Many question whether Tesla would be as attractive a stock without Elon Musk. Now, investors will have to consider if AutoNation will be as attractive without Mike Jackson. My guess is the answer for Tesla is no, while the answer for AutoNation is yes.
AutoNation said in a recent press release that the board has begun a search for Jackson’s replacement, and he is expected to transition out of his chairman and CEO roles in 2019. He is under contract to remain as executive chairman through 2021, however.
Jackson is leaving a bit earlier than some anticipated – he is only 70 and still going strong. But he has already laid the groundwork for AutoNation to continue to function, and function well, even as the auto retail industry evolves.
Last year, AutoNation announces a raft of initiatives meant to ensure the group would thrive in the future, including more collision centers, stand-alone used car stores, branded parts, and an agreement with Waymo to service its autonomous vehicles.
In any case, I’m sure Jackson will continue to opine on the future of the auto industry for many years to come.
On to this week’s issue! It was fun to talk to a fellow San Antonian for this week’s profile of Abigail Kampmann, CEO of Principle Auto group. I was struck by her commitment to making the work environment there not just rewarding but also fun. In a time of serious turnover issues for dealerships, Kampmann is likely onto something.
Also this week, Bellavia Blatt returns to our pages with a column on when a stock purchase agreement in a buy sell may be preferable to an asset purchase agreement. It can be a good option when the preferred buyer might have trouble getting OE approval, for example. To find out why, check out the column.
And … Transaction News!