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AutoNation Rises on Q3 Showing; $1B Buyback
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AutoNation Rises on Q3 Showing; $1B Buyback

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.

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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