Automotive retailer AutoNation (NYSE:AN) has driven in healthy numbers for the third quarter. Revenue increased 4.5% year-over-year to $6.67 billion, outperforming estimates by $40 million. EPS at $6 missed estimates by $0.27 but recorded a 17% year-over-year increase.
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Importantly, the growth in revenue came despite lower new and used vehicle sales in the industry on the back of higher average selling prices and an increase in after-sales and customer financial services.
Moreover, AN bought back shares worth $428 million during the quarter. Additionally, it has announced an additional stock buyback worth $1 billion. Today, AN also announced an acquisition of four dealerships from Moreland Auto Group.
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