By Contributing Author on Friday, February 12, 2010
“We have passed the one-year anniversary of the financial meltdown and have prevailed,” said Mike Jackson, CEO. What does this mean for AutoNation’s fourth quarter report? It means the company beat most analysts’ predictions of 27 cents per share. It has been a long and winding road to get here and the company is glad to report earnings of 29 cents per share thanks to an 8% revenue increase and a 7% increase in new vehicle sales. “It’s the first year-over-year increase in new vehicle sales since the second quarter of 2005,” said Mr. Jackson. As a result, AutoNation was able to end the year with a small increase in adjusted net income.
The fourth quarter success was achieved through many factors and clearly was not the result of one department, person or event. It takes a team of dedicated associates to make a company run. “AutoNation is proud of the efforts of its team, which can be seen in the increased productivity and decreased turnover of associates. Along with these two successes AutoNation received its highest ever customer satisfaction levels in both sales and service,” said Mike Maroone COO.
As the company looks to a brighter future in 2010, it is poised for further success. The company is focusing its efforts on growth and expansion. Beginning with its highest priority, the customer, all AutoNation’s Toyota stores have expanded their hours in order to repair Toyota Recall vehicles. And while getting new customers through word of mouth referrals is always a goal, the focus this year is on making current customers happy, which is one reason some AutoNation stores are piloting 7 Day Service. The company knows the importance of having a large selection of vehicles for customers to choose from and is pleased to say that 90% of its inventory is 2010 models.
We as a nation and as a company may not be completely out of the economic slump, but we are on the road to a brighter future!