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. 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.
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.