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Reuters
AutoNation reports lower profit, sets up $1 billion in buybacks
Automotive retailer AutoNation, Inc reported third quarter adjusted net income fell by 7%, largely because of lower used vehicle profits, but the company said it plans up to $1 billion in new share repurchases reflecting strong cash flow. AutoNation said third quarter, same-store used vehicle gross profits fell by nearly 22% in the quarter from a year ago. AutoNation reported net income of $6.31 a share and revenue of $6.39 billion, up less than 1% from a year ago.
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