Chicago Auto Dealership bought back more than 300,000 vehicles in 2017, the largest buyback in the United States, with more than $1 billion to spare.
The Chicago Auto Industry Association said it was the biggest year-over-year increase in car purchases in its 15-year history.
“We are proud to announce our largest year-to-date investment in a decade of car sales and have seen record volume and price gains,” said Chicago Auto Association President and CEO David J. Daley.
“We have made significant investments to create jobs and grow the auto industry, and we will continue to work hard to create new jobs.”
Chicago Auto Dealer, the oldest and largest car dealer in the country, also added to its fleet of more than 2,500 vehicles by buying back $1.7 billion worth of vehicles in the last year.
The purchases were part of a broader buyback program in which the dealership has purchased back a total of $3.5 billion worth.
Chicago Auto Dealors stock has climbed more than 14 percent over the past year and its stock has risen more than 50 percent over its past four years.
“Our dealers are proud of the work we do every day and have been able to put an end to the devastating effects of the pandemic in the U.S.,” said Chicago auto dealers Association President Mark DeCoteau.
“This investment will enable us to continue to provide high-quality auto repair and replacement to our customers.”
Chicago Auto Dealer said it purchased the vehicles from Ford Motor Co. (F.
N) and General Motors Co. GM, -0.17% and Toyota Motor Corp. TM, +0.18% In 2017, Chicago Auto dealers sold more than 12.3 million vehicles in total, up from 11.4 million in 2016.
The Chicago Auto Alliance said it would add more than 1,100 jobs in 2017 and that it would invest in a new $1-billion dealership that would be in the heart of downtown Chicago.
The group said it is also investing in other parts of the Chicago region.