Less than a year after AutoNation Inc. acquired auto finance company CIG Financial, the dealership giant is narrowing the division's focus to its own stores.
AutoNation's Aug. 31 letter to independent dealer customers said it would end credit application processing with independent dealers as of Sept. 1. Moving forward, the company will concentrate its lending business solely on its franchised stores and its standalone AutoNation USA used-car business.
Jeffrey Butler, president of AutoNation Finance (CIG Financial's new name), said the division's move to focus fully on AutoNation-specific dealers was always part of the long-term plan.