AutoNation Inc. (NYSE:AN) said Friday its board authorized an additional $1 billion repurchase of the company’s common stock, extending its ongoing capital return program.
Following the new approval, AutoNation has about $1.28 billion remaining under its board-approved repurchase authorizations as of October 30.
The company has already repurchased 3 million shares this year for a total of $576 million, at an average price of $189 per share. As of October 30, AutoNation had roughly 36 million shares outstanding, down 8% from the end of 2024.
Also Read: AutoNation Expands Financing Program, Strengthening Its Cash Flow
Mike Manley, Chief Executive Officer of AutoNation, stated, “Our strong performance and consistent cash flow generation continue to support strategic investments in growth and shareholder returns.”
“This additional $1 billion share repurchase authorization reflects our continued confidence in AutoNation’s performance and long-term strategy,” he added.
Third-Quarter Financial Results
Last week, AutoNation reported its third-quarter adjusted earnings per share of $5.01 (plus 25% year over year), beating the analyst consensus estimate of $4.82.
Quarterly sales of $7.037 billion, outpacing the Street view of $6.86 billion. Revenues were up 7% driven by increases across all major categories.
Recent Acquisitions Expand Geographic and Brand Footprint
In September, AutoNation acquired an Audi store and a Mercedes-Benz store in Chicago, following earlier purchases of a Mazda and a Ford store in Denver.
Together, these deals exceed $500 million in annual revenue, broaden the brand mix, and deepen the company’s presence in Illinois and Colorado.
Price Action: AN shares were trading higher by 1.85% to $199.35 at last check Friday.
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