...November 10, 2025 NEW YORK (S&P Global Ratings) Nov. 10, 2025--S&P Global Ratings today assigned its '###-' issue-level rating to Fort Lauderdale, Fla.-based auto retailer AutoNation Inc.'s proposed senior unsecured notes due 2029. The company will use the proceeds to pay down outstanding commercial paper and for general corporate purposes. The company had borrowed under its commercial paper program to repay a $450 million senior note in October 2025, resulting in a commercial paper balance of $650 million. The company also deployed significant capital toward share repurchases in 2024 and 2025. We estimate S&P Global Ratings-adjusted leverage of around 2.8x for fiscal 2026 as new vehicle gross profit per unit (GPUs) continue to normalize. We think the company will continue to allocate excess free cash flow toward opportunistically repurchasing shares but that these repurchases will likely fall as margins and cash flows return to more normal levels. We also expect some tuck- in acquisitions...
