AUTONATION, INC.
For the period ended Apr 28, 2026. Filed Mar 17, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 28, 2026 · Filed Mar 17, 2026
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Contents
Pay Versus Performance
Pay Versus Performance Table
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid to our named executive officers and certain financial performance of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, please refer to “Executive Compensation – Compensation Discussion and Analysis” above.
| Pay Versus Performance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value of initial fixed $100 investment based on: | ||||||||||||
| Year · Summary Compensation Table Total for Mr. Manley(1) · Summary Compensation Table Total forMr. Jackson(1) · Compensation Actually Paid toMr. Manley(2) · Compensation Actually Paid to Mr. Jackson(2) · Average Summary Compensation Table Total forNon-PEO NEOs(3) · Average Compensation Actually Paid to Non-PEO NEOs(4) · Total Shareholder Return(5) · Peer Group Total Shareholder Return(6) · Net Income(millions)(7) · Adjusted Operating Income Per Basic Share(8) | ||||||||||||
| (a) · (b) · (b) · (c) · (c) · (d) · (e) · (f) · (g) · (h) · (i) | ||||||||||||
| 2025 | $34,391,069 | — | $48,848,041 | — | $4,224,626 | $6,559,437 | $296 | $125 | $649 | $34.58 | ||
| 2024 | $15,928,029 | — | $22,612,761 | — | $4,407,609 | $5,550,338 | $243 | $148 | $692 | $29.97 | ||
| 2023 | $13,588,817 | — | $20,284,705 | — | $4,121,198 | $5,596,060 | $215 | $137 | $1,021 | $35.44 | ||
| 2022 | $13,499,193 | — | $12,706,450 | — | $3,753,082 | $2,390,745 | $154 | $98 | $1,377 | $35.63 | ||
| 2021 | $8,513,663 | $18,288,250 | $8,159,065 | $42,209,539 | $5,761,104 | $10,159,292 | $167 | $135 | $1,373 | $25.26 | ||
(1)The dollar amounts reflected in the columns labeled “(b)” are the amounts of total compensation reported for Messrs. Manley and Jackson for each corresponding year in the “Total” column of the applicable “Summary Compensation Table.”
(2)The dollar amounts reported in the columns labeled “(c)” represent the amount of “compensation actually paid” (as computed in accordance with Item 402(v) of Regulation S-K and referred to as “CAP”) to Messrs. Manley and Jackson. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Messrs. Manley and Jackson during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Messrs. Manley’s and Jackson’s total compensation for each year to determine their respective CAP:
| Year · Principal Executive Officer · Grant Date Fair Value of Equity Awards Granted During the Year · Fair Value at Year-End of Equity Awards Granted During the Year · Change in Fair Value of Awards Granted in Prior Years that Remain Unvested as of Year-End · Change in Fair Value as of Vesting Date of Awards Granted in Prior Years and Vested During the Year · Fair Value as of the End of Prior Year of Awards Cancelled During the Year · Total Adjustment to Equity Value Reflected in Compensation Paid | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | Michael Manley | $(28,064,546) | $32,889,714 | $8,728,650 | $903,154 | — | $14,456,972 | ||
| 2024 | Michael Manley | $(10,157,879) | $11,793,037 | $4,928,471 | $121,103 | — | $6,684,732 | ||
| 2023 | Michael Manley | $(8,315,079) | $9,070,897 | $5,315,485 | $624,585 | — | $6,695,888 | ||
| 2022 | Michael Manley | $(7,199,903) | $6,845,204 | $(345,729) | $(92,315) | — | $(792,743) | ||
| 2021 | Michael Manley | $(6,699,904) | $6,345,306 | — | — | — | $(354,598) | ||
| Michael Jackson | $(9,099,956) | $13,948,969 | $18,220,232 | $1,939,393 | $(1,087,349) | $23,921,289 | |||
(3)The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (“NEOs”) as a group (excluding any person who served as our principal executive officer, or “PEO”) in the “Total” column of the applicable “Summary Compensation Table.” The names of each of the non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025 and 2024, Thomas A. Szlosek, Jeff Parent, Gianluca Camplone, and C. Coleman Edmunds, (ii) for 2023, Thomas A. Szlosek, Gianluca Camplone, C. Coleman Edmunds, Dave Koehler, Marc Cannon, and Joseph T. Lower; (iii) for 2022, Joseph T. Lower, Gianluca Camplone, Marc Cannon, C. Coleman Edmunds, and James R. Bender; (iv) for 2021, Joseph T. Lower, Marc Cannon, C. Coleman Edmunds, and James R. Bender.
(4)The dollar amounts reported in column (e) represent the average CAP for the non-PEO NEOs as a group, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the non-PEO NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for the non-PEO NEOs as a group for each year to determine the average CAP for such group:
| Year · Grant Date Fair Value of Equity Awards Granted During the Year · Fair Value at Year-End of Equity Awards Granted During the Year · Fair Value at Vesting Date of Equity Awards Granted and Vested During the Year(a) · Change in Fair Value of Awards Granted in Prior Years that Remain Unvested as of Year-End · Change in Fair Value as of Vesting Date of Awards Granted in Prior Years and Vested During the Year · Fair Value as of the End of Prior Year of Awards Cancelled During the Year · Total Adjustment to Equity Value Reflected in Compensation Paid | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | Average Non-PEO NEOs | $(2,133,500) | $2,613,304 | $6,445 | $1,730,362 | $118,200 | — | $2,334,811 | ||
| 2024 | Average Non-PEO NEOs | $(2,076,382) | $2,410,630 | — | $815,448 | $(6,967) | — | $1,142,729 | ||
| 2023 | Average Non-PEO NEOs | $(2,582,891) | $2,159,120 | $2,475 | $1,236,451 | $691,414 | $(31,707) | $1,474,862 | ||
| 2022 | Average Non-PEO NEOs | $(2,036,536) | $1,769,634 | — | $(226,814) | $(148,343) | $(720,280) | $(1,362,339) | ||
| 2021 | Average Non-PEO NEOs | $(3,556,044) | $4,437,291 | — | $3,342,317 | $174,624 | — | $4,398,188 | ||
(a)Reflects shares withheld to satisfy FICA tax-related obligations in the year of grant for retirement eligible non-PEO NEOs.
(5)Cumulative Total Shareholder Return (“TSR”) is calculated in accordance with the requirements of Item 402(v) of Regulation S-K.
(6)Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. Our peer group consists of other public companies in the automotive retail market, referred to as the “Public Auto Retail Peer Group.” The Public Auto Retail Peer Group consists of Asbury Automotive Group, Inc., CarMax, Inc., Group 1 Automotive, Inc., Lithia Motors, Inc., Penske Automotive Group, Inc., and Sonic Automotive, Inc.
(7)The dollar amounts reported represent the amount of net income reflected in the Company’s audited consolidated financial statements for the applicable year.
(8)Adjusted operating income per basic share is calculated by dividing a measure of operating income (referred to as “Adjusted Operating Income”) by the weighted average actual basic shares outstanding during the applicable year. Adjusted Operating Income includes net income (loss) from discontinued operations and floorplan interest expense and excludes, if applicable in a given year, restructuring expenses, goodwill, franchise rights, and other asset impairment charges, certain bonus accruals, charges or credits recorded in SG&A expenses related to our deferred compensation plan, and other significant reserves, losses, or write-downs. Adjusted Operating Income is also adjusted for acquisitions, to the extent such acquisition was not already included in calculating the performance goal, and to reflect a capital charge for the repurchase of shares of our common stock. The Committee also has the authority to make, and from time to time makes, appropriate equitable adjustments to reflect the impact of unusual or infrequently occurring items.
Analysis of the Information Presented in the Pay Versus Performance Table
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Committee’s fundamental philosophy is to closely link executive compensation with the achievement of performance goals tied to key metrics and to create an owner-oriented culture through our executive compensation programs. The objectives of our executive compensation program are to ensure that we are able to attract and retain highly skilled executives and to provide a compensation program that incentivizes management to optimize business performance, deploy capital productively, and increase long-term stockholder value. While the Committee utilizes several performance measures to align executive compensation with Company performance, all of those measures are not presented in the Pay Versus Performance table. Moreover, the Committee generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with CAP for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table.
CAP and Cumulative TSR
The following graph describes the relationship between (a) the CAP for our principal executive officers and the average CAP for our named executive officers other than our principal executive officers included in the applicable Summary Compensation Table and (b) our cumulative total shareholder return across our last five completed fiscal years.
CAP and Net Income
The following graph describes the relationship between (a) the CAP for our principal executive officers and the average CAP for our named executive officers other than our principal executive officers included in the applicable Summary Compensation Table and (b) our net income across our last five completed fiscal years.
CAP and Adjusted Operating Income per Basic Share
The following graph describes the relationship between (a) the CAP for our principal executive officers and the average CAP for our named executive officers other than our principal executive officers included in the applicable Summary Compensation Table and (b) our adjusted operating income per basic share across our last five completed fiscal years.
Cumulative TSR of the Company and Cumulative TSR of the Peer Group
The following graph describes the relationship between (a) our cumulative total shareholder return across our last five completed fiscal years and (b) the cumulative total shareholder return for our peer group across the same period.
Tabular List of Financial Performance Measures
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Committee’s fundamental philosophy is to closely link executive compensation with the achievement of performance goals tied to key metrics and to create an owner-oriented culture through our executive compensation programs. The objectives of our executive compensation program are to ensure that we are able to attract and retain highly skilled executives and to provide a compensation program that incentivizes management to optimize business performance, deploy capital productively, and increase long-term stockholder value. The most important financial performance measures used by the Committee for the most recently completed fiscal year to link compensation actually paid to our named executive officers to the Company’s performance are as follows:
Most Important Financial Performance Measures
Adjusted Operating Income Per Basic Share
Relative TSR
Return on Invested Capital
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