Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Non-vehicle long-term debt consisted of the following:

Debt Description	Maturity Date	Interest Payable	September 30, 2025		December 31, 2024
4.5% Senior Notes	October 1, 2025	April 1 and October 1	$	450.0	$	450.0
3.8% Senior Notes	November 15, 2027	May 15 and November 15	300.0		300.0
1.95% Senior Notes	August 1, 2028	February 1 and August 1	400.0		400.0
4.75% Senior Notes	June 1, 2030	June 1 and December 1	500.0		500.0
2.4% Senior Notes	August 1, 2031	February 1 and August 1	450.0		450.0
3.85% Senior Notes	March 1, 2032	March 1 and September 1	700.0		700.0
5.89% Senior Notes	March 15, 2035	March 15 and September 15	500.0		—
Revolving credit facility	July 18, 2028	Monthly	—		—
Finance leases and other debt	Various dates through 2041		353.1		350.0
			3,653.1		3,150.0
Less: unamortized debt discounts and debt issuance costs			(20.0)		(17.9)
Less: current maturities			(469.2)		(518.5)
Long-term debt, net of current maturities			$	3,163.9	$	2,613.6

Schedule of non-recourse Debt

Non-recourse debt outstanding at September 30, 2025, and December 31, 2024, consisted of the following:

	September 30, 2025		December 31, 2024
Warehouse facilities	$	1,135.9	$	801.5
Term securitization debt of consolidated VIEs	608.2		24.7
	1,744.1		826.2
Less: unamortized debt discounts and debt issuance costs	(3.1)		(0.2)
Less: current maturities	(57.4)		(28.3)
Non-recourse debt, net of current maturities	$	1,683.6	$	797.7

Schedule of Warehouse Facilities

The aggregate capacities under our warehouse facilities as of September 30, 2025, were as follows:

	September 30, 2025
Warehouse facilities:
August 2026 expiration	$	400.0
October 2026 expiration	300.0
May 2026 expiration	700.0
Aggregate capacity	$	1,400.0
Unused capacity	$	264.1

Schedule of Non-recourse Debt Term Securitizations

In May 2025, we issued $700.0 million in non-recourse notes payable related to asset-backed term securitizations (the AutoNation Finance Trust 2025-1). In July 2025, we repaid the outstanding balance of non-recourse notes payable of the CIG Auto Receivables Trust 2021-1. At September 30, 2025, non-recourse notes payable consisted of the following:

	Balance		Initial Principal Amount		Issuance Date	Interest Rate Range	Final Distribution Date
AutoNation Finance Trust 2025-1 Class A-D	$	608.2	$	700.0	5/21/2025	4.72% to 5.63%	Various dates through Sep 2032