HOUSTON -

Group 1 Automotive — which ranked No. 6 on Auto Remarketing’s list of The Top 125 Used-Car Dealer Groups —  announced Wednesday that its board of directors authorized a program to repurchase up to $50.0 million of the company’s common stock.

The company emphasized purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions.

During the second quarter of this year, Group 1 repurchased 241,991 common shares at an average price of $46.75. Officials indicated the new $50.0 million program replaces any amount remaining under the prior authorization at June 30.

The company expects that any repurchase of shares will be funded by cash from operations.

Group 1 added repurchased shares will be held in treasury.

CarMax Hiring in Florida

Meanwhile, CarMax — the No. 1 retailer on that list of the country’s top dealer groups, which was based on 2011 used-vehicle sales —  is adding personnel in the Sunshine State to run its new store in Naples, Fla.

CarMax said this week it is currently hiring for approximately 40 positions for the company’s newest operation that consists of 13,965 square feet at 425 Airport Road in Naples.

The dealership that’s set to begin business on Sept. 1 will be CarMax’s first location in Naples. The company already has 11 other Florida locations, including a Fort Myers store that opened in June.

Applications are now being accepted for the new positions on the company’s website at www.carmax.com/careers.

Auto Remarketing’s complete list of the top of the top 125 dealership groups in the U.S. based on 2011 used-vehicle sales stemming from data supplied by Automotive News can be found at www.autoremarketing.com/top-125-used-car-dealers-groups.