AutoNation to acquire CIG Financial
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Contained within AutoNation’s quarterly news release about sales and revenue results, the publicly traded dealer group also announced its entry into the finance company business.
AutoNation said on Thursday that it has entered into an agreement to acquire CIG Financial, an auto finance company headquartered in Irvine, Calif.
AutoNation said the transaction is expected to close within the next 90 days and is subject to customary closing conditions and regulatory approvals.
“The acquisition of CIG Financial aligns with AutoNation’s strategic business model and singular focus on personalized mobility solutions that are easy, transparent and customer-centric,” AutoNation said in the news release.
“This acquisition will further extend AutoNation’s relationship with its customers beyond the buying experience and throughout the vehicle ownership life cycle,” the company added.
Editor’s note: More details about AutoNation’s second quarter performance in the used-vehicle department will be featured in an upcoming report.
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