AutoNation’s used-car ops gets captive finance company; Group 1’s strong margins push record results

AutoNation is buying a captive finance company for its AutoNation USA standalone, used-car operation, said chief executive officer Michael Manley during the company’s second quarter earnings call on July 21.

Once the acquisition is complete, CIG Financial of Irvine, Calif., will aid with the expansion of AutoNation USA and improve the used-car operation’s financial performance, all with modest upfront investment and little risk, Manley said.

Group 1 Automotive, which held its second quarter earnings call on July 27, reported …