AutoNation Finance Completes Inaugural $700 Million Asset-Backed Securitization

Core Viewpoint - AutoNation, Inc. successfully completed its first asset-backed securitization, raising $700 million for its automobile loan portfolio at a competitive fixed interest rate of 4.90% [1][2]. Group 1: Financial Performance - The asset-backed securitization achieved a final interest rate lower than the cost of the debt it will replace, indicating effective financial management [2]. - An initial advance rate of 98% was accomplished, showcasing strong demand for the offering [2]. - The size of the offering was increased by $200 million, providing additional capital to support the company's capital allocation priorities [2]. Group 2: Company Overview - AutoNation is one of the largest automotive retailers in the United States, offering a wide range of new and used vehicles, customer financing, parts, and maintenance services [3]. - The company has a nationwide network of dealerships and is recognized for its brand strength [3]. - AutoNation has raised over $40 million for cancer-related causes, reflecting its commitment to community engagement and social responsibility [3].