Asbury Automotive to buy back more stock

Asbury Automotive Group has upped its stock repurchase plans.

At a meeting Tuesday, Asbury's board authorized a plan to buy back an additional $30 million worth of the company's common stock. In July, Asbury authorized the repurchase of $45 million worth of shares; the new authorization replaces that one and gives the company a total of $47.4 million it can spend buying back stock before Dec. 31, 2012.

Asbury has been authorized to repurchase up to $90 million of its common stock since November 2010.

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