BMW shares fall as GM shares rebound

CARMAX auto finance provider BMW shares fell 1.3% on Tuesday, hitting a new record low after the automaker announced a $5 billion cash dividend and said it would increase the size of its share buyback program.

Shares of BMW were down 1.6% in premarket trade.

Shares of GM were down 0.4%.

GM has struggled in recent months after the company announced it was buying out its former auto sales business.

It said it planned to cut 10% of its U.S. workforce by 2020.