AutoNation captive finance arm's aim narrows

“The progress made to date has now put us in a position to expand and accelerate the integration across more of our dealerships and markets,” Butler told Automotive News in a statement. “To facilitate this, we are increasingly focusing AutoNation Finance’s resources on our stores. This was the notification to our independent dealers and is consistent with the intent of the acquisition a year ago.”

AutoNation, based in Fort Lauderdale, Fla., stressed in its letter to dealers, however, that it would honor “all valid issued approvals before the expiration dates listed on each.”

As well, dealers’ representations and warranties in AutoNation Finance/CIG’s Dealer Agreement will continue for all contracts it purchased from dealers, the company said.

AutoNation bought CIG Financial in October 2022 for $85 million.

AutoNation ranks No. 2 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., with retail sales of 229,971 new vehicles in 2022.

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