AutoNation on “credit watch” list, according to Standard & Poor’s
09/19/2008, 5:34 PM
By Andrew Ganz
Standard & Poor’s has downgraded AutoNation, the largest dealership group in the country, to one step above a junk rating in response to a weakened auto sales market and United States economy as a whole. S&P doesn’t expect the new car buying market to rebound until at least well into 2009.
Putting the Florida-based AutoNation on “credit watch” means that S&P officials will meet with AutoNation in the next 90 days to discuss the company’s future plans. It gives S&P a 50-50 chance to downgrade the dealership group again.
This is the third time in two years that AutoNation has been downgraded by S&P. The company’s cash flow is expected to be especially weak this year as it sits on massive amounts of unsold inventory nation-wide.
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09/19, 5:59 PM
posted by:
yarddog82abn
Good thing I don’t sell for them….
09/19, 8:30 PM
posted by:
Jordan
good thing i’m not an automotive dealer?
09/19, 10:51 PM
posted by:
johnnycanuck
…good thing they’re not all lesbians.
09/20, 12:53 AM
posted by:
tecknical
good thing i dont care
09/20, 10:03 AM
posted by:
Lariat Luxury Locomotive Liner No.3
More to follow.
09/20, 10:06 AM
posted by:
Lariat Luxury Locomotive Liner No.3
Lutz is an environmentalist—he keeps recycling his own crap.
09/21, 10:16 AM
posted by:
Vosotros
Maybe it’s just my experience… but AutoNation-owned dealers have long struck me as the worst to work with. They are all about the bottom line, not about customer service or especially polished, knowledgeable sales people.
09/21, 5:48 PM
posted by:
dmlgc
Autonation is the worst , BMW has sacrificed it’s brand to them for the sake of volume. After Autonation takes over a dealership first the sales dept goes then the service dept. Just look at what they did to BMW of mountain view , calif (http://www.mv-voice.com/news/show_story.php?id=654).
The mechanics were arguing against AN new pay scheme, being paid their full hourly rate if they fixed a car in the fixed time allocated by Autonation, if they didn’t then then would only get 3/4 of their hourly rate. Would you want you car serviced there ?
09/21, 8:06 PM
posted by:
Leftlane Staff
Test.
09/22, 12:13 AM
posted by:
nickkop
ya i worked there they sort of suck ass