Tarek Ayoub, 29, was treated by paramedics at the scene of the 3.30am shooting at Parramatta, in the city's west, 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.
"This is no surprise to the police that he was murdered in (this) way."
Such was his reputation and links to multiple crime networks, 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, who had been charged with a string of firearm and drug offences and had been linked to at least one murder investigation.
"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.
"They weren't taking any risk of missing him and they certainly didn't miss him."
The site at Harold Street was still cordoned off midmorning 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 at Harold Street in Parramatta remained cordoned off midmorning as specialist forensic police investigated.
The meeting with the associate appeared to be an "innocent" catch-up but detectives would probe who knew Ayoub's expected movements.
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.
The "well organised, well planned" shooting had the hallmarks of an organised crime execution involving numerous people, Det Supt Doherty said.
"Normally ... there are people that execute the plan and commit the murder, there are also people that obtain their (getaway) vehicles, get rid of the vehicles and the ones that pull the strings and arrange the murder," he said.
The fire took 45 minutes to put out and threatened nearby cars and properties, Fire and Rescue NSW said.
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