Billionaire Bill Gates, the chairman of Microsoft Corp. bought a 5.5 percent stake in the U.S. no.1 dealership group AutoNation Inc., according to Securities and Exchange Commission. The 5.5 percent total stake makes him the AutoNation’s third-largest stockholder.

The total stake is shared by Bill Gates’ private investment fund, Cascade Investment LLC and the Bill and Melinda Gates Foundation Trust. Cascade Investment LLC holds 2.9 percent and the Bill and Melinda Gates Foundation Trust has 2.6 percent of stakes in AutoNation.

Out of 9.9 million shares in AutoNation, 4.64 million were purchased by Gates and his wife and another 5.26 million shares were bought by their private investment fund.

Gates disclosed the holdings after AutoNation shares on July 15 closed at $7.57, the lowest since February 2001. The Fort Lauderdale, Florida-based company’s stock had tumbled 47 percent this year as first-half U.S. auto sales fell 10 percent amid a slowing economy and record gasoline prices.

AutoNation gained $7.16 to $15.52 in the late trading Monday. The shares rose 11 cents to $8.36 during normal trading hours on the New York Stock Exchange. On Tuesday, AutoNation shares were trading at $9.10 on the New York Stock Exchange, which makes Gates’ 9.9 million-share stake worth more than $90.1 million.

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