Cars.com board approves share buyback program of up to $200 million over next three years

Cars.com board approves share buyback program of up to $200 million over next three years

Cars.com Inc.
CARS,
-1.80%
said Thursday its board has approved the repurchase of up to $200 million of its shares over the next three years. The online automobile marketplace said it would fund the buyback using cash from operations. Shares slid 4.7% premarket and are down 1% in the last 12 months, while the S&P 500
SPX,
-1.84%
has gained 7.6%.