The BLOOMBERG RISKLESS RETURN RANKING shows AutoNation produced the highest risk-adjusted return among six U.S. dealer groups since September 2009, the year the industry began a climb from the weakest demand for new autos in almost three decades.
Car retailers, which are more flexible than assembly lines when cutting costs, outperformed the 24-member Bloomberg Industries North American Auto Parts index and an index of 18 automakers that sell vehicles in the U.S.
Chief Executive Officer Mike Jackson has said retailers like his can be profitable in good and bad markets because they make money servicing old vehicles and selling to used-car buyers when demand for new autos slips.
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AutoNation reported its only quarterly loss in the past decade in 2008’s third quarter, when Lehman Brothers Holdings Inc.’s failure fueled a credit crunch that dramatically reduced consumers’ ability to borrow money to buy cars.
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The crisis was “a litmus test, a moment of truth, and if you look at the performance of the automotive retailers during the crisis period, in relative terms it was outstanding,” Jackson, 63, said in a telephone interview from AutoNation’s headquarters in Fort Lauderdale, Florida.
“The beauty of our business model is the foundation is service and parts. That covers over 90 percent of our fixed costs.”
Source: http://www.bloomberg.com/news/2012-09-19/autonation-peerless-within-u-s-industry-riskless-return.html
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