AutoNation Inc

AN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AutoNation Should Remain a Top US Auto Dealer and May Expand Overseas

David Whiston

Feb 24, 2026

Business Strategy and Outlook

We believe AutoNation's massive size and economy of scale advantages will allow the company to deliver operating margins of at least 4% at times, and we see upside potential to profits as the AutoNation USA stand-alone used-vehicle stores roll out. There are 26 USA stores as of year-end 2025; store count growth will be gradual.

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AutoNation Inc

AutoNation Should Remain a Top US Auto Dealer and May Expand Overseas

Business Strategy and Outlook

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