Summary
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, notabl...
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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Sweet breaks on hybrids expire
Special to The Morning CallThe U.S. government offers tax incentives that can save consumers thousands of dollars when they purchase a gas-sipping hybrid vehicle. But buyer beware: The three most popular hybrids sold in America either no longer qualify for the tax break or are...Tags: Fuel-efficient Cars, Crossovers and SUVs, Kelley Blue Book LLC, Credit and Debt, Sales
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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: State Budgets, Kelley Blue Book LLC, Credit and Debt, Vehicles, Sales
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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: General Motors Corp., Ford Motor Co., Prices, Vehicles, Deutsche Bank AG
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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, General Motors Corp., Ford Motor Co., Chrysler LLC
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Changing the world one volunteer at a time
A marketing publication of the Sun-Sentinel CompanyThe banner that hung above the volunteers read "Volunteer to change the world," as the Broward Partnership for the Homeless, Inc. (BPHI) celebrated volunteer accomplishments with more than 125 volunteers attending the 2nd Annual Volunteer Recognition...Tags: Aventura, Fort Lauderdale, Lauderhill
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RV sales travel off course
Tribune correspondentThe trade group for recreational vehicles wants everyone to know that an RV vacation can cost less than a conventional getaway, and that obeying a few simple rules can save fuel, such as "minimize air conditioning by opening windows" and "turn off water...Tags: General Electric Company, Homes, Glen Ellyn, General Motors Corp., Inventories
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ArtServe awards honors community visionaries
A marketing publication of the Sun-Sentinel CompanyMore than 250 guests joined ArtServe and title sponsor BankAtlantic for the 19th annual ArtServe Encore awards at the Hyatt Regency Pier Sixty-Six panorama ballroom on May 16 to honor visionaries and community arts leaders. Thanks to the support of...Tags: Hollywood (Broward, Florida), Gold Coast, American Express Company, Sunrise, Tamarac
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Lampert holds 1.3% stake in Sallie Mae
Billionaire Edward Lampert reported that his hedge fund held a 1.3 percent stake in SLM Corp., the largest U.S. provider of student loans, at the end of the first quarter. ESL Investments Inc., based in Greenwich, Conn., owned 6.02 million shares of...Tags: Home Depot Incorporated, Citigroup Incorporated, Hoffman Estates, SLM Corporation, Greenwich
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Field's backers take beef to Macy's annual meeting
They have written letters, sent e-mails, cut up credit cards, boycotted stores and held protest rallies. Now the fight to resurrect Marshall Field's has moved to a new bully pulpit—the shareholders meeting. A handful of Field's fans drove from...Tags: Management Change, Corporate Officers, National Government, Marketing, Sales
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Memorial Day Weekend 5-Day Forecast: Your guide to an eventful weekend
Your guide to an eventful holiday weekend:
FRIDAY
Music: The female hip-hop duo from Tampa, Yo Majesty, performs at 7 p.m. at Studio A, 60 NE 11th St., Miami, 305-358- 7625, Studioamiami.com. $15 at the door.
Free: Cool off at the Croissant Park...Tags: Museum of Discovery and Science, Beach Vacations, Harry Potter, Alicia Keys, South Florida Fairgrounds
Jul 3, 2008
|Story| Allentown Morning Call
Jul 1, 2008
|Story| Chicago Tribune
Jun 19, 2008
|Story| Chicago Tribune
Jun 25, 2008
|Story| Chicago Tribune
Jun 16, 2008
|Story| South Florida Sun-Sentinel
Jun 9, 2008
|Story| Chicago Tribune
Jun 16, 2008
|Story| South Florida Sun-Sentinel
May 16, 2008
|Story| Chicago Tribune
May 24, 2008
|Story| Chicago Tribune
May 21, 2008
|Story| South Florida Sun-Sentinel
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