AutoNation
AutoNation is an American automotive retailer, which provides new and pre-owned vehicles and associated services in the United States. The company was founded by Wayne Huizenga in 1996, and has more than 360 retail outlets. Based in Fort Lauderdale Florida, the company's current chief executive officer is Cheryl Miller, the previous chief financial officer of the company, who replaced Carl Liebert III on July 23, 2019.
History
1996–2008
Before its acquisition by Republic Industries in 1997, but under the early division brand name "AutoNation", the company was a growing network of used automobile superstores. In 1995, H. Wayne Huizenga of Republic Industries became chairman of the board of directors and through Republic's ownership of AutoNation, sought to expand its business into used auto sales throughout the United States. CarMax brought a lawsuit against Republic for copyright and trademark infringement. Republic's sales for 1995 were $5.2 billion.In 1996, Republic Industries began purchasing new car dealerships and offering long-term contracts to owners who joined the newly created automotive division of Republic Industries, which led to the company operating twelve retail locations under the "AutoNation" brand. Later that year, Alamo Rent A Car was also purchased by Republic Industries. and a A 2-for-1 stock split in Republic stock was also completed.
In 1997, Republic continued its acquisitions in the car rental business with the purchase of National Car Rental, Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental, and EuroDollar Rent A Car. Huizenga had Republic start consolidating operations between new and used cars and its rental companies into one operation. Acquiring six Saturn dealerships in Arizona and Florida, Republic sold the dealerships to Saturn in 1997 because they did not generate enough sales, despite being a successful brand. Maroone Automotive Group of Buffalo, NY and Florida was acquired in 1997 for $200 million in Republic Stock.
In an attempt to expand the company's electronic security division, the company offered to purchase ADT but the acquisition fizzled, and in October 1997, Republic sold off its electronic security division.
Republic Industries offered in July 1998 an initial public offering of its original core waste disposal business as Republic Services and it was from this sale of 36% of Republic Services stock, the company netted $1.4 billion to be used to fund the new company being formed. As a result of this sale, the company changed its name to AutoNation to highlight its focus on the automobile industry. While CarMax had received a $50 million jury award in its lawsuit, it was overturned on appeal in 1998. Drivers' Mart, a competitor, was purchased. The remaining 64% of Republic Services was divested to Republic Industries shareholders in 1999. The company's first chief executive officer, Steve Berrard, eventually resigned from the company in July 1999.
Mike Jackson, the newly hired CEO, previously from Mercedes Benz USA, moved to spin off the car rental business as "ANC Rental" and close all newly built "AutoNation USA" used car megastores, because of their financial losses being generated at a rate of $25 million per quarter. Plans to brand all automotive retail stores at the time as "AutoNation stores" were cancelled for a rebranding a more recognizable 'regional brand' focus was instituted.
In January 2003, Jackson was named chairman of the board, replacing Huizenga. On October 24, 2005, the AutoNation building in downtown Fort Lauderdale suffered significant damage due to Hurricane Wilma. The company has since transferred to another nearby building.
In 2006, Mike Jackson, CEO of AutoNation announced that his company would be reducing orders from the 3 major vehicle manufacturers as General Motors, Ford and Chrysler in 2007 and altered the company's purchase pattern to include purchasing more imported vehicles as BMW, Mercedes and Lexus, due to anticipated view of further market share losses by US automakers. resulting in high dealer
2009–present
In 2009, during the great recession, AutoNation announced a newly formed AutoNation Payment Protection program, promising that the dealership will buy back any car at market value, should the owner lose their job. By 2011, AutoNation was the first auto retailer in the U.S. to sell a total of 8 million vehicles.In January 2013, AutoNation announced that it would replace localized brand names of its car retail operations with its own name. This re-branding across the US was supported and approved by the major automotive manufacturers, including GM, Ford, Chrysler, Nissan, Toyota, Honda, VW and Hyundai. It involved a total of 210 franchises operating under previously assigned local group names. In May 2013, AutoNation partnered with Indy Car Series Champion Ryan-Hunter Reay to support his "Racing for Cancer" charity. This charity served as a key component of the AutoNation cancer charity program which was founded as a 501 charitable organization. In August 2013, AutoNation announced the sale of its 9 millionth vehicle which was a record achievement for the industry.
In January 2015, AutoNation announced that CEO Mike Jackson would take an expanded role upon President Michael Maroone's retirement after 15 years of service in that position. Mr. Bill Berman became the new chief operating officer on February 4, 2015. In June 2015, AutoNation retailed its 10 millionth vehicle. That year, Cascade Investments, the private investment vehicle for Bill Gates, reported taking a 16% stake in AutoNation Stock trading on the NYSE since 2014 and concurrently served vice chairman of USAA Federal Savings Bank.On July 22, 2019, Cheryl Miller, the chief financial officer of AutoNation, was named CEO and president of the company.
In March of 2020, The Chief Executive Officer and President Cheryl Miller requested a leave of absence from her positions for "health reasons. This was granted by the AutoNation Board of Directors.
In April of 2020 the position of Chief Executive Officer was temporarily reassigned to Executive Chairman Mike Jackson and the position of President to Jim Bender as an advancement.
On July 14, 2020 AutoNation Inc. announced that the Board of Directors reached a new 2 year contract agreement with Mr. Mike Jackson to return as the Chief Executive Officer position vacated by Ms. Miller.