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AutoNation Inc.’s first-quarter results were hampered by slower business and stay-at-home orders across most of its footprint amid the coronavirus pandemic, driving the auto retail giant to a net loss. The nation’s largest new-vehicle retailer said Monday that first-quarter revenues dropped 6.3 percent to $4.67 billion. Lower revenues and $315 million in after-tax noncash goodwill,
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Imagine turning 65, looking back and realizing that you peaked in your mid-teens and that you spent much of the last 50 years trying to once again taste the popularity of your youth. The so-far failed chase by this boomer has been both exhausting and expensive — including a stretch a decade ago spent with
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DETROIT — Liberated from its longtime slot in the deep freeze of January, the Detroit auto show had big plans for the 2020 event that were years in the making. It was supposed to be a summertime celebration for a transforming auto industry and a resurgent downtown. With just months to go before the new
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Dealership marketing company AutoWeb acknowledged this week it may have to return the $1.38 million loan it received in April under the U.S. Small Business Administration’s Paycheck Protection Program. The company advised with its first-quarter earnings this week that the federal government issued new guidance that large companies will have to certify their economic needs to
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Ford Motor Co. will join the rest of the Detroit 3 in resuming most North American vehicle production on May 18, hours after Michigan Gov. Gretchen Whitmer lifted restrictions on manufacturing in the state. The automaker said it planned to resume full operations at parts depots on May 11. North American plants, with a couple
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Gretchen Whitmer, Michigan governor. Bill Pugliano | Getty Images Michigan Gov. Gretchen Whitmer will allow the state’s auto manufacturing plants, most of which have been shuttered since March due to the coronavirus pandemic, to reopen beginning Monday. The timeframe makes it possible for auto suppliers to begin reopening plants ahead of General Motors and Fiat Chrysler,
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Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC Shares of Carvana tumbled double digits during after-market trading following the auto retailer reporting a net loss of $183.6 million during the first quarter. The company’s loss widened by 122.3% compared to it losing $82.6 million during the first quarter of 2019. The used-car e-commerce platform reported
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Carvana reported a larger first-quarter loss as the online used-vehicle retailer, which has not posted a profit as a public company, was hit by the coronavirus pandemic. The company said demand began to fall in mid-March as state and local governments implemented shelter-in-place orders. “This slowdown persisted into April with weekly retail unit sales down
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