AutoNation is one of the largest automotive retailers in the U.S., operating 245 stores with 323 new vehicle franchises concentrated in Sunbelt markets — Florida, Texas, and California together account for roughly 65% of revenue. AutoNation sells 30 new vehicle brands across three segments: Import (led by Toyota), Premium Luxury (Mercedes-Benz, BMW, Audi, Porsche), and Domestic (Ford, GM, Stellantis). Beyond vehicle sales, AutoNation runs 26 standalone used vehicle stores, 52 collision centers, and a captive auto finance company. AutoNation generates revenue through four streams: new vehicles (high volume, thin margins), used vehicles (90%+ of inventory sourced internally through trade-ins and direct purchases), after-sales parts and service (nearly half of gross profit at roughly 49% gross margins), and Customer Financial Services, where AutoNation arranges third-party financing and sells protection products — the highest-margin piece of the business. A key structural dynamic is that each vehicle sale creates a CFS opportunity and a potential long-term service customer. AutoNation Finance, the captive lending arm, originates consumer auto loans on vehicles sold through its own stores, with a portfolio of $2.2B at year-end FY25. AutoNation's growth strategy centers on expanding its after-sales business by retaining technicians and capturing older vehicles that have moved away from franchise dealerships, scaling AutoNation Finance, and adding stores in existing dense markets through tuck-in acquisitions.