AutoNation Inc., the biggest U.S. new-car retailer, announced it was buying a 7 percent stake in online used-car retailer Vroom, for $50 million, part of what could be a growing trend.
The investment raises a lot of possibilities, said Mike Jackson, AutoNationchairman and CEO. “Obviously, since we’re both in the automobile business, we can talk about are there possibilities to do other things together,” he said in a conference call on Tuesday.
But he insisted that for now, the investment is just that, an investment. “Nothing has been decided and that is firmly in the we-will-see category,” Jackson said. He stated the “we-will-see” nature of the deal a couple of times, in the conference call.