AutoNation, Inc. operates as a U.S. automotive retailer with a nationwide dealership network selling new and used vehicles, customer financing, parts, maintenance and repair services. News about AutoNation commonly covers quarterly earnings, vehicle unit trends, After-Sales gross profit, Customer Financial Services profitability and the scaling of AutoNation Finance.
Company updates also include dealership acquisitions that expand brand mix and market density, capital deployment through share repurchases, debt funding for the auto loan portfolio, and consumer-facing service initiatives tied to vehicle maintenance and repair.
AutoNation (NYSE: AN) has partnered with Ronald McDonald House Charities in Corpus Christi to support local families in need. As part of the Drive Pink initiative, customers can donate at all eight local stores, with 100% of proceeds going to the charity. This effort is crucial, following the pandemic's disruptions to fundraising activities. AutoNation has previously supported local charities, providing meals and holiday events for families. The company aims to raise $25 million through Drive Pink, which has already raised nearly $25 million since 2013 to combat cancer.
On September 1, 2020, AutoNation (NYSE: AN) announced a $25,000 donation to the American Breast Cancer Foundation (ABCF) to enhance cancer care access for underserved communities. This initiative aligns with the company's Drive Pink Mission, which has raised nearly $25 million since its inception. The donation also marks the launch of the ONE AutoNation initiative, aimed at addressing social injustices in healthcare. AutoNation emphasizes its commitment to equitable healthcare access for all individuals facing cancer challenges.
AutoNation (NYSE: AN) is offering free vehicle sanitization services for teachers across the U.S. every Tuesday from August 25 to September 29, 2020. This initiative allows teachers to receive a Clorox T360 sanitization treatment at any AutoNation store by presenting their teaching ID, taking less than 30 minutes. The service uses an EPA-approved disinfectant effective against Covid-19. AutoNation emphasizes its commitment to safety, thanking educators for their vital roles.
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AutoNation (NYSE: AN), the largest automotive retailer in America, is enhancing efficiency through a restructuring plan initiated over the last two years. The company plans to close its aftermarket collision parts business, anticipating SG&A savings of about 100 basis points. Operating expenses are expected to fall below 68% of gross profit from Q3 2020 onwards. Despite incurring estimated charges of $52 million in the second half of 2020, AutoNation aims to expand its successful AutoNation USA used vehicle stores by adding 20 locations in three years.
AutoNation (NYSE: AN), the leading automotive retailer in the U.S., announced its participation in the virtual 2020 J.P. Morgan Auto Conference on August 12, 2020. Joe Lower, CFO, will present insights on the company's Q2 2020 results and current business trends at 3:40 PM ET. A live webcast will be accessible on the investor relations website for 30 days post-event. As of June 30, 2020, AutoNation has operated over 325 locations nationwide and has sold more than 12 million vehicles, emphasizing its commitment to customer experience and community initiatives.
On July 23, 2020, AutoNation (NYSE: AN) reported second quarter 2020 earnings showing a significant increase in EPS from continuing operations to $3.18, up from $1.12 a year earlier. This included a non-cash unrealized gain of $161 million related to its investment in Vroom. Adjusted EPS reached a record $1.41, an 18% increase year-over-year. However, same-store revenue fell 14% to $4.5 billion, and gross profit decreased by 9% to $795 million. Despite these declines, AutoNation announced plans to expand its pre-owned vehicle sales network with 20 new stores over three years.
On July 14, 2020, AutoNation (NYSE: AN) announced that Mike Jackson will continue as Chairman and CEO until April 12, 2022. The board intends to appoint a successor in early 2022. Cheryl Miller has resigned from her position and the board, ending a significant tenure that included a partnership with Waymo. Jackson, a veteran leader in the automotive industry, expressed confidence in AutoNation's strong positioning and future achievements. AutoNation operates over 325 locations and has sold over 12 million vehicles, emphasizing its commitment to a customer-focused experience.
AutoNation, the largest automotive retailer in the U.S., is set to release its second-quarter 2020 financial results on July 23, 2020. Management will discuss these results during a conference call at 10:00 a.m. ET. Investors can access the call at investors.autonation.com. As of June 30, 2020, AutoNation operates over 325 locations and has sold over 12 million vehicles. The company has raised nearly $25 million for cancer research through its DRIVE PINK initiative since 2013.
On June 16, 2020, AutoNation (NYSE: AN) announced a program offering FREE vehicle sanitization for First Responders every Tuesday until August 25, 2020. The initiative is aimed at providing EPA-approved sanitization treatments at any AutoNation store from 1-4 PM. First Responders can simply show their credentials to receive the service, which takes less than 30 minutes. AutoNation emphasizes its commitment to health and safety, supporting those who serve the community during the COVID-19 pandemic.