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|AutoNation, NADA Announce Plans to Work Together on Industry Issues|
Auto Retailer Becomes First Public Company to Endorse Trade Group's Updated Code of Ethics
FORT LAUDERDALE, Fla., Jan. 20 /PRNewswire-FirstCall/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, and the National Automobile Dealers Association, which represents more than 19,400 new car and truck dealers in the U.S., today announced plans to explore opportunities to work jointly on issues affecting the automotive retail industry. To mark the announcement, more than 400 AutoNation executives will sign the NADA's recently updated Code of Ethics for automobile retailers during a ceremony today at the Company's annual Retail Leadership Conference.
Leading the historic signing will be Mike Jackson, AutoNation's Chairman and Chief Executive Officer; Michael E. Maroone, AutoNation's President and Chief Operating Officer; and H. Carter Myers, III, NADA's Chairman. This also marks the first time that an NADA Chairman has attended an event hosted by a publicly held automotive retail company. Though dramatic growth in the public ownership of automobile dealerships began six years ago, the vast majority of NADA's membership continues to be operators of privately held dealerships.
Regarding AutoNation's and NADA's announcement, AutoNation Chairman and CEO Jackson said, "At AutoNation, we're proud to be America's largest retailer of both new and used vehicles. This is why we're especially compelled to support the efforts of our industry's leading trade organization. To demonstrate our commitment, we wanted to express our full endorsement of NADA's recent and valuable work on industry ethics."
On signing the NADA's recently updated Code of Ethics, AutoNation's President and COO Maroone said, "AutoNation has long stood for a superior buying and ownership experience. We join NADA today in saying that experience is dependent on trust and transparency in retail transactions. With our actions today, we're telling our customers that AutoNation will continue to exceed their expectations."
In announcing plans to work with AutoNation, NADA Chairman Myers said, "For years, NADA has represented thousands of dedicated and talented entrepreneurs who have stood for excellence in automotive retailing. Many of these individuals now lead public companies that are continuing that tradition. As an organization, we want to have the support and input of these talented men and women as they take automotive retailing into new directions."
Added Myers: "We welcome AutoNation's support on an issue as important as ethics in our industry. And as we continue to work with our core constituency, we look forward to further contributions from publicly owned retailers."
The NADA updated its Code of Ethics last October, its first major revision in nearly 20 years. For the first time detailed provisions are included for the four key areas of dealer operations: sales, service, finance & insurance and advertising. The revised Code is designed to reinforce the personal commitment by dealers to quality services and community involvement.
ABOUT AUTONATION, INC.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest retailer of both new and used vehicles. Ranked #101 on the 2002 Fortune 500 survey of America's largest corporations, AutoNation employs approximately 30,000 people and owns and operates 370 automotive retail franchises in 17 states. For additional information, please visit the "About US" section of www.AutoNation.com , where more than 100,000 vehicles are available for sale, or visit http://corp.AutoNation.com .
ABOUT THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION
The National Automobile Dealers Association represents more than 19,400 new car and truck dealers, with more than 49,300 separate franchises, both domestic and import. SOURCE AutoNation, Inc.
CONTACT: Oscar Suris of AutoNation, Inc., +1-954-769-3576, or suriso@AutoNation.com; or David Hyatt of National Automobile Dealers Association, +1-703-821-7120, or media@NADA.org/
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