my jackson, autonation ceo, joining us. this is -- mike jackson, autonation ceo joining us.s is bloomberg. ♪ alix: the u.s., the u.k., and their allies formally attributing the micro soft exchange hack to actors -- the microsoft exchange hack to actors a tribute it with china. this is kind of a united front accusing chinese authorities. walk us through the sniffing and so that. >> it is quite a broad -- walk us through the significance of that. >> it is quite a broad barrage. it is the u.s. giving the most details on these accusations, but it is a very impressive front that seems to be linked to president biden's visit to europe earlier this summer, trying to recruit the various nations to be harder on china. alix: what do they do after that? it is great to talk. they are obviously united more than they would have been under president trump. but then what do they do? john: we've had various pledges today that action will follow these words. we had the eu foreign policy chief saying the eu will continue to work on cooperation amongst its members and with partners to crack dow

autonation ceo mike jackson joins us now.redible. you've got to tell me exactly what is going on on the ground when it comes to inventory. how are you able to continue selling so many 'em cars when we know that so many plants have been idle because they can't get chips? >> liz, good afternoon. how are you? you know, liz, as you and i discussed a year ago, the headline is and one of the consequences of this god awful, terrible, horrific pandemic has been a reallocation of the american pocketbook towards their home and towards personal transportation. by that, i mean, a personal vehicle. i mean a car or a truck. they want to control where they go, when they go and who goes with them, so demand is strong. and the manufacturers have done a terrific job of restarting the plants after the shutdown. when they got hit with this chip disruption. now, i should point out though our shipments in the second quarter of this year of new vehicles are double what they were a year ago, and they're only 6 or 7% down from 2019. so it's not like

>>> autonation reporting and, crazy. above the $2.81 revenue above wall street forecast joining us in a first on cnbc interview, mike jackson, autonation ceo trying to remember where autonation shares were in the lows of the lows, mike, but that would have been a good time. was it 3 or 4 at the pandemic lows >> i think we were in the 20s someplace, joe, '08, '09 we were in the 4s. over 22 years i've seen it all. >> you've seen it all. >> i like being over 100 it's a great feeling. >> you made it so this is not the first record in terms of results. you've had how many of the last reports that you've done in the last four or five quarters have been record results? >> joe, this is our fifth all-time consecutive record meaning we're comparing against an all-time record, what was an all-time record in the second quarter of 2020. so it's a commitment as you and i talked a year ago, joe, i felt a seismic shift in the demand for personal transportation as one of the consequences of the pandemic i called it out then people want b

i think everything phil lebeau said is supportive of the used car market and autonation in particular. >> the part that was -- the two parts most particularly relevant, of course, is when the inventories are low, and the prices of new cars are going higher, that's a wonderful situation for a dealer because, of course, that's the margin, less price competition, that's helpful, it has elevated used car prices significantly and tends to be a larger margin on those products as well autonation does a lot in that space too. the dealer is where the first thing i was thinking of. imagine a thousand dollar margin expansion on per unit basis, $15 million, $15.5 billion worth of incremental income that is going to go if you just say cumulatively across the dealership space so, you know, whatever you were thinking, you know, you need to handicap that. i expect as tim does that, you know, the unmet demand for replacement trucks, the year -- light duty truck sales will be great when they get back on the lot. >> we're just getting started on "fast money. here's what's coming up next. >>> the skies a

on a decade ago, hale helped identify targets for us autonation. when he returned home to the us in 2013, he should secret details about the drone program with intercept john less revealing the true extent of civilian casualties. for example, in the middle east and africa in march, hail pleaded guilty to leaking classified documents. now ahead of it, today's sentencing hail wrote a letter, detaining some of the things he had witnessed in his work, including the death of 2 children in one strike. he also slammed then president brock obama's claim, the drone killings abroad, somehow protect americans. the policy of drone assassination was being used to mislead the public, that it keeps the safe whenever i encounter an individual who thinks that drove warfare is justified and reliably keeps america safe, i remember that time and ask myself how i could possibly continue to believe that i am a good person deserving of my life and the right to pursue happiness. prosecutors had been asking for 11 years behind bars. his lawyers wanted this reduce to 18 mon

coming up on "bloomberg markets: the european close," mike jackson, autonation ceo.loomberg. ♪ let's check in on the bloomberg first word news. i'm leigh-ann gerrans. for the first time, nato is calling out china for cyberattacks. the u.s., u.k., and theirllies have formally blamed the microsoft server exchange attack this year on packers associate it the chinese government -- on hackers associated with the chinese government. u.s. companies in hong kong 13 assurances china that it will prevent any erosion of the city's business environment after the biden adminstration issued a warning about operating there. the president told the american chamber of commerce -- the president of the american chamber of commerce in hong kong said that the free flow of information will indeed continue. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. alix: thanks very much. some breaking news for you, robinhood is expected to have a july 29 listing dat

looking at autonation, the auto retailer, they reported this morning.retty well. lauren: demand for a new car is up 42% in the quarter, for used cars 47% and autonation expects that to continue until 2022. this is my favorite metric, this is a doll, supplies the issue. supply of new vehicles on the market 14 days. it was 49 days last year and that's why they have record revenue just under $7 million. good luck finding a car with a good price. ashley: you will pay top dollar, bottom-line. let's look at the chinese carmaker, just priced its new p5 sedan. they undercut tesla? lauren: they did, starting price about $25,000 after subsidies, but that's more than a third less than tesla's model three, which starts at 30,000-- $39,000. china is the world number one car market and demand for electric vehicles there is booming because of the subsidies by beijing, so tesla makes a fit of its global revenue in china, but it's a facing price competition. ashley: that's a big market, the biggest. let's look at tesla if we can. the company offering customers fsd premi

autonation revenue also above consensus with same store new car sales up 42% over a year ago and used on that news and we'll end with crude oil below $70 a barrel with opec plus reaching-a deal on sunday to phase out 5.8 million barrels a day of oil production cuts by september 2022 david. >> thank you all right. we have got a big market day here let's turn to that by bringing in our senior markets c commentator mike santoli on a sell-off so far. >> sure is deep one by the standards of this year for sure, david. really a lot of the themes we have been pointing to for a while are sort of reaching the headline indexes mainly it's been a narrow rally this last phase, the average stock underperforming quite substantially. the equal rated russell 1,000 over a couple of months, it's a big performance spread that shows you that there was a lot of culling of the flock happening basically at the average stock level while you had had a few big megacap growth stocks disguising that weakness at the s&p 500 level also cyclical and small cap stocks have been registering this concern about global gr