Buyback activity appears to be picking up momentum this week with companies starting to announce their Q2 earnings. There were 14 new buyback announcements this week and incidentally four of these announcements were by banks (BLFY, RMBI, MGYR and CBNK). AutoNation (AN) and cloud security company F5 Inc. (FFIV) announced a $1 billion additional buyback each representing 14.8% and 10.7% of their market caps at announcement respectively.
AutoNation is one of the largest auto retailers in the United States that also sells auto parts and offers services such as collision repair and maintenance. AN continues to expand its business by opening new AutoNation USA stores, their sales and service centre for used vehicles. As of July 18, 2022, AutoNation operates 314 locations in the United States spread across 18 states and 118 cities.