AutoNation, the largest dealership group in the U.S., plans to add auto finance to its digital storefront, called AutoNation Express, by 2016, according to Chief Executive Mike Jackson.
The first phase of the digital initiative — the ability to identify and reserve a specific vehicle online — was completed six months ahead of schedule, Jackson said in the company’s recent second-quarter earnings call.
“Then we’ll be in pilot phase toward the end of the year for financing and customer care, and then move that out in 2016,” he said in a conference call on July 22. “We intend to fully make our site transactional for every phase of the business.”
Jackson said he expects that the combination of a strong brand with the “consumer-empowered transactional sites” integrated into dealerships will be a significant competitive advantage for AutoNation in the long term.
He also singled out leasing, while praising the state of the auto finance industry in general.
“We like leasing,” he said. “I think auto financing, whether it’s longer terms [or] leasing, is in fantastic shape. People pay for their cars, the record is clear, and leasing does set up a recurring buying cycle, which is very worthwhile.”
