WASHINGTON (dpa-AFX) - AutoNation, Inc. (AN) announced its Board of Directors authorized the repurchase of up to an additional $1 billion of common stock. This brings the total available authorization to $1.4 billion.
'With significant cash flow generation and a healthy balance sheet, AutoNation continues to deploy capital to enhance shareholder returns while further positioning the company for long-term sustained profitability,' said Mike Manley, CEO.
AutoNation also announced it has signed an agreement to acquire Brandon Dodge on Broadway, Colorado Springs Dodge, Pikes Peak Acura and City Auto Plaza, from Moreland Auto Group with approximately $320 million in annual revenue.
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