FORT LAUDERDALE, Fla.,
Oct. 28, 2016 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest automotive
retailer, today announced the next phase of the Company's
comprehensive brand extension rollout, which includes: AutoNation
USA® standalone pre-owned vehicle sales and service centers,
AutoNation branded parts and accessories, the expansion of
AutoNation branded standalone collision centers, and the expansion
of AutoNation Auto Auctions.
In 2013, the Company launched the AutoNation®
retail brand from coast to coast. That branding effort has been
successfully extended to AutoNation Express and AutoNation Customer
Financial Service products, and now the Company is well positioned
to further leverage its retail brand. The next phase of
AutoNation's comprehensive brand extension strategy provides
customers with additional opportunities to purchase and service
with a trusted automotive retail brand that provides fair and
transparent pricing, faster transaction times, a seamless
transition from online to in-store, and a peerless service
experience.
Mike Jackson, Chairman, Chief
Executive Officer and President, said, "We are pleased to announce
the next phase of our comprehensive brand extension strategy, which
will provide long-term growth opportunities for the Company. We
expect that our investments in this next phase of the Company's
brand extension rollout, which may exceed $500 million in the aggregate, will continue for
the next several years. We have built an industry-leading brand,
and we remain committed to achieving and sustaining operational
excellence, while creating a peerless customer experience and
enhanced services throughout the automotive retail sector."
One Price
One Price, an AutoNation brand element, was
launched in several markets in the third quarter of 2016 and is a
foundational attribute of AutoNation USA. One Price
allows the Company to leverage centralized capabilities, such as
centralized pricing and appraisals, and offers consumers a
transparent and stress-free buying experience. AutoNation plans to
fully implement One Price in all
existing locations by the end of the second quarter of 2017.
AutoNation USA
AutoNation USA stores are standalone pre-owned vehicle
sales and service centers. A key driver of AutoNation USA is AutoNation Express, the Company's
digital platform, which allows customers to dramatically reduce
their transaction time by offering a seamless end-to-end
experience. Through AutoNation Express, a customer can search
inventory online, select and reserve a vehicle, value their trade,
see payment options, and apply for financing.
Beyond the car buying experience, AutoNation USA sales and service centers will offer
express service and scheduled maintenance and repair work.
AutoNation USA stores will offer a
customer-friendly end-to-end digital experience for service,
including communications and payment options. The Company believes
AutoNation USA sales and service
centers will improve retention with customers who have vehicles
that are out of warranty and traditionally service with independent
repair shops. AutoNation has identified 25 AutoNation USA potential sites in its existing markets,
of which five are expected to open in 2017.
AutoNation Precision Parts and AutoNation Auto
Gear
AutoNation Precision Parts is a high quality,
competitively priced line of maintenance and repair parts. The new
product line will be integrated into the Company's reconditioning
operations, as well as enable improved customer retention for
retail service, wholesale parts and collision repair business
units, including AutoNation USA.
AutoNation Precision Parts was launched in the third quarter of
this year in the Company's existing stores, with the introduction
of AutoNation branded batteries that feature an industry-leading
free lifetime replacement guarantee.
AutoNation Auto Gear, the Company's branded automotive accessory
line, will offer auto accessories for lifestyle, appearance,
protection, and vehicle security. AutoNation Auto Gear was also
launched in the third quarter in the Company's existing stores and
will be available at each AutoNation USA store. The Company will be expanding both
AutoNation Precision Parts and AutoNation Auto Gear product lines
in phases as their product portfolios are developed.
AutoNation Collision Centers
AutoNation currently owns
and operates 70 collision and repair centers across the country,
and is expanding its collision center footprint to reach more
customers and leverage relationships with insurance carriers.
AutoNation has the largest collision center network among
automotive retailers, with expertise and certifications with
multiple manufacturers, and is the preferred repair provider for
many of the major insurance carriers. New locations are planned for
key markets where AutoNation has store density, but does not have
an existing collision presence or has capacity limitations. The
Company recently opened a new collision center in Sarasota, Florida, and today announced the
acquisition of Westmont Body Werks in Westmont, Illinois, a suburb of
Chicago. Over the next two years, AutoNation plans to open or
acquire at least 18 new AutoNation branded collision centers across
the country.
AutoNation Auto Auctions
AutoNation owns and
operates a successful wholesale auto auction in Southern California, which processes over
25,000 vehicles annually. With an opportunity to leverage its
expertise and expand in an attractive growth market, the Company
plans to open four additional AutoNation branded auto auctions over
the next two years, starting in Orlando,
Florida and Houston, Texas
in the first half of 2017. New auto auctions will be centrally
located in select, high volume markets and will primarily feature
AutoNation vehicle inventory. The AutoNation Auto Auctions will
provide buyers and sellers with a great opportunity to dispose of
and acquire highly desirable used vehicles as well as provide an
array of other on-site support services.
About AutoNation, Inc.
AutoNation, America's
largest automotive retailer, through its bold leadership,
innovation and its comprehensive brand extensions, is transforming
the automotive industry. As of September 30,
2016, owned and operated 371 new vehicle franchises from
coast to coast. AutoNation has sold over 10 million vehicles, the
first automotive retailer to reach this milestone. AutoNation's
success is driven by a commitment to delivering a peerless
experience through customer-focused sales and service processes.
Through its Drive Pink initiative, AutoNation is committed to drive
out cancer, create awareness and support critical research.
AutoNation continues to be a proud supporter of the Breast Cancer
Research Foundation and other cancer-related charities.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING STATEMENTS
This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Words such as "anticipates,"
"expects," "intends," "goals," "plans," "believes," "continues,"
"may," "will," and variations of such words and similar expressions
are intended to identify such forward-looking statements.
Statements regarding our strategic initiatives, including our brand
extension strategies, as well as other statements that describe our
objectives, goals, or plans are forward-looking statements. Our
forward-looking statements reflect our current expectations
concerning future results and events, and they involve known and
unknown risks, uncertainties, and other factors that are difficult
to predict and may cause our actual results, performance or
achievements to be materially different from any future results,
performance and achievements expressed or implied by these
statements. These risks, uncertainties, and other factors include,
among others: our ability to successfully implement, and customer
adoption of, our brand extension strategies; our ability to
identify, acquire, and build out suitable AutoNation USA and Collision Center locations in a timely
manner; our ability to maintain and enhance our retail brands and
reputation and to attract consumers; economic conditions;
regulatory factors affecting our business; and other factors
described in our news releases and filings made under the
securities laws, including, among others, our Annual Reports on
Form 10-K, our Quarterly Reports on Form 10-Q and our Current
Reports on Form 8-K. Forward-looking statements contained in this
news release speak only as of the date of this news release, and we
undertake no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
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SOURCE AutoNation, Inc.