AutoNation Reports $1.4b Q3 Loss
Bertel Schmitt on Nov 07, 2008
Two interesting items to watch: One: "Third quarter Domestic retail new vehicle unit sales declined 36%. In comparison, U.S. industry Domestic retail new vehicle unit sales declined 33% according to CNW Research. Third quarter Import retail new vehicle unit sales declined 18%. In comparison, U.S. industry Import new vehicle retail unit sales declined 26% according to CNW Research." Looks like improts are still half alive at Autonation, compared with Domestics that took a much bigger hit (and from the October numbers trickling in, will be on the mat.) Autonation doesn't seem to agree with CNW on the import numbers .... Two: The huge writeoff for goodwill is interesting. Goodwill is an accountant's play-doh. Times are bad. These days, you are suprising nobody with an "Ouch!" to the common question "How's business?" Expect everybody to round up all financial sceletons tucked away in the lateral file cabinets, and write them off. "Hey, times are bad!" We'll have accrued losses for years to come. Tax revenue will go down the tubes. Maybe Obama will change his mind. Who wants that kinda job?
Latest Car ReviewsRead more
Latest Product ReviewsRead more
- TyL Ticket Scalpers...the lot of 'em.
- FreedMike Needed more ride height, some plastic cladding, and some fake-outdoorsy name like “Cadenza Dirt Cross”. Great success!
- Zang Guys, its a 370z with a new hat.
- Art Vandelay The X-90 was the one to get!
- Art Vandelay I can get a minty MKIV Supra for that money if I've just got to own this sort of car. As a bonus it will be better built and garner more attention down at the Cars and Coffee and in 6 months nobody will say "I only paid 40k for mine!" I can only figure that the dealer just wants to keep it on the showroom floor to get you in there where they will then order you one for later delivery at a sane price.