Automotive retailers are cutting executive pay and laying off or furloughing thousands of workers as U.S. auto sales plummet amid the coronavirus pandemic.
, the nation's largest U.S. auto dealership chain, is furloughing 7,000 employees, slashing executive pay and postponing more than $50 million of capital spending as its year-over-year sales declined by about 50% last month, according to a Friday filing with the U.S. Securities and Exchange Commission.
Shares of AutoNation were down 2.7% during the final hour of trading to $24.53. The stock is down 49.7% this year., cited "shelter-in-place" or "stay-at-home" orders from federal, state, and local governments as reasons for the decline in sales: "The COVID-19 pandemic has adversely impacted, and is expected to continue to adversely impact, AutoNation's operations," AutoNation said in the SEC filing.
AutoNation said it currently has about $1.1 billion of liquidity, including more than $400 million of cash and about $700 million in its revolving credit facility. The company employs 26,000 people at more than 300 locations in 18 states,
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