DULUTH, Ga. -

Asbury Automotive Group has announced the expansion of its presence in the Atlanta market with the acquisition of two stores, a move the company says is a “first step” in executing its plan to broaden its dealership network. 

Also, the company has updated its soon-to-expire stock repurchase program.

Acquired by Asbury are a Volkswagen and a Bentley store in the Atlanta market. The additions bring the number of stores now owned and operated by Asbury to 12 within this market.

“This acquisition demonstrates Asbury’s commitment to grow our brand network in our key markets,” said company president and chief executive officer Craig Monaghan. “It also represents our first step in executing the plan that we announced in the third quarter to expand our dealership network.”

In other Asbury news, the company also announced this week that is board of directors has authorized the repurchase of up to $50 million of the company’s common stock in open market transactions.

This program is effective Jan. 1, 2013 and replaces Asbury’s expiring $47.4 million program authorized in December 2011. Under that program, the company reported it has repurchased $21 million of shares since January 2012.

Asbury officials said they expect any stock repurchase to be funded through available cash; as of late October 2012, the company had approximately 31.5 million shares outstanding.

Monaghan said, “This is consistent with our previously-announced plans to repurchase $25 to $30 million shares or more on an opportunistic basis per year.”

Future repurchased decisions, the company said, will be based on factors such as “Asbury’s stock price, general economic and market conditions, potential impact on its capital structure and the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments.”