UnitedAuto to Buy Back Up To 13 Percent of Its Stock

UnitedAuto Group Inc., the second-largest U.S. auto dealer, announced on Sept. 18 it has started repurchasing up to 3 million of its shares, joining a long list of companies buying back their own stock following last week's terrorist attacks in New York and Washington, D.C.

Detroit-based UnitedAuto has 23.32 million shares outstanding. The company's stock closed down $1.55, or 10 percent, at $14.15 on Sept. 18 on the New York Stock Exchange.

"We believe the repurchase of our own shares will demonstrate to our investors management's confidence in both the company, and the nation's long-term economic strength," Chairman Roger Penske said.