Cascade, Bill Gates (NYSE: AN) hold 21.1% AutoNation common stock

Rhea-AI Filing Summary

Cascade Investment, L.L.C. and William H. Gates III report owning 7,062,629 shares of AutoNation, Inc. common stock, representing 21.1% of the outstanding shares. Both have sole voting and dispositive power over these shares through Cascade.

The amendment explains that the higher ownership percentage results from a reduction in AutoNation’s total shares outstanding, not from recent share purchases by the reporting parties. The percentage calculation is based on 33,461,495 shares of common stock outstanding as of April 29, 2026, as reported in AutoNation’s Form 10-Q.

Insights

Equity ownership & governance analyst

Cascade and Bill Gates now report a 21.1% stake driven by share count reduction.

The amendment shows Cascade Investment, L.L.C. and William H. Gates III beneficially own 7,062,629 AutoNation shares, equal to 21.1% of the company, with sole voting and dispositive power reported through Cascade.

The filing states the percentage increase stems from a decrease in AutoNation’s outstanding shares, not new acquisitions. That means their economic exposure is unchanged, but their relative influence as large shareholders rises as the float shrinks.

Item 13 uses 33,461,495 shares outstanding as of April 29, 2026 from AutoNation’s Form 10-Q to compute ownership. Future company actions affecting the share count will continue to shape this reported percentage stake.

Key Figures

Beneficial ownership: 7,062,629 shares Ownership percentage: 21.1% Shares outstanding: 33,461,495 shares +2 more

5 metrics

Beneficial ownership 7,062,629 shares AutoNation common stock beneficially owned by each reporting person

Ownership percentage 21.1% Percent of AutoNation common stock class represented by 7,062,629 shares

Shares outstanding 33,461,495 shares AutoNation common shares outstanding as of April 29, 2026 (Form 10-Q)

Sole voting power 7,062,629 shares Shares over which each reporting person has sole voting power

Sole dispositive power 7,062,629 shares Shares over which each reporting person has sole dispositive power

Key Terms

beneficially owned, sole voting power, sole dispositive power, Common Stock, +2 more

6 terms

beneficially owned financial

"aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 Sole Voting Power 7,062,629.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"9 Sole Dispositive Power 7,062,629.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Common Stock financial

"common stock, $0.01 par value per share (the "Common Stock"), of AutoNation, Inc."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Schedule 13D regulatory

"previously filed a statement on Schedule 13D to report the acquisition that is the subject of this"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

percent of class financial

"Percent of class represented by amount in Row (11) 21.1 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

AutoNation, Inc.

(Name of Issuer)

Common stock, par value $0.01 per share

(Title of Class of Securities)

05329W102

(CUSIP Number)

Jeff Shim, Esq.
2365 Carillon Point,
Kirkland, WA, 98033
(425) 889-7900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/01/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 05329W102

1

Name of reporting person

Cascade Investment, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,062,629.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,062,629.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

7,062,629.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

All shares of the common stock, $0.01 par value per share (the "Common Stock") of AutoNation, Inc. (the "Issuer") held by Cascade Investment, L.L.C. ("Cascade") may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 33,461,495 shares of Common Stock outstanding as of April 29, 2026, as reported on the Issuer's Form 10-Q filed on May 1, 2026.

SCHEDULE 13D

CUSIP Number(s): 05329W102

1

Name of reporting person

William H. Gates III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,062,629.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,062,629.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

7,062,629.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

All shares of the Common Stock of the Issuer held by Cascade may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 33,461,495 shares of Common Stock outstanding as of April 29, 2026, as reported on the Issuer's Form 10-Q filed on May 1, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common stock, par value $0.01 per share
(b)	Name of Issuer: AutoNation, Inc.
(c)	Address of Issuer's Principal Executive Offices: 200 SW 1st Ave, Fort Lauderdale, FLORIDA , 33301.
Item 1 Comment: This Amendment No. 1 to Schedule 13D ("Amendment") amends and supplements the Schedule 13D previously filed by Cascade Investment, L.L.C. ("Cascade") and William H. Gates III ("WHG," and together with Cascade, the "Reporting Persons") with the Securities and Exchange Commission on February 10, 2026, relating to the common stock, $0.01 par value per share (the "Common Stock"), of AutoNation, Inc. (the "Issuer"). Information in the Schedule 13D remains in effect except to the extent that it is amended or superseded by subsequently filed information, including information in this Amendment. This Amendment is being filed due to an increase in the percentage of the Reporting Persons' ownership resulting from a decrease in the Issuer's outstanding shares of Common Stock, and not as a result of recent acquisitions by the Reporting Persons.
Item 5.	Interest in Securities of the Issuer
(a)	See items 11 and 13 of the cover pages to this Amendment for the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons.
(b)	See items 7 through 10 of the cover pages to this Amendment for the number of shares of Common Stock beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, and sole or shared power to dispose or to direct the disposition.
(c)	None.
(d)	None.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cascade Investment, L.L.C.

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact for, Michael Larson, Business Manager
Date:	05/05/2026

William H. Gates III

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact
Date:	05/05/2026

Comments accompanying signature:

This Amendment is being filed jointly by the Reporting Persons pursuant to the Joint Filing Agreement dated February 10, 2026, and included with the signature page to the Reporting Persons' Schedule 13D filed with respect to the Issuer on February 10, 2026, SEC File No. 005-40342, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated October 11, 2013, by and on behalf of Michael Larson, filed as Exhibit 99.1 to Amendment No. 9 to Cascade's Schedule 13D with respect to Western Asset/Claymore Inflation-Linked Opportunities & Income Fund on December 11, 2013, SEC File No. 005-81261, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III, filed as Exhibit 99.2 to Amendment No. 1 to Cascade's Schedule 13D with respect to Otter Tail Corporation on April 15, 2009, SEC File No. 005-06638, and incorporated by reference herein.

FAQ

How much of AutoNation (AN) do Cascade Investment and Bill Gates own?

Cascade Investment, L.L.C. and William H. Gates III beneficially own 7,062,629 AutoNation shares, representing 21.1% of the common stock. This large stake gives them significant voting and dispositive power over the shares held through Cascade, according to the amended ownership statement.

Did Cascade Investment or Bill Gates recently buy more AutoNation (AN) shares?

The amendment states the higher ownership percentage is not due to recent acquisitions by the reporting persons. Instead, their percentage increased because AutoNation’s total shares outstanding declined, which raises their relative stake even though their share count stayed the same.

What share count did Cascade and Bill Gates use to calculate their 21.1% AutoNation stake?

The 21.1% ownership figure is based on 33,461,495 AutoNation common shares outstanding as of April 29, 2026. That outstanding share number comes from AutoNation’s Form 10-Q filed on May 1, 2026, and is used to compute the reported ownership percentage.

Who has voting and dispositive power over the AutoNation (AN) shares reported in this filing?

Cascade Investment, L.L.C. and William H. Gates III report sole voting and sole dispositive power over 7,062,629 AutoNation shares. All the common stock held by Cascade may be deemed beneficially owned by William H. Gates III as Cascade’s sole member, according to the filing.

Why was this Schedule 13D/A amendment for AutoNation (AN) filed?

The amendment was filed because the reporting persons’ ownership percentage increased after a decrease in AutoNation’s outstanding shares. The document explains that this percentage change results from the issuer’s lower share count rather than additional purchases by Cascade or William H. Gates III.

What type of security do Cascade and Bill Gates hold in AutoNation (AN)?

They hold AutoNation common stock with a par value of $0.01 per share. The CUSIP for this common stock is 05329W102, and all reported holdings and percentages in the amendment relate specifically to this class of AutoNation equity securities.