Used vehicle revenue grew 2.
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AutoNation has also demonstrated an ability to hold or grow share. Share gains are likely due to AutoNation's ability to invest in differentiators like omnichannel shopping options and its productive relationships with manufacturers, particularly important in a year with supply constraints due to the pandemic. In , Fitch expects AutoNation could experience an unwinding of factors.
Is AutoNation, Inc. (AN) Stock a Good Value?
However, increased auto supply could dampen new vehicle gross margins, which were up bps in Used vehicle gross margin could also moderate somewhat after climbing to bps in Leading Player in a Fragmented Industry: AutoNation benefits from its scale and reputation as the largest automotive dealership group in the United States, with extensive experience in running dealerships and dealing with automotive OEMs.
The company operates franchises across the United States with the predominant base located in major metro areas in the Sunbelt region. Industry incumbents such as AutoNation benefit from structurally high barriers to entry. Barriers to entry in the industry are high because of protected franchise agreements that are regulated on both a state and federal level. Additionally, dealerships require a significant upfront capital investment for both initial construction and working capital. Moreover, relationships with the automotive OEMs can be a key to success in the industry as an established relationship with an automotive captive-finance arm can lead to more favorable floorplan financing terms.
More recently, AutoNation's scale and cash generation enables it to invest in omnichannel model functionality such as digital shopping features. Business Evolution Benefits Operating Trajectory: AutoNation has used its cash flow to invest in efforts to leverage its scale and brand into complementary but higher margin businesses including parts and services and additional finance and insurance revenue streams.
These businesses are complementary to AutoNation's vehicle sales operation and have demonstrated significantly less economic cyclicality. Conservative Financial Management; Good Liquidity: AutoNation's capital structure management, including multiple liquidity sources and reasonable leverage, is designed to provide operating flexibility through auto cycles and the opportunity to drive share gains in a downturn.
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The company demonstrated its conservative financial management as new auto sales began to weaken in In mid and again at the onset of the coronavirus pandemic, the company suspended share repurchases, redirecting FCF toward debt reduction. Fitch expects adjusted leverage to trend in the mid-2x beginning AutoNation's ratings reflect its leading position in the auto retail segment and history of good cash flows, which allows it to invest in growth initiatives while effectively managing through an inherently cyclical automotive industry.
In vehicle sales downturns including , the company has benefitted from its ability to control expenses and its exposure to alternate revenue streams like parts and service, both of which have somewhat protected EBITDA despite topline challenges in the new vehicle segment. An upgrade could therefore result from increased confidence in AutoNation's ability to grow EBITDA over time, recognizing EBITDA could decline as gross margin upside unwinds, in combination with financial policy actions that would yield adjusted leverage sustained below 2.
Compared with AutoZone, Inc. WBA's ratings reflect the company's leading position in the U. The rating considers expectations for modest growth in pharmaceutical spending over time but recognizes ongoing gross margin pressure due to industry and competitive dynamics.
The drugstore industry has historically been relatively resilient to discount and online competition, given the copay structures of prescription drug plans and convenience nature of front-end purchases, though Fitch sees evidence that some front-end competitive insulation could be eroding. The rating also considers the negative near-term impact of the coronavirus pandemic on WBA's operating results, including weak top-line momentum in its U.
Adjusted leverage could remain above 4. Revenue growth in is expected to be led by the new vehicle and parts and service segments, which could expand mid-single digits following declines in on coronavirus pandemic impacts. AutoNation's used car and finance and insurance segments could grow low-single digits. Revenue growth beginning is projected in the 1. FCF could be used for share repurchases or tuck-in acquisitions, including dealerships.
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of four notches over three years.
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The Bill & Melinda Gates Foundation Trust Sold All Its AutoNation Stock
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Buy your next car online. Visit Us. About Us. Disclosure 1. The Limited-Time Special will be applied at time of eligible purchase or lease and may be compatible with most publicly available Chevrolet incentives for which you qualify. This incentive cannot be combined with HR Voucher Coupon. Subject to change without notice. Not available with special financing, lease and some other offers. Residential restrictions apply. Excludes L models. Must be a current owner of a model year or newer non-Chevy vehicle for at least 30 days prior to the new vehicle sale. New Vehicle Specials. Explore our new vehicle specials on different Chevrolet models below.
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What's Happening with AN Stock Today
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Schedule an appointment today and get back out on the road in an efficient and timely manner. Schedule Service Order Parts. Choose Certified Pre-Owned. Leave With Peace-Of-Mind. Shopping for a Certified Pre-Owned Chevrolet?