• AutoNation average debt/equity ratio for 2023 was 1.76, a 7.98% decline from 2022.
• AutoNation average debt/equity ratio for 2022 was 1.63, a 85.23% increase from 2021.
• AutoNation average debt/equity ratio for 2021 was 0.88, a 46.67% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.