Asbury Automotive Group Inc. (ABG) announced that its board has authorized the repurchase of up to two million shares of the company's common stock, to be completed by the end of 2008.
Asbury expects that any share repurchases will be funded through available cash. As of June 30, 2007, the Company had about 32.6 million shares outstanding.
In March 2007, the Company repurchased 1.3 million shares of its common stock pursuant to a repurchase program authorized in February 2007.
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