AutoNation is an American automotive retailer, which provides new and pre-owned vehicles and related services in the United States. The company was founded by Wayne Huizenga in 1996, and has more than 360 retail outlets. Based in Fort Lauderdale, Florida, the Chairman and Chief Executive Officer of the company are Mike Jackson, former President of Mercedes-Benz North America, and Executive Vice President of Sales and Chief Operations Officer is Lance Iserman.
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Company operations
From its headquarters in Ft. Lauderdale Florida, AutoNation manages its operations throughout the United States over 26,000 employees. which sell and repair 35 different manufacturers' brands in 15 states. It is ranked # 136 in Fortune 500 2016. The company has a large internet presence, offering its entire inventory for online search.
Revenue by Product Category
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History
In 1981, the Industrial Republic was created, specializing in waste disposal by Robert Alpert of A & amp; B Investors, Tom Fatjo, and Bill DeArman. H. Wayne Huizenga became Chairman of the Board in 1995. The Republic embarked on a car sales initiative it used to purchase Auto Nation USA in 1997, followed by Car Choice Inc. Republic began to open AutoNation using megastore. CarMax carries a lawsuit against the Republic for copyright and trademark infringement. The Republic's sales for 1995 were $ 5.2 billion.
In 1996, Republicans began buying new car dealerships and offered long-term contracts to owners who joined the automotive division management team. Some dealers started looking for Republicans to sell their dealers because of long-term contracts. In 1996, the Republic built twelve AutoNation locations. Later that year, Alamo Rent A Car was acquired. The 2-for-1 division in the company's stock is also completed.
In 1997, Republicans continued to acquire in the car rental business with the purchase of National Car Rental, Spirit Rent-A-Car, Rent-A-Car Value, Snappy Car Rental, and EuroDollar Rent A Car. Huizenga has been Republicans starting to consolidate operations between new and used cars and rental companies into one operation. Getting six Saturn dealerships in Arizona and Florida, Republic sold dealerships to Saturn in 1997 because they did not generate enough sales despite being a successful brand. Maroone Automotive Group from Buffalo, NY and Florida was acquired in 1997 for $ 200 million in the Republican Stock Exchange.
In an effort to expand the company's electronic security division, the company offered to buy ADT but the acquisition was discontinued. In October 1997, the Republic sold its electronic security division after failing to expand it by purchasing ADT.
Republic Industries offered in July 1998 an IPO from its original core waste disposal business as the Republic Service. Of this 36% sales of the Republic Service, the Republic of the Industry scored $ 1.4 billion. While CarMax has received a $ 50 million jury award in its lawsuit, it was canceled on appeal in 1998. Driver Mart, a competitor, was bought. The remaining 64% of the Republican Service was divested to shareholders of Republic Industries in 1999. The first Chief Executive Officer (CEO) of the company was Steve Berrard, who resigned from the company in July 1999. Mike Jackson, CEO, moved into a spin off business car rental as an ANC Rental. AutoNation USA used a megastore car, which lost $ 25 million in the previous quarter, all closed. The plan to brand all car dealerships as AutoNation is canceled and regional brand focus is instituted.
In January 2003, Jackson was appointed chairman of the board, replacing Huizenga. On October 24, 2005, the AutoNation building in downtown Fort Lauderdale was significantly damaged by Hurricane Wilma. The company has been moved to another building nearby.
In 2006, Mike Jackson, CEO of AutoNation announced that his company would reduce orders from General Motors, Ford and Chrysler in 2007. Jackson made the statement that the company will focus on selling BMW, Mercedes and Lexus as it anticipates further. loss of market share by US carmakers that resulted in high dealer inventories.
In 2009, AutoNation announced the Automatic Payment Protection program, promising that the dealer would buy back any car at market value, if the owner lost his job.
In 2011, AutoNation was the first automotive retailer in the US to sell a total of 8 million vehicles.
In January 2013, AutoNation announces that it will replace local brand names from a car retail operation with its own name. This re-branding in the US is supported and approved by major automotive manufacturers, including GM, Ford, Chrysler, Nissan, Toyota, Honda, VW and Hyundai. This involves a total of 210 franchises operating under the name of a pre-established local group. In May 2013, AutoNation partnered with Indy Car Series champion Ryan Hunter-Reay to support his "Racing for Cancer" charity. This charity serves as a key component of the AutoNation charity program. The charity was founded as a charity organization 501 (c) (3) after the passing of founding mother in 2009 due to colon cancer. In August 2013, AutoNation announced sales of 9 million vehicles. A record achievement for industry.
In January 2015, AutoNation announced that Mike Jackson would take on an expanded role with Michael Maroone's retirement after more than 15 years as President. Bill Berman became the new Chief Operating Officer on February 4, 2015. In June 2015, AutoNation marketed 10 million vehicles.
On April 11, 2017, USA Today wrote that AutoNation CEO Mike Jackson questioned the market value of Tesla, the electric car maker, saying Tesla was "one of Ponzi's great schemes of all time, or it would work. "The day before, Tesla authorized General Motors as the most valuable American automaker, measured by its market capitalization. Jackson also said, "Obviously General Motors is undervalued and Tesla is overvalued.
In June 2017, AutoNation sold 11 million vehicles. On November 2, 2017, AutoNation announced that Waymo, the developer of self-driving technology, asked AutoNation to maintain and improve its fleet of vehicles without their driver.
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Further reading
- Flynn, Michael S. (March 2001). "Economics, Competition, and Retail Automotive Dealers" (PDF) . Last report. The University of Michigan Transportation Research Institute . Retrieved 2006-11-28 .
External links
- Official website
- AutoNation Dealer Locations
Source of the article : Wikipedia
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