AutoNation profit drops as new-vehicle sales decline; $1B buyback approved

AutoNation reported Q3 profit of $162.3 million, down from $215.1 million a year ago, as same-store new-vehicle sales fell 5%. Adjusted EPS of $5.11 beat estimates, and the board authorized an additional $1 billion in share buybacks; shares rose 2.8% in premarket trading.