To add to what @johndprent said, I'd also think that there's an...

To add to what @johndprent said, I'd also think that there's an element of keeping some powder dry in case better opportunities come up in future. Whilst markets look to have stabilised and recovered somewhat in recent months, there is still a huge amount of uncertainty going forward.

RAC management may consider that a 50% return in the last 5 months since the lows in mid-June (and was 100% a month ago) is relatively satisfactory and are happy to let the share price continue on its own momentum (i.e. it's not currently "opportunistic enough" to warrant buy-back expenditure).

This should not be confused with RAC management not seeing value at the current price, indeed our biggest shareholder was recently buying on market at these levels and higher.

Whilst management may expect a much higher share price in the future, no one knows exactly when that may be, and there are still a lot of things that could go wrong between now and then.