Tarek Ayoub, 29, was treated by paramedics at the scene of the 3.30am shooting in Parramatta on Monday but could not be saved.
His killers remain on the run.
The Yagoona man was a well-known figure in organised crime circles and was referred to as "the Angel of Death", Homicide Squad commander Danny Doherty said.
"Mr Ayoub certainly lived by the sword and died by the sword," he told reporters.
Such was his reputation, police were having a hard time drawing up a shortlist of potential killers.
Detective Superintendent Doherty said there were "too many suspects, too many motives" for killing Ayoub.
"So far we've established that he was visiting an associate at Parramatta, where he was shot down in the hail of bullets (in an) execution-style murder in this car park," he said.
"When I say multiple times, it's a large number of shots."
The site at Harold Street was still cordoned off mid-morning as specialist officers investigated. (Bianca De Marchi/AAP PHOTOS)
Efforts were ongoing to suppress any motivation of violent retribution.
Ayoub's shooting is the first gangland-related murder in Sydney in six months, prompting police concern that it could trigger another outbreak of public violence.
The murder scene site at Harold Street in Parramatta was still cordoned off mid-morning as specialist forensic police investigated.
A second crime scene was set up in nearby Granville, where a stolen Audi SUV was found alight about 3.45am.
Two men were reportedly seen leaving the scene in another vehicle, police said.
Investigators were unsure if the two incidents were connected but the fire was being treated as suspicious.
The fire took 45 minutes to put out and threatened nearby cars and properties, Fire and Rescue NSW said.
5°C