The board of directors at Asbury Automotive has approved a new authorization to repurchase up to $250 million shares of the company’s common stock.

Year-to-date 2023, the company has repurchased approximately 1.1 million shares for approximately $211 million. The company has no remaining availability to repurchase shares of common stock under the previously announced stock repurchase program.

Under the new stock repurchase program, the shares of common stock of the company may be purchased from time to time in the open market, in privately negotiated transactions or in other manners as permitted by federal securities laws and other legal and contractual requirements. The extent to which the company repurchases its shares, the number of shares and the timing of any repurchase will depend on such factors as Asbury’s stock price, general economic and market conditions, the potential impact on its capital structure, the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments and other considerations.