Americans, says Mike Jackson, chief executive of AutoNation , have finally reached a "tipping point" with gasoline at $4 a gallon.
Jackson joined the crew of CNBC's "Squawk Box" to discuss the impact higher gasoline prices are having on consumers and the automotive industry.
"At three dollars a gallon, we got a lot of talk but no change in behavior. It was viewed as a spike and that we would return to low prices. At $4 a gallon, there’s a definite change in behavior, and the consumer mindset is at a tipping point. The consumer’s becoming convinced that they face higher gasoline prices open-ended, and therefore they’re changing their behavior, and the migration away from truck-based sport utility vehicles is underway."