FORT LAUDERDALE, Fla., June 1 /PRNewswire-FirstCall/ -- AutoNation,
Inc. (NYSE: AN), 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.
The Company said it will base future repurchase decisions on such
factors as the Company's stock price, general economic and market
conditions, the potential impact on the Company's capital structure and the
expected return on competing uses of capital such as strategic dealership
acquisitions and capital investments.
Commenting on the repurchase program, AutoNation Chairman and Chief
Executive Officer Mike Jackson said, "This decision to expand our
repurchase program reflects the board's and senior management's continued
confidence in AutoNation's financial strength and prospects for generating
additional value for shareholders."
ABOUT AUTONATION, INC.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's
largest automotive retailer and a component of the Standard and Poor's 500
Index. AutoNation has approximately 27,000 full-time employees and owns and
operates 345 new vehicle franchises in 17 states. For additional
information, please visit http://corp.AutoNation.com or
http://www.AutoNation.com , where more than 100,000 vehicles are available
for sale.
FORWARD-LOOKING STATEMENTS
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied in such forward-looking statements. Additional
discussion of factors that could cause actual results to differ materially
from management's projections, estimates and expectations is contained in
the Company's SEC filings. The Company undertakes no duty to update its
forward- looking statements.
SOURCE AutoNation, Inc.
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Related links:
http://corp.autonation.com
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CONTACT:
Marc Cannon, AutoNation, +1-954-769-3146, or
cannonm@autonation.com
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