Jackson: Penske sets my retirement pace

AutoNation CEO Mike Jackson's employment contract with the country's largest dealership group is up in September. Jackson will turn 65 next February, but he has no intention of walking out the door any time soon.

Jackson told Automotive News last week that he intends to follow the example of his friend and competitor Roger Penske, the 76-year-old CEO of Penske Automotive Group.

"Does he look like he's retiring?" Jackson said. "Let's say Roger retires when he's 85, in which case I'll be [near] 75. You can then say: 'Mike's going to retire in 10 years.' Whatever Roger's in for, I'm in for."

Jackson said his contract is only a formality and that it will be extended before the September expiration: "I'm committed to the company open-ended."