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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JUNE 30, 1999
AUTONATION, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-13107 73-1105145
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
110 S.E. 6TH STREET
FT. LAUDERDALE, FLORIDA 33301
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (954) 769-6000
N.A.
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On June 30, 1999, AutoNation, Inc. (the "Company") announced that it
has begun a search for a new Chief Executive Officer. H. Wayne Huizenga and
Steven R. Berrand, the Company's Co-Chief Executive Officers will continue to
lead the Company until the new Chief Executive Officer is named. Mr. Huizenga
will continue to serve as Chairman of the Board of the Company and Mr. Berrard
will remain on the Company's Board of Directors following the appointment of the
new Chief Executive Officer.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
The Exhibits to this Report are listed in the Exhibit Index set
forth elsewhere herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AUTONATION, INC.
By: /s/ James O. Cole
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James O. Cole
Senior Vice President,
General Counsel and Secretary
Dated: July 1, 1999
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
99.1 Press release dated June 30, 1999.
</TABLE>
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EXHIBIT 99.1
AUTONATION, INC. SEEKS NEW CHIEF EXECUTIVE OFFICER; HUIZENGA TO REMAIN CHAIRMAN;
BERRARD TO REMAIN CO-CEO UNTIL SUCCESSOR IS NAMED
FORT LAUDERDALE, Fla., June 30 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN)
announced today that it has begun a search for a new Chief Executive Officer.
The new CEO will report to H. Wayne Huizenga, who will remain Chairman of the
Board. Steven R. Berrard, who serves as Co-Chief Executive Officer along with
Mr. Huizenga, will continue to lead the Company as Co-CEO until the new Chief
Executive Officer is named. Mr. Berrard will remain on AutoNation's Board of
Directors following the appointment of the new Chief Executive Officer.
Commenting on the decision, Mr. Huizenga said, "In less than three years, we
have built AutoNation into America's largest automotive retailer, and one of the
largest vehicle rental companies in the world. At the same time, we have grown
revenue to nearly $20 billion, while also achieving record earnings growth.
"We have been focused primarily on acquiring many of the nation's best
automotive dealerships, and on organizing them into America's most forward-
looking automotive retail network. Although we continue to acquire new
dealerships and to refine our network, much of that work is now behind us. Steve
Berrard made this happen."
Mr. Huizenga added, "At AutoNation, Steve has accomplished what he enjoys most:
building new businesses. Under his leadership, AutoNation has become the
country's preeminent automotive retailer -- and it has done so in an incredibly
short period of time. Today, thanks in great part to Steve, AutoNation is a
company that is poised for greatness."
Mr. Huizenga added, "Looking ahead, our strategy, which remains constant, calls
for redefining the customer experience. Steve and I believe that now is the time
to put a new Chief Executive in place to help build shareholder value and
unleash AutoNation's great potential."
Mr. Berrard commented, "Today, AutoNation is a Fortune 100 company with a great
business plan, outstanding financial performance, a sound balance sheet and an
excellent management team. I am proud to have led this phase of AutoNation's
growth.
"Having accomplished what I set out to do at AutoNation, I am ready to take on
new opportunities and to do what I enjoy most: building companies from the
ground up."
Mr. Berrard said the search for a new Chief Executive Officer is already
underway. He added that, once his successor is named, he will become actively
involved in New River Capital Partners, his private investment firm, where he
will oversee a number of investments in growth companies.
Mr. Berrard added, "I want to make it clear to shareholders and employees that I
am fully committed to providing strong leadership for AutoNation during this
transition period and to doing everything possible to ease the transition for my
successor. We are now, and always have been, a strong team at AutoNation and
this decision in no way changes that. Our focus remains building shareholder
value and we will continue to do just that."
SOURCE AutoNation, Inc.
CO: AutoNation, Inc.
