After receiving approval from the Securities & Exchange Commission Aug. 24, AutoNation has increased capacity on its shelf registration to $2 billion and can go ahead with plans to sell an $800 million deal.

Timing for the offering is still pegged for late in the third to early in the fourth quarter. Banc of America Securities is slated to lead manage the offering with Credit Suisse First Boston and First Union Securities as co-managers (co-managers have yet to be officially named).

AutoNation initially filed a preliminary S-3 shelf registration with the SEC July 19 for a token $1 million of auto loan-backed paper for issuance vehicle ANRC Auto Owner Trust.

In the past, AutoNation has sold two public term ABS deals, $768.8 million of a series 1999-A deal via Chase Securities in October 1999 and $691.7 million of a 2000-A deal via First Union last August. The upcoming offering will have similar collateral characteristics, including the average FICO score of 690, sources added.

AutoNation is run by chairman H. Wayne Huizenga, former chairman of such diverse companies such as Blockbuster Entertainment Corp., Waste Management Inc. and Boca Resorts Inc. as well as owning professional football's Miami Dolphins.

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