Bill Gates has acquired a 5.5% stake in AutoNation, a nationwide chain of car dealerships. The move saw the company's shares increase in value by $1 a share since the purchase was made on Monday, taking the value of Gates's holdings to $90.1 million; in fact, he's now the third largest shareholder. But what does Gates see in the firm?
Jalopnik Snap Judgment: Bill Gates has tons of money (literally, Scrooge McDuck style) and invests it in a number of places. Having said that, he is a shrewd investor, so he obviously expects AutoNation to do well in the coming years. Maybe the future of auto sales is high-volume used car retail centers? Maybe power within the industry is shifting from the manufacturers to the dealers? Maybe Bill just wants to score used car discounts for life? We don't know, but we bet he does.
[via Automotive News]