AutoNation's new Texas store kicks off national expansion
The push to expand AutoNation's footprint comes as the company is targeting annual sales of 1M new and pre-owned vehicles.
AutoNation is kicking off a national expansion with the grand opening of a new store in San Antonio, Texas.
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According to the automotive retailer, AutoNation USA San Antonio is one of five new stores that will open in 2021. Meanwhile, an additional 12 AutoNation USA stores will open in 2022. The company is aiming to have a total of 130 AutoNation USA stores open across the country by the end of 2026.
"We are excited to welcome Customers to our newest AutoNation USA store in San Antonio," AutoNation USA President Steve Kwak said in a statement. "We are also excited to offer employment opportunities to the local market."
An AutoNation spokesperson told FOX Business the San Antonio store will create 60 to 75 new jobs.
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AutoNation USA San Antonio is the first AutoNation store in the San Antonio, Texas market. AutoNation USA San Antonio is located at 15423 West I-10 and is open Monday through Saturday 9 a.m. to 8 p.m., and closed on Sundays.
AutoNation USA San Antonio at 15423 West I-10, San Antonio, TX 78249. (Photo courtesy of AutoNation)
AutoNation bills itself as offering haggle-free pricing and a customer-centric process that makes buying a pre-owned vehicle easy and allows customers to enjoy a peerless customer experience. Additionally, the company offers "We'll Buy Your Car," which enables customers to sell their vehicles directly to AutoNation, with no purchase necessary.
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The push to expand its footprint comes as AutoNation is targeting annual sales of 1 million new and pre-owned vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AN | AUTONATION INC. | 160.40 | +0.86 | +0.54% |
AutoNation also recently signed an agreement to acquire 11 stores and one collision center operating in Hilton Head and Columbia, South Carolina, and Savannah, Georgia, from Peacock Automotive Group, representing approximately $380 million in annual revenue.
Completion of the acquisition will increase AutoNation's footprint to over 325 locations. The transaction, which is subject to customary terms and conditions, including manufacturer approval, is expected to close later this summer.
Shares of AutoNation rose slightly during Tuesday's trading session following the announcement.