Mon, Oct. 10, 11:18 AM
- Manheim reports wholesale used vehicle prices were flat M/M and up 1.7% Y/Y in September to a reading of 126.9. The pickup and van segment showed the biggest gain across the different classes.
- "The continued strength in wholesale pricing is largely explained by current and past increases in new vehicle transaction prices – even after adjusted for mix shifts," notes Cox automotive economist Tom Webb.
- Used unit retail sales rose 4.7% YTD through the end of August.
- Related stocks: PAG, AN, CRMT, SAH, LAD, ABG, KMX, CPRT, RUSHA, RUSHB.
Thu, Sep. 8, 8:27 AM
Mon, Aug. 22, 9:03 AM
- Amazon Prime members in the Los Angeles area can have a Hyundai (OTC:HYMLF) Elantra brought to them for a test drive in a new promotion.
- It's one of the first attempts of the on-demand test drive concept in the U.S. and an intriguing push by Amazon (NASDAQ:AMZN) to see if it could shake things up in the automobile industry.
- The company is well-positioned to be used as a selling channel with 63M members now signed up for Prime.
- Last week, Hyundai announced that it would feature Amazon Alexa in its luxury Genesis model.
- Related auto stocks: GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, BAMXY, TTM, TSLA, AN, KMX, SONC.
- Hyundai press release
Mon, Aug. 1, 10:41 AM
- AutoNation (NYSE:AN) slips after Bank of America Merrill Lynch scratches the auto retailer off its US 1 List.
- The investment firm took another look at AutoNation after factoring in last week's gloomy outlook from Ford on the industry.
- Previously: AutoNation beats by $0.03, misses on revenue (July 29)
Fri, Jul. 29, 7:32 AM
Thu, Jul. 28, 5:30 PM
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
- AutoNation (NYSE:AN): Q1 EPS of $0.90 may not be comparable to consensus of $0.93.
- Revenue of $5.12B (+3.6% Y/Y) misses by $170M.
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)