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AutoNation Sales Slump Prompts Cuts In Workforce

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Jul 24, 2008 9:33 am US/Eastern

AutoNation Sales Slump Prompts Cuts In Workforce

Sales are down 13 percent to $3.91 billion from $4.48 billion a year-ago

FT. LAUDERDALE (CBS4) ― Fort Lauderdale's AutoNation, the nation's largest automotive retailer, announced on Thursday it would cut about 1,300 jobs after announcing its second-quarter profit tumbled 33 percent as its sales fell on a drop in vehicle demand.

AutoNation and the automotive industry are pressured from a drop in sales of vehicles because of fuel prices, tighter credit and a weak housing market.

Chairman and CEO Mike Jackson was quoted by CBS4 news partners The Miami Herald as saying this period marks the ``most challenging automotive sales environment any of us have ever encountered.''

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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