As I’ve been indicating, the industry (inventory trends) have suggested a more favorable industry backdrop.  Unfortunately, AutoNation’s operating results did not show this.  True, they beat the numbers, but it was from a lower share count and lower tax rate.  Profits were awful.  They are the first among the public dealers to report.  The rest will mostly report the next two weeks. 

AutoNation’s conference call is at 11:00am eastern.  I’ll save the bulk of my comments for tomorrow’s piece (after the call.)  Management doesn’t let me ask questions, but the dial in is:  888-639-6205.

The important results:

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Related Companies: AutoNation