New Name an Important Step Forward in Building National Auto Retail Brand
FORT LAUDERDALE, Fla., April 6 /PRNewswire/ -- Republic Industries, Inc.,
America's largest automotive retailer, announced today that it has changed its
corporate name to "AutoNation, Inc." (NYSE: AN). The move signals the
Company's intent to make the "AutoNation" brand the pre-eminent national
retail name in automotive sales, service and rental.
Co-Chief Executive Officer Steven R. Berrard said the "AutoNation" name
underscores the Company's intent to focus its efforts exclusively on the
automotive retail and rental businesses. The new name will also support the
Company's efforts to transform its network of automotive dealerships into a
national retail operation that shares support staff, best practices and
operating processes.
"This is all part of our rapid and continuing development as a national
retailer and marketer," said Mr. Berrard. "Just 27 months ago, we set out to
partner with many of the leading automotive retailers in America. Today, we
have a national network of 380 franchised automotive dealerships. Now the time
has come to put it all together under a national retail brand that stands for
trust, innovation, value and service."
With the announcement, the Company's two key operating groups will be
known as the "AutoNation Retail Group" and the "AutoNation Rental Group." The
Company's used vehicle megastores will continue to do business as "AutoNation
USA" megastores. Working with manufacturers, the Company's franchised
automotive dealerships are expected to adopt the sub-brand, "An AutoNation
Company." The Company's three automotive rental brands -- Alamo Rent-A-Car,
National Car Rental and CarTemps USA -- will also adopt the sub-brand. The
Company's New York Stock Exchange trading symbol changes to "AN," effective
with the opening of trading today.
Separately, AutoNation's 1998 revenues of $17.5 billion ranked it 83rd on
the 1999 Fortune 500 list of America's largest companies, 68 places higher
than a year earlier.
AutoNation, Inc. is the world's largest automotive retailer with more than
380 new vehicle franchises in 20 states and 45 AutoNation USA used vehicle
megastores in 13 states. Its automotive rental units include Alamo Rent-A-Car,
Inc., National Car Rental Systems, Inc. and CarTemps USA, which combined have
operations nationally and in more than 65 countries.
SOURCE AutoNation, Inc.