exhibit 8.1-carmax vs. autonation vs. zag- america’s next top model

7/18/2019 Exhibit 8.1-Carmax vs. Autonation vs. Zag- America’s Next Top Model

http://slidepdf.com/reader/full/exhibit-81-carmax-vs-autonation-vs-zag-americas-next-top-model 1/8

-EXHIBIT 8.1 SHORT CASE

CASMAX VS. AutoNation VS. ZAG: AMERICA'S BERIKUTNYA TOP MODEL

Gambar ini. Setelah 150000 mil (20.000 !il"meter# $ari %ela&anan &an' etia) m"bil lama

An$a ia% *nt*! ber'*lin' $an mati. +a$i An$a ber!en$ara $i ,alan !e m"bil l"!al &an' $itaar!an.

eti!a An$a menen$an' ban %a$a 50 !en$araan $i tem%at %ar!ir) An$a tiba-tiba men$en'ar *ara

$i bela!an' An$a/ an' it* mili! e"ran' anita t*a. ia ham%ir ti$a! mela,* lebih $ari 30 mil %er

,am $en'an it*. Great) e"ran' aleman m"bil be!a. An$a enan' $en'an %r"%e! men'habi!an

ia hari men'*n,*n'i $ealer lain) men$en'ar!an 4erita lebih ti$a! m*n'!in $an taar-menaar

har'a. T"m "lliar$ men'an$al!an 4erita men'irim!an men''i'il baah t*lan' bela!an' An$a. ia

a$alah 6rei$en $an CEO $ari Car7a) %en'e4er m"bil be!a Ameri!a $en'an tit. 7en&a$ari

baha !eban&a!an "ran' memben4i !er*mitan $an ra'*-ra'* &an' tam%a! be'it* mele!at *nt*!

membeli m"bil be!a) Car7a $il*n4*r!an %a$a tah*n 1993 $i$aar!an %a$a !"ne% &an' ama

e!ali ritel/ &an' S*%ert"ne a*t". 7iri% $en'an ma!anan $an ele!tr"ni! bear t"!"-t"!" !"ta!)

"*tlet Car7a ra!aa menaar!an %ilihan bear 500-1500 m"bil $ari em*a mere!) &an' %alin'

ti$a! ber*ia lebih $ari enam m"$el &an' tah*n) $en'an maa lal* &an' ti$a! lebih $ari :0.000 mil

(112.000 !m#. men,a$i %en,*alan-la&a!) m"bil har* l*l* %r"'ram in%e!i 125-%"int &an' l*a)

mem*n'!in!an Car7a *nt*! !em*$ian menaar!an 'arani 30 hari 'rati $an ren4ana

%er%an,an'an la&anan relati; m*rah. Sementara %embeli %"tenial memb*at tet $ri<e $i !en$araan

%ilihan mere!a) %en,*al memeri!a berba'ai %ilihan %embia&aan $an a*rani $ari mana !lien $a%at

memilih. Ta%i m*n'!in %erbe$aan &an' %alin' %entin' $en'an $ealer tra$ii"nal a$alah baha

"*tlet Car7a menaar!an r*an' *nt*! taar-menaar) $en'an men''*na!an har'a teta% *nt*!

!en$araan mere!a. Tena'a %en,*alan menerima !"mii teta% %er m"bil) in$e%en$en $ari har'a

!en$araan. It*lah ebabn&a Car7a men&eb*t mere!a !"n*ltan) men''*na!an a!t* mere!a

*nt*! !elan4aran %r"e *nt*! %elan''an) b*!ann&a men''*na!ann&a *nt*! taar-menaar ata

har'a.

Se,a! memb*!a 'erai %ertaman&a $i $e!at !ant"r %*at $i Ri4hm"n$) =ir'inia) Car7a

telah ber!emban' men,a$i 100 t"!" $i > %aar metr"%"litan $i Ameri!a Seri!at) men,*al 350.000

m"bil be!a $i 2008 a,a) ehin''a &an' terbear $i $*nia $an 500 %er*ahaan "rt*ne. ?!*ran ini

memberi!an Car7a e,*mlah !e*nt*n'an &an' i'ni;i!an. Ti$a! han&a it* $a%at menin'!at!an

i!lann&a) item TI $an la&anan %*at $i e,*mlah bear *nit) teta%i Car7a ,*'a $a%at menaar!an %elan''an bah!an lebih ban&a! %ilihan) $en'an %en'iriman !en$araan lebih $ari t"!" tetan''a ,i!a

ti$a! tere$ia e4ara l"!al. Ham%ir 25@ $ari %en,*alan Car7a &an' $ihail!an "leh tran;er antar-

t"!" tereb*t. 6a$a aat &an' ama) Car7a memili!i !e!*atan ne'"iai &an' 4*!*% bear !eti!a

membeli m"bil be!a $ari %er*ahaan ea $an a'en %en&eaan. Selain %embelian arma$a

tereb*t) Car7a membeli e!itar eten'ah $ari !en$araan $ari in$i<i$* ata) in$e%en$en $ari

4*a4a mere!a membeli m"bil mere!a beri!*tn&a $ari Car7a ata* ti$a!.

Seba'ai %ert*mb*han %er*ahaan men&aran!an) re%"n %elan''an telah an'at %"iti;)

$en'an %enilaian !e%*aan *m*mn&a t"%%in' 90@. 6a$a tah*n 2008 Car7a a$alah alah at* $ari

Ameri!a ?tara $*a %emenan' $ari Better B*ine B*rea* $*a T"r4h 6en'har'aan ber'en'i

Internai"nal *nt*! 7ar!et%la4e E4ellen4e) eba'ai %en'a!*an ata %ra!te! bini &an' eti



mere!a. Ta%i !ar&aan) ,*'a telah enan') e%erti $a%at $ilihat $ari Car7a !elima bert*r*t-t*r*t

%erin'!at eba'ai alah at* "rt*ne 6er*ahaan Terbai! *nt*! Be!er,a *nt*!. 7e!i%*n le$a!an

$ari %aar m"bil AS elama reei) %en,*alan han&a t*r*n 8-: miliar $"lar antara 200: $an 2008)

ementara $ii%lin %em"t"n'an bia&a ter* %er*ahaan &an' men'*nt*n'!an. alam la%"ran

tah*nan 2009) "lliar$ men'*m*m!an baha la,* tin''i b*!aan t"!" a!an ementara t*r*n!an

am%ai e!"n"mi %*lih) ta%i it* trate'i ,an'!a %an,an' maih $iarah!an %a$a %ert*mb*han &an'i'ni;i!an. Sementara Car7a a$alah $*a !ali *!*ran eba'ai %en'e4er m"bil be!a terbear

beri!*tn&a) %an'a %aarn&a a$alah ham%ir 2@ $i AS) $en'an $*nia l*ar) menaar!an ban&a!

%er*ahaan %"teni %ert*mb*han $i maa men$atan'.

am*n) 100 t"!" !"ta! bear Car7a ini ti$a! memb*at ban&a! !ean $i %en'e4er m"bil

terbear $i $*nia) A*t"ati"n. en'an 239 l"!ai %en,*alan $i 15 ne'ara $an %en,*alan tah*nan

ebear ?S 13:00000000 %a$a tah*n 2008) A*t"ati"n a$alah e!itar $*a !ali *!*ran Car7a.

embali %a$a tah*n 199>) Car7a aaln&a terin%irai %en$iri A*t"ati"n a&ne H*iDen'a ,*'a

mema*!i %aar m"bil ritel $en'an *%ert"re. Se%erti Car7a ia melihat baha e!t"r ritel m"bil

bear) $en'an %en,*alan melebihi ?S 1000000000000 %er tah*n) $ih*ni "leh $ealer l"!al ata*

re'i"nal &an' relati; !e4il membaa at* ata* $*a mere!. Sebel*m mel*n4*r!an A*t"ati"n)

H*iDen'a telah mem"t"n' 'i'i eba'ai %en'*aha $en'an men$iri!an $*a %emim%in in$*tri an'at

*!e lainn&a) 6en'el"laan Sam%ah %en'*m%*lan am%ah $an Bl"4!b*ter =i$e" $i bini

%en&eaan <i$e". alam !e$*a !a*) %elaan H*iDen'a telah $atan' !e $alam in$*tri

ter;ra'mentai men'an*t ree% bini *an') $i mana ia mem%er!enal!an %ra!ti! bini &an'

in"<ati; $an mela,* !"n"li$ai. alam %en,*alan m"bil) ia beren4ana *nt*! men,a$i %em*t*

at*ran $an %emim%in in$*tri &an' ama.

am*n) !eti!a %a$a tah*n 1999 *%ert"re A*t"ati"n maih ti$a! men'*nt*n'!an)H*iDen'a menari! !e%ala 7er4e$e-BenD ?SA) 7i!e +a4!"n) *nt*! men,a$i CEO) !arena ia

memili!i %en'alaman ritel m"bil &an' i'ni;i!an $an ama-ama term"ti<ai *nt*! mere<"l*i

bini. alam bebera%a b*lan +a4!"n mem*t*!an *nt*! men*t*% em*a *%ert"re $an !el*ar

$ari bini %en&eaan m"bil &an' H*iDen'a ,*'a telah ma*!. Sem*a ener'i $iarah!an %a$a

men'*bah rat*an $ealer m"bil baha %er*ahaan telah mem%er"leh men,a$i "r'aniai ritel !ala

bear %r";ei"nal. R*m* ritel &an' m*n4*l memili!i bebera%a !eamaan $en'an Car7a)

!h**n&a &an' at*-har'a) ti$a! re%"t %r"e %en,*alan m"bil) men'hilan'!an ;r*trai ban&a!

%embeli har* ber*r*an $en'an te!anan tin''i %en,*al. emi!ian ,*'a) A*t"ati"n

men''ab*n'!an bia&a "%erai"nal &an' ren$ah $en'an %en'alaman membeli bear. C"nt"h $ari!"mbinai ini a$alah %eran'!at l*na! Smart Ch"i4e %er*ahaan) $imana !eb*t*han %elan''an

$ianalii $alam a!t* $*a menit) &an' men'arah !e %ilihan !en$araan &an' te%at) $en'an %ilihan

har'a $an %embia&aan $ierta!an. 6r"'ram ini mem"t"n' !ali trana!i ebear 50@) men'hemat

a!t* %elan''an $an *aha) ambil men'*ran'i bia&a A*t"ati"n %er %en,*alan. Seba'ai Car7a)

a$a $"r"n'an *nt*! menin'!at!an !e*nt*n'an !ala) *nt*! t"!" %at"!an terha$a% at* ama lain

$an *nt*! berba'i %ra!ti! terbai! antara l"!ai.

am*n) ti$a! e%erti Car7a) A*t"ati"n ti$a! memili!i *%ermar!et m*lti-mere!) ta%i

mere! t*n''al a'en-!a%al) e%erti %r"$*en m"bil men'in'in!ann&a. Hal ini mem*n'!in!an *nt*!

be!er,a ama $en'an %r"$*en) b*!an eba'ai m**h. A*t"ati"n memili!i %er,an,ian !ea'enan

$en'an 35 mere! m"bil) m*lai $ari R"ll R"&4e $an 6"r4he *nt*! ia $an H"n$a) main'-main'



$en'an "*tlet $e$i4ate$ mere!a en$iri. ilai tambah A*t"ati"n b*!anlah $alam membaa

berba'ai mere! berama $i baah at* ata%) teta%i $alam memberi!an %en'etah*an) in;ratr*!t*r

$an "ran' &an' $ib*t*h!an *nt*! memb*at etia% $ealer &an' an'at bai!.

6en$e!atan A*t"ati"n &an' telah ber,*an' *nt*! eti$a!n&a %an'a 15@ $ari etia% %aar

l"!al) &an' mem*n'!in!an mere!a *nt*! menari! mana,emen &an' lebih %r";ei"nal $an memili!i

an''aran %emaaran &an' lebih bear $ari ain'an) ementara maih memili!i tr*!t*r bia&a &an'

!"m%etiti;. ?nt*! men$a%at!an %an'a %aar &an' bear e%erti 4e%at) A*t"ati"n telah

men'a!*iii $*a ata* ti'a $ealer m"bil $i ban&a! $aerah %aar &an' %alin' men'*nt*n'!an $i

Ameri!a Seri!at. ?m*mn&a) $ealer ini *$ah memili!i tim mana,emen terbai!) re%*tai &an' bai!)

%en'etah*an &an' an'at bai! %aar) !emam%*an ritel a,ar) $an "%erai berih) ehin''a

mem*$ah!an A*t"ati"n *nt*! 4e%at %er'i $ari bai! *nt*! bear. 7an;aat tambahan $ari !ebi,a!an

a!*iii ini telah baha ti$a! a$a !a%aita e!tra telah $itambah!an !e har'a meman,a!an %aar

$an &an' %enir* %"tenial a!an har* %*a membeli $ealer terbai! !eti'a ata* !eem%at ,i!a mere!a

in'in men'ambil A*t"ati"n.

Sementara e!itar >0 %eren $ari %en,*alan m"bil bar* $an 30 %eren &an' $i'*na!an

!en$araan) e!itar :0 %eren $ari laba !"t"r &an' $ihail!an "leh teria 10 %eren $ari %en,*alan)

&ait* ba'ian) la&anan) a*rani $an %embia&aan. Oleh !arena it*) *nt*! A*t"ati"n) a$alah an'at

%entin' *nt*! memenan'!an !e%er4a&aan %elan''an mere!a) a!an $iiDin!an *nt*! menaar!an

el*r*h %a!et. Selain %en'alaman %elan''an &an' an'at bai!) bran$in' ,*'a %entin'. Oleh !arena

it*) A*t"ati"n telah men4i%ta!an mere! ritel re'i"nal e%erti Cham%i"n $i H"*t"n) eert $i a

=e'a) Tim $i Atlanta $an C"*rte& $i Orlan$") main'-main' men4a!*% bebera%a mere! m"bil

$an l"!ai a'en. iat aal a$alah *nt*! memb*at at* mere! A*t"ati"n) teta%i %r"$*en m"bil

bear men&ata!an !eti$a!%*aan mere!a tentan' at* mere! &an' !*at e%erti it*) ehin''aA*t"ati"n ter%a!a menerima mere! !"m%r"mi re'i"nal.

7en,a$i %en'e4er m"bil bear %r";ei"nal) A*t"ati"n telah mam%* menari! $en'an ba!at

&an' lain ti$a! a!an %ernah $ian''a% men,a$i %en,*al m"bil. A*t"ati"n mema"! mere!a $en'an

%elatihan &an' an'at bai! melal*i *ni<erita %er*ahaan $an menaar!an mere!a ban&a! %el*an'

!arir $an !el"n''aran !eira*ahaan. Seba'ai COO) 7i!e 7ar""ne $i!ata!an/ ami ber*aha

memberi!an !eran'!a baha mere!a har* ber"%erai $alam. +i!a mere!a tin''al $i $alam bin'!ai

it*) mere!a memili!i ban&a! r*an' *nt*! !reati<ita $an ;le!ibilita. ami in'in mere!a *nt*!

memili!i eman'at !eira*ahaan e,ati . CEEO +a4!"n men4atat b*$a&a %er*ahaan baha ia

telah $i%elihara eba'ai %retai %alin' mem*a!an n&a.

Hail $ari trate'i A*t"ati"n telah ti$a! han&a men,a$i hail &an' an'at bai! !e*an'an

$iban$in'!an $en'an !eban&a!an %en'e4er m"bil) teta%i l"&alita %elan''an &an' tin''i $an

%en'a!*an %*bli! e4ara l*a. 6a$a tah*n 2003 A*t"ati"n Hall "; ame !arena +a4!"n eba'ai

In$*tri Ot"m"ti; ea$er "; the ear) ementara A*t"ati"n telah bernama Ameri!a 6alin'

i!a'*mi Ot"m"ti; 6en'e4er lima !ali "leh "rt*ne 7a'aDine.

A*t"ati"n ,*'a telah %en,*al terbear m"bil melal*i ter4e%at al*ran-%en,*alan t*mb*h

internet &an' men'hail!an lebih $ari 25@ $ari %en,*alan. Ta%i ti$a! lama) ,i!a it* tererah Fa'.

im*lai %a$a tah*n 200> "leh <eteran internet S4"tt 6ainter) Fa' menaar!an %lat;"rm *nt*!

!el"m%"! %embeli *nt*! membeli m"bil $ari $ealer 2000 !arena %a$a har'a teta%. Fa' memberi!an



%lat;"rm te!n"l"'i %a$a label e4ara %riba$i !e %er*ahaan $an a"iai &an' $a%at b*n$el $a&a

beli) e%erti 6arentin'.4"m $an 1 AAA !l*b "t"m"ti;. 6en''*na ,*'a men4a!*% bebera%a

%en&e$ia terbear !re$it m"bil $i AS) terma*! Ca%ital One $an Ameri4an E%re. B*!ann&a

mem*nah!an $ealer) Fa' berma!*$ *nt*! be!er,a $en'an mere!a *nt*! memb*at m"bil membeli

lebih men&enan'!an $an *nt*! men*r*n!an bia&a. ealer $a%at ber'ab*n' ,i!a mere!a bere$ia

*nt*! men,a$i tran%aran tentan' har'a) memberi!an $i!"n &an' 4*!*% bear) memati!an %en'iriman 4e%at $an menaar!an la&anan terbai!. 7en*r*t a<i B"hne) 6rei$en ?SAA) &an'

%er*ahaan "rt*ne 200 ,aa !e*an'an $en'an >)8 ,*ta an''"ta $i antara militer Ameri!a $an

!el*ar'a mere!a) ber'ab*n' Fa' %a$a tah*n 2009 a$alah ,ela/ %lat;"rm m"bil-beli e4ara "nline

Fa' a$alah n&aman $an hemat bia&a) men'hemat !ami an''"ta *an' $an menin'!at!an

%en'alaman men4ari $an membeli m"bil. Ini a$alah la&anan &an' berhar'a *nt*! an''"ta !ami.

7e!i%*n reei) %ert*mb*han 4e%at) $en'an m"bil 50.000th $i,*al %a$a b*lan +*ni 2009.

Sementara Chr&ler $an G7 &an' men'*m*m!an %en*t*%an e!itar 2000 $ealer) $i antaran&a >

mili! A*t"ati"n) Fa' e$an' men4ari !el"m%"! %embeli lebih tertari! *nt*! ber'ab*n'. Seba'ai

6ainter men'ata!an/ Fa' ber!emban' $an t*mb*h bah!an bai! eba'ai in$*tri "t"m"ti; $an

%ere!"n"mian e4ara !eel*r*han e$an' ber,*an'. A%a in$*tri "t"m"ti; %erl* e!aran' a$alah

in"<ai-ti$a! han&a $alam %r"$*! it* en$iri) teta%i ,*'a $alam 4ara mere!a $i,*al. ia &a!in

baha etia% "ran' bia melihat $en'an ,ela nilai a%a Fa' mela!*!an menantan' tat* *" $an

memberi!an !"n*men 4ara &an' lebih bai! *nt*! membeli m"bil.

Ta%i a!an Fa' men,a$i %emim%in in$*tri bar* Ata* &an' m"$el bini $ari A*t"ati"n

ata* Car7a lebih 4"4"! *nt*! men,a$i beri!*tn&a t"% m"$el Ameri!a an a!an tran;"rmai

ritel m"bil berhenti $i %erbataan AS ata* men&ebar !e el*r*h $*nia S*$ah ,ela baha reei

e!"n"mi a!an memi4* '"&an'-"*t bear $i antara $ealer) ta%i ti$a! ,ela ia%a &an' a!an m*n4*l$ari %er,*an'an eba'ai ter!*at. C*!*% a!hir e*ai $en'an tah*n &an' arin a!an ber*bah 200.



!INGGRISNYA

CASMAX VS. AUTONATION VS. ZAG: AMERICA"S NEXT TOP MODEL

6i4t*re thi. A;ter 150000 mile (20000 !il"meter# "; ;aith;*l er<i4e) &"*r "l$ 4ar i

rea$& t" r"ll "<er an$ $ie. S" &"* $ri<e $"n the r"a$ t" the l"4al 4ar "n ";;er. A &"* !i4! the

tire "n the 50 <ehi4le "n the l"t) &"* *$$enl& hear a <"i4e behin$ &"*/ That "ne bel"n'e$ t" alittle "l$ la$&. She har$l& $r"<e "<er 30 mile %er h"*r ith it.J Great) a *e$ 4ar aleman. "*Kre

thrille$ b& the %r"%e4t "; %en$in' the ret "; the $a& <iitin' "ther $ealer) litenin' t" m"re

*nli!el& t"rie an$ ha''lin' "<er %ri4e. T"m "lliar$ i 4"*ntin' "n the t"r& en$in' a hi<er

$"n &"*r %ine. He i 6rei$ent an$ CEO "; Car7a) the Ameri4an *e$ 4ar retailer ith a tit.

RealiDin' that m"t %e"%le hate the hale an$ *n4ertainl& that eem " inherent t" b*&in' a e4"n$

han$ 4ar) Car7a a la*n4he$ in 1993 bae$ "n the t"tall& retailin' 4"n4e%t/ the a*t" *%ert"ne.

Similar t" ;""$ an$ ele4tr"ni4 bi' b" t"re) the 'iant Car7a "*tlet ";;er an en"rm"* 4h"i4e ";

500 t" 1500 4ar "; all bran$) m"t n" m"re than i m"$el &ear "l$) ith a %at "; n" m"re than

:0000 mile (112000 !m#. t" be ale-"rth&) a 4ar m*t %a an eteni<e 125-%"int in%e4ti"n %r"'ramme) all"in' Car7a t" *be*entl& ";;er a ;ree 30-$a& arrant& an$ a relati<el&

ine%eni<e eten$e$ er<i4e %lan. hile the %"tential b*&er ma!e tet $ri<e in the <ehi4le "; their

4h"i4e) the ale%er"n 4he4! a ran'e "; ;inan4in' an$ in*ran4e "%ti"n ;r"m hi4h the 4lient

4an 4h""e. B*t %r"babl& the m"t im%"rtant $i;;eren4e ith tra$iti"nal $ealer i that Car7a

"*tlet ";;er n" r""m ;"r ha''lin') b& *in' ;ie$ %ri4e ;"r their <ehi4le. The ale%er"n re4ei<e

a ;ie$ 4"mmii"n %er 4ar) in$e%en$ent "; the %ri4e "; the <ehi4le. That i h& Car7a 4all them

4"n*ltantJ) *in' their time t" m""th the %r"4e ;"r the 4*t"mer) intea$ "; *in' it ;"r

bar'ainin' "<er %ri4e.

Sin4e "%enin' it ;irt "*tlet near it hea$*arter in Ri4hm"n$) =ir'inia) Car7a ha 'r"n

t" 100 t"re in > metr"%"litan mar!et a4r" the ?S) ellin' 350000 *e$ 4ar in 2008 al"ne)

ma!in' it the lar'et in the "rl$ an$ a "rt*ne 500 4"m%an&. Thi iDe 'i<e Car7a a n*mber ";

i'ni;i4ant a$<anta'e. "t "nl& 4an it le<era'e it a$<ertiin') IT &tem an$ 4entral er<i4e

a4r" a 'reat n*mber "; *nit) b*t Car7a 4an al" ";;er the 4*t"mer e<en m"re 4h"i4e) b&

hi%%in' <ehi4le "<er ;r"m nei'hb"rin' t"re i; n"t a<ailable l"4all&. earl& 25@ "; Car7aK

ale are 'enerate$ b& *4h inter-t"re tran;er. At the ame time) Car7a ha 4"ni$erable

ne'"tiati"n %"er hen b*&in' *e$ 4ar ;r"m leae 4"m%anie an$ rental a'en4ie. Bei$e *4h

;leet %*r4hae) Car7a b*& a%%r"imatel& hal; "; it <ehi4le ;r"m %ri<ate in$i<i$*al)

in$e%en$ent "; eather the& b*& their net 4ar ;r"m Car7a "r n"t.

A the 'r"th "; the 4"m%an& *''et) 4*t"mer re%"ne ha been <er& %"iti<e) ith

ati;a4ti"n ratin' 'enerall& t"%%in' 90@. In 2008 Car7a a "ne "; "rth Ameri4anK t"

inner "; the Better B*ine B*rea*K t" %reti'i"* Internati"nal T"r4h Aar$ ;"r 7ar!et%la4e

E4ellen4e) in re4"'niti"n "; their ethi4al b*ine %ra4ti4e. B*t em%l"&ee) t"") ha<e been

%leae$) a 4an be een ;r"m Car7aK ;i;th 4"ne4*ti<e ran!in' a "ne "; "rt*neK Bet

C"m%anie t" "r! ;"rJ. e%ite the im%l"i"n "; the ?S 4ar mar!et $*rin' the re4ei"n) ale

"nl& $r"%%e$ ;r"m 8 t" : billi"n $"llar beteen 200: an$ 2008) hile $i4i%line$ 4"t 4*ttin' !e%t

the 4"m%an& %r";itable. In the ann*al re%"rt 2009) "lliar$ ann"*n4e$ that the hi'h %a4e "; t"re"%enin' "*l$ be tem%"raril& 4ale$ ba4! *ntil the e4"n"m& re4"<ere$) b*t that hi l"n'-term

trate'& a till $ire4te$ at i'ni;i4ant 'r"th. hile Car7a i ti4e the iDe a the net lar'et



*e$ 4ar retailer) it mar!et hare a barel& 2@ in the ?S) ith a "rl$ be&"n$) ";;erin' the

4"m%an& %lent& "; 'r"th %"tential ;"r the ;"reeeable ;*t*re.

et) Car7aK 100 bi' b" t"re $i$nKt ma!e m*4h "; an im%rei"n "n the lar'et 4ar

retailer in the "rl$) A*t"ati"n. ith 239 ale l"4ati"n in 15 tate an$ ann*al ale "; ?S13.:

billi"n in 2008) A*t"ati"n a a%%r"imatel& ti4e the iDe "; Car7a. Ba4! in 199>) Car7a

ha$ initiall& in%ire$ A*t"ati"nK ;"*n$er a&ne H*iDen'a t" al" enter the 4ar retail mar!et ith

*%ert"re. i!e Car7a he a that the h*'e 4ar retailin' e4t"r) ith ale e4ee$in' ?S1

trilli"n %er &ear) a %"%*late$ b& relati<el& mall l"4al "r re'i"nal $ealer 4arr&in' "ne "r t"

bran$. 6ri"r t" la*n4hin' A*t"ati"n) H*iDen'a ha$ 4*t hi teeth a entre%rene*r b& ettin' *% t"

"ther "<erhelmin'l& *44e;*l in$*tr& lea$er) ate 7ana'ement in 'arba'e 4"lle4ti"n an$

Bl"4!b*ter =i$e" in the <i$e" rental b*ine. In b"th 4ae) the 4"ntrarian H*iDen'a ha$ 4"me

int" a ;ra'mente$ in$*tr& e$$e$ t" "*t$ate$ b*ine re4i%e) in hi4h he intr"$*4e$ inn"<ati<e

b*ine %ra4ti4e an$ $r"<e 4"n"li$ati"n. In a*t" ale) he %lanne$ t" be the ame r*le brea!er an$

in$*tr& lea$er.

H"e<er) hen b& 1999 the A*t"ati"n *%ert"re ere till n"t %r";itable) H*iDen'a

attra4te$ the hea$ "; 7er4e$e-BenD ?SA) 7i!e +a4!"n) t" be4"me CEO) a he ha$ i'ni;i4ant 4ar

retailin' e%erien4e an$ a e*all& m"ti<ate$ t" re<"l*ti"niDe the b*ine. ithin a ;e m"nth

+a4!"n $e4i$e$ t" 4l"e all the *%ert"re an$ eit the 4ar rental b*ine that H*iDen'a ha$ al"

entere$. All ener'& a $ire4te$ at tran;"rmin' the h*n$re$ "; 4ar $ealerhi% that the 4"m%an&

ha$ a4*ire$ int" a lar'e-4ale %r";ei"nal retailin' "r'aniDati"n. The retail ;"rm*la that emer'e$

ha "me 4"mm"nalitie ith Car7a) %arti4*larl& it "ne-%ri4e) n"-haleJ 4ar ellin' %r"4e)

rem"<in' man& b*&erK ;r*trati"n "; ha<in' t" $eal ith hi'h-%re*re ale%e"%le. i!eie)

A*t"ati"n 4"mbine l" "%erati"nal 4"t ith a 'reat b*&in' e%erien4e. An eam%le "; thi4"mbinati"n i the ;irmK Smart Ch"i4e ";tare) hereb& 4*t"merK nee$ are anal&e$ ithin

t" min*te) lea$in' t" a ele4ti"n "; the a%%r"%riate <ehi4le) ith the %ri4e an$ ;inan4in' "%ti"n

in4l*$e$. Thi %r"'ramme 4*t trana4ti"n time b& 50@) a<in' the 4*t"mer time an$ e;;"rt)

hile re$*4in' A*t"ati"nK 4"t %er ale. A the Car7a) there i a $ri<e t" le<era'e 4ale

a$<anta'e) t" ben4hmar! t"re a'aint "ne an"ther an$ t" hare bet %ra4ti4e beteen l"4ati"n.

et) *nli!e Car7a) A*t"ati"n $"e n"t ha<e m*lti-bran$ *%ermar!et) b*t in'le bran$

$ealer-hi%) ,*t a the 4ar man*;a4t*rer ant it. Thi ma!e it %"ible t" "r! t"'ether ith the

man*;a4t*rer) intea$ "; a a$<erarie. A*t"ati"n ha $ealerhi% a'reement ith 35 4ar bran$)

ran'in' ;r"m R"ll R"&4e an$ 6"r4he t" ia an$ H"n$a) ea4h ith their "n $e$i4ate$ "*tlet.

A*t"ati"nK a$$e$ <al*e i n"t in brin'in' <ari"* bran$ t"'ether *n$er "ne r"";) b*t in

%r"<i$in' the !n"-h") in;ratr*4t*re an$ %e"%le nee$e$ t" ma!e ea4h $ealerhi% e4ellent.

A*t"ati"nK a%%r"a4h ha been t" tri<e ;"r at leat a 15@ hare "; ea4h l"4al mar!et)

all"in' them t" attra4t m"re %r";ei"nal mana'ement an$ ha<e a lar'er mar!etin' b*$'et than

ri<al) hile till ha<in' a 4"m%etiti<e 4"t tr*4t*re. T" 'ain *4h a lar'e mar!et hare *i4!l&)

A*t"ati"n ha a4*ire$ the t"% t" "r three 4ar $ealerhi% in man& "; the m"t l*4rati<e mar!et

area in the ?S. Generall&) thee $ealerhi% alrea$& ha$ the bet mana'ement team) '""$

re%*tati"n) e4ellent mar!et !n"le$'e) rea"nable retail 4a%abilitie) an$ 4lean "%erati"n)ma!in' it eaier ;"r A*t"ati"n t" *i4!l& '" ;r"m '""$ t" 'reat. A$$iti"nal bene;it "; thi

a4*iiti"n %"li4& ha<e been that n" etra 4a%a4it& ha been a$$e$ t" the mar!et %"ilin' %ri4e an$



that %"tential 4"%&4at ill ha<e t" ettle ;"r b*&in' the thir$ "r ;"*rth bet $ealerhi% i; the& ant

t" ta!e "n A*t"ati"n.

hile ab"*t >0 %er 4ent "; ale are ne 4ar an$ 30 %er 4ent are *e$ <ehi4le)

a%%r"imatel& :0 %er 4ent "; 'r" %r";it i 'enerate$ b& the remainin' 10 %er 4ent "; ale) namel&

%art) er<i4e) in*ran4e an$ ;inan4in'. There;"re) ;"r A*t"ati"n) it i etremel& im%"rtant t" in

their 4*t"mer tr*t) t" be all"e$ t" ";;er the entire %a4!a'e. Bei$e an e4ellent 4*t"mer

e%erien4e) bran$in' i al" im%"rtant. There;"re) A*t"ati"n ha 4reate$ re'i"nal retail bran$ *4h

a Cham%i"n in H"*t"n) eert in a =e'a) Team in Atlanta an$ C"*rte& in Orlan$") ea4h

%annin' m*lti%le 4ar bran$ an$ $ealer l"4ati"n. It initial intenti"n a t" 4reate "ne A*t"ati"n

bran$) b*t the ma,"r 4ar man*;a4t*rer e%ree$ their $i4"ntent ab"*t "ne *4h %"er;*l bran$)

" A*t"ati"n a ;"r4e$ t" a44e%t a re'i"nal bran$ 4"m%r"mie.

Bein' a lar'e %r";ei"nal 4ar retailer) A*t"ati"n ha been able t" attra4t t" talent that

"therie "*l$ ne<er ha<e 4"ni$ere$ be4"min' 4ar ale%e"%le. A*t"ati"n *%%lie them ith

e4ellent trainin' thr"*'h it 4"r%"rate *ni<erit& an$ ";;er them %lent& "; 4areer "%%"rt*nitie an$entre%rene*rial leea&. A COO) 7i!e 7ar""ne %*t it/ e tr& t" %r"<i$e a ;rame that the& ha<e

t" "%erate ithin. I; the& ta& ini$e that ;rame) the& ha<e l"t "; r""m ;"r 4reati<it& an$ ;leibilit&.

e ant them t" %"e a tr*e entre%rene*rial %iritJ. CEEO +a4!"n n"te the 4"m%an& 4*lt*re

that he ha n*rt*re$ a hi m"t ati;&in' a4hie<ement.

The "*t4"me "; A*t"ati"nK trate'& ha n"t "nl& been e4ellent ;inan4ial re*lt

4"m%are$ t" m"t 4ar retailer) b*t hi'h 4*t"mer l"&alt& an$ i$e%rea$ %*bli4 re4"'niti"n. In

2003 the A*t"ati"n Hall "; ame ele4te$ +a4!"n a A*t"m"ti<e In$*tr& ea$er "; the ear)

hile A*t"ati"n ha been name$ Ameri4aK 7"t A$mire$ A*t"m"ti<e Retailer ;i<e time b&

"rt*ne 7a'aDine.

A*t"ati"n ha al" been the lar'et eller "; 4ar thr"*'h the ;atet 'r"in' ale 4hannel-

the internet-'eneratin' m"re than 25@ "; it ale. B*t n"t ;"r l"n') i; it i *% t" Fa'. Starte$ in

200> b& internet <eteran S4"tt 6ainter) Fa' ";;er a %lat;"rm ;"r b*&er 'r"*% t" %*r4hae 4ar ;r"m

2000 ele4te$ $ealer at a ;ie$ %ri4e. Fa' %r"<i$e it te4hn"l"'& %lat;"rm "n a %ri<ate label bai

t" 4"m%anie an$ a"4iati"n that 4an b*n$le %*r4hain' %"er) *4h a 6arentin'.4"m an$ 1

AAA m"t"rin' 4l*b. ?er al" in4l*$e "me "; the bi''et %r"<i$er "; 4ar l"an in the ?S)

in4l*$in' Ca%ital One an$ Ameri4an E%re. Intea$ "; i%in' "*t $ealer) Fa' inten$ t" "r!

ith them t" ma!e 4ar b*&in' m"re %lea*rable an$ t" $ri<e $"n 4"t. ealer 4an ,"in i; the& areillin' t" be tran%arent ab"*t %ri4e) 'i<e iDable $i4"*nt) en*re *i4! $eli<er& an$ ";;er

e4ellent er<i4e. A44"r$in' t" a<i B"hne) 6rei$ent "; ?SAA) the "rt*ne 200 ;inan4ial er<i4e

4"m%an& ith >.8 milli"n member am"n' the Ameri4an militar& an$ their ;amilie) ,"inin' Fa' in

2009 a "b<i"*/ Fa'K "nline 4ar-b*&in' %lat;"rm i 4"n<enient an$ 4"t-e;;e4ti<e) a<e "*r

member m"ne& an$ im%r"<e the e%erien4e "; ear4hin' ;"r an$ b*&in' a 4ar. ItK a <al*able

er<i4e ;"r "*r member.J

e%ite the re4ei"n) 'r"th a ;at) ith the 50.000th 4ar "l$ in +*ne 2009. hile

Chr&ler an$ G7 ere ann"*n4in' the 4l"*re "; ab"*t 2000 $ealerhi%) am"n' them > "ne$ b&

A*t"ati"n) Fa' a l""!in' ;"r m"re b*&er 'r"*% interete$ in ,"inin'. A 6ainter remar!e$/

Fa' i thri<in' an$ 'r"in' e<en a b"th the a*t" in$*tr& an$ the e4"n"m& a a h"le are



tr*''lin'. hat the a*t" in$*tr& nee$ ri'ht n" i inn"<ati"n-n"t "nl& in the %r"$*4t

themel<e) b*t al" in the a& the&Kre "l$.J He a 4"n<in4e$ that e<er&"ne 4"*l$ 4learl& ee

the <al*e "; hat Fa' i $"in'-4hallen'in' the tat* *" an$ 'i<in' 4"n*mer a m*4h better a&

t" b*& a 4ar.J

B*t "*l$ Fa' be the ne in$*tr& lea$er Or ere the b*ine m"$el "; A*t"ati"n "r

Car7a better *ite$ t" be4"me Ameri4aK net t"% m"$elJ An$ "*l$ the tran;"rmati"n "; 4ar

retailin' t"% at the b"r$er "; the ?S "r %rea$ ar"*n$ the "rl$ It a 4lear that the e4"n"mi4

re4ei"n a '"in' t" tri''er a bi' ha!e-"*t am"n' $ealer) b*t it a *n4lear h" "*l$ emer'e

;r"m the tr*''le a tr"n'et. L*ite an a%%r"%riate en$in' t" the &ear that arin "*l$ ha<e

t*rne$ 200.

exhibit 8.1-carmax vs. autonation vs. zag- america’s next top model

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