The Associated Press reported this morning that billionaire investor and Sears Holdings Corp. Chairman Edward Lampert continues to amass shares of auto retailer AutoNation Inc., according to a Securities and Exchange Commission filing from Tuesday.

Lampert’s holdings in the Florida-based company now amount to 69.1 million shares, or a 38.7% stake. In open market purchases between April 28 and last Friday, ESL Partners LP (Lampert’s hedge fund) bought 1.8 million shares for $29.2 million of working capital. At the same time, an affiliated account acquired 390,000 shares for $6.2 million, also using working capital. Lampert previously served on AutoNation’s board.

According to the Associated Press, the auto retailer continues to struggle with slowing vehicle sales in California, Florida, and other states hit hard by the downturn in the U.S. housing market. At the end of April, AutoNation reported that first-quarter earnings dropped 37%.

Source:

“Sears Chairman Lampert boosts AutoNation stake”
Associated Press, May 13, 2008

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