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Auto sales are on the way for further decline, says AutoNation CEO



It's getting harder to sell cars, and it signals that the automotive industry is about to enter a downturn, the outgoing CEO of the nation's largest car dealership chain, said Friday.

.10 per share on Friday, missing Wall Street expectations, sending stocks down 4 percent, the company's stock has fallen nearly 30 percent over the past year

Jackson goes down in March. followed by Carl Liebert, the latter CEO of USAA, a financial services company, Lieber He was also a executive vice president at Home Depot.

During Jackson's 20 years at the helm, he helped transform a small collection of dealers to the country's largest car dealership, which weathered a decline in the process.

"As they say in" The Godfather, "this is the life we ​​chose," Jackson said. "Cars are a cyclical business. When it comes to investors, I don't care if it's a manufacturer, supplier, retailer, you don't buy the stock at the end of the cycle, but it also creates many opportunities that we have exploited over the years and have always come out of recession stronger than we entered into them, and we intend to do so also this time. "


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