FORT LAUDERDALE, Fla., May 26 /PRNewswire-FirstCall/ -- AutoNation, Inc. , America's largest automotive retailer, today announced that its Board of Directors has authorized the repurchase of up to an additional $250 million of the Company's common stock. As of May 26, 2010, AutoNation had utilized substantially all of the amounts previously approved by its Board of Directors under its existing share repurchase program.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO ) About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer and has been named America's Most Admired Automotive Retailer by FORTUNE Magazine five times. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 249 new vehicle franchises in 15 states. For additional information, please visit http://corp.autonation.com/ or http://www.autonation.com/.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements that refer to trends in our business and in the automotive industry and other characterizations of future events or circumstances are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions; conditions in the credit markets and changes in interest rates; the success and financial viability of vehicle manufacturers and distributors with which we hold franchises; factors affecting our goodwill and other intangible asset impairment testing; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business; and other factors described in our news releases and filings made under the securities laws, including without limitation our Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
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AutoNation, Inc.
CONTACT: Marc Cannon, +1-954-769-3146, cannonm@autonation.com; Investor
contact: Cheryl Scully, +1-954-769-7734, scullyc@autonation.com
Web Site: http://corp.autonation.com/
