AutoNation Inc

AN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AutoNation Favors Buybacks Over Dividends

David Whiston

Nov 1, 2026

Business Strategy and Outlook

We believe AutoNation's massive size and economies 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 24 USA stores as of Sept. 2026; store count growth will be gradual.

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AutoNation Inc

AutoNation Favors Buybacks Over Dividends

Business Strategy and Outlook

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