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As the average age of cars on the road hits eleven years now the country's largest car dealership group AutoNation.
Saw a very significant jump in new car sales for April by the end of this week the auto company will complete its coast to coast re branding campaign.
Folks this is never easy for a company to undertake so what's the secret.
To their stellar growth joining us now -- a box business.
Yeah it's AutoNation chairman and CEL.
-- Jackson and we have a lot to talk about here Mike but your numbers for April looked very good and we just heard Ben Bernanke earlier today say he's looking at certain data points.
-- Ben Bernanke tends to look at how banks are lending but I'm sure he's looking at auto sales what should the message -- from your experience -- AutoNation.
In the past couple of months.
And I think the economy is -- genuinely improving while it's been on all kinds of stimulus whether that's fiscal or monetary.
Since the events 08.
We're now seeing a recovery that's more based on fundamental on it if you want to call out the bright spots in the US economy.
You have to talk about energy housing and automotive.
And let's face it it's a good old American story with energy.
Cranky -- -- -- -- created fracking.
And unlock tremendous energy in America and housing went through a terrible period but now prices to stabilize the recovery.
And prices are recovering and the construction of new homes has -- we'll -- -- less than -- million new homes in America this year.
And automotive is in recovery that's wanna go on for years because as you mentioned -- we now -- an unprecedented.
Average age of eleven years old.
For the cars that are on the road.
-- customers need to do something they common to talk to us.
And we have fantastic new products from every manufacturer.
Including a new offering on fuel efficiency with a best financing ever so there's three.
Big bright spots it says the bad.
Can't begin to taper -- support for the economy.
Okay we're looking at some stats on -- nation but -- but very important -- here is that your stock is up 29%.
Over the past year.
I'd like to get to what it is nice and out of the out for the good of epic good number of believing that stretch it out over two years it's even better but.
Mike tell what you think about that the fact that this eleven year mark.
A -- a lot of people to buy cars are they buying America and I -- you said there are many different.
Choices I know you sell just about every different model of every different car company but give us a little tweak on what's selling hot right now.
I here's a way to think about it -- people.
Stopped buying cars and fixing cars starting in September of oh wait.
And didn't do anything for two or three years and they have to do something -- -- have to fix the car they have or get something new work.
So they come and -- talked to us now here's the interesting thing the offering from the manufacturers is the best I've ever seen.
And it really doesn't matter whether street right with a Renaissance is very real.
And they have -- offering now from small cars through tremendous pickup trucks.
-- the Japanese or the very differentiated Germans the American people have the best choice ever as far as quality design for it finished animation.
So it's a very exciting time -- -- -- be my.
I have to ask you about electric cars test was in the in the news certainly but but more importantly today the big news was that Bob -- the former head of design for General Motors.
Might be making this play for this -- protect what a paltry twenty million but it was kind of a disaster when it was.
Really kind of try to run on its own what do you think about I know you know Bob I know you look at all of these cars that just your gut reaction on that.
Well two things first the -- is a fantastic.
You know Hamas did a great job.
And the -- in my opinion doesn't even begin to touch that test -- and it and it would take a genius.
Like Bob let's just to straighten out the -- here.
And he -- even take that that platform and and make it something other than electric car in addition.
So I I I have tremendous and admiration for lots and.
We're sure you'll design and special to give us a sense of -- what's happening with gasoline prices as we head into memorial -- Well it's very interesting I think -- gasoline prices are basically coming down and that's very unusual for this time of the year.
Because were producing summer blends which adds one -- -- point five cents a gallon just in production cost.
-- prices are coming down which means by the fall they're going to be even lower.
So if you look at the energy availability in the United States around petroleum I think within the last two years we believe increase production by two million.
-- our two million barrels of oil a day.
So availability -- dramatically improved in the US and if you're buying petroleum down from -- you can buy it is -- is 65 dollars a barrel so.
Gasoline prices in the US in the next few months will be coming down.
Well what went -- that we -- we should also point out the people behind your your re branding many of your different dealerships.
To the -- -- congratulations.
Thank you so much for -- -- because you're wearing here in Phoenix today and -- billion dollar business he certainly are re branding and we're welcoming.
Our latest acquisitions the Honda and Hyundai store here in Phoenix a very exciting day.
Mike Jackson congratulations meeting with thousands of employees all here by --
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