The total amount payed to the executive included his salary, stock options awards and "other compensation awarded to every executive," Autonews reported. The executive's base salary remained unchanged compared to 2007, amounting to $1.15 million.
The company did not do as well as expected in 2008. Even if it managed to keep the stakes high and again ranked as the number one dealer group in the US, according to Autonews' top 125 US dealership groups, AutoNation sales fell 22 percent last year.
Even more that that, for the first time in 12 years, AutoNation registered annual loss, due largely to the third quarter sales decline. As a result, the company posted a 1.24 billion loss in 2008.
As expected, things don't look up this year either and Jackson may have to get yet another cut in his disturbingly high revenue. The decrease in fuel prices added to the problem, as we reported earlier this month.
America's new sweetheart, the hybrid car, is having trouble getting passed the lower than expected gasoline prices. This raises a problem for AutoNation, as the dealer had at the end of 2008 a 148-day supply of hybrid vehicles.
We'd hate to remind you through this article the story of the AIG bonuses. Even if AutoNation is a privately owned company, which is yet to demand money from taxpayers, posting your out of this world salary and benefits in an economically dying world is a sign of... well, you name it.
Don't think AutoNation doesn't have a heart though. After all, they did try to lend a hand by launching the Payment Protection program. You know, if you get fired, you get to have a six months extension on your lease.
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