Inchcape just announced a 175 million quid share buyback programme, which is interesting timing given the stock is down over 8% right now. Trading at 798.50p on the LSE, so clearly the market isn't thrilled about something. They got UBS to handle the purchases, and the whole thing runs through March 2027. Authorized to repurchase up to 39 million shares basically. Buybacks usually signal management thinks the stock is undervalued, but with that kind of price action you have to wonder what they're seeing. Either they're confident things will turn around or it's just capital allocation at this level. Curious if this stabilizes the share price or if there's something deeper going on with the business. What's your take on automotive retail right now?

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