• Walmart for cars
• Home Depot for cars

• New Vehicle Sales: Sells new cars, trucks, and SUVs from a wide range of manufacturers.
• Used Vehicle Sales: Sells pre-owned cars, trucks, and SUVs, including certified pre-owned vehicles.
• Vehicle Maintenance & Repair Services: Provides automotive repair, routine maintenance, and genuine parts sales through its service centers.
• Vehicle Financing & Insurance Products: Offers financing solutions, extended service contracts, and various vehicle protection plans to customers.

AutoNation (AN) Major Customers

AutoNation (AN) is the largest automotive retailer in the United States. It primarily sells new and used vehicles, as well as provides vehicle maintenance and repair services, directly to individual consumers. Therefore, its major customers are individuals rather than other companies.

AutoNation serves the following categories of individual customers:

• New Vehicle Purchasers: These are individuals and families looking to acquire brand-new cars, trucks, or SUVs from the various manufacturers (e.g., Ford, Toyota, Honda, Mercedes-Benz, BMW) for which AutoNation holds franchised dealerships. These customers are often seeking the latest models, advanced features, manufacturer warranties, and specific vehicle configurations.
• Used Vehicle Purchasers: This category includes individuals and families seeking pre-owned vehicles. These customers are typically looking for value, a specific price point, a broader selection of makes and models, or a vehicle that fits within a certain budget. AutoNation operates both its franchised dealerships' used car departments and dedicated AutoNation USA used car stores to serve this segment.
• Service and Parts Customers: This group comprises vehicle owners (regardless of where they originally purchased their vehicle) who require routine maintenance, repairs, genuine manufacturer parts, or body shop services for their automobiles. This represents a crucial recurring revenue stream for AutoNation's dealerships.

• General Motors (GM)
• Ford Motor Company (F)
• Toyota Motor Corporation (TM)
• Honda Motor Co., Ltd. (HMC)
• Stellantis N.V. (STLA)
• Mercedes-Benz Group AG (MBGYY)
• BMW (BMWYY)

Michael Manley, Chief Executive Officer and Director
Michael Manley assumed the role of CEO and Director at AutoNation in November 2021. Prior to joining AutoNation, he served as Head of Americas for Stellantis N.V. from January 2021 to October 2021. He was also the Chief Executive Officer of Fiat Chrysler Automobiles N.V. (FCA), a predecessor to Stellantis N.V., from July 2018 until January 2021. Manley's extensive automotive career includes various management-level roles at DaimlerChrysler (which he joined in 2000) and FCA, such as Executive Vice President - International Sales & Marketing, Business Development and Global Product Planning Operations, CEO of the Jeep and Ram brands, and Chief Operating Officer for the Asia Pacific region.

Thomas Szlosek, Executive Vice President and Chief Financial Officer
Thomas Szlosek became Executive Vice President and Chief Financial Officer of AutoNation in August 2023. He is responsible for overseeing Accounting, Treasury, Tax, Audit, Business Analysis and Planning, Investor Relations, Finance Operations, Procurement, Risk Management, and Real Estate Services. Before AutoNation, Mr. Szlosek served as Chief Financial Officer of Avantor Inc. since 2018 and as Senior Vice President and Chief Financial Officer at Honeywell International.

Jeff Parent, Chief Operating Officer
Jeff Parent was appointed Chief Operating Officer of AutoNation in October 2023. In this role, he oversees AutoNation's day-to-day operations and works with the leadership team to execute the company's strategic vision. Before joining AutoNation, Mr. Parent was President and General Manager at Gulf States Toyota from February 2017 to October 2023. His career also includes senior executive positions at Nissan Canada, where he was Vice President of Sales and Marketing for both Nissan and Infiniti brands, and Volkswagen of America, where he served as Region VP for the Eastern Region.

Lisa Esparza, Executive Vice President and Chief Human Resource Officer
Lisa Esparza has served as Executive Vice President and Chief Human Resource Officer since September 2022. She is an accomplished global human resources executive with expertise in areas such as business partnerships, talent management, organizational effectiveness, diversity and inclusion, integration, and transformation. Most recently, Ms. Esparza was the Chief Human Resources Officer of Essilor North America.

Coleman Edmunds, Executive Vice President, General Counsel and Corporate Secretary
Coleman Edmunds has held the position of Executive Vice President, General Counsel and Corporate Secretary at AutoNation since April 2017. He oversees all aspects of AutoNation's legal affairs, including securities law, mergers and acquisitions, commercial transactions, litigation, compliance, manufacturer relations, and government relations. Mr. Edmunds joined AutoNation in November 1996 and previously served as Senior Vice President, Deputy General Counsel and Assistant Secretary from October 2007 to March 2017. Prior to AutoNation, he was in private practice with the international law firm Baker McKenzie.

The key risks to AutoNation's business (AN) include its sensitivity to economic conditions and interest rate fluctuations, vulnerability to supply chain disruptions and dependence on vehicle manufacturers, and exposure to cybersecurity incidents.

1. Economic Sensitivity and Interest Rate Fluctuations: The automotive retail industry is highly susceptible to broader economic conditions, including consumer confidence, unemployment levels, and particularly, interest rates. Economic downturns can depress demand for new and used vehicles, while rising interest rates directly impact the cost of financing inventory (floorplan payables) and other debt, thereby affecting AutoNation's profitability.
2. Supply Chain Disruptions and Manufacturer Reliance: AutoNation's operations are heavily dependent on vehicle manufacturers for a consistent supply of new vehicle inventory and parts for its service business. Disruptions in the supply chain, such as production delays or shortages, can lead to inadequate vehicle availability, missed sales opportunities, excess inventory of certain models, and extended repair times, all of which negatively impact the company's financial performance. The company is also exposed to concentration risk if a major vehicle manufacturer experiences financial distress.
3. Cybersecurity Incidents: AutoNation relies extensively on information technology systems and third-party providers for its operations. This reliance makes the company vulnerable to cybersecurity threats, including data breaches and system disruptions. A significant cyberattack can disrupt critical business functions, lead to financial losses through lost productivity and remediation costs, and damage the company's reputation. Recent cyber incidents affecting the automotive retail industry, such as the CDK Global cyberattack, have demonstrated the potential for immediate and material impacts on dealership earnings and operations.

AutoNation (symbol: AN) operates within several large addressable markets in the United States, encompassing new and used vehicle sales, automotive repair and maintenance, parts sales, and automotive financing.

• Total Car Sales (New and Used Vehicles): The total car sales market in the U.S. was approximately $2.27 trillion in 2024.
• Used Car Market: The U.S. used car market reached approximately $322.01 billion in 2024 and is projected to grow to nearly $539.70 billion by 2034. In terms of units, 38.6 million used vehicles were sold in the U.S. in 2025.
• New Car Market: While a specific total revenue for new car sales in the U.S. for 2024 or 2025 is not distinctly separate from total car sales in the provided data, new car sales in the United States increased to 15.9 million units in 2024. Forecasts suggest new-car sales are projected to reach 16.3 million units in 2025.
• Automotive Repair & Maintenance Services: The U.S. automotive after-sales services market size is valued at $199.38 billion in 2025. More specifically, the U.S. automotive repair & maintenance service market was valued at $183.4 billion in 2023.
• Automotive Parts Market (Aftermarket): The entire U.S. automotive aftermarket, which includes parts and accessories, is projected at nearly $535 billion in 2024. The aftermarket automotive parts segment in the U.S. alone reached $229.31 billion in 2025.
• Automotive Financing: The U.S. automotive finance market generated revenue of approximately $67.66 billion in 2024. The market size of the Auto Leasing, Loans & Sales Financing industry in the United States is estimated at $180.7 billion in 2025.

AutoNation (AN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives aimed at expanding high-margin operations and adapting to evolving market dynamics.

1. Growth in After-Sales Services: AutoNation continues to prioritize its After-Sales segment, which includes parts and service, due to its high-margin nature and consistent performance. This segment represented nearly half of the company's gross profit and achieved record gross profit in Q3 2025, with same-store revenue increasing by 6% and gross profit by 7% year-over-year. The company is focused on hiring, developing, and retaining technicians to support this growth.
2. Expansion of AutoNation Finance: The company's captive finance arm, AutoNation Finance, is a significant growth engine. In Q3 2025, it originated over $400 million in loans, nearly doubling year-to-date originations to more than $1.3 billion. The finance portfolio has exceeded $2 billion, and AutoNation plans for a second asset-backed securitization before Q1 2026, which helps capture a greater share of profit per transaction.
3. Expansion of AutoNation USA Used Vehicle Stores: AutoNation is actively expanding its standalone used-vehicle store footprint, known as AutoNation USA. While a long-term goal of over 130 AutoNation USA stores by the end of 2026 has been stated, the company is focused on strategically expanding this network. This expansion aims to capture a larger share of the used vehicle market by prioritizing profitable sales.
4. Strategic Acquisitions and Market Density: AutoNation is pursuing "tuck-in" acquisitions in existing high-growth markets, such as Florida and Texas, to enhance its market density and scale. These targeted mergers and acquisitions help expand the company's footprint and diversify its revenue streams.
5. Digital Transformation and Electric Vehicle (EV) Adoption: AutoNation is investing in digital capabilities to improve efficiency and customer satisfaction. The company is also accelerating its EV adoption strategy, with EV sales accounting for 18% of revenue in 2025, up from 12% in 2024. This includes expanding EV inventory, installing charging stations at dealerships, and enhancing digital tools for EV education to address consumer needs.

Share Repurchases

• AutoNation repurchased $1.7 billion in shares in 2022.
• The company repurchased $874.4 million in shares in 2023.
• In 2024, AutoNation repurchased 2.9 million shares for $460 million.
• Year-to-date through October 30, 2025, AutoNation repurchased 3.0 million shares for $576 million.
• As of October 30, 2025, AutoNation had approximately $1.28 billion remaining under its Board-approved repurchase authorizations.

Outbound Investments

• In 2023, AutoNation acquired RepairSmith, a mobile solution for automotive repair and maintenance, renaming it AutoNation Mobile Service.
• Also in 2023, the company acquired CIG Financial, which was renamed AutoNation Finance, to enhance its captive auto finance capabilities.
• In September 2025, AutoNation acquired an Audi store and a Mercedes-Benz store in Chicago, along with earlier purchases of a Mazda and a Ford store in Denver, totaling over $500 million in annual revenue.

Capital Expenditures

• Capital expenditures for the full year 2023 were $410 million.
• For the full year 2024, capital expenditures were $329 million.
• AutoNation plans to continue investing in new facilities for existing franchises and AutoNation USA used vehicle stores, as well as other strategic and technology initiatives to support long-term growth.