AutoNation Plans Up To Addl. $1 Bln Share Buyback; To Buy CIG Financial - Update

(RTTNews) - Automotive retailer AutoNation, Inc. (AN), while reporting weak second-quarter net profit and revenues, announced that the Board of Directors authorized the repurchase of up to an additional $1 billion common stock.

As of July 19, the company had approximately 56 million shares outstanding.

Further, AutoNation announced its plan to acquire auto finance company CIG Financial.

Mike Manley, AutoNation Chief Executive Officer, said, "This acquisition addresses a key strategic next step in the evolution and expansion of our customer relationships, particularly for our used vehicle business."