Lampert ups investment in AutoNation

DETROIT Edward Lampert, Sears Holdings chairman, and hedge fund manager has increased his investment in AutoNation, a top U.S. auto retailer to close to 33%. According to reports, the investor bought an additional $20 million in shares of the company.

According to an SEC filing Lampert purchased approximately 1.3 million shares of AutoNation common stock on Monday and Tuesday. Reports say the purchases raised Lampert's stake in the company to about 59.93 million shares.

AutoNation, the largest automobile dealership in the United States, have seen its shares rise by 30% since late January, but are still off from their high last January, according to reports.