AutoNation Announces New Payment Protection Program

      Mike Maroone President of AutoNation, the largest car dealership in the United States, announced on the Fox Business Network and Bloomberg Television, AutoNation's new car buyer “Payment Protection Plan” for new and used vehicles across all brands of cars and trucks available at its dealerships as a special service for the AutoNation customer.

     In an effort to meet consumer needs and provide help and a sense of security for the future car or truck buyer, AutoNation will begin this pilot program at its Thirty-Three flagship South Florida dealerships. Any customer who currently is employed and who wishes or needs to purchase a vehicle any purchases it from an AutoNation dealership, AutoNation will guarantee monthly payments up to $500 per month up to six months if the customer subsequently looses his or her job…. at no additional cost to the customer.

     'These are difficult times for the nation and particularly the U.S. auto industry' Mr. Maroone went on to say. 'The consumer has lost confidence with unemployment rate currently hovering around 8.1% and AutoNation is working hard to meet the needs of the consumer at this time by providing some security by implementing this “Payment Protection Plan”. This is the right program at the right time and will provide proper stimulus that should help the distressed customer and spur vehicle sales' ...Mike Maroone stated… “We are beginning this program immediately in South Florida, and if successful, it will be available at all AutoNation dealerships and to every AutoNation customer across the United States. This program will apply to leased vehicles as well and will attack the two key issues plaguing the U.S auto industry at this time;  'these are consumer confidence, and the availability of credit.'

     As to the current state of the economy, Mr. Maroone stated that the announcements about the TALF and the announcement from Federal Reserve Chairman today were critical in helping stabilize the financial industry, and AutoNation is now quick to respond with this positive program which is aggressive and bold in order to break through to the beleaguered customer. Mr. Maroone indicated there is still a high supply of cars and trucks available and whatever AutoNation can do in establishing  new vehicle purchase programs will be helpful. 

     As to the most recent economic events, Mr. Maroone went on to say that ‘Chairman Bernanke is doing well in announcing the TALF today and this will help in freeing up the frozen credit markets, but the customer right now may be slow to respond….This program should help in this regard.

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