AutoNation, Inc.

Item 1.01 Entry into a Material Definitive Agreement. On November 14, 2025, AutoNation, Inc. (the “Company”) closed its sale of $600 million aggregate principal amount of 4.450% Senior Notes due 2029 (the “Notes”), pursuant to an underwriting agreement (the “Underwriting Agreement”), entered into on November 10, 2025, by and between the Company and BofA Securities, Inc., Mizuho Securities USA LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters listed in Schedule A thereto. The Notes were issued at 99.846% of the aggregate principal amount, representing a yield to maturity of 4.499%. The Notes were sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-284995), filed with the U.S. Securities and Exchange Commission. Affiliates of certain of the underwriters act as agents and/or lenders under the revolving credit facility under the Company’s credit agreement and/or may hold a portion of the Company’s outstanding commercial paper. In addition, certain affiliates of the underwriters act as agents or lenders for certain of the Company’s vehicle floorplan facilities. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the Company or its affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. The Notes were issued under a senior indenture, dated as of April 14, 2010 (the “Base Indenture”), by and between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), as supplemented and amended by a supplemental indenture, dated November 14, 2025, by and between the Company and the Trustee (the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”). The Notes will mature on January 15, 2029 and bear interest at a rate equal to 4.450% per year. The interest on the Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2026. The Notes are not guaranteed by any subsidiaries of the Company and will be structurally subordinated to all existing and future liabilities (including trade payables) of our subsidiaries. The Indenture contains certain restrictive covenants that, among other things, limit the ability of the Company to create or assume certain liens, engage in sale and leaseback transactions and consolidate, merge or transfer all or substantially all of its assets. The Underwriting Agreement, the Base Indenture, the Supplemental Indenture and the Form of Global Note are filed as exhibits 1.1, 4.1, 4.2 and 4.3, respectively, hereto, and each is incorporated herein by reference. The descriptions of the provisions of the Underwriting Agreement, Indenture and the Notes are summary in nature and are qualified in their entirety by reference to the provisions of such agreements.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 with respect to the Company’s issuance of the Notes is incorporated by reference herein.