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Roadfly Magazine
Issue Eleven
Table of Contents

Past Issues Index
Roadfly Magazine
Aston Martin at Detroit Auto Show
Issue Eleven
March 30, 2004
Live, From Detroit, It's the 2004 NAIAS!
Detroit Auto Show Awards
Keeping things in Balance
60 Seconds with Henrik Fisker
Windshield Dyno: The Beltronics GX2
Nissan Altima Facelift
WORK Wheels Introduction
Cadillac Merchandise
Not The Record To Be Proud Of
Open Wheel Racing in the USA: Big Changes
Bear Market in the Auto Business?
Coming Next Issue
NYC Auto Show

Bear Market in the Auto Business?
By John Henley
Staff Writer

(Monday, Jan. 12, 2004 10:15 AM EST)
The man who sold out the Florida Marlins after winning the 1997 World Series is at it again, only this time he isn't selling out a sports team, but rather the public dealership group he founded, AutoNation Inc. of Ft. Lauderdale, Fla.

H. Wayne Huizenga sold 2.2 million shares of AutoNation for a reported $38.9 million, according to an article written by Robert Sherefkin, in the Dec. 29 issue of Automotive News.

But Huizenga was not the only one fleeing. There were many insider transactions in the last quarter of 2003. An insider transaction occurs when a person or persons, sell off a large amount of stock in a company where they are either employed or in which they own a considerable stake.

The largest single sell-off came when the Blackstone Group - the New York financiers who bankrolled the American Axle in 1997 - sold their remaining shares in that company for $227 million.



The largest group of sell-offs came from Eaton Corp., a firm which manufacturers performance, protection and control systems for the automotive, aerospace, truck, industrial and residential markets. Eaton had twelve officers and directors sell shares in the company. Eaton Corp. did not report any of its executives buying any of the company's shares.

The largest sell-off for a chief executive came when Robert Rossiter, of Lear Corporation - the world's largest producer of automotive interior systems - sold 100,000 shares for a reported $6 million.

Shares of Lear Corp. sold at nearly double the share price of a year ago and Eaton Corp.'s shares were trading at prices well above their 52-week low.
Several other companies were also "trading at or near historic highs." The stock market is surging and the economy is reportedly in full recovery, and yet, insiders are reacting by selling off shares in very large numbers.


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