AutoNation Inc. expects to save millions in the fourth quarter of 2017 and throughout 2018 following the recent federal tax changes, the company said Tuesday.
The nation's largest new-vehicle dealership group expects its net income from continuing operations in the fourth quarter of 2017 to increase $41 million because of the new tax law and a onetime impact on its deferred tax liability. Throughout 2018, AutoNation expects to improve net income from continuing operations by $75 million to $100 million because of the decrease in the corporate federal tax rate.
"We are excited about the pro-growth environment for business in the U.S., which includes the recently signed tax reform bill," CEO Mike Jackson said in a statement. "As a U.S.-based company, our employees, customers and shareholders will benefit greatly from a reduction in our corporate tax rates."