Welcome to our dedicated page for AutoNation news (Ticker: AN), a resource for investors and traders seeking the latest updates and insights on AutoNation stock.
AutoNation, Inc. (NYSE: AN) is a leading automotive retailer in the United States, renowned for its innovative products, exceptional services, and comprehensive solutions that empower customers to make the best decisions for their ever-changing needs. With a vast network of over 250 dealerships and 53 collision centers, AutoNation represents 34 manufacturer brands across 21 states. The company also operates 23 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors.
Established in the 1990s by Wayne Huizenga, AutoNation has grown to become the second-largest automotive dealer in the U.S., with 2023 revenue of approximately $27 billion. The company sells new and used vehicles, offers parts and repair services, and provides auto financing. New-vehicle sales account for nearly half of the company's revenue, while the remaining comes from used vehicle sales, parts, and services.
AutoNation is committed to delivering a peerless customer experience, as evidenced by its recent achievements and initiatives. The company has raised over $35 million for cancer research, treatment, and awareness through its signature DRV PNK campaign. Additionally, AutoNation continues to innovate in personalized transportation services, recently launching AutoNationParts.com for online parts sales and AutoNation Mobility for short-term vehicle micro leases.
Financially, AutoNation has shown resilience and adaptability, with a strong balance sheet and strategic capital allocation. The company reported a revenue of $6.9 billion for Q3 2023, marking a 3% increase from the prior year. Despite challenges such as fluctuating new and used vehicle margins and inventory availability, AutoNation's focus on After-Sales growth and customer financial services has driven record gross profits.
Looking forward, AutoNation remains focused on maximizing shareholder returns, supported by its robust operating cash flow and ongoing investments in technology and new business initiatives. The company's strategic acquisitions, partnerships, and investments are set to enhance its market position and drive long-term growth.
Autonomy, the leading electric vehicle subscription service, is expanding to the Seattle metro area, including Tacoma and Bellevue. Following a successful launch in California, the company aims to support Washington's electrification goals by offering flexible and affordable access to electric vehicles.
With gas prices rising, the subscription service becomes increasingly attractive, featuring monthly payments starting at $490 and minimal drive-off fees. Autonomy's partnership with AutoNation will enhance vehicle preparation and maintenance for its growing fleet.
On Nov. 15, 2022, AutoNation (NYSE: AN) announced its acquisition of approximately 6.1% of TrueCar (NASDAQ: TRUE), a leading automotive digital marketplace. This strategic investment underscores AutoNation's commitment to enhancing customer experiences through emerging technologies. The collaboration aims to improve the digital car-buying process, aligning both companies' values. AutoNation's CEO, Mike Manley, emphasized the investment's potential to foster closer commercial ties with TrueCar, enhancing service delivery in the automotive retail space.
Autonomy, the largest EV subscription company in the U.S., expands to South East Florida, including Miami, Fort Lauderdale, and West Palm Beach. This move follows its successful launch in California, which dominates EV registrations. Florida, with its growing EV market, ranks second nationally. Autonomy aims to provide affordable access to EVs without long-term commitments, addressing a significant barrier for consumers. The company has partnered with AutoNation for vehicle services and has a massive order of 23,000 electric vehicles worth over $1.2 billion to enhance its fleet.
AutoNation reported record third-quarter 2022 GAAP EPS of $6.31, up 23% year-over-year, with adjusted EPS at $6.00, a 17% increase. Revenue reached $6.7 billion, a rise of 4%, despite industry-wide sales declines. Operating income also increased by 4% to $523 million. Notably, After-Sales gross profit increased 13% to $479 million. The company authorized an additional $1 billion for stock repurchases, totaling $1.4 billion. AutoNation is set to acquire four dealerships from Moreland Auto Group, projected to generate $320 million in annual revenue.
AutoNation (NYSE: AN), America's largest automotive retailer, will announce its third-quarter financial results for the period ending September 30, 2022, on October 27, 2022. A conference call and audio webcast at 9:00 a.m. Eastern Time will provide insights into these results. Investors can join the call through the provided telephone number or access the webcast on the company's investor relations website. Following the call, a playback option will be available until November 17, 2022.
AutoNation is committed to raising $35 million for cancer research, treatment, and awareness through its Drive Pink initiative. The company's annual DRVPNK Across America Day on October 11 will see thousands of associates deliver comfort bags to cancer patients nationwide. Since 2013, AutoNation has raised nearly $35 million for cancer charities, partnering with organizations such as the Breast Cancer Research Foundation and the American Cancer Society. AutoNation also provides cancer insurance for associates and their families, highlighting its commitment to fight cancer year-round.
AutoNation (NYSE:AN) has been named the industry leader in the 2022 Automotive Reputation Report by Reputation, scoring highest among public dealer groups based on customer feedback. The report covers 20,000 brands and dealerships in North America and highlights AutoNation's commitment to customer satisfaction through its associates' efforts. The Reputation Score is a vital metric that tracks customer sentiment, indicating AutoNation's leadership in enhancing the sales process and customer loyalty in a rapidly evolving automotive industry.
AutoNation (NYSE:AN) commemorates cancer survivors and fighters as it partners with CBS' @TheTalkCBS for the Season 13 Premiere. The show, returning after the passing of Executive Producer Heather Gray, features a studio audience of cancer warriors. Each attendee receives a DRVPNK 'Totes for Hope' comfort bag and a $250 gift card. Since launching its DRVPNK initiative in 2015, AutoNation has raised $35 million for cancer research and treatment. The 8th annual DRVPNK Across America kicks off on October 11, with efforts to support the Breast Cancer Research Foundation.
Autonomy, the largest electric vehicle subscription company in the U.S., has launched a month-to-month auto insurance product integrated into its subscription service, in partnership with Liberty Mutual Insurance. This product allows consumers to pay for auto insurance on a flexible basis through the Autonomy app, solving key consumer pain points. Subscribers can access a subscription bundle that includes tax, title, registration, routine maintenance, and roadside assistance. Following its recent order of 23,000 electric vehicles, Autonomy seeks to enhance access to EVs through this innovative offering.
FAQ
What is the current stock price of AutoNation (AN)?
What is the market cap of AutoNation (AN)?
What does AutoNation, Inc. do?
Where is AutoNation, Inc. located?
What recent achievements has AutoNation, Inc. made?
How is AutoNation, Inc. performing financially?
What brands does AutoNation represent?
What is AutoNation's DRV PNK campaign?
What is AutoNation Mobility?
How does AutoNation support its employees?
What is AutoNation's market position?
What are AutoNation's future plans?
