AutoNation Tumbles as Takata Recall Seen Affecting Car Sales
- Goldman analyst cites U.S. exposure as retailer’s big risk
- Steepest drop in three months outpaces broad stock sell-off
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AutoNation Inc. sank the most in three months after a Goldman Sachs analyst said the Takata Corp. air-bag recall would have a bigger effect on the largest U.S. new-vehicle retailer than on most of its competitors.
The shares fell 5.4 percent to $47.63 at the close in New York, the steepest drop since March 8. The stock’s decline outpaced a 0.9 percent sell-off in the Standard & Poor’s 500 Index as waning consumer sentiment and a looming U.K vote spurred investor caution.