- AutoNation (NYSE:AN) announces a series of restructuring actions to enhance its flexibility to invest in its its brand extension strategy and digital capabilities, including some personnel moves and regional structure consolidation.
- The company's new cost savings plan to improve efficiency and profitability is anticipated to reduce costs by approximately $50M through the reorganization and realignment of the operating structure.
- CEO statement: "We believe automotive retail will be challenging in 2019 and improving our performance, creating synergies across our network, and restructuring our corporate and regional teams are pivotal components of AutoNation's cost savings plan, as we create a more agile, streamlined, and efficient core business that is well-positioned for long-term success. These actions will better position us for a changing market."
- Source: Press Release
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