Autonation, Inc. (NYSE: AN)

AutoNation, Inc. is one of the largest automotive retailers in the United States. As of December 31 2025 the company owned and operated 323 new vehicle franchises from 245 stores located primarily in major metropolitan markets of the Sunbelt region. These stores offer 30 different new vehicle brands with the core brands representing approximately 89 percent of new vehicle sales in 2025 including Toyota (including Lexus) Honda Ford General Motors BMW Mercedes Benz Stellantis and Volkswagen (including Audi and Porsche). In addition to new vehicle sales AutoNation operates 52 AutoNation branded collision centers 26 AutoNation USA used vehicle stores 4 AutoNation branded automotive auction operations 3 parts distribution centers a mobile automotive repair and maintenance business and an auto finance company. The company also employs approximately 24,800 full time and part time associates who support its retail and service operations.

The company generates revenue from the sale of new vehicles the sale of used vehicles parts and service operations and finance and insurance products. In 2025 approximately 37 percent of total revenue came from Premium Luxury franchises approximately 30 percent from Import franchises and approximately 27 percent from Domestic franchises. New vehicle sales include the retail of automobiles under franchise agreements with manufacturers. Used vehicle sales are conducted through trade ins acquisitions and the company’s We’ll Buy Your Car program as well as through auctions lease terminations and other sources. Parts and service operations encompass automotive repair and maintenance wholesale parts collision repair and the company’s electronic commerce platform AutoNationParts.com which enables customers to purchase parts and accessories online. Finance and insurance includes arranging third party financing for vehicle purchases receiving commissions from lenders and providing consumer auto finance loans through the captive auto finance company AutoNation Finance.

The company operates through the following segments: Domestic Import Premium Luxury and AutoNation Finance.

• Domestic segment includes franchises that sell Ford Lincoln Chevrolet Buick Cadillac GMC Chrysler Dodge Jeep Ram vehicles and also offers used vehicle sales parts and service and finance and insurance products at those locations contributing to the company’s diversified revenue stream.

• Import segment comprises franchises that sell Toyota Honda Nissan Hyundai Subaru and other import brands and provides the same range of used vehicle parts and service and finance and insurance offerings supporting the company’s overall sales mix.

• Premium Luxury segment includes franchises that sell Mercedes Benz BMW Lexus Audi Jaguar Land Rover and other luxury brands and also offers used vehicle sales parts and service and finance and insurance products which generate higher margin earnings for the company.

• AutoNation Finance segment consists of the company’s captive auto finance company which provides indirect financing to qualified retail customers on vehicles sold through the dealerships and earns interest income over the loan term.

The company holds a leading position among automotive retailers in the United States due to its scale breadth of brands and diversified revenue streams. It competes with other publicly traded dealership groups private independent dealers electric vehicle manufacturers selling directly to consumers and various online and mobile sales platforms. Competitive advantages include its large footprint in key metropolitan markets the ability to offer a comprehensive range of products and services a strong digital presence and experienced management team. The company’s focus on aftermarket parts and service and finance and insurance provides stable earnings that are less sensitive to new vehicle cycle swings. According to industry sources there were approximately 17,000 franchised automotive dealerships in the United States as of December 31 2025 and the company ranks among the top operators in terms of store count and sales volume.

The company’s primary customer base consists of individual consumers purchasing new and used vehicles seeking repair and maintenance services and obtaining financing and insurance products. Its parts and service operations also serve wholesale customers such as collision repair shops and independent vehicle repair providers. Finance and insurance products are offered to retail customers buying vehicles through the dealerships. In addition the company serves fleet customers through its wholesale parts division and provides mobility solutions via its mobile repair and maintenance business.