The chain's 16 Denver-area dealerships use Elway's name and an advertising campaign built around him. The company has decided to build up a new brand, Go, in Denver, the Denver Post reported.
Elway got into the business of selling cars in 1989 while he was still with the Broncos. He had five dealerships when he sold them to AutoNation in 1997.
"I've enjoyed being the spokesman for the team in Denver and am proud of all they have accomplished," Elway said in a statement issued through the company. "I understand AutoNation's need to establish its own personality and identity and wish them the best of luck in the future."