AutoNation Cleans Out Executive Ranks as CEO Change Looms
We are not changing our AutoNation fair value estimate after the auto dealer announced a restructuring plan and executive departures, as we do not see our investment thesis as compromised. The company seeks $50 million in cost reductions in part due to its belief that "automotive retail will be challenging in 2019." We expect U.S. auto sales will decline in 2019 though still be at healthy levels, but pricing risks and expensive store imaging rules from automakers remain. AutoNation is consolidat...AutoNation, through its subsidiaries, is an automotive retailer. The company provides a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive finance and insurance products, which include vehicle service and other protection products, and the arranging of financing for vehicle purchases through third-party finance sources. The company owns and operates new vehicle franchises from stores located in the United States, in main metropolitan markets in the Sunbelt region. The company has three segments: Domestic, Import, and Premium Luxury.
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