AutoNation Sees Higher Pump Price ‘Freak-Out Number’
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Consumers are signaling it will take higher gasoline prices than the worst of 2008 to curb new-vehicle sales, according to AutoNation Inc., the largest U.S. auto retailer.
The “freak-out number” at the gas pump is likely about $4.50 a gallon for unleaded regular, Mike Jackson, chief executive officer of the Lauderdale, Florida-based company, said in a telephone interview. AutoNation rose to a 13-year high today after reporting profit that topped analysts’ estimates.