Exhibit 10.4

April 23, 2010

Toyota Motor Sales, U.S.A., Inc.

James Lentz, President

19001 South Western Avenue

Torrance, California 90509

 

  RE: AutoNation, Inc. Consent Agreement

Dear Mr. Lentz:

Reference is made to that certain letter agreement (the “Consent Agreement”),
dated as of January 28, 2009, as extended by that certain extension agreement
(the “Extension Agreement”), dated November 23, 2009, by and among Toyota Motor
Sales, U.S.A., Inc. (“Toyota”), AutoNation, Inc. (“AutoNation”), ESL
Investments, Inc. and its investment affiliates set forth on Exhibit A to the
Consent Agreement and such other investment affiliates of ESL Investments, Inc.
or individuals that may be added as parties to the Consent Agreement from time
to time pursuant to paragraph 9 of the Consent Agreement. Capitalized terms used
but not defined in this letter agreement shall have the meanings ascribed
thereto in the Consent Agreement.

Each of the parties hereto hereby agrees that paragraph 8 of the Consent
Agreement shall be amended by adding the following language at the end of the
last sentence of paragraph 8:

; provided, however, that if at any time after ESL has Owned in excess of fifty
percent (50%) of the outstanding Common Stock, (i) the exercise of options to
purchase Common Stock and/or (ii) the issuance or vesting of restricted shares
of Common Stock causes ESL to no longer Own in excess of fifty percent (50%) of
the then outstanding Common Stock, then this letter agreement, and Toyota’s
waiver and consent hereunder, shall continue to be in effect until any
subsequent disposition of Common Stock by ESL during the time when ESL’s
Ownership is not in excess of fifty percent (50%) of the then outstanding Common
Stock as a result of such exercise, issuance or vesting.

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Toyota Motor Sales, U.S.A., Inc.

Page 2

Each of the parties hereto hereby reaffirms the terms of the Consent Agreement,
as extended by the Extension Agreement and as amended by this letter agreement,
and agrees that the Consent Agreement, as so extended and amended, shall remain
in full force and effect until terminated in accordance with its terms.

This letter agreement (a) may not be amended, waived or modified except by an
instrument in writing signed by Toyota, AutoNation and ESL Investments, Inc. and
(b) may be executed in one or more counterparts, each of which when executed
shall be deemed to be an original but which when taken together shall constitute
one and the same letter agreement.

Please acknowledge your agreement to the foregoing by signing and returning to
the undersigned as soon as possible a counterpart of this letter.

*        *        *         *

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Toyota Motor Sales, U.S.A., Inc.

Page 3

 

Very truly yours, ESL INVESTMENTS, INC. /s/ William C. Crowley William C.
Crowley, President & Chief Operating Officer ESL PARTNERS, L.P. /s/ William C.
Crowley William C. Crowley, President & Chief Operating Officer of ESL
Investments, Inc., the ultimate General Partner to ESL Partners, L.P. ESL
INSTITUTIONAL PARTNERS, L.P. /s/ William C. Crowley William C. Crowley,
President & Chief Operating Officer of ESL Investments, Inc., the ultimate
General Partner to ESL Institutional Partners, L.P. ESL INVESTORS, L.L.C. /s/
William C. Crowley William C. Crowley, President & Chief Operating Officer of
ESL Investments, Inc., the ultimate Managing Member to ESL Investors, L.L.C. CBL
PARTNERS, L.P. /s/ William C. Crowley William C. Crowley, President & Chief
Operating Officer of ESL Investments, Inc., the ultimate General Partner to CBL
Partners, L.P.

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Toyota Motor Sales, U.S.A., Inc.

Page 4

 

TYNAN, LLC /s/ William C. Crowley William C. Crowley, Managing Member ESL
INVESTMENT MANAGEMENT, L.P. /s/ William C. Crowley William C. Crowley,
President & Chief Operating Officer of ESL Investments, Inc., the ultimate
General Partner to ESL Investment Management, L.P. RBS PARTNERS, L.P. /s/
William C. Crowley William C. Crowley, President & Chief Operating Officer of
ESL Investments, Inc., the ultimate General Partner to RBS Partners, L.P. RBS
INVESTMENT MANAGEMENT, L.L.C. /s/ William C. Crowley William C. Crowley,
President & Chief Operating Officer of ESL Investments, Inc., the ultimate
Managing Member to RBS Investment Management, L.L.C. /s/ Edward S. Lampert
Edward S. Lampert ESL 2008 ANNUITY TRUST I /s/ Edward S. Lampert Edward S.
Lampert, Trustee

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Toyota Motor Sales, U.S.A., Inc.

Page 5

 

ACKNOWLEDGED AND AGREED TO AS OF THE DATE FIRST WRITTEN ABOVE: TOYOTA MOTOR
SALES, U.S.A., INC. /s/ James Lentz James Lentz, President AUTONATION, INC. /s/
Michael E. Maroone Michael E. Maroone, President