David Hult News Today : Breaking News, Live Updates & Top Stories | Vimarsana

DULUTH, Ga.--Asbury Automotive Group, Inc. (the “Company”), one of the largest automotive retail and service companies in the U.S., today announced its board of directors approved an increase in the authorization of the share repurchase plan for the Company, which expands the remaining availability to $400 million. “This expansion of our previous authorization reflects the commitment to our disciplined capital allocation approach,” said David Hult, Asbury’s President and Chief Executive Officer.

Used-car prices currently are trending down from recent highs.

Operating margin of 6.3% EPS of $7.21 per diluted share Parts and service revenue growth of 15%; parts and service gross profit growth of 18% Repurchased approximately 240,000 shares for...

Asbury reported that new vehicle revenue increased by 17%, while new vehicle gross profit decreased by 9%.

Speakers at NADA’s Auto Forum tackle high inventories, low gross profit concerns.