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SVTPerformance's Chain of Restaurants
Road Side Pub
Manufacturer 84 at 0%
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<blockquote data-quote="Weather Man" data-source="post: 16474639" data-attributes="member: 137766"><p><span style="font-size: 22px"><strong>AutoNation to close aftermarket collisions business as part of streamlining efforts</strong></span></p><p>Aug. 19, 2020 4:18 PM ET|About: <a href="https://seekingalpha.com/symbol/AN" target="_blank">AutoNation, Inc. (AN)</a>|By: <a href="https://seekingalpha.com/author/sa-editor-clark-schultz" target="_blank">Clark Schultz</a>, SA News Editor </p><p></p><p></p><p>AutoNation (NYSE:<a href="https://seekingalpha.com/symbol/AN" target="_blank">AN</a>) says it plans to continue its aggressive approach to streamline its business.</p><p></p><p>The company notes that its restructuring plan over the last twp years has reduced costs annually and consolidated its region infrastructure from three to two regions, improving adjusted SG&A as a percentage of gross profit along the way.</p><p></p><p>Looking ahead, AutoNation will close its aftermarket collision parts business, referred to as AutoNation Collision Parts by the end of the year. The ACP business represented less than 1% of AutoNation's Parts and Service gross profit for the six months ended June 30. In connection with the closing, the company estimates that it will incur charges in the second half of the year of ~$52M, including $12M in cash.</p><p></p><p>"We see an opportunity to take a larger share of the used vehicle market and benefit from the increased interest in vehicle ownership by our customers. AutoNation's strong brand, first-class digital capabilities, and One Price pricing strategy, combined with lower acquisition cost and stable used vehicle retail pricing make AutoNation USA stores an attractive opportunity," states AutoNation's Chairman/CEO Mike Jackson.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16474639, member: 137766"] [size=6][b]AutoNation to close aftermarket collisions business as part of streamlining efforts[/b][/size] Aug. 19, 2020 4:18 PM ET|About: [URL='https://seekingalpha.com/symbol/AN']AutoNation, Inc. (AN)[/URL]|By: [URL='https://seekingalpha.com/author/sa-editor-clark-schultz']Clark Schultz[/URL], SA News Editor AutoNation (NYSE:[URL='https://seekingalpha.com/symbol/AN']AN[/URL]) says it plans to continue its aggressive approach to streamline its business. The company notes that its restructuring plan over the last twp years has reduced costs annually and consolidated its region infrastructure from three to two regions, improving adjusted SG&A as a percentage of gross profit along the way. Looking ahead, AutoNation will close its aftermarket collision parts business, referred to as AutoNation Collision Parts by the end of the year. The ACP business represented less than 1% of AutoNation's Parts and Service gross profit for the six months ended June 30. In connection with the closing, the company estimates that it will incur charges in the second half of the year of ~$52M, including $12M in cash. "We see an opportunity to take a larger share of the used vehicle market and benefit from the increased interest in vehicle ownership by our customers. AutoNation's strong brand, first-class digital capabilities, and One Price pricing strategy, combined with lower acquisition cost and stable used vehicle retail pricing make AutoNation USA stores an attractive opportunity," states AutoNation's Chairman/CEO Mike Jackson. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Manufacturer 84 at 0%
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