Hyperdrive
AutoNation CEO Says Chip Shortage Could Drag On for a Year
- Mike Jackson sees pent-up demand exacerbating supply issues
- Largest U.S. car dealer beats consensus profit estimates
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The global semiconductor shortage that’s crippling the auto industry could drag on for as long as a year, according to Mike Jackson, chief executive officer of AutoNation Inc., the largest car-dealer chain in the U.S.
AutoNation expects the industry’s vehicle shipments in the second quarter to be double what they were a year ago, but that’s barely enough to keep dealer lots full, Jackson, 72, said in an interview.