Automotive retailer AutoNation Inc. (AN) comes on our radar after reporting a 21% growth in its November 2012 retail new vehicle unit sales. The company has also agreed to acquire Audi, Porsche and three Volkswagen stores in the Dallas, Texas market.
Company Profile
AutoNation offers various automotive products and services, including new vehicles; used vehicles; parts, and automotive repair and maintenance services; and automotive finance and insurance products, which arranges financing for vehicle purchases through third-party finance sources.
It also provides a range of vehicle maintenance, repair, paint, and collision repair services, such as warranty and customer-pay service work. In addition, the company offers various vehicle protection products, including extended service contracts, maintenance programs, guaranteed auto protection, tire and wheel protection, and theft protection products.
In the News...
The company reported a 21% growth in its November 2012 retail new vehicle unit sales, as reported to the applicable automotive manufacturers, totaling 22,571, compared to November 2011. There were 25 selling days in November 2012 and November 2011.
in addition, AutoNation said it agreed to acquire Audi, Porsche and three Volkswagen stores in the Dallas, Texas market from Boardwalk Auto Group and Spring Chrysler Jeep Dodge Ram in the Houston, Texas market. Together, the stores are likely to sell more than 14,000 new and used retail units in 2012 with nearly $575 million of revenue. Upon completion of the deal, AutoNation would own and operate 50 franchises in the state of Texas.
Upon the completion of the Boardwalk acquisition, AutoNation would own and operate 19 franchises in the Dallas-Fort Worth market. Following the Spring CJDR acquisition closure, AutoNation will own and operate 17 franchises in the Houston, Texas market.
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