The service deal between Alphabet Inc.’s driverless-car unit Waymo and AutoNation Inc. could speed up a wave of consolidation that would reduce the number of U.S. car dealerships to just a handful of “mega fleet managers.”

That’s according to analysts at Morgan Stanley, who hailed the deal as a win for AutoNation AN, -1.42% , the largest car-dealership chain in the U.S.

AutoNation will maintain and repair the driverless vehicles that Alphabet’s GOOG, -2.37% Waymo is testing. Terms of the partnership were not disclosed.

The U.S. car dealer pie is worth $1 trillion, split between 10,000 owners, and “tech disruption” could consolidate the number to “as few as 10 monolithic mega-fleet managers supporting the future shared autonomous transportation ecosystem,” the Morgan Stanley analysts said.

The partnership, which was announced last week, is a milestone connecting a publicly traded auto retailer to the evolution of the industry, taking it from a business-to-consumer business model to a business-to-business model, they said.

Related:U.S. October car sales surprise again, but there are signs of weakness

In a world of fully autonomous cars, auto dealers may actually sell nothing, the analysts said.

“We see the business morphing into a 100% service model where the value of real estate and assets in the field will be critical to maintaining a safe, reliable, comfortable and nice smelling fleet,” they said.

The analysts kept the equivalent of a hold rating on AutoNation stock, with a price target of $49, representing 10% downside from Monday’s prices.

See also:GM stock slammed as Goldman Sachs says it prefers Ford

A quarter of American drivers might be better off using Uber or Lyft than owning a car

AutoNation last week reported third-quarter profit that was above expectations but missed revenue forecasts. It blamed lower year-on-year net income on the impact of this year’s hurricanes.