Automotive retailers are reducing govt pay and shedding or furloughing 1000's of employees as U.S. auto gross sales plummet amid the coronavirus pandemic.

AutoNation, the nation's largest U.S. auto dealership chain, is furloughing 7,000 staff, slashing govt pay and suspending greater than $50 million of capital spending as its year-over-year gross sales declined by about 50% final month, based on a Friday submitting with the U.S. Securities and Trade Fee.

Shares of AutoNation have been down 2.7% throughout the last hour of buying and selling to $24.53. The inventory is down 49.7% this 12 months.

The corporate, as automakers did earlier within the week, cited "shelter-in-place" or "stay-at-home" orders from federal, state, and native governments as causes for the decline in gross sales: "The COVID-19 pandemic has adversely impacted, and is anticipated to proceed to adversely affect, AutoNation's operations," AutoNation stated...