AutoNation Reports Roughly 50% Drop in Late March Unit Sales
One sector of the American economy that has been particularly affected by the SARS-CoV-2 coronavirus outbreak is the auto industry. Hammering home that reality, AutoNation (NYSE: AN) admitted in a regulatory document filed on Thursday that its sales in the final two weeks of March dropped by around 50% on a year-over-year basis.
In the document, which was essentially an update of the vehicle retailer's business in the wake of the pandemic, the company wrote of its "significant" declines in both the new and used automobile categories.
"Markets from which we derive approximately 95% of our total revenue are currently under extensive 'shelter in place' or 'stay at home' orders from federal, state, and local governments, which significantly restrict our business operations, in particular our sales activities," AutoNation explained.
Source Fool.com
