Highlights
AutoNation, Inc. is the country's largest retailer of cars and light trucks. Headquartered in Fort Lauderdale, the firm employs approximately 26,000 people at 257 dealerships across 16 states including 68 stores in Florida. The firm claims more than $19 billion in annual revenue with profits in 2003 of $479 million. But the company's sales stumbled in the first half of 2007. Company officials attributed that to a sluggish demand for high-ticket items, prompted by a downturn in the housing market especially in Florida and California. AutoNation ranked #112 on the 2005 Fortune 500 list. In March 2007, AutoNation sold its 6 millionth vehicle. The company has continued to selectively buy new fra...
AutoNation, Inc. is the country's largest retailer of cars and light trucks. Headquartered in Fort Lauderdale, the firm employs approximately 26,000 people at 257 dealerships across 16 states including 68 stores in Florida. The firm claims more than $19 billion in annual revenue with profits in 2003 of $479 million. But the company's sales stumbled in the first half of 2007. Company officials attributed that to a sluggish demand for high-ticket items, prompted by a downturn in the housing market especially in Florida and California. AutoNation ranked #112 on the 2005 Fortune 500 list. In March 2007, AutoNation sold its 6 millionth vehicle. The company has continued to selectively buy new franchises, notably the 60-year-old King Motor Company operation in Fort Lauderdale, Florida in 2007. About 59 percent of its revenue comes from selling new vehicles, about 23 percent from used vehicles, about 14 percent from service and parts, and about 3 percent from financing car purchases. The operation was founded in 1996 when Toyota magnate Jim Moran and entrepreneur H. Wayne Huizenga began buying car franchises through Huizenga's Republic Industries. In 1999, they renamed the division AutoNation, Inc. The same year, the company hired Mike Jackson, a former mechanic turned Mercedes Benz executive, to be CEO. He joined Michael E. Maroone, president and chief operation officer. The company has been on a financial rollercoaster ever since. Publicly traded shares rose to around $40 in 1997, only to plunge to below $6 a share in 2001. In the fall of 2007, the share price ran about $16. Much of the company success has been attributed to repeated restructuring and streamlining. One such move included shutting down its used-car megastores, spinning off its rental car businesses, selling its outdoor advertising operation and laying off about 2,000 employees. To build customer confidence, Jackson required employees to provide clear explanations of how much customers are paying for cars, financing, insurance and other items and instituted a company-wide code of ethics. To boost revenues, AutoNation bought new-car dealerships, especially luxury car stores, and stressed repair and maintenance service, finance and insurance (which generate fees) and used cars. It cut expenses by consolidating vendors, controlling personnel costs and using the company's size to bargain for price advantages in advertising, general purchasing and obtaining capital. Huizenga stepped down as chairman in 2002, but remained on the board until 2004 when he declined to seek a seat, expressing confidence in the management at the time. He remains a major stockholder of the firm. AutoNation is deeply involved in community projects including American Red Cross, Big Brothers/Big Sisters, Boys and Girls Clubs, Take Stock In Children, Habitat for Humanity, Kids In Distress, NAACP, National Council of La Raza, NCCJ, United Way, Urban League and YMCA.
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Lee's Blog Updates!
Edmunds.comI thought I would take some time today to update you on some stories I have previously blogged about. Back in March I blogged about Honda clamping down on internet warranty sales, due to the fact that online retailers were discounting the warranties and... -
As storm approaches, South Florida prepares for worst
South Florida Sun-SentinelSchools closed and shelters opened. Car accidents spiked, but trains, planes and buses kept on schedule. Most businesses were operating as Broward residents high-stepped through puddles and bent into blustery winds Monday as Tropical Storm Fay brushed...Tags: Miami-Dade County, Oakland Park, Fort Lauderdale, Natural Disasters, Charlie Crist
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Parents, companies scramble to make plans for child-care
South Florida Sun-SentinelBroward County employers are monitoring the storm today -- a few with plans to close early, but for most, the emergency was what to do about last-minute child care. With county schools not opening Monday as planned for the new school year, some parents...Tags: Office Depot Inc., Family, Fort Lauderdale, Beach Vacations, Delray Beach
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Atwater hauls in another $126,000, brings total to $2.15 million
Palm Beach Politics | Sun-Sentinel BlogsFrom our friendly Orlando Sentinel Tallahassee Bureau writer, Aaron Deslatte: Presumptive Florida Senate President Jeff Atwater raised another $126,000 over the last three weeks to boost his fundraising to $2.15 million, with most of his contributions...Tags: Hollywood (Broward, Florida), Palm Beach (Palm Beach, Florida), Florida, Boca Raton, North Palm Beach
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South Florida commercial real estate market sluggish in first two quarters
South Florida Sun-SentinelCommercial real estate woes are spreading across South Florida as fears intensify over the worsening economy. Office and retail sectors have turned sluggish in the first two quarters of 2008 following steady growth during the past few years. Firms are...Tags: Research in Motion Ltd., Beach Vacations, Office and Retail Spaces, Fort Lauderdale, Dick's Sporting Goods Incorporated
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AutoNation expands on woes of industry
South Florida Sun-SentinelHigh gas prices and a dismal economy put AutoNation in cost-cutting mode last week but the retailer still made money and had better sales than the industry in general in the second quarter. "The business environment in auto retail is probably the most...Tags: Fort Lauderdale, Beach Vacations, Inventories, Delray Beach, Consumers
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Tax credit running out for hybrids
Chicago Tribune NewspapersThe U.S. government offers tax incentives that can save consumers thousands of dollars when they purchase a hybrid vehicle. But buyer beware: The three most popular hybrids sold in America either no longer qualify for the tax break or are about to see...Tags: Kelley Blue Book LLC, Sales, Newspapers, Vehicles, State Budgets
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Tax incentives drying up for popular hybrid cars
Los Angeles Times Staff WriterThe federal government offers tax incentives that can save consumers thousands of dollars when they purchase gas-sipping hybrid vehicles. But buyer beware: The three most popular hybrids sold in America either no longer qualify for the tax break or are...Tags: Gasoline Industry, Oregon, Consumers, Sales, Internal Revenue Service
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Lower sales forecast sinks GM shares
From Tribune news servicesGeneral Motors Corp. shares fell to a 26-year low Wednesday after a Deutsche Bank analyst cut his sales forecast through 2010 and said the automaker will need further restructuring as customers keep abandoning its trucks and sport-utility vehicles for...Tags: Real Estate Sales, Ford Motor Co., Sales, General Motors Corp., Ford
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Review: 'The Dark Knight' is a dark perfection
VarietyHaving memorably explored the Caped Crusader's origins in Batman Begins, director Christopher Nolan puts all of Gotham City under a microscope in The Dark Knight, the enthralling second installment of his bold, bracing and altogether heroic reinvention of...Tags: Fort Lauderdale, Gary Oldman, Jack Nicholson, Movies, Christian Bale
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Sales down by a truckload
Tribune reporterTwo years ago, Wheeling Chevrolet dealer Bill Stasek was comfortable with 50 pickups in stock, but as sales have fallen, he says the 30 he has today are too many. Stasek would like to have fewer trucks, but since Chevrolet makes 26 pickup models, he...Tags: Paul Taylor, Heavy Engineering, Dodge, Inventories, Chrysler LLC
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Hefty charges drive nation's largest home builder to loss
D.R. Horton Inc., the nation's largest home builder, said Thursday it swung to a loss in its fiscal first quarter, due to hefty charges to write off inventory and land values as the housing slump continues to worsen. Losses for the quarter ended Dec....Tags: Fort Lauderdale, Inventories, Texas, Sales, Internal Revenue Service
Sep 6, 2008
|Blog| Edmunds.com
Aug 19, 2008
|Story| South Florida Sun-Sentinel
Aug 18, 2008
|Story| South Florida Sun-Sentinel
Aug 23, 2008
|Blog| Sun-Sentinel
Jul 30, 2008
|Story| South Florida Sun-Sentinel
Jul 27, 2008
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Jul 1, 2008
|Story| Chicago Tribune
Jun 28, 2008
|Story| Los Angeles Times
Jun 19, 2008
|Story| Chicago Tribune
Jul 18, 2008
|Story| South Florida Sun-Sentinel
Jun 25, 2008
|Story| Chicago Tribune
Feb 8, 2008
|Story| Orlando Sentinel
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