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{{short description|American automotive retailer}}
{{Infobox_Company |
{{pp-sock|small=yes}}
company_name = AutoNation, Inc. | company_logo = ] |
{{Infobox company
foundation = 1996 (as Republic)<br>], ] (as AutoNation) |
| name = AutoNation, Inc.
company_type = Public (]: ) |
| logo = ]
location = ], ] |
| image = File:AutoNation_Corporate_Headquarters_2018_Photo.jpg
industry = ] | revenue = $19.4 Billion<ref name=money.cnn>, ''],'' April 17, 2006.</ref>
| image_caption = AutoNation's headquarters in ]
| type = ]
| traded_as = {{nyse|AN}}<br>]<BR>
| founded = 1996
| founder = ]<BR>
| key_people = ] (CEO)<ref>{{Cite web|date=2021-09-21|title=Stellantis' Manley goes from wheeling to dealing as AutoNation's new CEO|url=https://www.reuters.com/business/autos-transportation/autonation-names-former-fiat-chrysler-chief-manley-ceo-2021-09-21/|access-date=2021-09-22|website=Reuters|language=en}}</ref> <br>
Jeffrey Butler (President)<ref>{{Cite web |title=AutoNation, Inc. - Profile - Management |url=https://investors.autonation.com/profile/management/default.aspx |access-date=2023-01-17 |website=investors.autonation.com}}</ref>
| industry = ]
| revenue = {{nowrap| US$ 25.8 billion (2021)<ref name='xbrlus_1'>{{Cite web|title=Inline XBRL Viewer|url= https://www.sec.gov/ix?doc=/Archives/edgar/data/350698/000035069822000025/an-20211231.htm#i5816b5648c374969b5a49acac0ff9f7b_103|url-status=live|access-date=2022-11-14|website=www.sec.gov|archive-url=https://web.archive.org/web/20210624211737/https://www.sec.gov/ix?doc=/Archives/edgar/data/350698/000035069822000025/an-20211231.htm |archive-date=2021-06-24 }}</ref> <br>{{nowrap|{{increase}} ] US$ 26.99 billion (2022)<ref name=SEC2023>{{Cite web|title=Inline XBRL Viewer|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/350698/000035069823000026/an-20221231.htm|access-date=2023-04-14|website=www.sec.gov}}</ref>}}}}
| operating_income = {{nowrap| US$ 1902.8 million (2021)<ref name='xbrlus_1'/>}}<br>{{nowrap|{{increase}} US$ 2,024.5 million (2022)<ref name=SEC2023/>}}
| net_income = {{nowrap| US$ 1,808.4 million (2021)<ref name='xbrlus_1'/>}}<br>{{nowrap|{{increase}} US$ 1,377.4 million (2022)<ref name=SEC2023/>}}
| assets = {{nowrap| US$ 8,943.6 million (2021)<ref name='xbrlus_1'/>}}<br>{{nowrap|{{increase}} US$ 10,059.7 million (2022)<ref name=SEC2023/>}}
| num_employees = Over 21000<ref>{{cite web |title=About AutoNation {{!}} America's Largest & Most Recognized Automotive Retailer |url=https://www.autonation.com/about#/overview |website=www.autonation.com |access-date=7 December 2021}}</ref>
| website = {{URL|https://www.autonation.com/}}
| location =
| location_city = ], U.S.
| location_country = ]
}} }}


'''AutoNation''' is a chain of auto dealerships founded by entrepreneur ],<ref name=Bradsher>Bradsher, Keith, , '']'', pp. D1, March 6, 1997.</ref> also founder of ] and ].<ref>{{cite book | last = Gallagher | first = Richard S. | title = The Soul of an Organization: Understanding the Values that Drive Successful Corporate Cultures | publisher = Kaplan Business | date = 2002 | pages = pp. 113 | id = ISBN 0-7931-5780-3}}</ref> The company, founded in ], is headquartered in ]. '''AutoNation ''' is an American automotive retailer based in ], which provides new and pre-owned vehicles and associated services in the United States.<ref>White, Joseph B., {{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}, '']'', pp. R1, April 17, 2006.</ref> The company was founded by ] in 1996, starting with twelve AutoNation locations, and now has more than 300 retail outlets.<ref name=Bradsher>Bradsher, Keith, , '']'', pp. D1, March 6, 1997.</ref><ref>{{cite web |title=About AutoNation {{!}} America's Largest & Most Recognized Automotive Retailer |url=https://www.autonation.com/about#/overview |website=www.autonation.com |access-date=7 December 2021}}</ref>


AutoNation continued growing by acquiring other companies in the car rental business such as National Car Rental, Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental and more.<ref name=":2">{{Cite web |date=2013-06-24 |title=AutoNation |url=https://www.companieshistory.com/autonation/ |access-date=2022-04-15 |website=CompaniesHistory.com - The largest companies and brands in the world |language=en-US}}</ref>


In 2011, AutoNation was the first auto retailer in the United States to sell a total of 8 million vehicles.<ref name=":2" />
==Company operations==
AutoNation, Inc. is the largest automotive retailer in the ].<ref>White, Joseph B., , '']'', pp. R1, April 17, 2006.</ref> AutoNation has 272 dealerships nationwide, and employs approximately 27,000 employees. Autonation sells 37 different manufacturer brands nationwide. AutoNation outsells every other automotive retailer in the U.S. and is ranked #115 on the 2006 Fortune 500.<ref name=money.cnn/> The company has a significant internet presence, offering its entire inventory for online searching.<ref>{{cite book | last = Tucci | first = Christopher L. | coauthors = and Afuah, Allan | title = Internet Business Models and Strategies: Text and Cases | publisher = ] | date = 2001 | pages = pp. 270 | id = ISBN 0-07-239724-1}}</ref>


==History==
Total company revenue is as follows:
*59% New Vehicles ($11.5 billion in 2005)
*23% Used Vehicles ($4.4 billion in 2005)
*14% Parts and Service ($2.2 billion in 2005)
*3% Financing and Insurance ($615 million in 2005)


===AutoNation brands=== === 1996–2008 ===
Before its acquisition by Republic Industries in 1997, but under the early division brand name "AutoNation", the company was a growing network of used automobile superstores. In 1995, ] of Republic Industries became chairman of the board of directors<ref name="fu">{{cite web |url=http://www.fundinguniverse.com/company-histories/Republic-Industries-Inc-Company-History.html |title=Republic Industries, Inc. Company History |work=Company Profiles |publisher=fundinguniverse.com |access-date=2009-11-03 }}</ref> and through Republic's ownership of AutoNation, sought to expand its business into used auto sales throughout the United States.<ref name="SFC">{{cite web| url =http://www.highbeam.com/doc/1G1-112800245.html| archive-url =https://web.archive.org/web/20140611073141/http://www.highbeam.com/doc/1G1-112800245.html| url-status =dead| archive-date =2014-06-11| title =Over drive: the company set out to revolutionize the new automotive retailing industry by purchasing dealerships and operating them as a national brand. Instead, the industry changed AutoNation and in the end, it two automotive executives CEO/Chairman Mike Jackson and President/COO Mike Maroone to expand and create the largest automotive dealership group in America (Cover Story)| first =Rochelle| last =Broder-Singer |date=March 2003| work=South Florida CEO| publisher =Gale Group| pages =1–8| access-date =2013-07-17}}</ref><ref name="nyt">{{cite news |title=In Alamo Deal, Republic Puts More Money On Used Cars |first=Charles V. |last=Bagli |url=https://www.nytimes.com/1996/11/08/business/in-alamo-deal-republic-puts-more-money-on-used-cars.html |newspaper=The New York Times |location=New York, NY |date=November 8, 1996 |page= D1 |access-date=2009-11-04 }}</ref> Republic's sales for 1995 were $5.2 billion.<ref name="fu"/>
Instead of supporting a national mark, AutoNation has developed a unique brand name for its dealerships in each market.


In 1996, Republic Industries began purchasing new car dealerships and offering long-term contracts to owners who joined the newly created automotive division of Republic Industries, which led to the company operating twelve retail locations under the "AutoNation" brand.<ref name="fu" /> Later that year, ] was purchased by Republic Industries for $625 million,<ref name="nyt"/><ref name=":1">{{Cite news |last=Bagli |first=Charles V. |date=1997-01-07 |title=Republic Industries to Buy National Car Rental |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/01/07/business/republic-industries-to-buy-national-car-rental.html |access-date=2022-04-14 |issn=0362-4331}}</ref> and a 2-for-1 stock split in Republic stock was also completed.
These include the following:
* Appleway -- ], ]
* Autoway -- ]
* Champion -- ], ]
* Courtesy -- ]
* Desert -- ]
* Dobbs -- ]
* Fox -- ]
* Go -- ] (formerly "]" until 12/26/2006.<ref>"," ''Denver Post'', December 1, 2006, </ref>)
* Maroone -- ]
* Mike Shad -- ]
* Mullinax -- ]
* Power -- ], ]
* Team -- ]
* Bankston -- ]


In 1997, Republic continued its acquisitions in the car rental business with the purchase of ],<ref name=":1" /> Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental, and EuroDollar Rent A Car. Huizenga had Republic start consolidating operations between new and used cars and its rental companies into one operation. Acquiring six ] dealerships in Arizona and Florida, Republic sold the dealerships to Saturn in 1997 because they did not generate enough sales, despite being a successful brand.<ref name="fu" />
==History==
From its founding in 1996 until 1999, AutoNation operated a series of used car megastores under the '''AutoNation USA''' brand, designed in the image of rival ]. Competition and market forces drove the company to shutter its AutoNation USA stores and instead focus on conventional dealerships with unique brand names in each market.
The company was formerly known as Republic Industries, Inc.,<ref name=Bradsher/> and changed its name to AutoNation in ]. The company's first Chief Executive Officer was Steve Berrard, who resigned from the company in July 1999.<ref>, '']'', July 1, 1999.</ref>


In 1997, the company acquired Maroone Automotive Group of ] and ] for $200 million in Republic stock.<ref name="SFC" />
In ], Autonation terminated<ref>Schwartz, Harriet, '' Currently archived, originally published in ],'' June 10th, 1997.</ref> Brian Long an Autonation employee working in ]. He was terminated for misuse of the ] system by raising concern to management and fellow staff regarding the conflict of a workers ] poster displayed in their ].


In an attempt to expand the company's electronic security division, the company offered to purchase ]. The acquisition failed,<ref name="fu" /> and in October 1997, Republic sold its electronic security division.
In ], Autonation was ]<ref>Joyce, Amy, ''],'' December 9th, 2005.</ref> by the ] for allowing rampant ] in the workplace. The EEOC's investigation showed that Autonation management permitted the rampant bigotry.


Republic Industries offered in July 1998 an initial public offering of its original core waste disposal business as ] and it was from this sale of 36% of Republic Services stock, the company netted $1.4 billion to be used to fund the new company being formed. As a result of this sale, the company changed its name to AutoNation to highlight its focus on the automobile industry.{{Citation needed|date=June 2022}}
In ], ], the AutoNation building in downtown Fort Lauderdale suffered significant damage due to ].<ref>Hoag, Christina, and Danner, Patrick, , ''],'' October 27, 2005.</ref>


In 1998, ] brought a lawsuit against Republic for copyright and trademark infringement.<ref>{{Cite web |title=CarMax awarded $50 million from AutoNation Unfair competition involves similar names |url=https://www.baltimoresun.com/news/bs-xpm-1998-10-28-1998301009-story.html |access-date=2022-04-14 |website=Baltimore Sun |date=28 October 1998 |language=en}}</ref> CarMax received a $50 million jury award in its lawsuit, but it was overturned on appeal in 1998.<ref name="fu" />
As reported<ref>Human Rights Campaign </ref> by the ] (last updated in ]) Autonation does not extend health insurance to their employees domestic partners. It is also stated that they have no sexual orientation discrimination policy in their employee handbook even though it is covered under it's present business ethics policy.


In April 1998, competitor Drivers' Mart was purchased for $40 million.<ref>{{cite news |title=Dealers stay in driver's seat |first=Eric C. |last=Evarts |url=http://www.csmonitor.com/2002/0318/p18s01-wmcn.html |newspaper=Christian Science Monitor |date=2002-03-18 |access-date=2009-11-04}}</ref><ref>{{Cite web |last=Wernle |first=Bradford |date=2005-12-13 |title=REPUBLIC GOBBLES UP RIVAL DRIVER'S MART |url=https://www.autonews.com/article/19980427/ANA/804270748/republic-gobbles-up-rival-driver-s-mart |access-date=2022-04-14 |website=Automotive News |language=en}}</ref> The remaining 64% of Republic Services was divested to Republic Industries shareholders in 1999.<ref name="fu" /> The company's first chief executive officer (CEO), Steve Berrard, eventually resigned from the company in July 1999.<ref>{{cite news|url=https://www.nytimes.com/1999/07/01/business/company-news-autonation-chief-executive-agrees-to-step-down.html|title=Autonation Chief Executive Agrees to Step Down|work=]|agency=]|date=July 1, 1999}}</ref>
In ] of ] Autonation fired a pregant woman in an apparent act of ]. Details surrounding the termination were reported<ref>Lewis, Al, ''],'' October 15, 2006.</ref> by the ].


Mike Jackson, the new CEO, previously of Mercedes Benz USA, moved to spin off the car rental business as "ANC Rental" and close all newly built "AutoNation USA" used car megastores, due to losses of $25 million per quarter. Plans to brand all automotive retail stores as "AutoNation stores" were cancelled. A rebranding of a more recognizable 'regional brand' focus was instituted.<ref name="SFC" />
===Controversies===
In ], an activist goup named ''Stop! AutoNation'' sent individual dealerships letters threatening a boycott for alleged discrimination against customers and employees.


In January 2003, Jackson was named chairman of the board, replacing Huizenga.<ref name="SFC" /> On October 24, 2005, the ] in downtown Fort Lauderdale suffered significant damage due to ].<ref>{{cite news|author=Hoag, Christina, and Danner, Patrick|url=http://www.miami.com/mld/miamiherald/13005623.htm|title=Creatively coping with chaos: South Florida's hurricane-worn companies are making do to keep going despite a lack of offices|archive-url=https://web.archive.org/web/20070218091104/http://www.miami.com/mld/miamiherald/13005623.htm|archive-date=February 18, 2007|work=]|date=October 27, 2005}}</ref> The company has since transferred to another nearby building.
==Notes==
<references/>


In 2006, Mike Jackson, CEO of AutoNation announced that his company would be reducing orders from the three major vehicle manufacturers as ], ] and ] in 2007 and altered the company's purchase pattern to include purchasing more imported vehicles as ], ] and ], due to anticipated view of further market share losses by US automakers. resulting in high dealer<ref>{{cite news|last1=Mann|first1=Joseph|title=Balancing Inventory|url=http://articles.sun-sentinel.com/2007-03-11/business/0703090716_1_new-cars-autonation-dealers|archive-url=https://web.archive.org/web/20150705132822/http://articles.sun-sentinel.com/2007-03-11/business/0703090716_1_new-cars-autonation-dealers|url-status=dead|archive-date=July 5, 2015|work=]}}</ref>
==Further reading==
*{{cite paper | author = Flynn, Michael S. | title = The Economy, Competition, and the Retail Automotive Dealer | version = Final Report | publisher = The University of Michigan Transportation Research Institute | date = March 2001 | url = http://deepblue.lib.umich.edu/bitstream/2027.42/1344/2/94313.0001.001.pdf | format = ] | accessdate = 2006-11-28}}


== External links == === 2009–present ===
In 2009, during the ], AutoNation announced a newly formed AutoNation Payment Protection program, promising that the dealership will buy back any car at market value, should the owner lose their job.<ref>{{cite web|last1=Lago|first1=Carlos|title=AutoNation Unveils Payment Protection Program|url=http://wot.motortrend.com/autonation-unveils-payment-protection-apes-hyundais-assurance-program-4190.html|website=WOT News|publisher=MotorTrend|url-status=dead|archive-url=https://web.archive.org/web/20150705204320/http://wot.motortrend.com/autonation-unveils-payment-protection-apes-hyundais-assurance-program-4190.html|archive-date=2015-07-05}}</ref> By 2011, AutoNation was the first auto retailer in the U.S. to sell a total of 8 million vehicles.<ref>{{cite web|last1=Kernen|first1=Joe|title=AutoNation Sells 8 million vehicles|url=http://video.cnbc.com/gallery/?video=3000023710|website=CNBC video news|publisher=NBC News}}</ref>
*


In January 2013, AutoNation announced that it would replace localized brand names of its car retail operations with its own name. This re-branding across the US was supported and approved by the major automotive manufacturers, including GM, Ford, Chrysler, Nissan, Toyota, Honda, VW and Hyundai. It involved a total of 210 franchises operating under previously assigned local group names.<ref>Hemlock, Doreen, , ''],'' January 31st, 2013.</ref> In May 2013, AutoNation partnered with ] Champion Ryan-Hunter Reay to support his "Racing for Cancer" charity. This charity served as a key component of the AutoNation cancer charity program which was founded as a 501(c)(3) charitable organization. In August 2013, AutoNation announced the sale of its 9 millionth vehicle which was a record achievement for the industry.<ref>{{cite news|author=Brinkman, Paul|url=http://www.bizjournals.com/southflorida/news/2013/08/02/autonation-sells-9-million-vehicles.html|title=AutoNation hits 9 million vehicle sales milestone|work=]|date=August 2, 2013}}</ref>


On April 11, 2017, ''USA Today'' wrote that AutoNation's CEO Mike Jackson questioned the market value of ], the maker of electric cars, by saying that Tesla is "either one of the great ]s of all time or it’s gonna work out."<ref name=":0">{{Cite news|url=https://www.usatoday.com/story/money/cars/2017/04/11/autonation-ceo-mike-jackson-tesla-donald-trump/100323264/|title=AutoNation CEO: Tesla is a 'Ponzi scheme' or it'll 'work out'|work=USA TODAY|access-date=2017-04-20|language=en}}</ref> The previous day, Tesla passed General Motors as the most valuable American automotive manufacturer, measured by its market capitalization. Jackson also said, "Clearly General Motors is undervalued and Tesla is overvalued. Anybody can see that."<ref name=":0" /> In June 2017, AutoNation sold a total of 11 million vehicles. On November 2, 2017, AutoNation announced that ], a developer of self-driving technology, enlisted AutoNation to maintain and repair their driverless vehicles fleet.<ref>{{cite news|url=https://www.nytimes.com/2017/11/02/business/waymo-autonation-driverless.html|title=Waymo Enlists AutoNation to Maintain Driverless Test Fleet|first=Neal E.|last=Boudette|newspaper=The New York Times|date=2 November 2017}}</ref>

During the ], AutoNation faced criticism after reports in ] revealed that the company applied for at least $266 Million in ] ] loan under the ] in order to allow at least 7,000 employees who had been furloughed to return to work and received up to $95 Million in funds for its over 300 dealerships located throughout the United States.<ref>{{cite news|title=AutoNation, a retailer worth billions, says it received nearly $80 million in SBA funds|last=O'Connell|first=Jonathan|newspaper=]|date=24 April 2020|access-date=24 April 2020|url=https://www.washingtonpost.com/business/2020/04/24/autonation-an-auto-retailer-worth-billions-received-nearly-95-million-sba-funds/}}</ref> SBA Paycheck Protection Program loans were originated by commercial banks, credit unions, and other financial institutions; according to AutoNation's Form 8-K filed with the ] on March 26, the company's "administrative agent" and lender as of the filing date was ]<ref>{{cite web|title=AutoNation, Inc. (AN) SEC Form 8-K Material Event for the period ending Thursday, March 26, 2020|url=https://www.sec.gov/Archives/edgar/data/350698/000035069820000060/a8-kothereventxcredita.htm}}</ref> On April 24, AutoNation announced that it would be returning $77 Million to J.P Morgan.<ref>{{cite web|title=AutoNation returning $77 million in U.S. payroll assistance coronavirus relief loans|last=Shapardson|first=David|work=]|url=https://www.reuters.com/article/us-health-coronavirus-autonation/autonation-returning-77-million-in-us-payroll-assistance-coronavirus-relief-loans-idUSKCN2263FW|date=24 April 2020|access-date=24 April 2020}}</ref>

] resigned her position as CEO for AutoNation in July 2020. She was replaced by ], who was to fill the role until April 2022.<ref>{{Cite web|title=Cheryl Miller resigns as CEO|url=https://www.bizjournals.com/bizwomen/news/latest-news/2020/07/autonation-ceo-makes-leave-of-absence-permanent.html?page=all|access-date=2021-07-01|website=www.bizjournals.com}}</ref> In November 2021, Mike Jackson retired from his 20 years service to AutoNation and was replaced by ], previously Head of Americas at ] and former CEO of ].<ref>{{cite news |title=Stellantis' Manley goes from wheeling to dealing as AutoNation's new CEO |url=https://www.reuters.com/business/autos-transportation/autonation-names-former-fiat-chrysler-chief-manley-ceo-2021-09-21 |access-date=7 December 2021 |work=Reuters |date=21 September 2021 |language=en}}</ref>

On April 9, 2021, it was officially announced that AutoNation had reached a ] agreement for the stadium of Fort Lauderdale-based ]. The team's stadium became branded as ], a tie-in with AutoNation's ] awareness campaign.<ref>{{Cite web|title=Inter Miami rename stadium DRV PNK Stadium, enter AutoNation partnership|url=https://www.mlssoccer.com/news/inter-miami-rename-stadium-drv-pnk-stadium-enter-autonation-partnership|url-status=live|access-date=April 11, 2021|website=MLSSoccer.com|publisher=Major League Soccer|archive-url=https://web.archive.org/web/20210409181523/https://www.mlssoccer.com/news/inter-miami-rename-stadium-drv-pnk-stadium-enter-autonation-partnership |archive-date=April 9, 2021 }}</ref>

In 2022, AutoNation sold its 14 millionth vehicle in the United States since its founding.<ref name="14_millionth">{{cite press release |last1=Cannon |first1=Marc |title=AutoNation Sells 14 Million Vehicles |url=https://www.prnewswire.com/news-releases/autonation-celebrates-14-million-vehicles-sold-underscoring-industry-leading-position-as-americas-most-admired-automotive-retailer-301663514.html |website=Used Car News |publisher=UCN |access-date=14 November 2022 |ref=11/03/2022}}</ref>

In January 2023, AutoNation acquired RepairSmith, a full-service mobile solution for automotive repair and maintenance, for $190 million.<ref>{{Cite web |last=Torres |first=Destiny |date=2022-12-19 |title=AutoNation to Acquire RepairSmith for $190M |url=https://labusinessjournal.com/technology/automobiles-technology/autonation-to-acquire-repairsmith-for-190m/ |access-date=2023-03-02 |website=Los Angeles Business Journal |language=en-US}}</ref><ref>{{Cite news |title=Autonation Inc (AN-N) Quote - Press Release |language=en-CA |work=The Globe and Mail |url=https://www.theglobeandmail.com/investing/markets/stocks/AN-N/pressreleases/13645376/autonation-completes-the-acquisition-of-repairsmith/ |access-date=2023-03-02}}</ref>

== Revenue by product category ==
{| class="wikitable"
|+Revenue by Product Category for 2001<ref name="Registration Filing">{{cite journal|title=U.S. Securities and Exchange Commission Filing|journal=SEC Registration of Corporations|date=November 16, 2001|url=https://www.sec.gov/Archives/edgar/data/350698/000095017201501167/s285465.txt|ref=NO. 333-71098}}</ref>
|-
| 59.5% || New vehicles
|-
| 19.4% || Used vehicles
|-
| 12.2% || Parts and service
|-
| 2.4% || Financing and insurance
|-
| 6.5% || Other
|}

==References==
<references/>

==Further reading==
*{{cite journal | author = Flynn, Michael S. | title = The Economy, Competition, and the Retail Automotive Dealer | version = Final Report | publisher = The University of Michigan Transportation Research Institute | date = March 2001 | url = http://deepblue.lib.umich.edu/bitstream/2027.42/1344/2/94313.0001.001.pdf | access-date = 2006-11-28}}

==External links==
* {{official}}
{{Finance links
| name = AutoNation
| symbol = AN
| reuters = AN.N
| sec_cik = AN
| yahoo = AN
| google = AN
}}


{{S&P 400 companies}}
]
{{authority control}}
]
]
]
]


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Latest revision as of 20:09, 20 October 2024

American automotive retailer

AutoNation, Inc.
AutoNation's headquarters in Fort Lauderdale, Florida
Company typePublic
Traded asNYSE: AN
S&P 400 Component
IndustryCar dealership
Founded1996
FounderH. Wayne Huizenga
HeadquartersFort Lauderdale, Florida, U.S., United States
Key peopleMike Manley (CEO)
Jeffrey Butler (President)
Revenue US$ 25.8 billion (2021)
Increase US$ US$ 26.99 billion (2022)
Operating income US$ 1902.8 million (2021)
Increase US$ 2,024.5 million (2022)
Net income US$ 1,808.4 million (2021)
Increase US$ 1,377.4 million (2022)
Total assets US$ 8,943.6 million (2021)
Increase US$ 10,059.7 million (2022)
Number of employeesOver 21000
Websitewww.autonation.com

AutoNation is an American automotive retailer based in Fort Lauderdale, Florida, which provides new and pre-owned vehicles and associated services in the United States. The company was founded by Wayne Huizenga in 1996, starting with twelve AutoNation locations, and now has more than 300 retail outlets.

AutoNation continued growing by acquiring other companies in the car rental business such as National Car Rental, Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental and more.

In 2011, AutoNation was the first auto retailer in the United States to sell a total of 8 million vehicles.

History

1996–2008

Before its acquisition by Republic Industries in 1997, but under the early division brand name "AutoNation", the company was a growing network of used automobile superstores. In 1995, H. Wayne Huizenga of Republic Industries became chairman of the board of directors and through Republic's ownership of AutoNation, sought to expand its business into used auto sales throughout the United States. Republic's sales for 1995 were $5.2 billion.

In 1996, Republic Industries began purchasing new car dealerships and offering long-term contracts to owners who joined the newly created automotive division of Republic Industries, which led to the company operating twelve retail locations under the "AutoNation" brand. Later that year, Alamo Rent A Car was purchased by Republic Industries for $625 million, and a 2-for-1 stock split in Republic stock was also completed.

In 1997, Republic continued its acquisitions in the car rental business with the purchase of National Car Rental, Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental, and EuroDollar Rent A Car. Huizenga had Republic start consolidating operations between new and used cars and its rental companies into one operation. Acquiring six Saturn dealerships in Arizona and Florida, Republic sold the dealerships to Saturn in 1997 because they did not generate enough sales, despite being a successful brand.

In 1997, the company acquired Maroone Automotive Group of Buffalo, New York and Florida for $200 million in Republic stock.

In an attempt to expand the company's electronic security division, the company offered to purchase ADT. The acquisition failed, and in October 1997, Republic sold its electronic security division.

Republic Industries offered in July 1998 an initial public offering of its original core waste disposal business as Republic Services and it was from this sale of 36% of Republic Services stock, the company netted $1.4 billion to be used to fund the new company being formed. As a result of this sale, the company changed its name to AutoNation to highlight its focus on the automobile industry.

In 1998, CarMax brought a lawsuit against Republic for copyright and trademark infringement. CarMax received a $50 million jury award in its lawsuit, but it was overturned on appeal in 1998.

In April 1998, competitor Drivers' Mart was purchased for $40 million. The remaining 64% of Republic Services was divested to Republic Industries shareholders in 1999. The company's first chief executive officer (CEO), Steve Berrard, eventually resigned from the company in July 1999.

Mike Jackson, the new CEO, previously of Mercedes Benz USA, moved to spin off the car rental business as "ANC Rental" and close all newly built "AutoNation USA" used car megastores, due to losses of $25 million per quarter. Plans to brand all automotive retail stores as "AutoNation stores" were cancelled. A rebranding of a more recognizable 'regional brand' focus was instituted.

In January 2003, Jackson was named chairman of the board, replacing Huizenga. On October 24, 2005, the AutoNation building in downtown Fort Lauderdale suffered significant damage due to Hurricane Wilma. The company has since transferred to another nearby building.

In 2006, Mike Jackson, CEO of AutoNation announced that his company would be reducing orders from the three major vehicle manufacturers as General Motors, Ford and Chrysler in 2007 and altered the company's purchase pattern to include purchasing more imported vehicles as BMW, Mercedes and Lexus, due to anticipated view of further market share losses by US automakers. resulting in high dealer

2009–present

In 2009, during the great recession, AutoNation announced a newly formed AutoNation Payment Protection program, promising that the dealership will buy back any car at market value, should the owner lose their job. By 2011, AutoNation was the first auto retailer in the U.S. to sell a total of 8 million vehicles.

In January 2013, AutoNation announced that it would replace localized brand names of its car retail operations with its own name. This re-branding across the US was supported and approved by the major automotive manufacturers, including GM, Ford, Chrysler, Nissan, Toyota, Honda, VW and Hyundai. It involved a total of 210 franchises operating under previously assigned local group names. In May 2013, AutoNation partnered with Indy Car Series Champion Ryan-Hunter Reay to support his "Racing for Cancer" charity. This charity served as a key component of the AutoNation cancer charity program which was founded as a 501(c)(3) charitable organization. In August 2013, AutoNation announced the sale of its 9 millionth vehicle which was a record achievement for the industry.

On April 11, 2017, USA Today wrote that AutoNation's CEO Mike Jackson questioned the market value of Tesla, the maker of electric cars, by saying that Tesla is "either one of the great Ponzi schemes of all time or it’s gonna work out." The previous day, Tesla passed General Motors as the most valuable American automotive manufacturer, measured by its market capitalization. Jackson also said, "Clearly General Motors is undervalued and Tesla is overvalued. Anybody can see that." In June 2017, AutoNation sold a total of 11 million vehicles. On November 2, 2017, AutoNation announced that Waymo, a developer of self-driving technology, enlisted AutoNation to maintain and repair their driverless vehicles fleet.

During the coronavirus pandemic, AutoNation faced criticism after reports in The Washington Post revealed that the company applied for at least $266 Million in SBA Paycheck Protection Program loan under the CARES Act in order to allow at least 7,000 employees who had been furloughed to return to work and received up to $95 Million in funds for its over 300 dealerships located throughout the United States. SBA Paycheck Protection Program loans were originated by commercial banks, credit unions, and other financial institutions; according to AutoNation's Form 8-K filed with the Securities and Exchange Commission on March 26, the company's "administrative agent" and lender as of the filing date was JPMorgan Chase Bank, N.A. On April 24, AutoNation announced that it would be returning $77 Million to J.P Morgan.

Cheryl Miller resigned her position as CEO for AutoNation in July 2020. She was replaced by Mike Jackson, who was to fill the role until April 2022. In November 2021, Mike Jackson retired from his 20 years service to AutoNation and was replaced by Mike Manley, previously Head of Americas at Stellantis N.V. and former CEO of Fiat Chrysler Automobiles.

On April 9, 2021, it was officially announced that AutoNation had reached a naming rights agreement for the stadium of Fort Lauderdale-based Inter Miami CF. The team's stadium became branded as DRV PNK Stadium, a tie-in with AutoNation's breast cancer awareness campaign.

In 2022, AutoNation sold its 14 millionth vehicle in the United States since its founding.

In January 2023, AutoNation acquired RepairSmith, a full-service mobile solution for automotive repair and maintenance, for $190 million.

Revenue by product category

Revenue by Product Category for 2001
59.5% New vehicles
19.4% Used vehicles
12.2% Parts and service
2.4% Financing and insurance
6.5% Other

References

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