AutoNation Board Authorizes Share Repurchase - Quick Facts

(RTTNews) - AutoNation (AN) announced that its Board has authorized the repurchase of up to an additional $250 million of the company's common stock. AutoNation has approximately $316 million total Board authorization remaining for share repurchases with the increased authorization and approximately 101 million shares outstanding as of October 26, 2016.

During the third quarter of 2016, AutoNation repurchased one million shares of common stock for an aggregate purchase price of $50 million.

AutoNation also announced the acquisition of three Premium Luxury franchises and one collision center and the award of three Premium Luxury franchise add-points, with combined anticipated annual revenues of approximately $430 million, once the add-points are fully operational. With the addition of the six Premium Luxury franchises, AutoNation will own and operate a total of 96 Premium Luxury franchises from coast to coast.