Lithia & Driveway (LAD) announced Tuesday that it increased its share repurchase authorization by $500 million, bringing its remaining authorization to $726 million.
Since March 31, the company has repurchased about 505,000 shares for more than $137 million at a weighted average price of $272 per share.
The repurchased shares represented about 2.2% of the company's outstanding shares.
Year-to-date, the company has repurchased about 1.45 million shares for nearly $396 million at a weighted average price of $274 per share.
The repurchased shares represented about 6.2% of outstanding shares.
The company said the increase reflects confidence in its strategy and cash flow generation.
In the pre-market trading, Lithia & Driveway is 0.10% higher at $276.86 on the New York Stock Exchange.
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