer in the country, had a net income of $69.4 million for the fourth quarter, a 3.1% increase.

Its net income for the entire year increased by 24.2% to $281.4 million. In a statement, AutoNation said that it set an all-time profit record on an adjusted per-share basis for the fourth quarter as well as for the full year.

Total revenue increased by 13% to $3.7 billion in the fourth quarter as its new and used unit sales climbed by 11%. Revenue rose by 11% to $13.8 billion for the full year. Its gross profit per vehicle increased by more than 2% in the quarter to $2,451. Meanwhile, gross profit from finance and insurance increased by 5.4% to $1,223 for each vehicle.

Read the entire article AutoNation beat expectations on revenues in the fourth quarter

AutoNation Inc.’s third-quarter profits are higher as buyers paid higher prices for automobiles while inventories were reduced by the March earthquake in Japan. Net income from ongoing operations climbed to $71 million, or 20 percent. AutoNation pointed out that its profits established a third-quarter record on a per-share basis.

Operating income leaped to $144 million, or 19 percent. Total revenue increased 7 percent to $3.5 billion. Unit sales of new automobiles decreased 2 percent on a same-store basis, yet margins increased as shortage brought prices higher.

AutoNation revealed that its gross profit per unit went up by $460 to $2,454, a 24 percent growth. However, those margin increases will not go on in the last three months of the year, according to CEO Mike Jackson, citing the “improving supply environment.” He also attributed the third-quarter increases to greater finance and insurance gross profits.

Read the entire article Autonation reported a 24 percent growth in the third-quarter thanks to higher prices

AutoNation Inc., during the second quarter, increased profits in all business areas despite the supply constraints on Japanese-brand vehicles. Specifically, the country’s largest vehicle retailer recorded a net income of $71.9 million, an increase from $47.2 million during the same period last year. Revenue increased 8 percent to $3.3 billion while operating income rose 15 percent to $144.4 million.

The company’s Chief Executive Officer Mike Jackson credited the increases to strong new and used vehicle gross profit figures which were up 26 percent and 11 percent, respectively, on a per vehicle basis.

In addition, AutoNation posted higher profits in its parts and service as well as its finance and insurance businesses. The company recorded increases even with the dwindling availability of vehicles for its Japanese-brand stores.

Read the entire article AutoNation posted net income of $71.9 million in the second quarter

AutoNation Inc.’s sales fell 15% in May to 16,347 units, mainly due to a steep drop in sales of Japan-built models. The dealership holding company also revealed that its import vehicle sales fell by 30% to 7,110 units last month.

The Detroit 3’s vehicles sold 3% more to 5,995 units. Meanwhile, premium import sales rose by 1% to 3,242. Last Wednesday, Toyota Motor Corp. posted a 33% decrease in May sales, primarily due to inventory shortages that resulted from the Japan earthquake.

On the other hand, Honda’s sales dropped by 23% and Nissan Motor Corp.’s sales declined by 9%. The auto industry’s sales of new cars, crossovers and light trucks fell 4% in May.

Read the entire article AutoNation May vehicle sales dropped 15 percent to 16,347 units

A 26% improvement in net income was posted by AutoNation Inc. in the first three months of 2011; however, it lowered its prediction for U.S. industry sales for the entire year due to supply disruptions related to the disaster in Japan. Meanwhile, the net profit of the nation's largest auto retailer climbed to $69.4 million from $55.2 million the previous year.

Revenue rose by 17% to $3.31 billion. AutoNation estimated industry light-vehicle sales in 2011 to reach 12.8 million but it changed this forecast to the "mid-12 million" range. In a statement, AutoNation CEO Mike Jackson said that there are “significant reductions” in the shipments from Japanese car manufacturers until the end of the year.

Shipment levels are only expected to normalize in early 2012. In early April, AutoNation said that over half of the new vehicles that it sold in 2010 were built by Japanese companies like Toyota Motor Corp. and Honda Motor Co.

Read the entire article AutoNation posts a 26% improvement in net income in the first three months
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