Tuesday, December 2, 2008

Gates may be nation's biggest used car salesman

The Bill & Melinda Gates Foundation may be tightening its belt when it comes to investing in public school improvement, but the current recession hasn’t curbed Gates’ enthusiasm for the used car business. The foundation, which invests 95% of its assets in profit-making ventures, including many in the world’s heaviest polluter-companies, has brought its total holdings in AutoNation (AN) to 20.5 million shares or 11.7% of the outstanding total. He and Sears Holdings (SHLD) Eddie Lampert now hold a combined 57% of the outstanding shares. AutoNation is the world's largest automotive retailer in the U.S., founded by billionaire Wayne Huizenga.

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