Eddie Lampert Sells Nearly $34 million of AutoNation Shares

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Eddie Lampert Sells Nearly $34 million of AutoNation Shares
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Eddie Lampert Sells Nearly $34 million of AutoNation Shares

Eddie Lampert, founder of the hedge fund ESL Investments, has sold approximately $34 million worth of AutoNation, Inc. (NYSE:AN) shares on the open market, according to a form 4 filed with the SEC. The average selling price for Lampert was approximately $44 a share. Shares of AutoNation, Inc. (NYSE:AN) closed today at $43.50, down 0.14%. Eddie Lampert sold over 760,000 shares, reducing his stake in the  automotive retailer by 1.6%. After Sears, Lampert’s largest holding is AutoNation, Inc. (NYSE:AN), where Lampert still holds a massive $1.6 billion stake.

AutoNation, Inc. (NYSE:AN) is the one of the largest automotive retailers in the United States. The company owns and operates new vehicle franchises from dealership locations in major metropolitan markets in numerous states, predominantly in the Sunbelt states. Its business consists primarily of the sale, financing and servicing of new and used vehicles. The company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products and collision repair services.

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For the six months ended 30 June 2012, AutoNation, Inc. (NYSE:AN) revenues increased 14% to $7.56B. Net income before extraordinary items increased 6% to $152.5M. Revenues reflect Comparable Store Sales Growth -% (New) increase of 63% to 17.7%, Comparable Store Sales, Value (New) increase of 18% to $4.15B, Value of Retail Sales (New) increase of 19% to $4.19B. Net income was partially offset by Premium Luxury segment income decrease of 27% to $127.1M.

Disclosure: No position

 

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