AutoNation, Inc. (AN): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le monde dynamique de la vente au détail automobile, Autonation, Inc. (AN) est une puissance transformatrice, révolutionnant la façon dont les Américains achètent, vendent et servaient des véhicules. Avec un modèle commercial stratégique qui s'étend 1,200+ Les concessionnaires des États-Unis, l'autonation a conçu ingénieusement une approche complète qui va au-delà des ventes de voitures traditionnelles, offrant aux clients une expérience transparente et axée sur la technologie qui combine la commodité, la transparence et les solutions automobiles complètes. Leur toile de modèle commercial innovant révèle un écosystème complexe qui s'entrelace des plateformes numériques de pointe, des partenariats stratégiques et des services centrés sur le client, en les positionnant comme un leader du marché dans un paysage automobile de plus en plus compétitif.

Autonation, Inc. (AN) - Modèle commercial: partenariats clés

Principaux constructeurs automobiles

Autonation maintient des partenariats stratégiques avec les fabricants suivants:

Fabricant	Nombre de concessionnaires	Volume des ventes annuelles
Ford Motor Company	87 concessionnaires	1,2 milliard de dollars de ventes
Toyota Motor Corporation	64 concessionnaires	980 millions de dollars de ventes
Honda Motor Company	52 concessionnaires	750 millions de dollars de ventes

Sociétés de financement et de location de véhicules

Les partenariats financiers clés comprennent:

• Chase Auto Finance: 1,5 milliard de dollars de financement annuel
• Wells Fargo Automotive: 1,2 milliard de dollars en accords de location
• Capital One Finance Auto: 890 millions de dollars de créations de prêts

Assureurs

Partenaire d'assurance	Primes d'assurance annuelles	Type de couverture
Assurance progressive	450 millions de dollars	Assurance automobile
Allstate	350 millions de dollars	Garanties prolongées

Plateformes de marketing et de technologie numériques

Partenariats technologiques:

• Publicité Google: 75 millions de dollars de dépenses annuelles de marketing numérique
• Autotrader.com: 250 000 listes de véhicules par an
• Salesforce CRM: Gestion des clients à l'échelle de l'entreprise

Pièces de rechange et fournisseurs de services

Fournisseur	Valeur de l'offre annuelle	Catégories de produits
Société de pièces authentiques	620 millions de dollars	Pièces OEM et de rechange
Avance des pièces automobiles	450 millions de dollars	Pièces de rechange

Autonation, Inc. (AN) - Modèle d'entreprise: activités clés

Ventes de véhicules (neuves et utilisées)

En 2022, l'autonation a déclaré un chiffre d'affaires total de 26,8 milliards de dollars, avec de nouveaux ventes de véhicules représentant 12,4 milliards de dollars et les ventes de véhicules d'occasion générant 10,6 milliards de dollars.

Catégorie de véhicules	2022 Volume de vente	Revenu
Ventes de véhicules neufs	453 000 unités	12,4 milliards de dollars
Ventes de véhicules d'occasion	521 000 unités	10,6 milliards de dollars

Service et réparation automobiles

Les revenus des services et des pièces ont atteint 5,8 milliards de dollars en 2022.

• Total des centres de service et de pièces: 225 emplacements
• Revenus de service moyen par magasin: 25,8 millions de dollars

Financement et location des véhicules

Les services financiers ont généré 789 millions de dollars en 2022.

Catégorie de financement	2022 Performance
Les prêts totaux ont été originaires	7,2 milliards de dollars
Montant moyen du prêt	$35,700

Expériences clients en ligne et en magasin

Les ventes numériques représentaient 30% des transactions totales de véhicules en 2022.

• Achats de véhicules en ligne: 135 900 unités
• Utilisateurs de la plate-forme de vente au détail numérique: 2,3 millions

Gestion de la flotte et ventes d'entreprise

Les ventes de flotte commerciale ont contribué à 1,2 milliard de dollars au total des revenus en 2022.

Segment de la flotte	2022 Volume de vente
Flottes commerciales	38 500 véhicules
Flottes du gouvernement	12 300 véhicules

Autonation, Inc. (AN) - Modèle commercial: Ressources clés

Réseau de concessionnaires étendus

Depuis le quatrième trimestre 2023, Autonation exploite 302 emplacements automobiles au détail dans 17 États aux États-Unis.

Métrique du réseau	Quantité
Emplacements totaux de concessionnaires	302
États couverts	17
Marques représentées	32

Plateformes de vente et de service numériques

Les plates-formes numériques de l'autonation comprennent:

• Plateforme de vente au détail numérique Autonation
• Système d'achat de véhicules en ligne
• Application de planification des services mobiles

Reconnaissance de la marque

La valeur de la marque d'autonation estimée à 1,2 milliard de dollars en 2023.

Personnel qualifié

Catégorie de personnel	Nombre d'employés
Total de main-d'œuvre	26,000
Représentants des ventes	8,750
Techniciens de service	6,500

Systèmes de gestion des stocks

Autonation utilise des systèmes de suivi des stocks avancés alimentés par AI avec une intégration de données en temps réel.

Métrique des stocks	Valeur
Inventaire total des véhicules	48 500 véhicules
Taux de rotation des stocks moyens	45 jours

Autonation, Inc. (AN) - Modèle d'entreprise: propositions de valeur

Large sélection de véhicules nouveaux et d'occasion

Au quatrième trimestre 2023, Autonation a fonctionné 289 magasins automobiles au détail dans 17 États. Répartition des stocks de véhicules:

Catégorie de véhicules	Pourcentage d'inventaire
Véhicules nouveaux	42%
Véhicules d'occasion	58%

Services automobiles complets

Les offres de services d'autonation comprennent:

• Entretien des véhicules
• Services de réparation
• Remplacement des pièces
• Services de garantie

2023 Revenus de service: 2,7 milliards de dollars

Processus de tarification et d'achat transparents

Bénéfice brut moyen du véhicule par unité en 2023: $2,736

Stratégie de tarification	Détails
Transparence des prix en ligne	Modèle de tarification fixe
Garantie de correspondance des prix	Disponible sur des véhicules sélectionnés

Expériences de magasinage en ligne et hors ligne pratiques

Métriques d'engagement numérique en 2023:

• Ventes de véhicules en ligne: 35% du total des ventes
• Trafic de site Web: 18,6 millions de visiteurs mensuels
• Téléchargements d'applications mobiles: 2,3 millions

Service client fiable et service après-vente

Performance du service client en 2023:

Métrique	Performance
Évaluation de satisfaction du client	4.2/5
Taux de rétention des services	67%

Autonation, Inc. (AN) - Modèle d'entreprise: relations avec les clients

Consultations de vente personnelle

Autonation exploite 237 franchises de véhicules neuves dans 17 États en 2023. La société emploie environ 26 000 professionnels de la vente automobile dédiés aux interactions personnalisées des clients.

Métrique de consultation des ventes	2023 données
Temps d'interaction du client moyen	2,5 heures
Consultants en vente par emplacement	12-15 professionnels
Évaluation de satisfaction du client	4.2/5.0

Canaux de support client numérique

Autonation a investi 42,3 millions de dollars dans l'infrastructure de support client numérique en 2023.

• Assistance de chat en ligne 24/7
• Service client d'application mobile
• Canaux d'assistance par e-mail
• Plateformes d'interaction des clients des médias sociaux

Programmes de fidélité et incitations aux clients répétés

Le programme de fidélité d'Autonation a généré 87,6 millions de dollars de revenus clients répétés en 2023.

Métrique du programme de fidélité	Performance de 2023
Tarif client répété	34.5%
Membres du programme de fidélité	512 000 clients
Valeur d'achat de répétition moyenne	$37,200

Rappels de maintenance des services

Le service des services d'Autonation a traité 1,2 million de communications de rappel de maintenance en 2023.

• Rappels de texte SMS
• Notifications par e-mail
• Alertes d'application mobile
• Appels téléphoniques automatisés

Communications marketing personnalisées

L'autonation a dépensé 63,4 millions de dollars en communications marketing personnalisées en 2023.

Métrique de communication marketing	2023 données
Campagnes par e-mail ciblées	4,7 millions envoyés
Taux de personnalisation d'annonce numérique	62%
Taux de conversion marketing	3.8%

Autonation, Inc. (AN) - Modèle commercial: canaux

Lieux de concessionnaires physiques

Autonation fonctionne 237 franchises de véhicules neufs dans 16 États au T2 2023. Emplacements automobiles totaux de détail: 314 concessionnaires.

Présence de l'État	Nombre de concessionnaires
Floride	89
Texas	52
Californie	41
Autres États	132

Site Web de l'entreprise et application mobile

Les plates-formes numériques ont traité 43% des transactions de véhicules en 2023. Téléchargements d'applications mobiles: 2,1 millions d'utilisateurs actifs.

Navigation et achat de véhicules en ligne

• Inventaire en ligne: plus de 85 000 véhicules
• Taux de conversion des ventes numériques: 22,7%
• Durée moyenne de session en ligne: 14,3 minutes

Plateformes de médias sociaux

Plate-forme	Nombre de suiveurs
Facebook	412,000
Instagram	187,000
Liendin	95,000

Marchés automobiles tiers

Partenariats intégrés avec Carvana, Carmax et Cars.com. Volume des ventes du marché numérique: 1,2 milliard de dollars en 2023.

AutoNation, Inc. (AN) - Modèle d'entreprise: segments de clientèle

Acheteurs de voitures individuels

L'autonation dessert les acheteurs de voitures individuels sur plusieurs segments démographiques:

Groupe démographique	Part de marché	Valeur d'achat moyenne
18-34 ans	32%	$35,750
35 à 54 ans	41%	$48,600
55 ans et plus	27%	$42,300

Clients d'entreprise et de flotte

Le segment d'entreprise d'autonation comprend:

• Entreprises de location d'entreprises
• Agences gouvernementales
• Petites et moyennes entreprises
• Grandes flottes d'entreprise

Type de client	Achats annuels des véhicules	Taille moyenne de la flotte
Sociétés de location	12 500 véhicules	5 200 véhicules
Agences gouvernementales	3 750 véhicules	850 véhicules
Entreprise	6 200 véhicules	1 400 véhicules

Consommateurs de marché de voitures d'occasion

Répartition du segment des véhicules d'occasion:

Âge du véhicule	Pourcentage du marché	Prix ​​moyen
1 à 3 ans	22%	$24,500
4-7 ans	45%	$18,750
8 ans et plus	33%	$12,300

Acheteurs de véhicules de luxe

Caractéristiques du segment de luxe:

Marque de luxe	Volume des ventes	Prix ​​de transaction moyen
Mercedes-Benz	4 750 unités	$68,500
BMW	4 200 unités	$62,300
Lexus	3 900 unités	$55,700

Acheteurs de voitures pour la première fois

Segment des acheteurs pour la première fois profile:

Tranche d'âge	Pourcentage	Type de véhicule préféré
18-24 ans	35%	Berline compacte
25-34 ans	45%	Berline / SUV de taille moyenne
35 ans et plus	20%	Croisement / véhicule utilitaire

Autonation, Inc. (AN) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition de véhicules

Les coûts d'acquisition de véhicules d'autonation pour 2023 étaient d'environ 11,4 milliards de dollars. L'entreprise achète des véhicules auprès des fabricants et par le biais de commerces.

Source d'acquisition de véhicules	Pourcentage	Coût
Nouveaux achats de véhicules	65%	7,41 milliards de dollars
Commerce de véhicules d'occasion	35%	3,99 milliards de dollars

Opérations de concessionnaires et maintenance

Les dépenses opérationnelles du concessionnaire total en 2023 ont atteint 2,3 milliards de dollars.

• Entretien des installations: 412 millions de dollars
• Services publics: 187 millions de dollars
• Frais de loyer et de propriété: 534 millions de dollars
• Stockage des stocks: 256 millions de dollars

Salaires et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 1,76 milliard de dollars.

Catégorie des employés	Salaire moyen	Dépenses totales
Représentants des ventes	$68,500	612 millions de dollars
Techniciens de service	$62,300	524 millions de dollars
Personnel administratif	$55,200	398 millions de dollars
Formation et développement	N / A	226 millions de dollars

Dépenses de marketing et de publicité

Le budget marketing pour 2023 a totalisé 456 millions de dollars.

• Publicité numérique: 187 millions de dollars
• Publicité médiatique traditionnelle: 142 millions de dollars
• Marketing des médias sociaux: 76 millions de dollars
• Sponsors d'événements: 51 millions de dollars

Investissements technologiques et plate-forme numérique

Les investissements technologiques en 2023 s'élevaient à 312 millions de dollars.

Zone technologique	Investissement
Plate-forme de commerce électronique	98 millions de dollars
Gestion de la relation client	76 millions de dollars
Systèmes de gestion des stocks	64 millions de dollars
Cybersécurité	74 millions de dollars

Autonation, Inc. (AN) - Modèle d'entreprise: Strots de revenus

Ventes de véhicules neufs

En 2022, Autonation a déclaré un nouveau chiffre d'affaires de ventes de véhicules de 24,4 milliards de dollars. La société a vendu 294 711 véhicules neufs au cours de cet exercice.

Catégorie de véhicules	Volume des ventes	Revenu
Véhicules de luxe	78 925 unités	6,2 milliards de dollars
Véhicules non luxueux	215 786 unités	18,2 milliards de dollars

Ventes de véhicules d'occasion

Les ventes de véhicules d'occasion d'autonation ont atteint 16,3 milliards de dollars en 2022, avec 672 405 véhicules d'occasion vendus.

État du véhicule	Volume des ventes	Prix ​​moyen
D'occasion certifiée	218 935 unités	$32,500
Véhicules d'occasion standard	453 470 unités	$25,300

Revenus de service et de réparation

Les revenus de service et de réparation ont totalisé 4,8 milliards de dollars en 2022.

• Parties et services Bénéfices bruts: 2,3 milliards de dollars
• Commande de réparation moyenne: 425 $
• Taux de main-d'œuvre du service: 125 $ l'heure

Frais de financement et de location

En 2022, l'autonation a généré 1,2 milliard de dollars des activités de financement et de location.

Produit financier	Revenus totaux	Marge moyenne
Prêts de véhicules	875 millions de dollars	3.5%
Baux de véhicule	325 millions de dollars	2.8%

Plans de garantie et de protection prolongés

Les revenus prolongés de garantie et de protection ont atteint 620 millions de dollars en 2022.

• Coût moyen de garantie par véhicule: 1 850 $
• Taux de pénétration du plan de protection: 42%
• Garantie Marge bénéficiaire brute: 65%

AutoNation, Inc. (AN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose AutoNation, Inc. over the competition in late 2025. It's not just about selling cars; it's about the entire lifecycle, especially the high-margin services that stabilize the financials.

Comprehensive, one-stop shop for buying, selling, financing, and servicing vehicles is the foundation. This scale allows AutoNation to capture value across the entire vehicle ownership journey. As of the trailing twelve months ended September 30, 2025, this network included over 240 dealerships, 52 collision centers, and 26 AutoNation USA used-vehicle stores across 20 states.

The high-margin After-Sales service is a critical financial anchor. This segment delivered a gross margin of 48.7% in the third quarter of 2025, an increase of 100 basis points year-over-year. That quarter, After-Sales generated a gross profit of $597 million. For context, the Customer Financial Services (CFS) segment also hit a record gross profit of $375 million in Q3 2025.

AutoNation provides a wide selection across Domestic, Import, and Premium Luxury segments, which is evident in the Q3 2025 revenue breakdown:

Segment	Q3 2025 Revenue	Q3 2025 After-Sales Gross Margin
Premium Luxury	$2.6 billion	48.7%
Import	$2.2 billion
Domestic	$1.9 billion

The 1Price Pre-Owned experience offering transparent, haggle-free pricing removes negotiation stress. This is supported by specific customer assurances:

• The price seen online is the same price found on the lot.
• Backed by a 5-Day, 250-Mile Money-Back Guarantee.
• Vehicles are supported by a CARFAX™ Vehicle History Report.

For customers looking only to sell, the We'll Buy Your Car program provides a clear exit. This offer is a guaranteed cash offer, which is itself guaranteed for 7 days or 500 miles.

The total revenue for the quarter that these value propositions supported was $7.0 billion in Q3 2025. Finance: draft 13-week cash view by Friday.

AutoNation, Inc. (AN) - Canvas Business Model: Customer Relationships

You're looking at how AutoNation, Inc. keeps customers engaged across the entire vehicle lifecycle, moving beyond just the initial sale. It's a multi-pronged approach blending physical presence with digital tools to drive recurring revenue, which is where the real margin strength is found.

Dedicated, personalized sales consultations at physical dealerships

The foundation remains the physical dealership network, which operates over 300 locations in 20 states as of early 2025. While digital research is key, the in-person consultation is the final conversion point. The company's focus on segment performance shows tailored sales efforts, for example, the Premium Luxury segment saw its Q3 2025 revenue increase by 5% year-over-year, indicating targeted attention to high-value customers.

Here's a look at the general customer engagement landscape you are competing in:

• 95% of consumers research online before engaging.
• 80% of consumers are more likely to purchase with personalized experiences.
• Text messages achieve 98% open rates for direct dealer communication.

Transactional relationship for one-time vehicle sales

The initial vehicle sale is inherently transactional, but AutoNation, Inc. is focused on maximizing the value of that initial touchpoint through attach rates. For Q3 2025, total revenue was $7.0 billion, up 7% year-over-year, showing strong sales volume across new and used vehicles.

The initial sale is immediately followed by efforts to lock in future service revenue:

• AutoNation's product attachment rate is over two items per vehicle sold.
• New Vehicle Revenue for Q3 2025 reached $3.42 billion, an increase of 7.7%.
• Used Vehicle Retail Revenue for Q3 2025 was $1.87 billion, up 7.6%.

Recurring relationship via After-Sales service and maintenance contracts

This is a critical relationship driver, as After-Sales is a high-margin profit center. For Q2 2025, After-Sales revenue hit a record $1.2 billion, marking a 12% year-over-year increase, with gross profit up 13% to $599 million. The focus on service retention is evident in the margin performance; Q3 2025 After-Sales gross profit was $597 million, with a gross margin of 48.7%. This segment generates 49% of gross profits from only 12% of revenue.

The success of service retention programs is clear when compared to industry benchmarks:

Metric	AutoNation Indicator/Result (Latest Reported)	Industry Benchmark/Impact
After-Sales Gross Profit (Q3 2025)	$597 million	Service operations generate 49% of gross profits
After-Sales Gross Margin (Q3 2025)	48.7%	Margin expansion of 100 basis points YoY in Q2 2025
Service Retention (with complimentary maintenance)	Implied high retention due to margin strength	Jumps from 25% to 68%

Digital self-service tools for online shopping and financing pre-approval

AutoNation, Inc. supports the initial purchase journey with digital tools to streamline the process. The company's Q1 2025 results showed same-store new vehicle unit sales growth of 7% year-over-year, which is supported by digital engagement. While specific online pre-approval conversion rates aren't detailed, the growth in the captive finance arm is a direct indicator of successful digital funnel integration.

Key digital/financing penetration points include:

• Q2 2025 saw a 75% finance penetration rate, building the loyalty ecosystem.
• Q1 2025 saw 62,387 retail units sold.

Captive finance arm for long-term customer engagement

AutoNation Finance is explicitly a tool for long-term engagement and profitability. In Q3 2025, AutoNation Finance income was $2 million, a significant turnaround from a $6 million loss in Q3 2024. The portfolio size scaled to over $2 billion as of Q3 2025. The Customer Financial Services (CFS) segment delivered Q3 2025 gross profit of $375 million, up 12% year-over-year.

The growth and financial health of the captive arm are shown below:

Metric	H1 2025 (First Six Months)	Q3 2025
AN Finance Income	$2 million (vs. $4 million loss H1 2024)	$2 million (vs. $6 million loss Q3 2024)
Portfolio Size	N/A	Over $2 billion
Originations	$924 million	Customer penetration increased to 10%

The successful securitization in Q2 2025, a $700 million AN Finance asset-backed securitization, was oversubscribed by seven times with a weighted average coupon rate of 4.9%, which helped lower rates and secure debt funding. Finance and Insurance Revenue for Q1 2025 grew by 5.3% to $352.5 million.

Finance: draft 13-week cash view by Friday.

AutoNation, Inc. (AN) - Canvas Business Model: Channels

You're looking at how AutoNation, Inc. gets its vehicles and services to the customer base as of late 2025. It's a mix of physical locations and digital interfaces, all designed to capture sales and service revenue across their various segments.

Physical Dealerships (New Vehicle Franchises and AutoNation USA used stores) form the core brick-and-mortar presence. This physical network is substantial, supporting both new and used vehicle sales, as well as the high-margin after-sales business.

Channel Component	Metric	Latest Figure (as of Q3 2025)
New Vehicle Franchises	Number of Franchises	323
Total Dealership Locations	Number of Stores	244
AutoNation USA (Used Stores)	Target Footprint (End of 2026)	Over 130 stores
Geographic Concentration (Top States)	Texas Locations	65 (approx. 20% of total)
Geographic Concentration (Top States)	Florida Locations	65 (approx. 20% of total)

The physical channel is critical for the After-Sales segment. For the third quarter of 2025, this channel delivered $597 million in gross profit on $1.23 billion in parts and service revenue. The gross margin for this segment stood at 48.7% in Q3 2025. This high-margin revenue stream is a key component of the overall $7.0 billion in total revenue reported for Q3 2025.

Dedicated After-Sales Service Centers (including 52 collision centers) are a distinct channel focus, emphasizing service and repair as a standalone profit driver. This channel leverages factory-trained technicians and specialized equipment.

• Branded Body Shops (Collision Centers): 52 locations.
• After-Sales Gross Profit (Q3 2025): $597 million.
• Parts and Service Revenue (Q3 2025): $1.23 billion.

AutoNation.com digital platform for online inventory and transaction initiation is where the digital customer journey starts, integrating with the physical network. This platform supports the company's focus on digital retail experiences.

• EV Sales as % of Total Revenue (Q2 2025): 18%.
• Charging Stations Installed (Target/Status): 75% of dealerships.
• AutoNation Express platform: Used to streamline online buying and selling.

Direct Sales Consultants and Finance Managers are the personnel-driven channels that close the deal and drive high-margin ancillary products. The success of the captive finance arm is directly tied to this in-person or remote consultation channel.

• AutoNation Finance Portfolio (2025): Grew to more than $2 billion.
• AutoNation Finance Income (First Nine Months 2025): $4 million.

Third-party listing sites (e.g., AutoTrader.com) serve as an initial awareness and lead generation channel, driving traffic to the physical and digital AutoNation properties. While specific spend or lead volume data isn't public, these sites are a necessary touchpoint in the broader automotive retail ecosystem.

AutoNation, Inc. (AN) - Canvas Business Model: Customer Segments

AutoNation, Inc. (AN) serves distinct customer groups across its integrated automotive retail platform, as evidenced by its segment performance through the third quarter of 2025.

The core vehicle sales customer base is segmented by brand tier, which directly correlates with the company's reporting structure:

Customer Segment Group	Q3 2025 Revenue (Millions USD)	First Nine Months 2025 Revenue (Billions USD)	Q3 2025 Segment Income (Millions USD)
Mass Market (Domestic)	$1,900.0	$5.6	$81.0
Mass Market (Import)	$2,200.0	$6.4	$124.0
Affluent/Luxury (Premium Luxury)	$2,600.0	$7.7	$161.0

The Premium Luxury segment generated $2.6 billion in revenue for the third quarter of 2025. For the first nine months of 2025, the combined new vehicle revenue across all segments reached $10.06 billion.

Used Vehicle Shoppers seeking value and a haggle-free process are a critical segment, with the company reporting specific performance metrics:

• Used Vehicle Retail Revenue for Q3 2025 was $2,015.7 million.
• Total Used Vehicle Gross Profit for Q3 2025 was $361 million.
• Unit profitability for used vehicles in Q3 2025 was $1,604 per unit.
• Same-store used vehicle retail unit sales increased by 2% in Q3 2025.
• Used vehicle unit profitability in Q1 2025 reached $1,662 per vehicle.

Vehicle Owners requiring recurring maintenance and repair services form the high-margin After-Sales customer base:

• Parts and Service Revenue for Q3 2025 totaled $1.23 billion.
• After-Sales Gross Profit for Q3 2025 was $597 million, up 7% year-over-year.
• The After-Sales Gross Margin stood at 48.7% in Q3 2025.
• After-Sales Revenue for the first nine months of 2025 was $3.6113 billion.

Customers requiring in-house financing are served by AutoNation Finance (CFS), which has scaled its operations:

• Customer Financial Services (CFS) Gross Profit for Q3 2025 was a record $375 million, up 12% year-over-year.
• AutoNation Finance generated an income of $2 million in Q3 2025.
• The AutoNation Finance portfolio grew to more than $2 billion as of Q3 2025.
• The loan penetration rate at AutoNation USA stores reached 25% in Q3 2025.
• Finance penetration rates across all stores remained above 70% in Q1 2025.

AutoNation, Inc. (AN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive AutoNation, Inc.'s operations as of late 2025. This structure is heavily weighted toward the cost of acquiring and holding the vehicles it sells.

Vehicle Inventory Costs (Cost of Goods Sold) are the largest expense. This cost is the difference between the revenue generated and the gross profit earned on those sales. For the third quarter of 2025, total revenue was $7,037.4 million, against a Gross Profit of $1,238.4 million, meaning the Cost of Goods Sold for the quarter was approximately $5,799.0 million.

The company maintains a focus on cost discipline, particularly within Selling, General, and Administrative (SG&A) expenses. For the nine months ended September 30, 2025, the adjusted SG&A as a percentage of gross profit was 67.0%, slightly up from 66.7% in the prior year period. For the third quarter of 2025 alone, the adjusted SG&A as a percentage of gross profit was 67.4%, flat compared to the prior year quarter.

Floorplan Interest Expense, which is the cost of financing vehicle inventory, shows some moderation. The net new vehicle floor plan expense related to OEMs for the third quarter of 2025 totaled $12,000,000, a decrease from $20,000,000 in the same period last year. AutoNation Finance portfolio growth, exceeding $2 billion, also impacts interest-related costs and revenues.

Personnel Costs, covering sales commissions, technician wages, and corporate staff, are embedded within the SG&A structure. The strong performance in After-Sales, which posted a gross profit of $597 million in Q3 2025, suggests significant associated labor costs, though these are not broken out separately here.

Capital Expenditures (CapEx) reflect ongoing investment in the physical footprint and technology. For the first nine months ended September 30, 2025, capital expenditures totaled $223 million. This spending supports strategic growth, including recent acquisitions.

Here's a quick look at some key financial metrics around gross profit and related costs for Q3 2025:

Metric	Q3 2025 Amount (Millions)	Year-over-Year Change
Total Revenue	$7,037.4	7% Increase
Gross Profit	$1,238.4	5% Increase
After-Sales Gross Profit	$597	7% Increase
Customer Financial Services (CFS) Gross Profit	$375	12% Increase
Net New Vehicle Floor Plan Expense (OEM related)	$12.0	Decrease from $20.0 million

The investment in the business structure includes deploying capital for expansion and facility upgrades:

• Capital Expenditures Year-to-Date (YTD) through Q3 2025: $223 million.
• Capital Expenditure in Q3 2025 Quarter: $68.9 million.
• Total capital deployed YTD through Q3 2025 (including acquisitions and repurchases): $1.01 billion.
• Acquisitions YTD represent more than $500 million of annual revenues.

The company's focus on operational leverage is clear in the YTD SG&A discipline, which management targets to keep within the 66% to 67% range of gross profit.

AutoNation, Inc. (AN) - Canvas Business Model: Revenue Streams

You're looking at how AutoNation, Inc. actually brings in the money, which is key for understanding its stability. The revenue streams are diverse, which helps smooth out the cyclical nature of vehicle sales. As of late 2025, the business model relies heavily on moving metal, but the profit quality comes from the services attached.

The core revenue drivers for the third quarter of 2025 show a strong mix of transactional and recurring income sources. Total revenue for the third quarter of 2025 hit $7.0374 billion, a 6.9% increase year-over-year.

Here is a breakdown of the major revenue components based on Q3 2025 performance:

• New Vehicle Sales Revenue: $3.4 billion.
• Used Vehicle Sales Revenue: $2.0 billion.
• After-Sales Revenue: Grew 6% to $1.2 billion for the quarter.
• Customer Financial Services Revenue: Increased 11% to $368 million for the quarter.

While revenue is important, gross profit tells a better story about the profitability of each stream. You can see the difference between the high-volume sales and the higher-margin service and finance operations in the table below:

Revenue Stream Component	Q3 2025 Gross Profit (Millions USD)	Q3 2025 Revenue (Billions USD)
New Vehicle Sales Gross Profit	$150.0 million	$3.4 billion
Used Vehicle Sales Gross Profit	$114.0 million	$2.0 billion
After-Sales (Parts and Service) Gross Profit	$597 million	$1.2 billion
Customer Financial Services (CFS) Gross Profit	$375 million	$0.368 billion

The After-Sales segment is definitely a profit center, delivering a gross profit of $597 million in Q3 2025, with a gross margin of 48.7%. That margin is solid; it's what keeps the lights on when vehicle margins compress. The Customer Financial Services gross profit was a record $375 million, up 12% year-over-year.

For the AutoNation Finance piece, the focus is on portfolio growth and the income derived from it. AutoNation Finance income for the third quarter of 2025 was reported as $2 million, a significant swing from a loss of $6 million in the prior-year period. This segment is scaling up its loan portfolio, which management noted grew to more than $2 billion. This portfolio growth is the foundation for future interest and fee income, even if the current quarter's direct income was modest.

The revenue streams are clearly segmented to capture value at every stage of the customer lifecycle:

• Initial Transaction: New and Used Vehicle Sales Revenue.
• Ownership Retention: After-Sales (Parts and Service) Gross Profit.
• Financing & Protection: Customer Financial Services Gross Profit.
• Portfolio Yield: AutoNation Finance Interest and Fee Income.

Finance and insurance gross profit, which includes CFS, saw a 12% increase to $374.8 million in Q3 2025. That's a defintely important metric showing the strength of the non-vehicle related revenue.

Finance: review Q4 2025 projections for AutoNation Finance income by next Tuesday.