Microsoft Corp. founder now owns a 5.5% stake in AutoNation Inc. according to a Securities and Exchange Commission filing.
Gates' private investment fund Cascade Investments, and the Bill & Melinda Gates Foundation acquired the 9.9 million shares of the nation's largest dealership chain.
Although valued at $82.8 million at time of acquisition, the transaction is classified as a passive investment with no intent to change control, according to the SEC.
AutoNation's stock rebounded from a 12-month low that had been hovering at $7 to more than $9 following the SEC filing.
