AutoNation’s (AN) Jackson is clearly the class of this industry. Here he responds to yesterday’s news on GM (GM) and Chrysler.
On CNBC:
On FOX Biz:
From the dealership side, Mr. Jackson went on to say that the industry has stabilized now at about 9 million units, and with the emergence of the TALF this month and GM and Chrysler’s reorganization finally being materially addressed the future, over time, should improve.
“Credit is still the key and is beginning to improve, but leasing programs still need to be revived. Floor plan financing is still difficult to acquire as well.”
Mr. Jackson reiterated. “However, there is no question there may be a risk of a downward spiral with an uncontrolled bankruptcy of General Motors and Chrysler, but if the government will provide material support and direction, this will provide the necessary stability that should allow the companies to come back with a new future.”
Disclosure (“none” means no position):Long AN, none