AutoNation 2011 Annual Report Download - page 14
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Jonathan P. Ferrando
David L. Koehler
Alan J. McLaren
RISK FACTORS
The automotive retail industry is sensitive to changing economic conditions and various other factors. Our business and results of operations are
substantially dependent on new vehicle sales levels in the United States and in our particular geographic markets and the level of gross profit
margins that we can achieve on our sales of new vehicles, all of which are very difficult to predict.