AutoNation Offers Consumers Leases Without Long-term Commitments

Rhea-AI Summary

AutoNation, Inc. (NYSE:AN) Launches AutoNation Mobility, a fully digital shopping experience and new vehicle micro lease model offering Customers short-term access to a wide range of competitively priced vehicles across brands without the need to purchase. Customers can enjoy the convenience and flexibility of driving a different vehicle every six to 12 months, without the added responsibility of owning or long-term financing. AutoNation Mobility's fully digital journey allows Customers to select their vehicle online from thousands of new vehicles, including sedans, SUVs, trucks, and luxury cars from renowned automotive brands, and complete their transaction online.

Positive

• AutoNation Mobility offers a unique and innovative solution to meet the evolving needs of today's customers by providing a fully digital shopping experience and short-term access to a wide range of competitively priced vehicles without the need to purchase.
• The inclusion of maintenance and roadside assistance with micro leases, along with options to extend or buy the vehicle at term-end, provides customers with added peace of mind and flexibility.
• The launch of AutoNation Mobility is a strategic move to position AutoNation as a comprehensive provider of transportation solutions, offering a connected and convenient range of products and services to customers.

Negative

• None.

AutoNation Mobility is offering a fully digital shopping experience with a selection of top brands and the convenience and flexibility of 6 to 12-month micro leases

FORT LAUDERDALE, Fla., Nov. 14, 2023 /PRNewswire/ -- AutoNation, Inc. (NYSE:AN), a provider of personalized transportation services and America's most admired automotive retailer, has announced the launch of AutoNation Mobility, a fully digital shopping experience and new vehicle micro lease model offering Customers short-term access to a wide range of competitively priced vehicles across brands without the need to purchase. The micro lease program is available initially in Los Angeles, Northern California, and South Florida.

With the AutoNation Mobility vehicle micro lease model, Customers can now enjoy the convenience and flexibility of driving a different vehicle every six to 12 months, depending on the selected commitment duration, without the added responsibility of owning or long-term financing. AutoNation Mobility's fully digital journey allows Customers to select their vehicle online from thousands of new vehicles, including sedans, SUVs, trucks, and luxury cars from renowned automotive brands, and complete their transaction online.

"AutoNation Mobility puts the Customer firmly in the driver's seat, offering them a fully digital shopping experience and the freedom to drive away in the vehicle that suits their needs at any given time, without the commitment to ownership," said Ivan Mihov, VP of AutoNation Mobility at AutoNation. "We're always seeking to establish innovative transportation solutions that meet the evolving needs of today's Customer, and we believe Mobility has the potential to reshape and revolutionize how people choose what they drive and how long they drive it moving forward."

AutoNation Mobility plans to include maintenance and roadside assistance with its micro leases, and options to extend or buy the vehicle at term-end. Customers can enjoy peace of mind knowing that their vehicle is protected and well-maintained through AutoNation, without any additional costs.

AutoNation Mobility offers Customers an intuitive digital experience with the ability to select and configure vehicles through unique curated collections called "Playlists," which are tailored to a range of consumer personalities and lifestyles. There is also the option to find exact vehicle makes and models.

"The launch of AutoNation Mobility is the next step in the company's trajectory to becoming the nation's most comprehensive provider of transportation solutions offering Customers a connected and convenient range of products and services," said Mike Manley, CEO at AutoNation.

AutoNation will showcase AutoNation Mobility at the highly anticipated LA Auto Show, running from November 16th to November 26th at the Los Angeles Convention Center. Our involvement starts on November 16, coinciding with the 2023 AutoMobility LA media day. The LA Auto Show provides AutoNation Mobility with a unique platform to connect with industry enthusiasts, experts, and potential partners.

To find out more about AutoNation Mobility, please visit AutoNationMobility.com.

About AutoNation, Inc.

AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America's most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us." AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric.

Please visit www.autonation.com, investors.autonation.com, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com,  AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "targets," "projects," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, and investments, including AutoNation Mobility, statements regarding our expectations for the future performance of our business and the automotive retail industry, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: our ability to implement successfully our AutoNation Mobility initiative; our ability to attract consumers to new transportation solutions; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability; regulatory factors affecting our business; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

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SOURCE AutoNation, Inc.

FAQ

What is AutoNation Mobility?

AutoNation Mobility is a fully digital shopping experience and new vehicle micro lease model offering short-term access to a wide range of competitively priced vehicles across brands without the need to purchase.

What are the benefits of AutoNation Mobility?

Customers can enjoy the convenience and flexibility of driving a different vehicle every six to 12 months without the added responsibility of owning or long-term financing. The fully digital journey allows customers to select their vehicle online from thousands of new vehicles, including sedans, SUVs, trucks, and luxury cars from renowned automotive brands, and complete their transaction online.

What additional services are included with the micro leases?

AutoNation Mobility plans to include maintenance and roadside assistance with its micro leases, along with options to extend or buy the vehicle at term-end, providing customers with added peace of mind and flexibility.

Where is the micro lease program available initially?

The micro lease program is available initially in Los Angeles, Northern California, and South Florida.

What is AutoNation Mobility showcasing at the LA Auto Show?

AutoNation Mobility will be showcased at the LA Auto Show, providing a unique platform to connect with industry enthusiasts, experts, and potential partners.