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AutoNation, Inc. Confirms Third Quarter Analysts' Consensus Earnings Estimate Of $0.22 Per Share From Continuing Operations; Board Authorizes Additional $250 Million Share Repurchase Program

Oct. 19, 1999

FORT LAUDERDALE, Fla., Oct. 19 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) today confirmed that the Company will achieve the analysts' consensus earnings estimate of $0.22 per share from continuing operations in the third quarter of this year. AutoNation said it would release complete third quarter financial results on Thursday, October 28.

The Company also announced that its Board of Directors has authorized an additional share repurchase program of up to $250 million of the Company's common stock. The Company has repurchased $1 billion of its common stock over the past 12 months under previously approved share repurchase programs.

AutoNation, Inc. is the world's largest automotive retailer, with more than 412 automotive franchises in 24 states. AutoNation also operates more than 270 web sites, including AutoNationdirect.com, offering the Internet's largest selection of new and used vehicles for sale. Its automotive rental operations, which the Company has announced it will spin off in the form of a tax-free dividend of shares to AutoNation shareholders, include Alamo Rent-A- Car, Inc., National Car Rental system, Inc. and CarTempsUSA, which operate nationally and in more than 65 countries.

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performances, or achievements expressed or implied in such forward looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.

SOURCE AutoNation, Inc.
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