Detroit Bureau on Twitter

Posts Tagged ‘AutoNation’s Mike Jackson’

AutoNation’s Jackson Rains on Tesla’s Valuation Parade

CEO claims GM is undervalued.

by on Apr.11, 2017

AutoNation CEO Mike Jackson (right) said today that Tesla was overvalued while GM was just the opposite.

Tesla stock is clearly overvalued while General Motors is undervalued, AutoNation CEO Mike Jackson said during an appearance at the annual Automotive Forum hosted by NADA J.D. Power the day before the New York International Auto Show.

While Jackson’s view is held by plenty of industry folks, at least one auto executive believes that Tesla’s current valuation is rooted in something substantial. Mark O’Neil, COO of Cox Automotive, noted that Tesla is changing consumer expectations of the automotive retailing experience.

Financial News!

However, Jackson’s belief may be more rooted in the perspective that the traditional U.S. automakers are currently undervalued. He said today’s reality is that, “Gas is affordable as far as the eye can see.” (more…)

AutoNation Embarks on Major Brand Expansion

Dealer chain will add used car-only shops, parts business, push online car sales and more.

by on Oct.28, 2016

AutoNation plans to invest $500 million in a brand expansion that will see it challenge used car leader CarMax.

It may already be the nation’s largest new car dealer chain, but Florida-based AutoNation is setting out on a major brand expansion that will see it challenge used car specialist CarMax, start selling its own line of automotive parts and accessories and push further into online car shopping.

The project is expected to cost AutoNation about $500 million and take several years to put in place. But it could firm up the publicly traded dealer network’s grip at a time when many industry experts forecast dramatic changes to come in the automotive world. Whether the project is enough remains to be seen, as some experts believe car sales could decline during the coming decade in favor of new car- and ride-sharing alternatives, such as Car2Go and Uber.

Subscribe Now!

AutoNation was at the forefront of an earlier transition, as thousands of traditional ma-and-pa dealerships were taken over by mega-chains. “Now we’re ready to see how we can extend this brand we created to new business opportunities,” said AutoNation CEO Mike Jackson. (more…)