Thu, Jul. 7, 9:14 AM
- AutoNation (NYSE:AN) announces that it has signed agreements to acquire four stores, including five franchises, in the Westchester County, New York area.
- The stores to be acquired are BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection, and White Plains Jaguar from DiSimone Imports.
- The new assets represent approximately $190M in annual revenue and 2,600 retail new and used vehicle annual unit sales. The acquisitions are subject to customary terms and conditions, including manufacturer approvals, and are expected to close in Q3.
- AutoNation CEO Mike Jackson: "These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market."
- Source: Press Release
Tue, Jun. 7, 3:56 PM
- The Manheim Used Vehicle Value Index rose 0.6% Y/Y and 1.4% M/M in May to help give a boost today to auto retailer stocks.
- The index rose for the first time on a year-over-year comparison since last December (per Bloomberg).
- Sandler O'Neill analyst Crispin Love calls the used car price reading "surprisingly strong" and says the firm will look for confirmation in other data.
- Related stocks: AutoNation (AN +2.5%), CarMax (KMX +2%), Group 1 Automotive (GPI +1%), Penske Automotive (PAG +1.6%), AutoZone (AZO +0.6%), O'Reilly Automotive (ORLY +0.6%), Monro Muffler Brake (MNRO +0.8%).
Wed, May 25, 8:57 AM
- An analysis of data from LendingTree suggests that millennials want to drive and own cars.
- "The share of millennial auto loan requests has climbed from roughly 27 percent in early 2013 to about 34 percent in 2016, suggesting a return of younger buyers to the car market," concludes Lending Tree after diving into loan requests.
- On a volume basis, the most popular cars that millennials requested a loan for were the Nissan Altima, Dodge Charger, Honda Accord, Chevrolet Impala, and Chevrolet Tahoe. Millennials opted for used vehicles at a slightly higher clip than older drivers, 46% vs. 44%.
- The crush of major automaker-tech firm partnerships (Toyota-Uber, GM-Lyft, Fiat-Google, Volkswagen-Gett) popping up is predicated in part on a younger generation attuned to ride-sharing and ride-hailing. There's also been an assumption by some analysts of a topping out of U.S. auto demand this year or next due in part to millennial disinterest.
- Related automaker/auto retailer stocks: PAG, ABG, LAD, GPI, SAH, KMX, AN, RUSHA, OTCPK:DDAIF, TM, HMC, TSLA, TTM, OTCPK:VLKAY, GM, F, OTCPK:NSANY, OTCPK:BAMXY, OTCPK:FUJHF.
Tue, May 3, 10:17 AM
- The broad automobile-related sector is slumping after the Detroit Three all post U.S. sales reports below expectations for April.
- Hertz Global (HTZ -7.1%) and Avis Budget (CAR -5.6%) in particular are being hit hard with Avis due to report earnings after the bell and some read-through on daily rentals from GM influencing trading.
- Retailers AutoNation (AN -2.5%), Asbury Automotive (ABG -3.3%), CarMax (KMX -1.9%), Lithia Motors (LAD -1.6%), and Group 1 Automotive (GPI -3.7%) are also lower.
Fri, Apr. 22, 9:37 AM
- AutoNation (AN -0.8%) Mike Jackson kept his reputation intact as one of the more quotable CEOs during today's post-earnings chat with CNBC.
- Jackson said "epic, biblical hail storms" in Texas during March contributed to the company's Q1 EPS shortfall, $0.90 reported vs. $0.93 consensus. The exec said that without the hail damage the company would have beat on the bottom line.
- Now read Will Autos Be The Cyclical Trigger?
Fri, Apr. 22, 7:54 AM
- AutoNation (NYSE:AN) reports same-store sales fell 2% in Q1.
- New vehicle revenue grew 1.1% to $2.8B for the quarter.
- Used vehicle revenue increased 4.1% to $1.24B, led by 22.8% increase in wholesale revenue.
- Segment revenue: Domestic: $1.85B (+11%); Import: $1.68B (-0.2%); Premium luxury: $1.54B (-1.5%).
- Gross margin rate -10 bps to 16.1%.
- Segment income: Domestic: $77.4M (-2.4%); Import: $76.1M (+1.5%); Premium Luxury: $83M (-11.8%).
- Operating margin rate dropped 20 bps to 4.1%.
- Retail new vehicle unit sales rose 0.6% Y/Y to 79,007.
- AN -3.27% premarket.
Fri, Apr. 22, 7:07 AM
Thu, Apr. 21, 5:30 PM
Wed, Mar. 16, 10:23 AM
- The percentage of BMW (OTCPK:BAMXY) vehicles either leased or financed went to 46.3% in 2015 from a level of 41.8% just a year prior, observes Bloomberg Gadfly. A massive jump for a short time period.
- Though the company isn't suffering from some of the delinquency issues that are picking up in the automobile industry (see subprime concerns for lenders, auto retailers, and Detroit majors), there could be implications down the road as a glut of vehicles come off their leases.
- Across the industry, vehicle leasing as a percentage of sales rose to 32.3% in February vs. the average of 28% in 2015. That's a development that could add to pricing pressure down the road for high-end and mass market brands as a higher percentage of vehicles come off their leases.
- Related stocks: PAG, ABG, LAD, GPI, SAH, KMX, AN, RUSHA, OTCPK:DDAIF, TM, HMC, TSLA, TTM, OTCPK:VLKAY, GM, F.
Tue, Mar. 15, 10:53 AM
- There's sharp losses in the auto dealer sector today. The negative stance from investors could be a reaction to increasing concerns on subprime auto loans.
- Decliners: Penske Automotive (PAG -4.4%), Sonic Automotive (SAH -4%), Asbury Automotive (ABG -2.8%), CarMax (KMX -3.3%), Lithia Motors (LAD -3.6%), AutoNation (AN -3.7%), Group 1 Automotive (GPI -2.3%), Rush Enterprises (RUSHA -1.9%).
- Previously: Shades of subprime flash warning for auto sales (Mar. 14 2016)
- Previously: Subprime auto worry hits lenders (Mar. 15 2016)
Tue, Mar. 8, 9:29 AM
- AutoNation (NYSE:AN) is lower in early trading after Goldman Sachs drops the auto retailer stock to a Sell rating.
- The investment firm cites concerns on dealer trends with U.S. auto sales at peak levels and warns on the impact of pressured margins on EPS growth.
- AN -3.50% premarket to $51.00 vs. a 52-week range of $40.45 to $67.50.
Wed, Feb. 24, 1:38 PM
- Lithia Motors (LAD +6.6%) powers higher after posting strong Q4 results and issuing a positive outlook on demand for the full year.
- The strong report is helping to lift sentiment on peers Group 1 Automotive (GPI +3.7%), Asbury Automotive (ABG +3.3%), AutoNation (AN +1.3%), and Sonic Automotive (SAH +1.8%) as well.
- Previously: Lithia Motors beats by $0.10, misses on revenue (Feb. 24)
- Previously: More on Lithia Motors' Q4 (Feb. 24)
Tue, Feb. 23, 9:55 AM
- Auto retailer stocks are flying in early trading even with the broad market dragging its feet.
- Positive news in the sector includes Sonic Automotive (SAH +8.3%) topping EPS estimates with its Q4 report, Buckingham Research upgrading Penske Automotive Group (PAG +5.1%) to a Buy rating, and a new $250M share repurchase plan for AutoNation (AN +5%).
- Other strong movers include Asbury Automotive (ABG +8.8%), Group 1 Automotive (GPI +1.4%), and Lithia Motors (LAD +2%).
Fri, Feb. 19, 7:04 PM
- Five months after adding $250M to its buyback authorization, AutoNation (NYSE:AN) has added another $250M after having used up its existing funds. The new buyback is good for repurchasing ~5% of shares at current levels.
- Notably, AutoNation says it had 104M shares outstanding as of yesterday - that's down from 111M as of Jan. 27. The car dealer spent $235M in 2015 to repurchase 3.9M shares. It ended the year with $74M in cash and $2.37B in non-vehicle debt.
Thu, Jan. 28, 7:42 AM
- AutoNation (NYSE:AN) reports new vehicle unit sales were up 4% in Q4.
- Revenue per new vehicle +1.5% to $36,669 for new cars and +4.8% for used vehicles. Margins on new and used vehicle sales fell 11% Y/Y during the quarter.
- Segment income: Domestic +6% to $78M, Import flat at $71M, Premium Luxury -9% to $102M.
- AutoNation ended the year with a 49% increase in Premium Luxury inventory.
- Previously: AutoNation misses by $0.08, misses on revenue (Jan. 28 2016)
Thu, Jan. 28, 7:32 AM
- AutoNation (NYSE:AN): Q4 EPS of $0.96 misses by $0.08.
- Revenue of $5.15B (+2.6% Y/Y) misses by $310M.
AutoNation, Inc. through its subsidiaries operates as an automobile dealer and retailer in the U.S. It offers a range of automotive products and services, including new vehicles, used vehicles, parts and automotive services, and automotive finance and insurance products. The company operates... More
Industry: Auto Dealerships
Country: United States
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