Penske Automotive (PAG) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-12297
Entity Registrant Name	Penske Automotive Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3086739
Entity Address, Address Line One	2555 Telegraph Road
Entity Address, City or Town	Bloomfield Hills
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48302-0954
City Area Code	248
Local Phone Number	648-2500
Title of 12(b) Security	Common Stock
Trading Symbol	PAG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		81,066,017
Entity Central Index Key	0001019849
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 77.5	$ 39.4
Accounts receivable, net of allowance for doubtful accounts of $5.6 and $5.4	967.3	929.1
Inventories	4,043.9	4,040.1
Other current assets	98.8	86.6
Total current assets	5,187.5	5,095.2
Property and equipment, net	2,309.3	2,250
Operating lease right-of-use assets	2,384.4
Goodwill	1,876.5	1,752
Other indefinite-lived intangible assets	547.4	486.2
Equity method investments	1,362.8	1,305.2
Other long-term assets	21.6	15.9
Total assets	13,689.5	10,904.5
LIABILITIES AND EQUITY
Floor plan notes payable	2,444.1	2,362.2
Floor plan notes payable - non-trade	1,410.6	1,428.6
Accounts payable	672.3	598.2
Accrued expenses and other current liabilities	722.2	566.6
Current portion of long-term debt	96.8	92
Liabilities held for sale	0.5	0.7
Total current liabilities	5,346.5	5,048.3
Long-term debt	2,282.5	2,124.7
Long-term operating lease liabilities	2,334.7
Deferred tax liabilities	620.7	577.8
Other long-term liabilities	446	519
Total liabilities	11,030.4	8,269.8
Commitments and contingent liabilities (Note 11)
Penske Automotive Group stockholders' equity:
Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding
Common Stock
Additional paid-in-capital	317.2	477.8
Retained earnings	2,607.7	2,365.8
Accumulated other comprehensive income (loss)	(286)	(234.5)
Total Penske Automotive Group stockholders' equity	2,638.9	2,609.1
Non-controlling interest	20.2	25.6
Total equity	2,659.1	2,634.7
Total liabilities and equity	13,689.5	10,904.5
Non-voting Common Stock
Penske Automotive Group stockholders' equity:
Common Stock
Class C Common Stock
Penske Automotive Group stockholders' equity:
Common Stock

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 5.6	$ 5.4
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	100,000	100,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	240,000,000	240,000,000
Common Stock, shares issued	81,066,927	84,546,970
Common Stock, shares outstanding	81,066,927	84,546,970
Non-voting Common Stock
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	7,125,000	7,125,000
Common Stock, shares issued	0	0
Common Stock, shares outstanding	0	0
Class C Common Stock
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	20,000,000	20,000,000
Common Stock, shares issued	0	0
Common Stock, shares outstanding	0	0

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Total revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Cost of sales:
Total cost of sales	5,097.9	4,806	14,698.8	14,739
Gross profit	869.7	852.6	2,589	2,606.8
Selling, general and administrative expenses	672.8	662.8	2,008.1	2,001.3
Depreciation	27.5	25.9	81	77.2
Operating income	169.4	163.9	499.9	528.3
Floor plan interest expense	(21.4)	(20.2)	(64.2)	(59)
Other interest expense	(32.9)	(28.3)	(93.2)	(86.7)
Equity in earnings of affiliates	43.3	41.7	109.6	95
Income from continuing operations before income taxes	158.4	157.1	452.1	477.6
Income taxes	(42.4)	(27.1)	(118.6)	(104.7)
Income from continuing operations	116	130	333.5	372.9
Income from discontinued operations, net of tax	0.1	0.1	0.3	0.2
Net income	116.1	130.1	333.8	373.1
Less: (Loss) income attributable to non-controlling interests	(0.1)	(0.1)	(0.4)	0.2
Net income attributable to Penske Automotive Group common stockholders	$ 116.2	$ 130.2	$ 334.2	$ 372.9
Basic earnings per share attributable to Penske Automotive Group common stockholders:
Continuing operations (in dollars per share)	$ 1.42	$ 1.53	$ 4.02	$ 4.37
Discontinued operations (in dollars per share)
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 1.42	$ 1.53	$ 4.03	$ 4.37
Shares used in determining basic earnings per share (in shares)	81,643,175	84,865,046	82,968,130	85,248,758
Diluted earnings per share attributable to Penske Automotive Group common stockholders:
Continuing operations (in dollars per share)	$ 1.42	$ 1.53	$ 4.02	$ 4.37
Discontinued operations (in dollars per share)
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 1.42	$ 1.53	$ 4.03	$ 4.37
Shares used in determining diluted earnings per share (in shares)	81,683,175	84,905,046	83,008,130	85,288,758
Amounts attributable to Penske Automotive Group common stockholders:
Income from continuing operations	$ 116	$ 130	$ 333.5	$ 372.9
Less: (Loss) income attributable to non-controlling interests	(0.1)	(0.1)	(0.4)	0.2
Income from continuing operations, net of tax	116.1	130.1	333.9	372.7
Income from discontinued operations, net of tax	0.1	0.1	0.3	0.2
Net income attributable to Penske Automotive Group common stockholders	$ 116.2	$ 130.2	$ 334.2	$ 372.9
Cash dividends per share (in dollars per share)	$ 0.40	$ 0.36	$ 1.17	$ 1.05
Retail Automotive Dealership
Revenue:
Total revenues	$ 5,155.4	$ 5,148.5	$ 15,442.9	$ 15,900
Cost of sales:
Total cost of sales	4,407.9	4,386.3	13,159	13,561.5
Retail Commercial Truck Dealership
Revenue:
Total revenues	692.3	385.3	1,451.4	1,016.5
Cost of sales:
Total cost of sales	605.7	327.5	1,251.9	859.7
Commercial Vehicle Distribution and Other
Revenue:
Total revenues	119.9	124.8	393.5	429.3
Cost of sales:
Total cost of sales	$ 84.3	$ 92.2	$ 287.9	$ 317.8

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 116.1	$ 130.1	$ 333.8	$ 373.1
Other comprehensive income:
Foreign currency translation adjustment	(44.3)	(19.6)	(54.1)	(57.2)
Other adjustments to comprehensive income, net	(1.9)	2.1	1.9	(1.3)
Other comprehensive loss, net of tax	(46.2)	(17.5)	(52.2)	(58.5)
Comprehensive income	69.9	112.6	281.6	314.6
Less: Comprehensive loss attributable to non-controlling interests	(0.6)	(0.2)	(1.1)	(1)
Comprehensive income attributable to Penske Automotive Group common stockholders	$ 70.5	$ 112.8	$ 282.7	$ 315.6

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 333.8	$ 373.1
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation	81	77.2
Earnings of equity method investments	(77.8)	(69.5)
Income from discontinued operations, net of tax	(0.3)	(0.2)
Deferred income taxes	48.2	64.3
Changes in operating assets and liabilities:
Accounts receivable	(38)	6.1
Inventories	119.9	205.2
Floor plan notes payable	108.7	(165.2)
Accounts payable and accrued expenses	128.6	26.2
Other	(43.3)	18.7
Net cash provided by continuing operating activities	660.8	535.9
Investing Activities:
Purchase of equipment and improvements	(188.8)	(188.5)
Proceeds from sale of dealerships	7.3	58.4
Proceeds from sale-leaseback transactions	7.3	10.7
Acquisitions net, including repayment of sellers' floor plan notes payable of $138.5 and $25.8, respectively	(326.9)	(168.6)
Other	(2.3)	(3.5)
Net cash used in continuing investing activities	(503.4)	(291.5)
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line	1,458	1,163
Repayments under U.S. credit agreement revolving credit line	(1,383)	(1,335)
Net borrowings of other long-term debt	95.3	131
Net borrowings (repayments) of floor plan notes payable - non-trade	(18)	(59.6)
Repurchases of common stock	(174.1)	(55.8)
Dividends	(97.3)	(89.7)
Other	0.1	(6.2)
Net cash used in by continuing financing activities	(119)	(252.3)
Discontinued operations:
Net cash provided by discontinued operating activities	0.2	0.3
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations	0.2	0.3
Effect of exchange rate changes on cash and cash equivalents	(0.5)	(0.5)
Net change in cash and cash equivalents	38.1	(8.1)
Cash and cash equivalents, beginning of period	39.4	45.7
Cash and cash equivalents, end of period	77.5	37.6
Cash paid for:
Interest	139.6	127.4
Income taxes	69.8	36.5
Non cash activities:
Deferred consideration		$ 6.8
Contingent consideration	$ 10.6

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Repayment of Sellers' Floor Plan Notes Payable Dealership Acquisitions	$ 138.5	$ 25.8

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENT OF EQUITY - USD ($) $ in Millions	Total Stockholders' Equity Attributable to Penske Automotive Group	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Total
Balance at Dec. 31, 2017	$ 2,395.2		$ 532.3	$ 2,009.4	$ (146.5)	$ 32.8	$ 2,428
Balance (in shares) at Dec. 31, 2017		85,787,507
Increase (decrease) in stockholders' equity
Adoption of ASC | ASC 606	6.6			6.6			6.6
Equity compensation	13		13				13
Equity compensation (in shares)		328,286
Repurchases of common stock	(55.8)		(55.8)				(55.8)
Repurchases of common stock (in shares)		(1,252,624)
Dividends	(89.7)			(89.7)			(89.7)
Purchase of subsidiary shares from non-controlling interest	(1.4)		(1.4)			(3.1)	(4.5)
Distributions to non-controlling interest						(0.8)	(0.8)
Foreign currency translation	(56)				(56)	(1.2)	(57.2)
Other	(1.5)		(0.2)		(1.3)	0.8	(0.7)
Net income	372.9			372.9		0.2	373.1
Balance at Sep. 30, 2018	2,583.3		487.9	2,299.2	(203.8)	28.7	2,612
Balance (in shares) at Sep. 30, 2018		84,863,169
Balance at Jun. 30, 2018	2,497.2		483.9	2,199.7	(186.4)	28.6	2,525.8
Balance (in shares) at Jun. 30, 2018		84,865,069
Increase (decrease) in stockholders' equity
Equity compensation	4		4				4
Equity compensation (in shares)		(1,900)
Dividends	(30.7)			(30.7)			(30.7)
Distributions to non-controlling interest						(0.1)	(0.1)
Foreign currency translation	(19.5)				(19.5)	(0.1)	(19.6)
Other	2.1				2.1	0.4	2.5
Net income	130.2			130.2		(0.1)	130.1
Balance at Sep. 30, 2018	2,583.3		487.9	2,299.2	(203.8)	28.7	2,612
Balance (in shares) at Sep. 30, 2018		84,863,169
Balance at Dec. 31, 2018	2,609.1		477.8	2,365.8	(234.5)	25.6	2,634.7
Balance (in shares) at Dec. 31, 2018		84,546,970
Increase (decrease) in stockholders' equity
Adoption of ASC | ASC 842	5			5			5
Equity compensation	13.5		13.5				13.5
Equity compensation (in shares)		506,793
Repurchases of common stock	(174.1)		(174.1)				(174.1)
Repurchases of common stock (in shares)		(3,986,836)
Dividends	(97.3)			(97.3)			(97.3)
Purchase of subsidiary shares from non-controlling interest						(4.8)	(4.8)
Distributions to non-controlling interest						(0.5)	(0.5)
Foreign currency translation	(53.4)				(53.4)	(0.7)	(54.1)
Other	1.9				1.9	1	2.9
Net income	334.2			334.2		(0.4)	333.8
Balance at Sep. 30, 2019	2,638.9		317.2	2,607.7	(286)	20.2	2,659.1
Balance (in shares) at Sep. 30, 2019		81,066,927
Balance at Jun. 30, 2019	2,640.5		356.5	2,524.3	(240.3)	20.5	2,661
Balance (in shares) at Jun. 30, 2019		81,956,305
Increase (decrease) in stockholders' equity
Equity compensation	4.3		4.3				4.3
Equity compensation (in shares)		132,244
Repurchases of common stock	(43.6)		(43.6)				(43.6)
Repurchases of common stock (in shares)		(1,021,622)
Dividends	(32.8)			(32.8)			(32.8)
Distributions to non-controlling interest						(0.1)	(0.1)
Foreign currency translation	(43.8)				(43.8)	(0.5)	(44.3)
Other	(1.9)				(1.9)	0.4	(1.5)
Net income	116.2			116.2		(0.1)	116.1
Balance at Sep. 30, 2019	$ 2,638.9		$ 317.2	$ 2,607.7	$ (286)	$ 20.2	$ 2,659.1
Balance (in shares) at Sep. 30, 2019		81,066,927

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2019
Interim Financial Statements.
Interim Financial Statements	PENSKE AUTOMOTIVE GROUP, INC. ​ NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) ​ 1. Interim Financial Statements ​ Business Overview ​ Unless the context otherwise requires, the use of the terms “PAG,” “we,” “us,” and “our” in these Notes to the Consolidated Condensed Financial Statements refers to Penske Automotive Group, Inc. and its consolidated subsidiaries. ​ We are a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. ​ Retail Automotive Dealership. ​ We also operate fifteen used vehicle supercenters in the U.S. and the U.K. which retail and wholesale used vehicles under a one price, “no-haggle” methodology. Our CarSense operations in the U.S. consist of six locations operating in the Philadelphia and Pittsburgh, Pennsylvania market areas, including an additional used vehicle supercenter in the Philadelphia market that we opened in the third quarter of 2019. Our CarShop operations in the U.K. consist of nine retail locations and a vehicle preparation center. ​ During the nine months ended September 30, 2019, we disposed of thirteen retail automotive franchises and were awarded one retail automotive franchise. Of the franchises disposed of, six represented franchises in the U.S., six represented franchises in Germany, and one represented a franchise in the U.K. In the first quarter of 2019, we acquired an additional 8.4% interest in the Jacobs Group, one of our German automotive dealership joint ventures, and now own an 87.8% interest in the Jacobs Group. ​ Retail Commercial Truck Dealership. ​ Commercial Vehicle Distribution business, known as Penske Commercial Vehicles Australia (“PCV Australia”), distributes commercial vehicles and parts to a network of more than 70 dealership locations, including ten company-owned retail commercial vehicle dealerships. One of these company-owned dealerships was acquired in February 2019 in New Zealand. ​ We are also a leading distributor of diesel and gas engines and power systems, principally representing MTU, Detroit Diesel, Allison Transmission, MTU Onsite Energy, and Rolls Royce Power Systems. This business, known as Penske Power Systems (“PPS”), offers products across the on- and off-highway markets, including in the construction, mining, marine, and defense sectors, in Australia, New Zealand and portions of the Pacific and supports full parts and aftersales service through a network of branches, field locations and dealers across the region. The on-highway portion of this business complements our PCV Australia distribution business, including integrated operations at retail locations selling PCV brands. ​ Penske Truck Leasing. ​ Basis of Presentation ​ The accompanying unaudited consolidated condensed financial statements of PAG have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of September 30, 2019 and December 31, 2018 and for the three and nine month periods ended September 30, 2019 and 2018 is unaudited, but includes all adjustments which our management believes to be necessary for the fair presentation of results for the periods presented. Results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2018, which are included as part of our Annual Report on Form 10-K. ​ Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves. ​ Fair Value of Financial Instruments ​ Accounting standards define fair value as the price that would be received from selling an asset, or paid to transfer a liability in the principal, or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value: ​ ​ ​ ​ Level 1 ​ Quoted prices in active markets for identical assets or liabilities ​ ​ ​ Level 2 ​ Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities ​ ​ ​ Level 3 ​ Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities ​ Our financial instruments consist of cash and cash equivalents, debt, floor plan notes payable, and forward exchange contracts used to hedge future cash flows. Other than our fixed rate debt, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. ​ Our fixed rate debt consists of amounts outstanding under our senior subordinated notes and mortgage facilities. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 2), and we estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments (Level 2). A summary of the carrying values and fair values of our senior subordinated notes and our fixed rate mortgage facilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 298.9 ​ $ 302.1 ​ $ 297.9 ​ $ 291.9 ​ 5.75% senior subordinated notes due 2022 ​ ​ 547.4 ​ ​ 555.1 ​ ​ 546.8 ​ ​ 537.6 ​ 5.375% senior subordinated notes due 2024 ​ ​ 297.9 ​ ​ 306.5 ​ ​ 297.6 ​ ​ 278.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 495.6 ​ ​ 519.1 ​ ​ 495.1 ​ ​ 465.2 ​ Mortgage facilities ​ 397.3 ​ 408.8 ​ 289.6 ​ 290.2 ​ ​ Assets Held for Sale and Discontinued Operations ​ We had no entities newly classified as held for sale during the nine months ended September 30, 2019 or 2018 that met the criteria to be classified as discontinued operations. ​ Disposals ​ During the nine months ended September 30, 2019, we disposed of thirteen retail automotive franchises and one retail commercial truck location. The results of operations for these businesses are included within continuing operations for the three and nine months ended September 30, 2019 and 2018, as these franchises did not meet the criteria to be classified as held for sale and treated as discontinued operations. ​ Income Taxes Tax regulations may require items to be included in our tax returns at different times than the items are reflected in our financial statements. Some of these differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax returns in future years which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax returns that have not yet been recognized as expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is not likely to allow for the use of the deduction or credit. ​ Recent Accounting Pronouncements ​ Accounting for Leases ​ In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The FASB has since issued further ASUs related to the standard providing additional practical expedients and an optional transition method allowing entities to not recast comparative periods. We adopted this ASU, including several practical expedients, on January 1, 2019 using the optional transition method. The package of practical expedients elected allows us to not reassess (1) whether any expired or existing contracts are or contain leases (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. We also elected the practical expedient to not separate lease and non-lease components for all leases and have accounted for the combined lease and non-lease components as a single lease component. Under the optional transition method, we applied ASC 840 in the comparative periods presented and provide the disclosures required by ASC 840 for all periods that continue to be presented in accordance with ASC 840, in addition to the disclosures required per ASC 842. The expense recognition for operating leases under ASC 842 is substantially consistent with ASC 840 and the adoption did not have an impact on our consolidated statements of income, comprehensive income, or cash flows. ​ As part of the adoption of ASC 842, we performed an assessment of the impact the new lease recognition standard will have on our consolidated financial statements. We lease a significant amount of our dealership and other properties, which are classified as operating leases. We also have equipment leases that primarily relate to office and computer equipment, service and shop equipment, company owned vehicles, and other miscellaneous items. We do not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement under the new lease recognition standard. Upon adoption of ASC 842, we recognized our lease liabilities and right-of-use assets on our consolidated condensed balance sheet at the present value of these future payments. We also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under ASC 842. ​ We also evaluated, documented, and implemented required changes in internal controls as part of our adoption of the new lease recognition standard. These changes include implementing updated accounting policies affected by ASC 842 and implementing a new information technology application to calculate our right-of-use assets and lease liabilities and required disclosures. ​ See Note 3 “Leases” for additional disclosures in accordance with the new lease standard. ​ As a result of the adoption of ASC 842 on January 1, 2019, we recorded lease liabilities and right-of-use assets on our consolidated condensed balance sheet. The adoption also resulted in a net, after-tax cumulative effect adjustment to retained earnings of approximately $5.0 million. The details of this adjustment are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Adjustments Due ​ Balance at ​ December 31, 2018 to ASC 842 January 1, 2019 ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ — ​ $ 2,425.6 ​ $ 2,425.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other current liabilities ​ $ 566.6 ​ $ 70.2 ​ $ 636.8 ​ Long-term operating lease liabilities ​ ​ — ​ ​ 2,387.5 ​ ​ 2,387.5 ​ Deferred tax liabilities ​ ​ 577.8 ​ ​ 0.9 ​ ​ 578.7 ​ Other long-term liabilities ​ ​ 519.0 ​ ​ (38.0) ​ ​ 481.0 ​ Retained earnings ​ ​ 2,365.8 ​ ​ 5.0 ​ ​ 2,370.8 ​ ​ Measurement of Credit Losses on Financial Instruments ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, with early adoption permitted. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements. ​ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ​ In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220) — Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the enactment of the U.S. Tax Cuts and Jobs Act (“the Act”). The update also requires entities to disclose whether or not they elected to reclassify the tax effects related to the Act as well as their accounting policy for releasing income tax effects from accumulated other comprehensive income. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods, with early adoption permitted. We did not adopt the optional guidance of this accounting standard update, as the potential impact on our consolidated financial statements is not material. ​ Fair Value Measurement Disclosure ​ In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, modifies, and adds certain disclosure requirements on fair value measurements. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. Entities are permitted to early adopt any eliminated or amended disclosures and delay adoption of the additional disclosure requirements until the effective date. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements. ​ Accounting for Cloud Computing Arrangements ​ In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” Under this new guidance, certain implementation costs incurred in a hosted cloud computing service arrangement will be capitalized in accordance with ASC 350-40. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments from this update are to be applied retrospectively or prospectively to all implementation costs incurred after adoption. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenues.
Revenues	2. Revenues ​ Automotive and commercial truck dealerships represent the majority of our revenues. New and used vehicle revenues typically include sales to retail customers, to fleet customers, and to leasing companies providing consumer leasing. We generate finance and insurance revenues from sales of third-party extended service contracts, sales of third-party insurance policies, commissions relating to the sale of finance and lease contracts to third parties, and the sales of certain other products. Service and parts revenues include fees paid by customers for repair, maintenance and collision services, with our customers and are measured at the amount of consideration we expect to be entitled to in exchange for transferring goods or providing services. A discussion of revenue recognition by reportable segment is included below. ​ Retail Automotive and Retail Commercial Truck Dealership Revenue Recognition Dealership Vehicle Sales. Dealership Parts and Service Sales. Dealership Finance and Insurance Sales. ​ Commercial Vehicle Distribution and Other Revenue Recognition Penske Commercial Vehicles Australia. The amount of consideration we receive for vehicle and product sales is stated within the executed contract with our customer. The amount of consideration we receive for parts and service sales is based upon labor hours expended and parts utilized to perform and complete the necessary services to our customers. Payment is typically due upon delivery, upon invoice, or within a period of time shortly thereafter. We receive payment from our customers upon transfer of control or within a period typically less than 30 days Penske Power Systems. For our long-term power generation contracts, we record revenue over time as services are provided in accordance with contract milestones, which is considered an output method that requires judgment to determine our progress towards contract completion and the corresponding amount of revenue to recognize. Any revisions to estimates related to revenues or costs to complete contracts are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. The amount of consideration we receive for engine, product, and power generation sales is stated within the executed contract with our customer. The amount of consideration we receive for service sales is based upon labor hours expended and parts utilized to perform and complete the necessary services to our customers. Payment is typically due upon delivery, upon invoice, or within a period of time shortly thereafter. We receive payment from our customers upon transfer of control or within a period typically less than 30 days subsequent to transfer of control or invoice. ​ Service and parts revenue represented $69.6 million and $196.5 million for the three and nine months ended September 30, 2019 and $65.9 million and $194.4 million three and nine months ended September 30, 2018, respectively. Other. Retail Automotive Dealership The following tables disaggregate our retail automotive reportable segment revenue by product type and geographic location for the three and nine months ended September 30, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Automotive Dealership Revenue 2019 2018 2019 2018 New vehicle ​ $ 2,332.3 ​ $ 2,350.2 ​ $ 6,873.9 ​ $ 7,325.6 ​ Used vehicle ​ ​ 1,824.5 ​ ​ 1,825.2 ​ ​ 5,529.2 ​ ​ 5,588.9 ​ Finance and insurance, net ​ ​ 166.0 ​ ​ 158.5 ​ ​ 491.5 ​ ​ 482.2 ​ Service and parts ​ ​ 543.5 ​ ​ 523.8 ​ ​ 1,654.0 ​ ​ 1,615.1 ​ Fleet and wholesale ​ ​ 289.1 ​ ​ 290.8 ​ ​ 894.3 ​ ​ 888.2 ​ Total retail automotive dealership revenue ​ $ 5,155.4 ​ $ 5,148.5 ​ $ 15,442.9 ​ $ 15,900.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Automotive Dealership Revenue 2019 2018 2019 2018 ​ U.S. ​ $ 2,995.5 ​ $ 2,891.6 ​ $ 8,624.1 ​ $ 8,596.4 ​ U.K. ​ ​ 1,859.6 ​ ​ 1,945.1 ​ ​ 5,827.7 ​ ​ 6,244.9 ​ Germany and Italy ​ ​ 300.3 ​ ​ 311.8 ​ ​ 991.1 ​ ​ 1,058.7 ​ Total retail automotive dealership revenue ​ $ 5,155.4 ​ $ 5,148.5 ​ $ 15,442.9 ​ $ 15,900.0 ​ ​ Retail Commercial Truck Dealership The following table disaggregates our retail commercial truck reportable segment revenue by product type for the three and nine months ended September 30, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Commercial Truck Dealership Revenue 2019 2018 2019 2018 New truck ​ $ 476.2 ​ $ 249.4 ​ $ 979.6 ​ $ 630.5 ​ Used truck ​ ​ 36.1 ​ ​ 32.5 ​ ​ 87.8 ​ ​ 86.3 ​ Finance and insurance, net ​ ​ 3.1 ​ ​ 2.9 ​ ​ 9.0 ​ ​ 9.0 ​ Service and parts ​ ​ 154.6 ​ ​ 93.1 ​ ​ 340.7 ​ ​ 275.7 ​ Wholesale and other ​ ​ 22.3 ​ ​ 7.4 ​ ​ 34.3 ​ ​ 15.0 ​ Total retail commercial truck dealership revenue ​ $ 692.3 ​ $ 385.3 ​ $ 1,451.4 ​ $ 1,016.5 ​ ​ Commercial Vehicle Distribution and Other The following table disaggregates our other reportable segment revenue by business for the three and nine months ended September 30, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Commercial Vehicle Distribution and Other 2019 2018 2019 2018 ​ Commercial Vehicles Australia and New Zealand ​ $ 119.9 ​ $ 123.7 ​ $ 393.5 ​ $ 426.4 ​ Other ​ ​ — ​ ​ 1.1 ​ ​ — ​ ​ 2.9 ​ Total commercial vehicle distribution and other revenue ​ $ 119.9 ​ $ 124.8 ​ $ 393.5 ​ $ 429.3 ​ ​ Contract Balances The following table summarizes our accounts receivable and unearned revenues as of September 30, 2019 and December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2019 2018 Accounts receivable ​ ​ ​ ​ ​ ​ ​ Contracts in transit ​ $ 312.2 ​ $ 314.2 ​ Vehicle receivables ​ 271.2 ​ 266.9 ​ Manufacturer receivables ​ ​ 213.8 ​ ​ 211.3 ​ Trade receivables ​ 158.8 ​ 129.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses ​ ​ ​ ​ ​ ​ ​ Unearned revenues ​ $ 279.7 ​ $ 269.8 ​ ​ Contracts in transit represent receivables from unaffiliated finance companies relating to the sale of customers’ installment sales and lease contracts arising in connection with the sale of a vehicle by us. Vehicle receivables represent receivables for any portion of the vehicle sales price not paid by the finance company. Manufacturer receivables represent amounts due from manufacturers, including incentives, holdbacks, rebates, warranty claims, and other receivables due from the factory. Trade receivables represent receivables due from customers, including amounts due for parts and service sales, as well as receivables due from finance companies and others for the commissions earned on financing and commissions earned on insurance and extended service products provided by third parties. We evaluate collectability of receivables and estimate an allowance for doubtful accounts based on the age of the receivable and historical collection experience, which is recorded within “Accounts receivable” on our consolidated balance sheets with our receivables presented net of the allowance. ​ Unearned revenues primarily relate to payments received from customers prior to satisfaction of our performance obligations, such as customer deposits and deferred revenues from operating leases. These amounts are presented within “Accrued expenses and other current liabilities” on our consolidated balance sheets. Of the amounts recorded as unearned revenues as of December 31, 2018, $220.3 million was recognized as revenue during the nine months ended September 30, 2019. ​ Additional Revenue Recognition Related Policies ​ We do not have any material significant payment terms associated with contracts with our customers. Payment is due and collected as previously detailed for each reportable segment. We do not offer material rights of return or service-type warranties. ​ Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). Shipping costs incurred subsequent to transfer of control to our customers are recognized as cost of sales. Sales promotions that we offer to customers are accounted for as a reduction of revenues at the time of sale. We expense sales commissions as incurred, as the amortization period for such costs would be less than one year.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	3. Leases ​ We lease land and facilities, including certain dealerships and office space. Our property leases are generally for an initial period between 5 and 20 years, and are typically structured to include renewal options at our election. We include renewal options that we are reasonably certain to exercise in the measurement our lease liabilities. We also have equipment leases that primarily relate to office and computer equipment, service and shop equipment, company owned vehicles, and other miscellaneous items. These leases are generally for a period of less than 5 years. We do not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement. ​ We estimate the total undiscounted rent obligations under these leases, including any extension periods that we are reasonably certain to exercise, to be $5.5 billion as of September 30, 2019. Some of our lease arrangements include rental payments that are adjusted based on an index or rate, such as the Consumer Price Index (CPI). As the rate implicit in the lease is generally not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ​ Pursuant to the leases for some of our larger facilities, we are required to comply with specified financial ratios, including a “rent coverage” ratio and a debt to EBITDA ratio, each as defined. For these leases, non-compliance with the ratios may require us to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. ​ In connection with the sale, relocation and closure of certain of our franchises, we have entered into a number of third-party sublease agreements. The rent paid by our sub-tenants on such properties for the three and nine months ended September 30, 2019 was $5.3 million and $16.4 million, respectively. We have in the past and may in the future enter into sale-leaseback transactions to finance certain property acquisitions and capital expenditures, pursuant to which we sell property to third parties and agree to lease those assets back for a certain period of time. Such sales generate proceeds that vary from period to period. Proceeds from sale-leaseback transactions were $7.3 million during the nine months ended September 30, 2019. We have no material leases that have not yet commenced as of September 30, 2019. ​ The following table summarizes our net operating lease cost during the three and nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 Lease Cost ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 60.8 ​ $ 184.8 Sublease income ​ ​ (5.3) ​ ​ (16.4) Total lease cost ​ $ 55.5 ​ $ 168.4 (1) Includes short-term leases and variable lease costs, which are immaterial. ​ The following tables summarize supplemental cash flow information related to our operating leases and the weighted average remaining lease term and discount rate of our leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2019 ​ September 30, 2019 Other Information ​ ​ ​ ​ ​ ​ Gains on sale and leaseback transactions, net ​ $ — ​ $ (0.2) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ 58.7 ​ ​ 177.0 Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 96.8 ​ ​ 99.1 ​ ​ ​ ​ ​ ​ ​ September 30, 2019 Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 25 years Weighted-average discount rate - operating leases ​ ​ 6.4% ​ The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our consolidated condensed balance sheet as of September 30, 2019: ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ ​ ​ 2019 ​ $ 61.3 2020 242.1 2021 ​ 236.5 2022 ​ 231.7 2023 ​ ​ 224.0 2024 ​ ​ 217.6 2025 and thereafter ​ 4,301.3 Total future minimum lease payments ​ $ 5,514.5 Less: Imputed interest ​ ​ (3,091.1) Present value of future minimum lease payments ​ $ 2,423.4 ​ ​ ​ ​ Current operating lease liabilities ​ $ 88.7 Long-term operating lease liabilities ​ ​ 2,334.7 Total operating lease liabilities ​ $ 2,423.4 (1) Excludes the nine months ended September 30, 2019. (2) Included within “Accrued expenses and other current liabilities” on Consolidated Condensed Balance Sheet as of September 30, 2019. ​ Minimum future rental payments required under operating leases in effect as of December 31, 2018 are as follows: ​ ​ ​ ​ ​ 2019 $ 222.5 ​ 2020 ​ 220.5 ​ 2021 ​ 217.4 ​ 2022 ​ 216.0 ​ 2023 ​ 212.0 ​ 2024 and thereafter ​ 4,344.4 ​ Total future minimum lease payments ​ $ 5,432.8 ​ ​

Significant Equity Method Inves

Significant Equity Method Investees	9 Months Ended
	Sep. 30, 2019
Significant Equity Method Investees
Significant Equity Method Investees	4. Significant Equity Method Investees ​ We hold a 28.9% ownership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading provider of transportation and supply chain services. Our investment in PTL is accounted for using the equity method of accounting. For the nine months ended September 30, 2019, PTL equity earnings represented a significant portion of our consolidated pre-tax income. We recorded $106.0 million and $91.7 million during the nine months ended September 30, 2019 and 2018, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from PTL investment. ​ Rule 10-01(b)(1) of Regulation S-X requires separate interim period summarized income statement information for each 50-percent-or-less-owned subsidiary not consolidated that would have been a significant subsidiary for annual periods in accordance with Rule 3-09 of Regulation S-X. ​ Pursuant to this requirement, unaudited summarized income statement information for PTL for the nine months ended September 30, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ Revenues ​ $ 6,701 ​ $ 6,158 ​ Gross profit ​ 1,397 ​ 1,272 ​ Income from continuing operations ​ ​ 367 ​ 317 ​ Net income ​ 367 ​ 317 ​ ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventories
Inventories	5. Inventories ​ Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 ​ 2018 Retail automotive dealership new vehicles ​ $ 2,252.4 ​ $ 2,397.0 ​ Retail automotive dealership used vehicles ​ 988.9 ​ 1,060.8 ​ Retail automotive parts, accessories and other ​ ​ 126.6 ​ ​ 140.8 ​ Retail commercial truck dealership vehicles and parts ​ 462.9 ​ 207.9 ​ Commercial vehicle distribution vehicles, parts and engines ​ ​ 213.1 ​ ​ 233.6 ​ Total inventories ​ $ 4,043.9 ​ $ 4,040.1 ​ ​ We receive credits from certain vehicle manufacturers that reduce cost of sales when the vehicles are sold. Such credits amounted to $12.8 million and $15.1 million during the three months ended September 30, 2019 and 2018, respectively, and $37.7 million and $40.7 million during the nine months ended September 30, 2019 and 2018, respectively.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2019
Business Combinations
Business Combinations	6. Business Combinations ​ During the nine months ended September 30, 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand and six retail commercial truck locations. During the nine months ended September 30, 2018, we acquired The Car People, a stand-alone specialty retailer of used vehicles in the U.K. representing four locations; acquired four retail automotive franchises; and acquired one retail commercial truck dealership. Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed financial statements, and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the nine months ended September 30, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2019 2018 Accounts receivable ​ $ — ​ $ 3.6 ​ Inventories ​ ​ 150.7 ​ ​ 62.8 ​ Other current assets ​ 0.6 ​ — ​ Property and equipment ​ 2.6 ​ 52.6 ​ Indefinite-lived intangibles ​ 214.0 ​ 73.9 ​ Current liabilities ​ (16.8) ​ (16.9) ​ Noncurrent liabilities ​ (13.6) ​ (0.6) ​ Total consideration ​ 337.5 ​ 175.4 ​ Deferred consideration ​ — ​ (6.8) ​ Contingent consideration ​ (10.6) ​ — ​ Total cash used in acquisitions ​ $ 326.9 ​ $ 168.6 ​ ​ The following unaudited consolidated pro forma results of operations of PAG for the three and nine months ended September 30, 2019 and 2018 give effect to acquisitions consummated during 2019 and 2018 as if they had occurred effective at the beginning of the periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ 2019 2018 Revenues ​ $ 6,013.7 ​ $ 5,996.3 $ 17,888.9 ​ $ 18,384.2 ​ Income from continuing operations ​ 115.5 ​ 117.9 ​ 319.7 ​ 338.0 ​ Net income ​ 115.7 ​ 118.0 ​ 320.4 ​ 338.0 ​ Income from continuing operations per diluted common share ​ $ 1.41 ​ $ 1.39 ​ $ 3.86 ​ $ 3.96 ​ Net income per diluted common share ​ $ 1.42 ​ $ 1.39 ​ $ 3.86 ​ $ 3.96 ​ ​

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Intangible Assets
Intangible Assets	7. Intangible Assets ​ Following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets during the nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Indefinite- ​ ​ ​ ​ ​ Lived Intangible ​ ​ ​ Goodwill ​ Assets ​ Balance, January 1, 2019 ​ $ 1,752.0 ​ $ 486.2 ​ Additions ​ 146.6 ​ 67.4 ​ Disposals ​ ​ (0.7) ​ — ​ Foreign currency translation ​ (21.4) ​ (6.2) ​ Balance, September 30, 2019 ​ $ 1,876.5 ​ $ 547.4 ​ ​ The additions and disposals during the nine months ended September 30, 2019 were within our Retail Automotive reportable segment, our Retail Commercial Truck segment, and our Other segment. We sold eight retail automotive franchises, terminated five retail automotive franchises, acquired one dealership related to our Commercial Vehicle Distribution business, and acquired six retail commercial truck locations. As of September 30, 2019, the goodwill balance within our Retail Automotive, Retail Commercial Truck, and Other reportable segments was $1,493.4 million, $308.7 million and $74.3 million, respectively.

Vehicle Financing

Vehicle Financing	9 Months Ended
	Sep. 30, 2019
Vehicle Financing
Vehicle Financing	8. Vehicle Financing ​ We finance substantially all of the commercial vehicles we purchase for distribution, new vehicles for retail sale, and a portion of our used vehicle inventories for retail sale, under floor plan and other revolving arrangements with various lenders, including the captive finance companies associated with automotive manufacturers. In the U.S., the floor plan arrangements are due on demand; however, we have not historically been required to repay floor plan advances prior to the sale of the vehicles that have been financed. We typically make monthly interest payments on the amount financed. Outside of the U.S., substantially all of the floor plan arrangements are payable on demand or have an original maturity of 90 days or less, and we are generally required to repay floor plan advances at the earlier of the sale of the vehicles that have been financed or the stated maturity. ​ The agreements typically grant a security interest in substantially all of the assets of our dealership and distribution subsidiaries and, in the U.S., Australia and New Zealand, are guaranteed or partially guaranteed by us. Interest rates under the arrangements are variable and increase or decrease based on changes in the prime rate, defined London Interbank Offered Rate (“LIBOR”), the Finance House Base Rate, the Euro Interbank Offered Rate, the Canadian Prime Rate, the Australian Bank Bill Swap Rate (“BBSW”), or the New Zealand Bank Bill Benchmark Rate. To date, we have not experienced any material limitation with respect to the amount or availability of financing from any institution providing us vehicle financing. We also receive non-refundable credits from certain of our vehicle manufacturers, which are treated as a reduction of cost of sales as vehicles are sold. ​ The weighted average interest rate on floor plan borrowings was 2.2% for the nine months ended September 30, 2019 and 2.2% for the nine months ended September 30, 2018. We classify floor plan notes payable to a party other than the manufacturer of a particular new vehicle and all floor plan notes payable relating to pre-owned vehicles as “Floor plan notes payable — non-trade” on our consolidated balance sheets and classify related cash flows as a financing activity on our consolidated statements of cash flows.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Earnings Per Share	9. Earnings Per Share ​ Basic earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, including outstanding unvested equity awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, adjusted for any dilutive effects. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ Weighted average number of common shares outstanding 81,643,175 84,865,046 ​ 82,968,130 85,248,758 Effect of non-participatory equity compensation 40,000 40,000 ​ 40,000 40,000 Weighted average number of common shares outstanding, including effect of dilutive securities 81,683,175 84,905,046 ​ 83,008,130 85,288,758 ​

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2019
Long-Term Debt
Long-Term Debt	10. Long-Term Debt ​ Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 ​ 2018 U.S. credit agreement — revolving credit line ​ $ 105.0 ​ $ 30.0 ​ U.K. credit agreement — revolving credit line ​ 154.9 ​ 163.3 ​ U.K. credit agreement — overdraft line of credit ​ — ​ 1.8 ​ 3.75% senior subordinated notes due 2020 ​ ​ 298.9 ​ ​ 297.9 ​ 5.75% senior subordinated notes due 2022 ​ 547.4 ​ 546.8 ​ 5.375% senior subordinated notes due 2024 ​ ​ 297.9 ​ ​ 297.6 ​ 5.50% senior subordinated notes due 2026 ​ ​ 495.6 ​ ​ 495.1 ​ Australia capital loan agreement ​ ​ 30.9 ​ ​ 33.6 ​ Australia working capital loan agreement ​ ​ — ​ ​ 6.1 ​ Mortgage facilities ​ 397.3 ​ 289.6 ​ Other ​ 51.4 ​ 54.9 ​ Total long-term debt ​ 2,379.3 ​ 2,216.7 ​ Less: current portion ​ (96.8) ​ (92.0) ​ Net long-term debt ​ $ 2,282.5 ​ $ 2,124.7 ​ ​ U.S. Credit Agreement ​ Our U.S. credit agreement (the “U.S. credit agreement”) with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation provides for up to $700.0 million in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, which includes $250.0 million in revolving loans solely for future acquisitions. The U.S. credit agreement provides for a maximum of $150.0 million of future borrowings for foreign acquisitions and expires on September 30, 2022. In July 2019, we amended the U.S. credit agreement to provide for the issuance of up to $50 million of letters of credit within the existing $700 million facility limit. The revolving loans bear interest at LIBOR plus 2.00%, subject to an incremental 1.50% for uncollateralized borrowings in excess of a defined borrowing base. ​ The U.S. credit agreement is fully and unconditionally guaranteed on a joint and several basis by substantially all of our U.S. subsidiaries and contains a number of significant covenants that, among other things, restrict our ability to dispose of assets, incur additional indebtedness, repay certain other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial and other tests and ratios, each as defined in the U.S. credit agreement including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders’ equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. ​ The U.S. credit agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to our other material indebtedness. Substantially all of our U.S. assets are subject to security interests granted to the lenders under the U.S. credit agreement. As of September 30, 2019, we had $105.0 million outstanding under the U.S. credit agreement. ​ U.K. Credit Agreement ​ Our subsidiaries in the U.K. (the “U.K. subsidiaries”) are party to a £150.0 million revolving credit agreement with the National Westminster Bank plc and BMW Financial Services (GB) Limited, and an additional demand overdraft line of credit (collectively, the “U.K. credit agreement”) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes. The loans mature on the termination date of the facility, which is December 12, 2023. The revolving loans bear interest between defined LIBOR plus 1.10% and defined LIBOR plus 2.10%. The U.K. credit agreement also includes a £100.0 million “accordion” feature which allows the U.K. subsidiaries to request up to an additional £100.0 million of facility capacity. The lenders may agree to provide the additional capacity, and, if not, the U.K. subsidiaries may add an additional lender, if available, to the facility to provide such additional capacity. As of September 30, 2019, outstanding loans under the U.K. credit agreement amounted to £126.0 million ($154.9 million). ​ The U.K. credit agreement is fully and unconditionally guaranteed on a joint and several basis by our U.K. subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of our U.K. subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, our U.K. subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (“EBITAR”) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of any amounts owed. ​ The U.K. credit agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of our U.K. subsidiaries. Substantially all of our U.K. subsidiaries’ assets are subject to security interests granted to the lenders under the U.K. credit agreement. ​ Senior Subordinated Notes ​ We have issued the following senior subordinated notes: ​ ​ ​ ​ ​ ​ ​ ​ Description Maturity Date Interest Payment Dates ​ Principal Amount 3.75% Notes August 15, 2020 ​ February 15, August 15 ​ $300 million 5.75% Notes October 1, 2022 ​ April 1, October 1 ​ $550 million 5.375% Notes December 1, 2024 ​ June 1, December 1 ​ $300 million 5.50% Notes May 15, 2026 ​ May 15, November 15 ​ $500 million ​ Each of these notes are our unsecured, senior subordinated obligations and are guaranteed on an unsecured senior subordinated basis by our 100% owned U.S. subsidiaries. Each also contain customary negative covenants and events of default. If we experience certain “change of control” events specified in the indentures, holders of these notes will have the option to require us to purchase for cash all or a portion of their notes at a price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest. In addition, if we make certain asset sales and do not reinvest the proceeds thereof or use such proceeds to repay certain debt, we will be required to use the proceeds of such asset sales to make an offer to purchase the notes at a price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest. We classify our 3.75% Notes due August 15, 2020 as long-term debt as we have the intent and ability to refinance the obligation on a long-term basis with the availability of our U.S. Credit Agreement. ​ Optional redemption. ​ Australia Loan Agreements ​ Penske Commercial Vehicles Australia and Penske Power Systems are party to two facilities with Volkswagen Financial Services Australia Pty Limited representing a five year AU $50.0 million capital loan and a one-year AU $50.0 million working capital loan. Both facilities are subject to annual extensions. These agreements each provide the lender with a secured interest in all assets of these businesses. The loans bear interest at the Australian BBSW 30-day Bill Rate plus 3.0%. Irrespective of the term of the agreements, both agreements provide the lender with the ability to call the loans on 90 days’ notice. These facilities are also guaranteed by our U.S. parent company up to AU $50.0 million. As of September 30, 2019, we had AU $45.8 million ($30.9 million) outstanding under the capital loan agreement and no outstanding borrowings under the working capital loan agreement. ​ Mortgage Facilities ​ We are party to several mortgages that bear interest at defined rates and require monthly principal and interest payments. These mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to our other material indebtedness, certain change of control events, and the loss or sale of certain franchises operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of September 30, 2019, we owed $397.3 million of principal under our mortgage facilities.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2019
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	11. Commitments and Contingent Liabilities ​ We are involved in litigation which may relate to claims brought by governmental authorities, issues with customers, and employment related matters, including class action claims and purported class action claims. As of September 30, 2019, we were not party to any legal proceedings, including class action lawsuits that, individually or in the aggregate, are reasonably expected to have a material adverse effect on our results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on our results of operations, financial condition or cash flows. ​ We lease land and facilities, including certain dealerships and office space. Pursuant to the leases for some of our larger facilities, we are required to comply with specified financial ratios, including a “rent coverage” ratio and a debt to EBITDA ratio, each as defined. For these leases, non-compliance with the ratios may require us to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. Refer to the disclosures provided in Note 3 for further description of our leases. ​ We have sold a number of dealerships to third parties and, as a condition to certain of those sales, remain liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. We are also party to lease agreements on properties that we no longer use in our retail operations that we have sublet to third parties. We rely on subtenants to pay the rent and maintain the property at these locations. In the event the subtenant does not perform as expected, we may not be able to recover amounts owed to us and we could be required to fulfill these obligations. ​ Our floor plan credit agreement with Mercedes Benz Financial Services Australia (“MBA”) provides us revolving loans for the acquisition of commercial vehicles for distribution to our retail network. This facility includes a commitment to repurchase dealer vehicles in the event the dealer’s floor plan agreement with MBA is terminated. ​ We have $42.2 million of letters of credit outstanding as of September 30, 2019, and have posted $20.5 million of surety bonds in the ordinary course of business.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity
Equity	12. Equity ​ During the three months ended September 30, 2019, we repurchased 1,021,622 shares of our common stock for $43.6 million, or an average of $42.66 per share, under our securities repurchase program approved by our Board of Directors. During the nine months ended September 30, 2019, we repurchased 3,871,887 shares of our common stock for $169.2 million, or an average of $43.71 per share, under this program. In September 2019, our Board of Directors increased the authority delegated to management to repurchase our outstanding securities to $200.0 million. Prior to the increase, we had $30.8 million in remaining authorization. As of September 30, 2019, our remaining authorization was $200.0 million. During the nine months ended September 30, 2019, we also acquired 114,949 shares of our common stock for $4.9 million, or an average of $42.72 per share, from employees in connection with a net share settlement feature of employee equity awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income/(Loss)	​ 13. Accumulated Other Comprehensive Income (Loss) ​ Changes in accumulated other comprehensive income (loss) by component and the reclassifications out of accumulated other comprehensive income (loss) during the three and nine months ended September 30, 2019 and 2018, respectively, attributable to Penske Automotive Group common stockholders follows: ​ Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at June 30, 2019 ​ $ (217.9) ​ $ (22.4) ​ $ (240.3) ​ Other comprehensive income before reclassifications ​ (43.8) ​ (1.9) ​ (45.7) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (43.8) ​ (1.9) ​ (45.7) ​ Balance at September 30, 2019 ​ $ (261.7) ​ $ (24.3) ​ $ (286.0) ​ ​ Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at June 30, 2018 ​ $ (170.5) ​ $ (15.9) ​ $ (186.4) ​ Other comprehensive income before reclassifications ​ (19.5) ​ 2.1 ​ (17.4) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (19.5) ​ 2.1 ​ (17.4) ​ Balance at September 30, 2018 ​ $ (190.0) ​ $ (13.8) ​ $ (203.8) ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at December 31, 2018 ​ $ (208.3) ​ $ (26.2) ​ $ (234.5) ​ Other comprehensive income before reclassifications ​ (53.4) ​ 1.9 ​ (51.5) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (53.4) ​ 1.9 ​ (51.5) ​ Balance at September 30, 2019 ​ $ (261.7) ​ $ (24.3) ​ $ (286.0) ​ ​ Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at December 31, 2017 ​ $ (134.0) ​ $ (12.5) ​ $ (146.5) ​ Other comprehensive income before reclassifications ​ (56.0) ​ (1.3) ​ (57.3) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (56.0) ​ (1.3) ​ (57.3) ​ Balance at September 30, 2018 ​ $ (190.0) ​ $ (13.8) ​ $ (203.8) ​ ​

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Information
Segment Information	​ 14. Segment Information ​ Our operations are organized by management into operating segments by line of business and geography. We have determined that we have four reportable segments as defined in generally accepted accounting principles for segment reporting: (i) Retail Automotive, consisting of our retail automotive dealership operations; (ii) Retail Commercial Truck, consisting of our retail commercial truck dealership operations in the U.S. and Canada; (iii) Other, consisting of our commercial vehicle and power systems distribution operations and other non-automotive consolidated operations; and (iv) Non-Automotive Investments, consisting of our equity method investments in non-automotive operations. The Retail Automotive reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and our retail automotive joint ventures. The individual dealership operations included in the Retail Automotive reportable segment represent six operating segments: Eastern, Central, and Western United States, Stand-Alone Used United States, International, and Stand-Alone Used International. These operating segments have been aggregated into one reportable segment as their operations (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and/or used vehicles, service, parts and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals) and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). Revenue and segment income for the three and nine months ended September 30, 2019 and 2018 follows: ​ Three Months Ended September 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 5,155.4 ​ $ 692.3 ​ $ 119.9 ​ $ — ​ $ — ​ $ 5,967.6 ​ 2018 ​ 5,148.5 ​ ​ 385.3 ​ 124.8 ​ — ​ — ​ 5,658.6 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 79.7 ​ $ 30.7 ​ $ 5.9 ​ $ 42.1 ​ $ — ​ $ 158.4 ​ 2018 ​ 94.6 ​ ​ 19.1 ​ ​ 2.6 ​ ​ 40.8 ​ ​ — ​ 157.1 ​ ​ ​ Nine Months Ended September 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 15,442.9 ​ $ 1,451.4 ​ $ 393.5 ​ $ — ​ $ — ​ $ 17,287.8 ​ 2018 ​ 15,900.0 ​ ​ 1,016.5 ​ 429.3 ​ — ​ — ​ 17,345.8 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 262.7 ​ $ 65.5 ​ $ 18.0 ​ $ 105.9 ​ $ — ​ $ 452.1 ​ 2018 ​ 318.2 ​ ​ 47.2 ​ ​ 20.4 ​ ​ 91.8 ​ — ​ 477.6 ​ ​

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2019
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information	15. Condensed Consolidating Financial Information ​ The following tables include condensed consolidating financial information as of September 30, 2019 and December 31, 2018 and for the three and nine month periods ended September 30, 2019 and 2018 for Penske Automotive Group, Inc. (as the issuer of the 5.75% Notes, the 5.375% Notes, the 5.50% Notes, and the 3.75% Notes), guarantor subsidiaries and non-guarantor subsidiaries (primarily representing non-U.S. entities). Guarantor subsidiaries are directly or indirectly 100% owned by PAG, and the guarantees are full and unconditional, and joint and several. The guarantees may be released under certain circumstances upon resale, or transfer by us of the stock of the related guarantor or all or substantially all of the assets of the guarantor to a non-affiliate. ​ CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Cash and cash equivalents ​ $ 77.5 ​ $ — ​ $ — ​ $ — ​ $ 77.5 ​ Accounts receivable, net ​ 967.3 ​ (493.6) ​ 493.6 ​ 467.9 ​ 499.4 ​ Inventories ​ 4,043.9 ​ — ​ — ​ 2,156.7 ​ 1,887.2 ​ Other current assets ​ 98.8 ​ — ​ 7.7 ​ 21.6 ​ 69.5 ​ Total current assets ​ 5,187.5 ​ (493.6) ​ 501.3 ​ 2,646.2 ​ 2,533.6 ​ Property and equipment, net ​ 2,309.3 ​ — ​ 3.6 ​ 1,110.9 ​ 1,194.8 ​ Operating lease right-of-use assets ​ 2,384.4 ​ — ​ 9.3 ​ 1,632.9 ​ 742.2 ​ Intangible assets ​ 2,423.9 ​ — ​ — ​ 1,635.8 ​ 788.1 ​ Equity method investments ​ 1,362.8 ​ — ​ 1,298.2 ​ — ​ 64.6 ​ Other long-term assets ​ 21.6 ​ (2,911.0) ​ 2,920.2 ​ 3.1 ​ 9.3 ​ Total assets ​ $ 13,689.5 ​ $ (3,404.6) ​ $ 4,732.6 ​ $ 7,028.9 ​ $ 5,332.6 ​ Floor plan notes payable ​ $ 2,444.1 ​ $ — ​ $ — ​ $ 1,447.0 ​ $ 997.1 ​ Floor plan notes payable — non-trade ​ 1,410.6 ​ — ​ 227.2 ​ 515.4 ​ 668.0 ​ Accounts payable ​ 672.3 ​ — ​ 5.1 ​ 213.1 ​ 454.1 ​ Accrued expenses and other current liabilities ​ 722.2 ​ (493.6) ​ 1.6 ​ 296.0 ​ 918.2 ​ Current portion of long-term debt ​ 96.8 ​ — ​ 13.0 ​ 10.6 ​ 73.2 ​ Liabilities held for sale ​ 0.5 ​ — ​ — ​ 0.5 ​ — ​ Total current liabilities ​ 5,346.5 ​ (493.6) ​ 246.9 ​ 2,482.6 ​ 3,110.6 ​ Long-term debt ​ 2,282.5 ​ (82.5) ​ 1,817.6 ​ 256.4 ​ 291.0 ​ Long-term operating lease liabilities ​ 2,334.7 ​ — ​ 9.0 ​ 1,603.7 ​ 722.0 ​ Deferred tax liabilities ​ 620.7 ​ — ​ — ​ 615.8 ​ 4.9 ​ Other long-term liabilities ​ 446.0 ​ — ​ — ​ 36.6 ​ 409.4 ​ Total liabilities ​ 11,030.4 ​ (576.1) ​ 2,073.5 ​ 4,995.1 ​ 4,537.9 ​ Total equity ​ 2,659.1 ​ (2,828.5) ​ 2,659.1 ​ 2,033.8 ​ 794.7 ​ Total liabilities and equity ​ $ 13,689.5 ​ $ (3,404.6) ​ $ 4,732.6 ​ $ 7,028.9 ​ $ 5,332.6 ​ ​ ​ CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Cash and cash equivalents ​ $ 39.4 ​ $ — ​ $ — ​ $ 12.9 ​ $ 26.5 ​ Accounts receivable, net ​ 929.1 ​ (481.7) ​ 481.7 ​ 507.1 ​ 422.0 ​ Inventories ​ 4,040.1 ​ — ​ — ​ 1,961.6 ​ 2,078.5 ​ Other current assets ​ 86.6 ​ — ​ 10.6 ​ 17.8 ​ 58.2 ​ Total current assets ​ 5,095.2 ​ (481.7) ​ 492.3 ​ 2,499.4 ​ 2,585.2 ​ Property and equipment, net ​ 2,250.0 ​ — ​ 3.9 ​ 1,077.7 ​ 1,168.4 ​ Intangible assets ​ 2,238.2 ​ — ​ — ​ 1,422.6 ​ 815.6 ​ Equity method investments ​ 1,305.2 ​ — ​ 1,239.9 ​ — ​ 65.3 ​ Other long-term assets ​ ​ 15.9 ​ (2,814.3) ​ 2,821.0 ​ 2.9 ​ 6.3 ​ Total assets ​ $ 10,904.5 ​ $ (3,296.0) ​ $ 4,557.1 ​ $ 5,002.6 ​ $ 4,640.8 ​ Floor plan notes payable ​ $ 2,362.2 ​ $ — ​ $ — ​ $ 1,348.3 ​ $ 1,013.9 ​ Floor plan notes payable — non-trade ​ 1,428.6 ​ — ​ 232.3 ​ 505.9 ​ 690.4 ​ Accounts payable ​ 598.2 ​ — ​ 4.9 ​ 196.6 ​ 396.7 ​ Accrued expenses ​ 566.6 ​ (481.7) ​ 1.4 ​ 160.2 ​ 886.7 ​ Current portion of long-term debt ​ 92.0 ​ — ​ — ​ 6.3 ​ 85.7 ​ Liabilities held for sale ​ 0.7 ​ — ​ — ​ 0.7 ​ — ​ Total current liabilities ​ 5,048.3 ​ (481.7) ​ 238.6 ​ 2,218.0 ​ 3,073.4 ​ Long-term debt ​ 2,124.7 ​ (88.6) ​ 1,683.8 ​ 225.7 ​ 303.8 ​ Deferred tax liabilities ​ 577.8 ​ — ​ — ​ 570.5 ​ 7.3 ​ Other long-term liabilities ​ 519.0 ​ — ​ — ​ 57.6 ​ 461.4 ​ Total liabilities ​ 8,269.8 ​ (570.3) ​ 1,922.4 ​ 3,071.8 ​ 3,845.9 ​ Total equity ​ 2,634.7 ​ (2,725.7) ​ 2,634.7 ​ 1,930.8 ​ 794.9 ​ Total liabilities and equity ​ $ 10,904.5 ​ $ (3,296.0) ​ $ 4,557.1 ​ $ 5,002.6 ​ $ 4,640.8 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 5,967.6 ​ $ — ​ $ — ​ $ 3,478.6 ​ $ 2,489.0 ​ Cost of sales ​ 5,097.9 ​ — ​ — ​ 2,951.1 ​ 2,146.8 ​ Gross profit ​ 869.7 ​ — ​ — ​ 527.5 ​ 342.2 ​ Selling, general and administrative expenses ​ 672.8 ​ — ​ 6.6 ​ 375.1 ​ 291.1 ​ Depreciation ​ 27.5 ​ — ​ 0.3 ​ 15.2 ​ 12.0 ​ Operating income ​ 169.4 ​ — ​ (6.9) ​ 137.2 ​ 39.1 ​ Floor plan interest expense ​ (21.4) ​ — ​ (1.9) ​ (14.7) ​ (4.8) ​ Other interest expense ​ (32.9) ​ — ​ (24.0) ​ (3.3) ​ (5.6) ​ Equity in earnings of affiliates ​ 43.3 ​ — ​ 42.2 ​ — ​ 1.1 ​ Equity in earnings of subsidiaries ​ — ​ (149.2) ​ 149.2 ​ — ​ — ​ Income from continuing operations before income taxes ​ 158.4 ​ (149.2) ​ 158.6 ​ 119.2 ​ 29.8 ​ Income taxes ​ (42.4) ​ 40.0 ​ (42.5) ​ (33.0) ​ (6.9) ​ Income from continuing operations ​ 116.0 ​ (109.2) ​ 116.1 ​ 86.2 ​ 22.9 ​ Income from discontinued operations, net of tax ​ 0.1 ​ (0.1) ​ 0.1 ​ ​ 0.1 ​ — ​ Net income ​ 116.1 ​ (109.3) ​ 116.2 ​ 86.3 ​ 22.9 ​ Other comprehensive (loss) income, net of tax ​ (46.2) ​ 44.7 ​ (46.2) ​ — ​ (44.7) ​ Comprehensive income ​ 69.9 ​ (64.6) ​ 70.0 ​ 86.3 ​ (21.8) ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (0.6) ​ 0.5 ​ (0.5) ​ — ​ (0.6) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 70.5 ​ $ (65.1) ​ $ 70.5 ​ $ 86.3 ​ $ (21.2) ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 5,658.6 ​ $ — ​ $ — ​ $ 3,061.9 ​ $ 2,596.7 ​ Cost of sales ​ 4,806.0 ​ — ​ — ​ 2,584.1 ​ 2,221.9 ​ Gross profit ​ 852.6 ​ — ​ — ​ 477.8 ​ 374.8 ​ Selling, general and administrative expenses ​ 662.8 ​ — ​ 6.3 ​ 356.6 ​ 299.9 ​ Depreciation ​ 25.9 ​ — ​ 0.4 ​ 14.0 ​ 11.5 ​ Operating income ​ 163.9 ​ — ​ (6.7) ​ 107.2 ​ 63.4 ​ Floor plan interest expense ​ (20.2) ​ — ​ (1.9) ​ (12.7) ​ (5.6) ​ Other interest expense ​ (28.3) ​ — ​ (19.1) ​ (2.3) ​ (6.9) ​ Equity in earnings of affiliates ​ 41.7 ​ — ​ 40.7 ​ — ​ 1.0 ​ Equity in earnings of subsidiaries ​ — ​ (144.2) ​ 144.2 ​ — ​ — ​ Income from continuing operations before income taxes ​ 157.1 ​ (144.2) ​ 157.2 ​ 92.2 ​ 51.9 ​ Income taxes ​ (27.1) ​ 24.8 ​ (27.1) ​ (14.6) ​ (10.2) ​ Income from continuing operations ​ 130.0 ​ (119.4) ​ 130.1 ​ 77.6 ​ 41.7 ​ Income from discontinued operations, net of tax ​ 0.1 ​ (0.1) ​ 0.1 ​ ​ 0.1 ​ — ​ Net income ​ 130.1 ​ (119.5) ​ 130.2 ​ 77.7 ​ 41.7 ​ Other comprehensive (loss) income, net of tax ​ (17.5) ​ 19.8 ​ (17.5) ​ — ​ (19.8) ​ Comprehensive income ​ 112.6 ​ (99.7) ​ 112.7 ​ 77.7 ​ 21.9 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (0.2) ​ 0.1 ​ (0.1) ​ — ​ (0.2) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 112.8 ​ $ (99.8) ​ $ 112.8 ​ $ 77.7 ​ $ 22.1 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 17,287.8 ​ $ — ​ $ — ​ $ 9,457.6 ​ $ 7,830.2 ​ Cost of sales ​ 14,698.8 ​ — ​ — ​ 7,962.9 ​ 6,735.9 ​ Gross profit ​ 2,589.0 ​ — ​ — ​ 1,494.7 ​ 1,094.3 ​ Selling, general and administrative expenses ​ 2,008.1 ​ — ​ 20.0 ​ 1,098.0 ​ 890.1 ​ Depreciation ​ 81.0 ​ — ​ 1.0 ​ 44.3 ​ 35.7 ​ Operating income ​ 499.9 ​ — ​ (21.0) ​ 352.4 ​ 168.5 ​ Floor plan interest expense ​ (64.2) ​ — ​ (6.1) ​ (44.0) ​ (14.1) ​ Other interest expense ​ (93.2) ​ — ​ (62.5) ​ (9.3) ​ (21.4) ​ Equity in earnings of affiliates ​ 109.6 ​ — ​ 106.0 ​ — ​ 3.6 ​ Equity in earnings of subsidiaries ​ — ​ (436.3) ​ 436.3 ​ — ​ — ​ Income from continuing operations before income taxes ​ 452.1 ​ (436.3) ​ 452.7 ​ 299.1 ​ 136.6 ​ Income taxes ​ (118.6) ​ 114.4 ​ (118.8) ​ (85.5) ​ (28.7) ​ Income from continuing operations ​ 333.5 ​ (321.9) ​ 333.9 ​ 213.6 ​ 107.9 ​ Income from discontinued operations, net of tax ​ 0.3 ​ (0.3) ​ 0.3 ​ 0.3 ​ — ​ Net income ​ 333.8 ​ (322.2) ​ 334.2 ​ 213.9 ​ 107.9 ​ Other comprehensive (loss) income, net of tax ​ (52.2) ​ 55.0 ​ (52.2) ​ — ​ (55.0) ​ Comprehensive income ​ 281.6 ​ (267.2) ​ 282.0 ​ 213.9 ​ 52.9 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (1.1) ​ 0.6 ​ (0.6) ​ — ​ (1.1) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 282.7 ​ $ (267.8) ​ $ 282.6 ​ $ 213.9 ​ $ 54.0 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ Company Eliminations Group Subsidiaries Subsidiaries Revenues ​ $ 17,345.8 ​ $ — ​ $ — ​ $ 8,990.2 ​ $ 8,355.6 ​ Cost of sales ​ 14,739.0 ​ — ​ — ​ 7,561.6 ​ 7,177.4 ​ Gross profit ​ 2,606.8 ​ — ​ — ​ 1,428.6 ​ 1,178.2 ​ Selling, general and administrative expenses ​ 2,001.3 ​ — ​ 19.1 ​ 1,059.6 ​ 922.6 ​ Depreciation ​ 77.2 ​ — ​ 1.2 ​ 41.3 ​ 34.7 ​ Operating income ​ 528.3 ​ — ​ (20.3) ​ 327.7 ​ 220.9 ​ Floor plan interest expense ​ (59.0) ​ — ​ (5.3) ​ (36.3) ​ (17.4) ​ Other interest expense ​ (86.7) ​ — ​ (58.8) ​ (6.2) ​ (21.7) ​ Equity in earnings of affiliates ​ 95.0 ​ — ​ 91.7 ​ — ​ 3.3 ​ Equity in earnings of subsidiaries ​ — ​ (470.1) ​ 470.1 ​ — ​ — ​ Income from continuing operations before income taxes ​ 477.6 ​ (470.1) ​ 477.4 ​ 285.2 ​ 185.1 ​ Income taxes ​ (104.7) ​ 104.0 ​ (104.7) ​ (67.0) ​ (37.0) ​ Income from continuing operations ​ 372.9 ​ (366.1) ​ 372.7 ​ 218.2 ​ 148.1 ​ Loss from discontinued operations, net of tax ​ 0.2 ​ (0.2) ​ 0.2 ​ 0.2 ​ — ​ Net income ​ 373.1 ​ (366.3) ​ 372.9 ​ 218.4 ​ 148.1 ​ Other comprehensive (loss) income, net of tax ​ (58.5) ​ 56.4 ​ (58.5) ​ — ​ (56.4) ​ Comprehensive income ​ 314.6 ​ (309.9) ​ 314.4 ​ 218.4 ​ 91.7 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (1.0) ​ 1.2 ​ (1.2) ​ — ​ (1.0) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 315.6 ​ $ (311.1) ​ $ 315.6 ​ $ 218.4 ​ $ 92.7 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Group ​ Subsidiaries ​ Subsidiaries Net cash provided by (used in) continuing operating activities ​ $ 660.8 ​ $ (38.1) ​ $ 457.0 ​ $ 241.9 ​ Investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of equipment and improvements ​ (188.8) ​ (0.7) ​ (72.9) ​ (115.2) ​ Proceeds from sale of dealerships ​ ​ 7.3 ​ — ​ 7.3 ​ — ​ Proceeds from sale-leaseback transactions ​ ​ 7.3 ​ — ​ — ​ 7.3 ​ Acquisitions, net ​ (326.9) ​ — ​ (325.8) ​ (1.1) ​ Other ​ (2.3) ​ (2.6) ​ — ​ 0.3 ​ Net cash used in continuing investing activities ​ (503.4) ​ (3.3) ​ (391.4) ​ (108.7) ​ Financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net borrowings (repayments) of long-term debt ​ 170.3 ​ 144.9 ​ 34.1 ​ (8.7) ​ Net (repayments) borrowings of floor plan notes payable — non-trade ​ (18.0) ​ (5.1) ​ 9.5 ​ (22.4) ​ Repurchases of common stock ​ (174.1) ​ (174.1) ​ — ​ — ​ Dividends ​ (97.3) ​ (97.3) ​ — ​ — ​ Other ​ 0.1 ​ 0.1 ​ — ​ — ​ Distributions from (to) parent ​ — ​ 172.9 ​ (122.3) ​ (50.6) ​ Net cash (used in) provided by continuing financing activities ​ (119.0) ​ 41.4 ​ (78.7) ​ (81.7) ​ Net cash provided by discontinued operations ​ 0.2 ​ — ​ 0.2 ​ — ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ (0.5) ​ ​ — ​ ​ — ​ ​ (0.5) ​ Net change in cash and cash equivalents ​ 38.1 ​ — ​ (12.9) ​ 51.0 ​ Cash and cash equivalents, beginning of period ​ 39.4 ​ — ​ 12.9 ​ 26.5 ​ Cash and cash equivalents, end of period ​ $ 77.5 ​ $ — ​ $ (0.0) ​ $ 77.5 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Group ​ Subsidiaries ​ Subsidiaries Net cash provided by (used in) continuing operating activities ​ $ 535.9 ​ $ 16.1 ​ $ 356.2 ​ $ 163.6 ​ Investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of equipment and improvements ​ (188.5) ​ (2.3) ​ (95.1) ​ (91.1) ​ Proceeds from sale of dealerships ​ ​ 58.4 ​ ​ — ​ 55.9 ​ 2.5 ​ Proceeds from sale-leaseback transactions ​ ​ 10.7 ​ ​ — ​ — ​ 10.7 ​ Acquisitions, net ​ (168.6) ​ — ​ — ​ (168.6) ​ Other ​ (3.5) ​ (2.4) ​ — ​ (1.1) ​ Net cash (used in) provided by continuing investing activities ​ (291.5) ​ (4.7) ​ (39.2) ​ (247.6) ​ Financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (repayments) borrowings of long-term debt ​ (41.0) ​ (172.0) ​ 41.6 ​ 89.4 ​ Net (repayments) borrowings of floor plan notes payable — non-trade ​ (59.6) ​ (23.3) ​ (50.1) ​ 13.8 ​ Repurchases of common stock ​ (55.8) ​ (55.8) ​ — ​ — ​ Dividends ​ (89.7) ​ (89.7) ​ — ​ — ​ Other ​ (6.2) ​ (0.3) ​ (5.9) ​ — ​ Distributions from (to) parent ​ — ​ 329.7 ​ (314.3) ​ (15.4) ​ Net cash (used in) provided by continuing financing activities ​ (252.3) ​ (11.4) ​ (328.7) ​ 87.8 ​ Net cash provided by discontinued operations ​ 0.3 ​ — ​ 0.3 ​ — ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ (0.5) ​ ​ — ​ ​ — ​ ​ (0.5) ​ Net change in cash and cash equivalents ​ (8.1) ​ — ​ (11.4) ​ 3.3 ​ Cash and cash equivalents, beginning of period ​ 45.7 ​ — ​ 14.8 ​ 30.9 ​ Cash and cash equivalents, end of period ​ $ 37.6 ​ $ — ​ $ 3.4 ​ $ 34.2 ​ ​

Interim Financial Statements (P

Interim Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2019
Interim Financial Statements.
Business Overview	Business Overview ​ Unless the context otherwise requires, the use of the terms “PAG,” “we,” “us,” and “our” in these Notes to the Consolidated Condensed Financial Statements refers to Penske Automotive Group, Inc. and its consolidated subsidiaries. ​ We are a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. ​ Retail Automotive Dealership. ​ We also operate fifteen used vehicle supercenters in the U.S. and the U.K. which retail and wholesale used vehicles under a one price, “no-haggle” methodology. Our CarSense operations in the U.S. consist of six locations operating in the Philadelphia and Pittsburgh, Pennsylvania market areas, including an additional used vehicle supercenter in the Philadelphia market that we opened in the third quarter of 2019. Our CarShop operations in the U.K. consist of nine retail locations and a vehicle preparation center. ​ During the nine months ended September 30, 2019, we disposed of thirteen retail automotive franchises and were awarded one retail automotive franchise. Of the franchises disposed of, six represented franchises in the U.S., six represented franchises in Germany, and one represented a franchise in the U.K. In the first quarter of 2019, we acquired an additional 8.4% interest in the Jacobs Group, one of our German automotive dealership joint ventures, and now own an 87.8% interest in the Jacobs Group. ​ Retail Commercial Truck Dealership. ​ Commercial Vehicle Distribution business, known as Penske Commercial Vehicles Australia (“PCV Australia”), distributes commercial vehicles and parts to a network of more than 70 dealership locations, including ten company-owned retail commercial vehicle dealerships. One of these company-owned dealerships was acquired in February 2019 in New Zealand. ​ We are also a leading distributor of diesel and gas engines and power systems, principally representing MTU, Detroit Diesel, Allison Transmission, MTU Onsite Energy, and Rolls Royce Power Systems. This business, known as Penske Power Systems (“PPS”), offers products across the on- and off-highway markets, including in the construction, mining, marine, and defense sectors, in Australia, New Zealand and portions of the Pacific and supports full parts and aftersales service through a network of branches, field locations and dealers across the region. The on-highway portion of this business complements our PCV Australia distribution business, including integrated operations at retail locations selling PCV brands. ​ Penske Truck Leasing.
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited consolidated condensed financial statements of PAG have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of September 30, 2019 and December 31, 2018 and for the three and nine month periods ended September 30, 2019 and 2018 is unaudited, but includes all adjustments which our management believes to be necessary for the fair presentation of results for the periods presented. Results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2018, which are included as part of our Annual Report on Form 10-K.
Estimates	Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ​ Accounting standards define fair value as the price that would be received from selling an asset, or paid to transfer a liability in the principal, or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value: ​ ​ ​ ​ Level 1 ​ Quoted prices in active markets for identical assets or liabilities ​ ​ ​ Level 2 ​ Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities ​ ​ ​ Level 3 ​ Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities ​ Our financial instruments consist of cash and cash equivalents, debt, floor plan notes payable, and forward exchange contracts used to hedge future cash flows. Other than our fixed rate debt, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. ​ Our fixed rate debt consists of amounts outstanding under our senior subordinated notes and mortgage facilities. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 2), and we estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments (Level 2). A summary of the carrying values and fair values of our senior subordinated notes and our fixed rate mortgage facilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 298.9 ​ $ 302.1 ​ $ 297.9 ​ $ 291.9 ​ 5.75% senior subordinated notes due 2022 ​ ​ 547.4 ​ ​ 555.1 ​ ​ 546.8 ​ ​ 537.6 ​ 5.375% senior subordinated notes due 2024 ​ ​ 297.9 ​ ​ 306.5 ​ ​ 297.6 ​ ​ 278.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 495.6 ​ ​ 519.1 ​ ​ 495.1 ​ ​ 465.2 ​ Mortgage facilities ​ 397.3 ​ 408.8 ​ 289.6 ​ 290.2 ​
Assets Held For Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations ​ We had no entities newly classified as held for sale during the nine months ended September 30, 2019 or 2018 that met the criteria to be classified as discontinued operations. ​
Disposals	Disposals ​ During the nine months ended September 30, 2019, we disposed of thirteen retail automotive franchises and one retail commercial truck location. The results of operations for these businesses are included within continuing operations for the three and nine months ended September 30, 2019 and 2018, as these franchises did not meet the criteria to be classified as held for sale and treated as discontinued operations. ​
Income Taxes	Income Taxes Tax regulations may require items to be included in our tax returns at different times than the items are reflected in our financial statements. Some of these differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax returns in future years which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax returns that have not yet been recognized as expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is not likely to allow for the use of the deduction or credit.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ Accounting for Leases ​ In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The FASB has since issued further ASUs related to the standard providing additional practical expedients and an optional transition method allowing entities to not recast comparative periods. We adopted this ASU, including several practical expedients, on January 1, 2019 using the optional transition method. The package of practical expedients elected allows us to not reassess (1) whether any expired or existing contracts are or contain leases (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. We also elected the practical expedient to not separate lease and non-lease components for all leases and have accounted for the combined lease and non-lease components as a single lease component. Under the optional transition method, we applied ASC 840 in the comparative periods presented and provide the disclosures required by ASC 840 for all periods that continue to be presented in accordance with ASC 840, in addition to the disclosures required per ASC 842. The expense recognition for operating leases under ASC 842 is substantially consistent with ASC 840 and the adoption did not have an impact on our consolidated statements of income, comprehensive income, or cash flows. ​ As part of the adoption of ASC 842, we performed an assessment of the impact the new lease recognition standard will have on our consolidated financial statements. We lease a significant amount of our dealership and other properties, which are classified as operating leases. We also have equipment leases that primarily relate to office and computer equipment, service and shop equipment, company owned vehicles, and other miscellaneous items. We do not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement under the new lease recognition standard. Upon adoption of ASC 842, we recognized our lease liabilities and right-of-use assets on our consolidated condensed balance sheet at the present value of these future payments. We also made an accounting policy to exclude leases with an initial term of 12 months or less from the balance sheet as permitted under ASC 842. ​ We also evaluated, documented, and implemented required changes in internal controls as part of our adoption of the new lease recognition standard. These changes include implementing updated accounting policies affected by ASC 842 and implementing a new information technology application to calculate our right-of-use assets and lease liabilities and required disclosures. ​ See Note 3 “Leases” for additional disclosures in accordance with the new lease standard. ​ As a result of the adoption of ASC 842 on January 1, 2019, we recorded lease liabilities and right-of-use assets on our consolidated condensed balance sheet. The adoption also resulted in a net, after-tax cumulative effect adjustment to retained earnings of approximately $5.0 million. The details of this adjustment are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Adjustments Due ​ Balance at ​ December 31, 2018 to ASC 842 January 1, 2019 ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ — ​ $ 2,425.6 ​ $ 2,425.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other current liabilities ​ $ 566.6 ​ $ 70.2 ​ $ 636.8 ​ Long-term operating lease liabilities ​ ​ — ​ ​ 2,387.5 ​ ​ 2,387.5 ​ Deferred tax liabilities ​ ​ 577.8 ​ ​ 0.9 ​ ​ 578.7 ​ Other long-term liabilities ​ ​ 519.0 ​ ​ (38.0) ​ ​ 481.0 ​ Retained earnings ​ ​ 2,365.8 ​ ​ 5.0 ​ ​ 2,370.8 ​ ​ Measurement of Credit Losses on Financial Instruments ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, with early adoption permitted. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements. ​ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ​ In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220) — Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the enactment of the U.S. Tax Cuts and Jobs Act (“the Act”). The update also requires entities to disclose whether or not they elected to reclassify the tax effects related to the Act as well as their accounting policy for releasing income tax effects from accumulated other comprehensive income. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods, with early adoption permitted. We did not adopt the optional guidance of this accounting standard update, as the potential impact on our consolidated financial statements is not material. ​ Fair Value Measurement Disclosure ​ In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, modifies, and adds certain disclosure requirements on fair value measurements. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. Entities are permitted to early adopt any eliminated or amended disclosures and delay adoption of the additional disclosure requirements until the effective date. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements. ​ Accounting for Cloud Computing Arrangements ​ In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” Under this new guidance, certain implementation costs incurred in a hosted cloud computing service arrangement will be capitalized in accordance with ASC 350-40. For public companies, this ASU is effective for financial statements issued for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments from this update are to be applied retrospectively or prospectively to all implementation costs incurred after adoption. We intend to adopt this ASU on January 1, 2020. We do not expect the adoption of this accounting standard update to have a significant impact on our consolidated financial statements.

Interim Financial Statements (T

Interim Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2019
Organization and Summary of Significant Accounting Policies
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 298.9 ​ $ 302.1 ​ $ 297.9 ​ $ 291.9 ​ 5.75% senior subordinated notes due 2022 ​ ​ 547.4 ​ ​ 555.1 ​ ​ 546.8 ​ ​ 537.6 ​ 5.375% senior subordinated notes due 2024 ​ ​ 297.9 ​ ​ 306.5 ​ ​ 297.6 ​ ​ 278.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 495.6 ​ ​ 519.1 ​ ​ 495.1 ​ ​ 465.2 ​ Mortgage facilities ​ 397.3 ​ 408.8 ​ 289.6 ​ 290.2 ​
ASC 842
Organization and Summary of Significant Accounting Policies
Schedule of adjustment due to adoption of ASC 842	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Adjustments Due ​ Balance at ​ December 31, 2018 to ASC 842 January 1, 2019 ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ — ​ $ 2,425.6 ​ $ 2,425.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other current liabilities ​ $ 566.6 ​ $ 70.2 ​ $ 636.8 ​ Long-term operating lease liabilities ​ ​ — ​ ​ 2,387.5 ​ ​ 2,387.5 ​ Deferred tax liabilities ​ ​ 577.8 ​ ​ 0.9 ​ ​ 578.7 ​ Other long-term liabilities ​ ​ 519.0 ​ ​ (38.0) ​ ​ 481.0 ​ Retained earnings ​ ​ 2,365.8 ​ ​ 5.0 ​ ​ 2,370.8 ​

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenues
Schedule of accounts receivable and unearned revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2019 2018 Accounts receivable ​ ​ ​ ​ ​ ​ ​ Contracts in transit ​ $ 312.2 ​ $ 314.2 ​ Vehicle receivables ​ 271.2 ​ 266.9 ​ Manufacturer receivables ​ ​ 213.8 ​ ​ 211.3 ​ Trade receivables ​ 158.8 ​ 129.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses ​ ​ ​ ​ ​ ​ ​ Unearned revenues ​ $ 279.7 ​ $ 269.8 ​
Retail Automotive Dealership
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Automotive Dealership Revenue 2019 2018 2019 2018 New vehicle ​ $ 2,332.3 ​ $ 2,350.2 ​ $ 6,873.9 ​ $ 7,325.6 ​ Used vehicle ​ ​ 1,824.5 ​ ​ 1,825.2 ​ ​ 5,529.2 ​ ​ 5,588.9 ​ Finance and insurance, net ​ ​ 166.0 ​ ​ 158.5 ​ ​ 491.5 ​ ​ 482.2 ​ Service and parts ​ ​ 543.5 ​ ​ 523.8 ​ ​ 1,654.0 ​ ​ 1,615.1 ​ Fleet and wholesale ​ ​ 289.1 ​ ​ 290.8 ​ ​ 894.3 ​ ​ 888.2 ​ Total retail automotive dealership revenue ​ $ 5,155.4 ​ $ 5,148.5 ​ $ 15,442.9 ​ $ 15,900.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Automotive Dealership Revenue 2019 2018 2019 2018 ​ U.S. ​ $ 2,995.5 ​ $ 2,891.6 ​ $ 8,624.1 ​ $ 8,596.4 ​ U.K. ​ ​ 1,859.6 ​ ​ 1,945.1 ​ ​ 5,827.7 ​ ​ 6,244.9 ​ Germany and Italy ​ ​ 300.3 ​ ​ 311.8 ​ ​ 991.1 ​ ​ 1,058.7 ​ Total retail automotive dealership revenue ​ $ 5,155.4 ​ $ 5,148.5 ​ $ 15,442.9 ​ $ 15,900.0 ​
Retail Commercial Truck Dealership
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Retail Commercial Truck Dealership Revenue 2019 2018 2019 2018 New truck ​ $ 476.2 ​ $ 249.4 ​ $ 979.6 ​ $ 630.5 ​ Used truck ​ ​ 36.1 ​ ​ 32.5 ​ ​ 87.8 ​ ​ 86.3 ​ Finance and insurance, net ​ ​ 3.1 ​ ​ 2.9 ​ ​ 9.0 ​ ​ 9.0 ​ Service and parts ​ ​ 154.6 ​ ​ 93.1 ​ ​ 340.7 ​ ​ 275.7 ​ Wholesale and other ​ ​ 22.3 ​ ​ 7.4 ​ ​ 34.3 ​ ​ 15.0 ​ Total retail commercial truck dealership revenue ​ $ 692.3 ​ $ 385.3 ​ $ 1,451.4 ​ $ 1,016.5 ​
Commercial Vehicle Distribution and Other
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Commercial Vehicle Distribution and Other 2019 2018 2019 2018 ​ Commercial Vehicles Australia and New Zealand ​ $ 119.9 ​ $ 123.7 ​ $ 393.5 ​ $ 426.4 ​ Other ​ ​ — ​ ​ 1.1 ​ ​ — ​ ​ 2.9 ​ Total commercial vehicle distribution and other revenue ​ $ 119.9 ​ $ 124.8 ​ $ 393.5 ​ $ 429.3 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Summary of net operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 Lease Cost ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 60.8 ​ $ 184.8 Sublease income ​ ​ (5.3) ​ ​ (16.4) Total lease cost ​ $ 55.5 ​ $ 168.4 (1) Includes short-term leases and variable lease costs, which are immaterial. ​
Summary of supplemental cash flow information related to operating leases and weighted average remaining lease term and discount rate of leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2019 ​ September 30, 2019 Other Information ​ ​ ​ ​ ​ ​ Gains on sale and leaseback transactions, net ​ $ — ​ $ (0.2) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ 58.7 ​ ​ 177.0 Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 96.8 ​ ​ 99.1 ​ ​ ​ ​ ​ ​ ​ September 30, 2019 Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 25 years Weighted-average discount rate - operating leases ​ ​ 6.4%
Schedule of maturity of lease liabilities	​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ ​ ​ 2019 ​ $ 61.3 2020 242.1 2021 ​ 236.5 2022 ​ 231.7 2023 ​ ​ 224.0 2024 ​ ​ 217.6 2025 and thereafter ​ 4,301.3 Total future minimum lease payments ​ $ 5,514.5 Less: Imputed interest ​ ​ (3,091.1) Present value of future minimum lease payments ​ $ 2,423.4 ​ ​ ​ ​ Current operating lease liabilities ​ $ 88.7 Long-term operating lease liabilities ​ ​ 2,334.7 Total operating lease liabilities ​ $ 2,423.4 (1) Excludes the nine months ended September 30, 2019. (2) Included within “Accrued expenses and other current liabilities” on Consolidated Condensed Balance Sheet as of September 30, 2019. ​ Minimum future rental payments required under operating leases in effect as of December 31, 2018 are as follows: ​ ​ ​ ​ ​ 2019 $ 222.5 ​ 2020 ​ 220.5 ​ 2021 ​ 217.4 ​ 2022 ​ 216.0 ​ 2023 ​ 212.0 ​ 2024 and thereafter ​ 4,344.4 ​ Total future minimum lease payments ​ $ 5,432.8 ​

Significant Equity Method Inv_2

Significant Equity Method Investees (Tables)	9 Months Ended
	Sep. 30, 2019
PTL
Significant Equity Method Investees
Equity method investment summarized income statement information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ Revenues ​ $ 6,701 ​ $ 6,158 ​ Gross profit ​ 1,397 ​ 1,272 ​ Income from continuing operations ​ ​ 367 ​ 317 ​ Net income ​ 367 ​ 317 ​

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventories
Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 ​ 2018 Retail automotive dealership new vehicles ​ $ 2,252.4 ​ $ 2,397.0 ​ Retail automotive dealership used vehicles ​ 988.9 ​ 1,060.8 ​ Retail automotive parts, accessories and other ​ ​ 126.6 ​ ​ 140.8 ​ Retail commercial truck dealership vehicles and parts ​ 462.9 ​ 207.9 ​ Commercial vehicle distribution vehicles, parts and engines ​ ​ 213.1 ​ ​ 233.6 ​ Total inventories ​ $ 4,043.9 ​ $ 4,040.1 ​

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2019 2018 Accounts receivable ​ $ — ​ $ 3.6 ​ Inventories ​ ​ 150.7 ​ ​ 62.8 ​ Other current assets ​ 0.6 ​ — ​ Property and equipment ​ 2.6 ​ 52.6 ​ Indefinite-lived intangibles ​ 214.0 ​ 73.9 ​ Current liabilities ​ (16.8) ​ (16.9) ​ Noncurrent liabilities ​ (13.6) ​ (0.6) ​ Total consideration ​ 337.5 ​ 175.4 ​ Deferred consideration ​ — ​ (6.8) ​ Contingent consideration ​ (10.6) ​ — ​ Total cash used in acquisitions ​ $ 326.9 ​ $ 168.6 ​
Summary of unaudited consolidated pro forma results of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ 2019 2018 Revenues ​ $ 6,013.7 ​ $ 5,996.3 $ 17,888.9 ​ $ 18,384.2 ​ Income from continuing operations ​ 115.5 ​ 117.9 ​ 319.7 ​ 338.0 ​ Net income ​ 115.7 ​ 118.0 ​ 320.4 ​ 338.0 ​ Income from continuing operations per diluted common share ​ $ 1.41 ​ $ 1.39 ​ $ 3.86 ​ $ 3.96 ​ Net income per diluted common share ​ $ 1.42 ​ $ 1.39 ​ $ 3.86 ​ $ 3.96 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets
Summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Indefinite- ​ ​ ​ ​ ​ Lived Intangible ​ ​ ​ Goodwill ​ Assets ​ Balance, January 1, 2019 ​ $ 1,752.0 ​ $ 486.2 ​ Additions ​ 146.6 ​ 67.4 ​ Disposals ​ ​ (0.7) ​ — ​ Foreign currency translation ​ (21.4) ​ (6.2) ​ Balance, September 30, 2019 ​ $ 1,876.5 ​ $ 547.4 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Reconciliation of number of shares used in calculation of basic and diluted earning per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ Weighted average number of common shares outstanding 81,643,175 84,865,046 ​ 82,968,130 85,248,758 Effect of non-participatory equity compensation 40,000 40,000 ​ 40,000 40,000 Weighted average number of common shares outstanding, including effect of dilutive securities 81,683,175 84,905,046 ​ 83,008,130 85,288,758

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Long-Term Debt
Long Term Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 ​ 2018 U.S. credit agreement — revolving credit line ​ $ 105.0 ​ $ 30.0 ​ U.K. credit agreement — revolving credit line ​ 154.9 ​ 163.3 ​ U.K. credit agreement — overdraft line of credit ​ — ​ 1.8 ​ 3.75% senior subordinated notes due 2020 ​ ​ 298.9 ​ ​ 297.9 ​ 5.75% senior subordinated notes due 2022 ​ 547.4 ​ 546.8 ​ 5.375% senior subordinated notes due 2024 ​ ​ 297.9 ​ ​ 297.6 ​ 5.50% senior subordinated notes due 2026 ​ ​ 495.6 ​ ​ 495.1 ​ Australia capital loan agreement ​ ​ 30.9 ​ ​ 33.6 ​ Australia working capital loan agreement ​ ​ — ​ ​ 6.1 ​ Mortgage facilities ​ 397.3 ​ 289.6 ​ Other ​ 51.4 ​ 54.9 ​ Total long-term debt ​ 2,379.3 ​ 2,216.7 ​ Less: current portion ​ (96.8) ​ (92.0) ​ Net long-term debt ​ $ 2,282.5 ​ $ 2,124.7 ​
Schedule of senior subordinated notes issuances	​ ​ ​ ​ ​ ​ ​ ​ Description Maturity Date Interest Payment Dates ​ Principal Amount 3.75% Notes August 15, 2020 ​ February 15, August 15 ​ $300 million 5.75% Notes October 1, 2022 ​ April 1, October 1 ​ $550 million 5.375% Notes December 1, 2024 ​ June 1, December 1 ​ $300 million 5.50% Notes May 15, 2026 ​ May 15, November 15 ​ $500 million ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss)
Schedule of the changes in accumulated other comprehensive income/(loss) by component and the reclassifications out of accumulated other comprehensive income/(loss) attributable to the entity's common stockholders	Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at June 30, 2019 ​ $ (217.9) ​ $ (22.4) ​ $ (240.3) ​ Other comprehensive income before reclassifications ​ (43.8) ​ (1.9) ​ (45.7) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (43.8) ​ (1.9) ​ (45.7) ​ Balance at September 30, 2019 ​ $ (261.7) ​ $ (24.3) ​ $ (286.0) ​ ​ Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at June 30, 2018 ​ $ (170.5) ​ $ (15.9) ​ $ (186.4) ​ Other comprehensive income before reclassifications ​ (19.5) ​ 2.1 ​ (17.4) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (19.5) ​ 2.1 ​ (17.4) ​ Balance at September 30, 2018 ​ $ (190.0) ​ $ (13.8) ​ $ (203.8) ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at December 31, 2018 ​ $ (208.3) ​ $ (26.2) ​ $ (234.5) ​ Other comprehensive income before reclassifications ​ (53.4) ​ 1.9 ​ (51.5) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (53.4) ​ 1.9 ​ (51.5) ​ Balance at September 30, 2019 ​ $ (261.7) ​ $ (24.3) ​ $ (286.0) ​ ​ Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Other ​ Total Balance at December 31, 2017 ​ $ (134.0) ​ $ (12.5) ​ $ (146.5) ​ Other comprehensive income before reclassifications ​ (56.0) ​ (1.3) ​ (57.3) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (56.0) ​ (1.3) ​ (57.3) ​ Balance at September 30, 2018 ​ $ (190.0) ​ $ (13.8) ​ $ (203.8) ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Information
Revenues and segment income by reportable segment	Three Months Ended September 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 5,155.4 ​ $ 692.3 ​ $ 119.9 ​ $ — ​ $ — ​ $ 5,967.6 ​ 2018 ​ 5,148.5 ​ ​ 385.3 ​ 124.8 ​ — ​ — ​ 5,658.6 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 79.7 ​ $ 30.7 ​ $ 5.9 ​ $ 42.1 ​ $ — ​ $ 158.4 ​ 2018 ​ 94.6 ​ ​ 19.1 ​ ​ 2.6 ​ ​ 40.8 ​ ​ — ​ 157.1 ​ ​ ​ Nine Months Ended September 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 15,442.9 ​ $ 1,451.4 ​ $ 393.5 ​ $ — ​ $ — ​ $ 17,287.8 ​ 2018 ​ 15,900.0 ​ ​ 1,016.5 ​ 429.3 ​ — ​ — ​ 17,345.8 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 262.7 ​ $ 65.5 ​ $ 18.0 ​ $ 105.9 ​ $ — ​ $ 452.1 ​ 2018 ​ 318.2 ​ ​ 47.2 ​ ​ 20.4 ​ ​ 91.8 ​ — ​ 477.6 ​

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Consolidating Financial Information
CONDENSED CONSOLIDATING BALANCE SHEET	CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Cash and cash equivalents ​ $ 77.5 ​ $ — ​ $ — ​ $ — ​ $ 77.5 ​ Accounts receivable, net ​ 967.3 ​ (493.6) ​ 493.6 ​ 467.9 ​ 499.4 ​ Inventories ​ 4,043.9 ​ — ​ — ​ 2,156.7 ​ 1,887.2 ​ Other current assets ​ 98.8 ​ — ​ 7.7 ​ 21.6 ​ 69.5 ​ Total current assets ​ 5,187.5 ​ (493.6) ​ 501.3 ​ 2,646.2 ​ 2,533.6 ​ Property and equipment, net ​ 2,309.3 ​ — ​ 3.6 ​ 1,110.9 ​ 1,194.8 ​ Operating lease right-of-use assets ​ 2,384.4 ​ — ​ 9.3 ​ 1,632.9 ​ 742.2 ​ Intangible assets ​ 2,423.9 ​ — ​ — ​ 1,635.8 ​ 788.1 ​ Equity method investments ​ 1,362.8 ​ — ​ 1,298.2 ​ — ​ 64.6 ​ Other long-term assets ​ 21.6 ​ (2,911.0) ​ 2,920.2 ​ 3.1 ​ 9.3 ​ Total assets ​ $ 13,689.5 ​ $ (3,404.6) ​ $ 4,732.6 ​ $ 7,028.9 ​ $ 5,332.6 ​ Floor plan notes payable ​ $ 2,444.1 ​ $ — ​ $ — ​ $ 1,447.0 ​ $ 997.1 ​ Floor plan notes payable — non-trade ​ 1,410.6 ​ — ​ 227.2 ​ 515.4 ​ 668.0 ​ Accounts payable ​ 672.3 ​ — ​ 5.1 ​ 213.1 ​ 454.1 ​ Accrued expenses and other current liabilities ​ 722.2 ​ (493.6) ​ 1.6 ​ 296.0 ​ 918.2 ​ Current portion of long-term debt ​ 96.8 ​ — ​ 13.0 ​ 10.6 ​ 73.2 ​ Liabilities held for sale ​ 0.5 ​ — ​ — ​ 0.5 ​ — ​ Total current liabilities ​ 5,346.5 ​ (493.6) ​ 246.9 ​ 2,482.6 ​ 3,110.6 ​ Long-term debt ​ 2,282.5 ​ (82.5) ​ 1,817.6 ​ 256.4 ​ 291.0 ​ Long-term operating lease liabilities ​ 2,334.7 ​ — ​ 9.0 ​ 1,603.7 ​ 722.0 ​ Deferred tax liabilities ​ 620.7 ​ — ​ — ​ 615.8 ​ 4.9 ​ Other long-term liabilities ​ 446.0 ​ — ​ — ​ 36.6 ​ 409.4 ​ Total liabilities ​ 11,030.4 ​ (576.1) ​ 2,073.5 ​ 4,995.1 ​ 4,537.9 ​ Total equity ​ 2,659.1 ​ (2,828.5) ​ 2,659.1 ​ 2,033.8 ​ 794.7 ​ Total liabilities and equity ​ $ 13,689.5 ​ $ (3,404.6) ​ $ 4,732.6 ​ $ 7,028.9 ​ $ 5,332.6 ​ ​ ​ CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Cash and cash equivalents ​ $ 39.4 ​ $ — ​ $ — ​ $ 12.9 ​ $ 26.5 ​ Accounts receivable, net ​ 929.1 ​ (481.7) ​ 481.7 ​ 507.1 ​ 422.0 ​ Inventories ​ 4,040.1 ​ — ​ — ​ 1,961.6 ​ 2,078.5 ​ Other current assets ​ 86.6 ​ — ​ 10.6 ​ 17.8 ​ 58.2 ​ Total current assets ​ 5,095.2 ​ (481.7) ​ 492.3 ​ 2,499.4 ​ 2,585.2 ​ Property and equipment, net ​ 2,250.0 ​ — ​ 3.9 ​ 1,077.7 ​ 1,168.4 ​ Intangible assets ​ 2,238.2 ​ — ​ — ​ 1,422.6 ​ 815.6 ​ Equity method investments ​ 1,305.2 ​ — ​ 1,239.9 ​ — ​ 65.3 ​ Other long-term assets ​ ​ 15.9 ​ (2,814.3) ​ 2,821.0 ​ 2.9 ​ 6.3 ​ Total assets ​ $ 10,904.5 ​ $ (3,296.0) ​ $ 4,557.1 ​ $ 5,002.6 ​ $ 4,640.8 ​ Floor plan notes payable ​ $ 2,362.2 ​ $ — ​ $ — ​ $ 1,348.3 ​ $ 1,013.9 ​ Floor plan notes payable — non-trade ​ 1,428.6 ​ — ​ 232.3 ​ 505.9 ​ 690.4 ​ Accounts payable ​ 598.2 ​ — ​ 4.9 ​ 196.6 ​ 396.7 ​ Accrued expenses ​ 566.6 ​ (481.7) ​ 1.4 ​ 160.2 ​ 886.7 ​ Current portion of long-term debt ​ 92.0 ​ — ​ — ​ 6.3 ​ 85.7 ​ Liabilities held for sale ​ 0.7 ​ — ​ — ​ 0.7 ​ — ​ Total current liabilities ​ 5,048.3 ​ (481.7) ​ 238.6 ​ 2,218.0 ​ 3,073.4 ​ Long-term debt ​ 2,124.7 ​ (88.6) ​ 1,683.8 ​ 225.7 ​ 303.8 ​ Deferred tax liabilities ​ 577.8 ​ — ​ — ​ 570.5 ​ 7.3 ​ Other long-term liabilities ​ 519.0 ​ — ​ — ​ 57.6 ​ 461.4 ​ Total liabilities ​ 8,269.8 ​ (570.3) ​ 1,922.4 ​ 3,071.8 ​ 3,845.9 ​ Total equity ​ 2,634.7 ​ (2,725.7) ​ 2,634.7 ​ 1,930.8 ​ 794.9 ​ Total liabilities and equity ​ $ 10,904.5 ​ $ (3,296.0) ​ $ 4,557.1 ​ $ 5,002.6 ​ $ 4,640.8 ​
CONDENSED CONSOLIDATING STATEMENT OF INCOME	CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 5,967.6 ​ $ — ​ $ — ​ $ 3,478.6 ​ $ 2,489.0 ​ Cost of sales ​ 5,097.9 ​ — ​ — ​ 2,951.1 ​ 2,146.8 ​ Gross profit ​ 869.7 ​ — ​ — ​ 527.5 ​ 342.2 ​ Selling, general and administrative expenses ​ 672.8 ​ — ​ 6.6 ​ 375.1 ​ 291.1 ​ Depreciation ​ 27.5 ​ — ​ 0.3 ​ 15.2 ​ 12.0 ​ Operating income ​ 169.4 ​ — ​ (6.9) ​ 137.2 ​ 39.1 ​ Floor plan interest expense ​ (21.4) ​ — ​ (1.9) ​ (14.7) ​ (4.8) ​ Other interest expense ​ (32.9) ​ — ​ (24.0) ​ (3.3) ​ (5.6) ​ Equity in earnings of affiliates ​ 43.3 ​ — ​ 42.2 ​ — ​ 1.1 ​ Equity in earnings of subsidiaries ​ — ​ (149.2) ​ 149.2 ​ — ​ — ​ Income from continuing operations before income taxes ​ 158.4 ​ (149.2) ​ 158.6 ​ 119.2 ​ 29.8 ​ Income taxes ​ (42.4) ​ 40.0 ​ (42.5) ​ (33.0) ​ (6.9) ​ Income from continuing operations ​ 116.0 ​ (109.2) ​ 116.1 ​ 86.2 ​ 22.9 ​ Income from discontinued operations, net of tax ​ 0.1 ​ (0.1) ​ 0.1 ​ ​ 0.1 ​ — ​ Net income ​ 116.1 ​ (109.3) ​ 116.2 ​ 86.3 ​ 22.9 ​ Other comprehensive (loss) income, net of tax ​ (46.2) ​ 44.7 ​ (46.2) ​ — ​ (44.7) ​ Comprehensive income ​ 69.9 ​ (64.6) ​ 70.0 ​ 86.3 ​ (21.8) ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (0.6) ​ 0.5 ​ (0.5) ​ — ​ (0.6) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 70.5 ​ $ (65.1) ​ $ 70.5 ​ $ 86.3 ​ $ (21.2) ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 5,658.6 ​ $ — ​ $ — ​ $ 3,061.9 ​ $ 2,596.7 ​ Cost of sales ​ 4,806.0 ​ — ​ — ​ 2,584.1 ​ 2,221.9 ​ Gross profit ​ 852.6 ​ — ​ — ​ 477.8 ​ 374.8 ​ Selling, general and administrative expenses ​ 662.8 ​ — ​ 6.3 ​ 356.6 ​ 299.9 ​ Depreciation ​ 25.9 ​ — ​ 0.4 ​ 14.0 ​ 11.5 ​ Operating income ​ 163.9 ​ — ​ (6.7) ​ 107.2 ​ 63.4 ​ Floor plan interest expense ​ (20.2) ​ — ​ (1.9) ​ (12.7) ​ (5.6) ​ Other interest expense ​ (28.3) ​ — ​ (19.1) ​ (2.3) ​ (6.9) ​ Equity in earnings of affiliates ​ 41.7 ​ — ​ 40.7 ​ — ​ 1.0 ​ Equity in earnings of subsidiaries ​ — ​ (144.2) ​ 144.2 ​ — ​ — ​ Income from continuing operations before income taxes ​ 157.1 ​ (144.2) ​ 157.2 ​ 92.2 ​ 51.9 ​ Income taxes ​ (27.1) ​ 24.8 ​ (27.1) ​ (14.6) ​ (10.2) ​ Income from continuing operations ​ 130.0 ​ (119.4) ​ 130.1 ​ 77.6 ​ 41.7 ​ Income from discontinued operations, net of tax ​ 0.1 ​ (0.1) ​ 0.1 ​ ​ 0.1 ​ — ​ Net income ​ 130.1 ​ (119.5) ​ 130.2 ​ 77.7 ​ 41.7 ​ Other comprehensive (loss) income, net of tax ​ (17.5) ​ 19.8 ​ (17.5) ​ — ​ (19.8) ​ Comprehensive income ​ 112.6 ​ (99.7) ​ 112.7 ​ 77.7 ​ 21.9 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (0.2) ​ 0.1 ​ (0.1) ​ — ​ (0.2) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 112.8 ​ $ (99.8) ​ $ 112.8 ​ $ 77.7 ​ $ 22.1 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Eliminations ​ Group ​ Subsidiaries ​ Subsidiaries Revenues ​ $ 17,287.8 ​ $ — ​ $ — ​ $ 9,457.6 ​ $ 7,830.2 ​ Cost of sales ​ 14,698.8 ​ — ​ — ​ 7,962.9 ​ 6,735.9 ​ Gross profit ​ 2,589.0 ​ — ​ — ​ 1,494.7 ​ 1,094.3 ​ Selling, general and administrative expenses ​ 2,008.1 ​ — ​ 20.0 ​ 1,098.0 ​ 890.1 ​ Depreciation ​ 81.0 ​ — ​ 1.0 ​ 44.3 ​ 35.7 ​ Operating income ​ 499.9 ​ — ​ (21.0) ​ 352.4 ​ 168.5 ​ Floor plan interest expense ​ (64.2) ​ — ​ (6.1) ​ (44.0) ​ (14.1) ​ Other interest expense ​ (93.2) ​ — ​ (62.5) ​ (9.3) ​ (21.4) ​ Equity in earnings of affiliates ​ 109.6 ​ — ​ 106.0 ​ — ​ 3.6 ​ Equity in earnings of subsidiaries ​ — ​ (436.3) ​ 436.3 ​ — ​ — ​ Income from continuing operations before income taxes ​ 452.1 ​ (436.3) ​ 452.7 ​ 299.1 ​ 136.6 ​ Income taxes ​ (118.6) ​ 114.4 ​ (118.8) ​ (85.5) ​ (28.7) ​ Income from continuing operations ​ 333.5 ​ (321.9) ​ 333.9 ​ 213.6 ​ 107.9 ​ Income from discontinued operations, net of tax ​ 0.3 ​ (0.3) ​ 0.3 ​ 0.3 ​ — ​ Net income ​ 333.8 ​ (322.2) ​ 334.2 ​ 213.9 ​ 107.9 ​ Other comprehensive (loss) income, net of tax ​ (52.2) ​ 55.0 ​ (52.2) ​ — ​ (55.0) ​ Comprehensive income ​ 281.6 ​ (267.2) ​ 282.0 ​ 213.9 ​ 52.9 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (1.1) ​ 0.6 ​ (0.6) ​ — ​ (1.1) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 282.7 ​ $ (267.8) ​ $ 282.6 ​ $ 213.9 ​ $ 54.0 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Automotive ​ Guarantor ​ Non-Guarantor ​ Company Eliminations Group Subsidiaries Subsidiaries Revenues ​ $ 17,345.8 ​ $ — ​ $ — ​ $ 8,990.2 ​ $ 8,355.6 ​ Cost of sales ​ 14,739.0 ​ — ​ — ​ 7,561.6 ​ 7,177.4 ​ Gross profit ​ 2,606.8 ​ — ​ — ​ 1,428.6 ​ 1,178.2 ​ Selling, general and administrative expenses ​ 2,001.3 ​ — ​ 19.1 ​ 1,059.6 ​ 922.6 ​ Depreciation ​ 77.2 ​ — ​ 1.2 ​ 41.3 ​ 34.7 ​ Operating income ​ 528.3 ​ — ​ (20.3) ​ 327.7 ​ 220.9 ​ Floor plan interest expense ​ (59.0) ​ — ​ (5.3) ​ (36.3) ​ (17.4) ​ Other interest expense ​ (86.7) ​ — ​ (58.8) ​ (6.2) ​ (21.7) ​ Equity in earnings of affiliates ​ 95.0 ​ — ​ 91.7 ​ — ​ 3.3 ​ Equity in earnings of subsidiaries ​ — ​ (470.1) ​ 470.1 ​ — ​ — ​ Income from continuing operations before income taxes ​ 477.6 ​ (470.1) ​ 477.4 ​ 285.2 ​ 185.1 ​ Income taxes ​ (104.7) ​ 104.0 ​ (104.7) ​ (67.0) ​ (37.0) ​ Income from continuing operations ​ 372.9 ​ (366.1) ​ 372.7 ​ 218.2 ​ 148.1 ​ Loss from discontinued operations, net of tax ​ 0.2 ​ (0.2) ​ 0.2 ​ 0.2 ​ — ​ Net income ​ 373.1 ​ (366.3) ​ 372.9 ​ 218.4 ​ 148.1 ​ Other comprehensive (loss) income, net of tax ​ (58.5) ​ 56.4 ​ (58.5) ​ — ​ (56.4) ​ Comprehensive income ​ 314.6 ​ (309.9) ​ 314.4 ​ 218.4 ​ 91.7 ​ Less: Comprehensive (loss) income attributable to non-controlling interests ​ (1.0) ​ 1.2 ​ (1.2) ​ — ​ (1.0) ​ Comprehensive income attributable to Penske Automotive Group common stockholders ​ $ 315.6 ​ $ (311.1) ​ $ 315.6 ​ $ 218.4 ​ $ 92.7 ​
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Group ​ Subsidiaries ​ Subsidiaries Net cash provided by (used in) continuing operating activities ​ $ 660.8 ​ $ (38.1) ​ $ 457.0 ​ $ 241.9 ​ Investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of equipment and improvements ​ (188.8) ​ (0.7) ​ (72.9) ​ (115.2) ​ Proceeds from sale of dealerships ​ ​ 7.3 ​ — ​ 7.3 ​ — ​ Proceeds from sale-leaseback transactions ​ ​ 7.3 ​ — ​ — ​ 7.3 ​ Acquisitions, net ​ (326.9) ​ — ​ (325.8) ​ (1.1) ​ Other ​ (2.3) ​ (2.6) ​ — ​ 0.3 ​ Net cash used in continuing investing activities ​ (503.4) ​ (3.3) ​ (391.4) ​ (108.7) ​ Financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net borrowings (repayments) of long-term debt ​ 170.3 ​ 144.9 ​ 34.1 ​ (8.7) ​ Net (repayments) borrowings of floor plan notes payable — non-trade ​ (18.0) ​ (5.1) ​ 9.5 ​ (22.4) ​ Repurchases of common stock ​ (174.1) ​ (174.1) ​ — ​ — ​ Dividends ​ (97.3) ​ (97.3) ​ — ​ — ​ Other ​ 0.1 ​ 0.1 ​ — ​ — ​ Distributions from (to) parent ​ — ​ 172.9 ​ (122.3) ​ (50.6) ​ Net cash (used in) provided by continuing financing activities ​ (119.0) ​ 41.4 ​ (78.7) ​ (81.7) ​ Net cash provided by discontinued operations ​ 0.2 ​ — ​ 0.2 ​ — ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ (0.5) ​ ​ — ​ ​ — ​ ​ (0.5) ​ Net change in cash and cash equivalents ​ 38.1 ​ — ​ (12.9) ​ 51.0 ​ Cash and cash equivalents, beginning of period ​ 39.4 ​ — ​ 12.9 ​ 26.5 ​ Cash and cash equivalents, end of period ​ $ 77.5 ​ $ — ​ $ (0.0) ​ $ 77.5 ​ ​ ​ CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Penske ​ ​ ​ ​ ​ ​ Total ​ Automotive ​ Guarantor ​ Non-Guarantor ​ ​ Company ​ Group ​ Subsidiaries ​ Subsidiaries Net cash provided by (used in) continuing operating activities ​ $ 535.9 ​ $ 16.1 ​ $ 356.2 ​ $ 163.6 ​ Investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of equipment and improvements ​ (188.5) ​ (2.3) ​ (95.1) ​ (91.1) ​ Proceeds from sale of dealerships ​ ​ 58.4 ​ ​ — ​ 55.9 ​ 2.5 ​ Proceeds from sale-leaseback transactions ​ ​ 10.7 ​ ​ — ​ — ​ 10.7 ​ Acquisitions, net ​ (168.6) ​ — ​ — ​ (168.6) ​ Other ​ (3.5) ​ (2.4) ​ — ​ (1.1) ​ Net cash (used in) provided by continuing investing activities ​ (291.5) ​ (4.7) ​ (39.2) ​ (247.6) ​ Financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (repayments) borrowings of long-term debt ​ (41.0) ​ (172.0) ​ 41.6 ​ 89.4 ​ Net (repayments) borrowings of floor plan notes payable — non-trade ​ (59.6) ​ (23.3) ​ (50.1) ​ 13.8 ​ Repurchases of common stock ​ (55.8) ​ (55.8) ​ — ​ — ​ Dividends ​ (89.7) ​ (89.7) ​ — ​ — ​ Other ​ (6.2) ​ (0.3) ​ (5.9) ​ — ​ Distributions from (to) parent ​ — ​ 329.7 ​ (314.3) ​ (15.4) ​ Net cash (used in) provided by continuing financing activities ​ (252.3) ​ (11.4) ​ (328.7) ​ 87.8 ​ Net cash provided by discontinued operations ​ 0.3 ​ — ​ 0.3 ​ — ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ (0.5) ​ ​ — ​ ​ — ​ ​ (0.5) ​ Net change in cash and cash equivalents ​ (8.1) ​ — ​ (11.4) ​ 3.3 ​ Cash and cash equivalents, beginning of period ​ 45.7 ​ — ​ 14.8 ​ 30.9 ​ Cash and cash equivalents, end of period ​ $ 37.6 ​ $ — ​ $ 3.4 ​ $ 34.2 ​

Interim Financial Statements -

Interim Financial Statements - Business Overview (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jul. 31, 2019location	Sep. 30, 2019USD ($)item	Mar. 31, 2019	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Interim Financial Statements
Total revenues | $		$ 5,967.6		$ 5,658.6	$ 17,287.8	$ 17,345.8
Minimum number of vehicle brands offered					35
Number of used vehicle supercenters operated in the U.S. and U.K.		15			15
PTL
Interim Financial Statements
Ownership interest in Penske Truck Leasing Co (as a percent)					28.90%
German Automotive Dealership Group
Interim Financial Statements
Ownership acquired (as a percent)			8.40%
Ownership interest (as a percent)			87.80%
Retail Automotive Dealership
Interim Financial Statements
Total number of owned and operated franchises		333			333
Number of owned and operated franchises in US		149			149
Number of owned and operated franchises outside US		184			184
Minimum number of vehicles retailed and wholesaled					478,000
Number of franchises awarded to the reporting entity					1
Number of franchises disposed					13
Commercial Vehicle Distribution
Interim Financial Statements
Minimum number of dealership locations					70
Number of retail dealerships owned by the reporting entity					10
UK | Retail Automotive Dealership
Interim Financial Statements
Number of franchises disposed					1
U.S. | Retail Automotive Dealership
Interim Financial Statements
Number of franchises disposed					6
Germany | Retail Automotive Dealership
Interim Financial Statements
Number of franchises disposed					6
Automotive dealership revenues | Geographic | U.S. and Puerto Rico
Interim Financial Statements
Automotive dealership revenue (as a percent)					56.00%
Automotive dealership revenues | Geographic | Outside the U.S.
Interim Financial Statements
Automotive dealership revenue (as a percent)					44.00%
Automotive dealership revenues | Premium brands
Interim Financial Statements
Automotive dealership revenue (as a percent)					70.00%
CarSense | Retail Automotive Dealership
Interim Financial Statements
Number of retail locations operated					6
CarShop | Retail Automotive Dealership
Interim Financial Statements
Number of retail locations operated					9
Penske Corporation | PTL
Interim Financial Statements
Ownership interest in Penske Truck Leasing Co (as a percent)					41.10%
Mitsui and Co | PTL
Interim Financial Statements
Ownership interest in Penske Truck Leasing Co (as a percent)					30.00%
PTG
Interim Financial Statements
Number of locations acquired | location	6
PTG | Retail Commercial Truck Dealership
Interim Financial Statements
Number of operating locations					25
Retail Automotive Dealership
Interim Financial Statements
Total revenues | $		$ 5,155.4		5,148.5	$ 15,442.9	15,900	$ 20,800
Retail Automotive Dealership | UK
Interim Financial Statements
Total revenues | $		1,859.6		1,945.1	5,827.7	6,244.9
Retail Automotive Dealership | U.S.
Interim Financial Statements
Total revenues | $		2,995.5		2,891.6	8,624.1	8,596.4
Retail Commercial Truck Dealership
Interim Financial Statements
Total revenues | $		692.3		385.3	1,451.4	1,016.5
Commercial Vehicle Distribution and Other
Interim Financial Statements
Total revenues | $		$ 119.9		$ 124.8	$ 393.5	$ 429.3

Interim Financial Statements _2

Interim Financial Statements - Fair Value, Assets Held For Sale, Discontinued Operations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Fair Value of Financial Instruments
Debt instrument, Carrying Value	$ 2,379.3	$ 2,216.7
Assets Held for Sale and Discontinued Operations
Number of entities newly classified as held for sale | item	0
3.75% senior subordinated notes due 2020
Fair Value of Financial Instruments
Interest rate (as a percent)	3.75%	3.75%
Debt instrument, Carrying Value	$ 298.9	$ 297.9
3.75% senior subordinated notes due 2020 | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Debt instrument, Fair Value	$ 302.1	$ 291.9
5.75% senior subordinated notes due 2022
Fair Value of Financial Instruments
Interest rate (as a percent)	5.75%	5.75%
Debt instrument, Carrying Value	$ 547.4	$ 546.8
5.75% senior subordinated notes due 2022 | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Debt instrument, Fair Value	$ 555.1	$ 537.6
5.375% senior subordinated notes due 2024
Fair Value of Financial Instruments
Interest rate (as a percent)	5.375%	5.375%
Debt instrument, Carrying Value	$ 297.9	$ 297.6
5.375% senior subordinated notes due 2024 | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Debt instrument, Fair Value	$ 306.5	$ 278.7
5.50% senior subordinated notes due 2026
Fair Value of Financial Instruments
Interest rate (as a percent)	5.50%	5.50%
Debt instrument, Carrying Value	$ 495.6	$ 495.1
5.50% senior subordinated notes due 2026 | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Debt instrument, Fair Value	519.1	465.2
Mortgage facilities
Fair Value of Financial Instruments
Debt instrument, Carrying Value	397.3	289.6
Mortgage facilities | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Debt instrument, Fair Value	$ 408.8	$ 290.2
Retail Automotive Franchise | Disposal group, not discontinued operations
Disposals
Number of franchises disposed | item	13
Retail Commercial Truck Location | Disposal group, not discontinued operations
Disposals
Number of locations disposed | item	1

Interim Financial Statements _3

Interim Financial Statements - Recent Accounting Pronouncements - Leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets
Operating lease right-of-use assets	$ 2,384.4	$ 2,425.6
Liabilities and Equity
Accrued expenses and other current liabilities	722.2	636.8	$ 566.6
Long-term operating lease liabilities	2,334.7	2,387.5
Deferred tax liabilities	620.7	578.7	577.8
Other long-term liabilities	446	481	519
Retained earnings	$ 2,607.7	2,370.8	$ 2,365.8
ASC 842 | Impact of Adoption
Assets
Operating lease right-of-use assets		2,425.6
Liabilities and Equity
Accrued expenses and other current liabilities		70.2
Long-term operating lease liabilities		2,387.5
Deferred tax liabilities		0.9
Other long-term liabilities		(38)
Retained earnings		$ 5

Revenues - Other Disclosures (D

Revenues - Other Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenues
Total revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Commercial Vehicle Distribution and Other
Revenues
Total revenues	119.9	124.8	$ 393.5	429.3
Vehicle Sales | Retail Automotive and Retail Commercial Truck Dealership
Revenues
Payment period			30 days
Service and parts | Retail Automotive and Retail Commercial Truck Dealership
Revenues
Payment period			30 days
Customer return period, parts sales			30 days
Finance and insurance, net | Retail Automotive and Retail Commercial Truck Dealership
Revenues
Payment period			30 days
Aggregate reserves relating to chargeback activity	26.6		$ 26.6		$ 26
Penske Commercial Vehicles Australia | Commercial Vehicle Distribution and Other
Revenues
Payment period			30 days
Total revenues	119.9	123.7	$ 393.5	426.4
Penske Power Systems | Commercial Vehicle Distribution and Other
Revenues
Payment period			30 days
Penske Power Systems | Service and parts | Commercial Vehicle Distribution and Other
Revenues
Total revenues	$ 69.6	$ 65.9	$ 196.5	$ 194.4

Revenues - Retail Automotive De

Revenues - Retail Automotive Dealership (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenues
Total revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Retail Automotive Dealership
Revenues
Total revenues	5,155.4	5,148.5	15,442.9	15,900	$ 20,800
Retail Automotive Dealership | U.S.
Revenues
Total revenues	2,995.5	2,891.6	8,624.1	8,596.4
Retail Automotive Dealership | UK
Revenues
Total revenues	1,859.6	1,945.1	5,827.7	6,244.9
Retail Automotive Dealership | Germany and Italy
Revenues
Total revenues	300.3	311.8	991.1	1,058.7
New vehicle | Retail Automotive Dealership
Revenues
Total revenues	2,332.3	2,350.2	6,873.9	7,325.6
Used vehicle | Retail Automotive Dealership
Revenues
Total revenues	1,824.5	1,825.2	5,529.2	5,588.9
Finance and insurance, net | Retail Automotive Dealership
Revenues
Total revenues	166	158.5	491.5	482.2
Service and parts | Retail Automotive Dealership
Revenues
Total revenues	543.5	523.8	1,654	1,615.1
Fleet and wholesale | Retail Automotive Dealership
Revenues
Total revenues	$ 289.1	$ 290.8	$ 894.3	$ 888.2

Revenues - Retail Commercial Tr

Revenues - Retail Commercial Truck Dealership (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Retail Commercial Truck Dealership
Revenues
Total revenues	692.3	385.3	1,451.4	1,016.5
New vehicle | Retail Commercial Truck Dealership
Revenues
Total revenues	476.2	249.4	979.6	630.5
Used vehicle | Retail Commercial Truck Dealership
Revenues
Total revenues	36.1	32.5	87.8	86.3
Finance and insurance, net | Retail Commercial Truck Dealership
Revenues
Total revenues	3.1	2.9	9	9
Service and parts | Retail Commercial Truck Dealership
Revenues
Total revenues	154.6	93.1	340.7	275.7
Other | Retail Commercial Truck Dealership
Revenues
Total revenues	$ 22.3	$ 7.4	$ 34.3	$ 15

Revenues - Commercial Vehicle D

Revenues - Commercial Vehicle Distribution and Other (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Commercial Vehicle Distribution and Other
Revenues
Total revenues	119.9	124.8	393.5	429.3
Commercial Vehicle Distribution and Other | Penske Commercial Vehicles Australia
Revenues
Total revenues	$ 119.9	123.7	$ 393.5	426.4
Commercial Vehicle Distribution and Other | Other
Revenues
Total revenues		$ 1.1		$ 2.9

Revenues - Contract Balances (D

Revenues - Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Contract Balances
Accounts receivable, net	$ 967.3	$ 929.1
Unearned revenues	279.7	269.8
Revenue recognized from unearned revenue	220.3
Contracts in transit
Contract Balances
Accounts receivable, net	312.2	314.2
Vehicle receivables
Contract Balances
Accounts receivable, net	271.2	266.9
Manufacturer receivables
Contract Balances
Accounts receivable, net	213.8	211.3
Trade receivables
Contract Balances
Accounts receivable, net	$ 158.8	$ 129.1

Leases - Other (Details)

Leases - Other (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases
Total undiscounted rent obligations	$ 5,514.5	$ 5,514.5
Sublease rent received	$ 5.3	16.4
Proceeds from sale-leaseback transactions		$ 7.3
Property leases | Minimum
Leases
Initial lease period (in years)	5 years	5 years
Property leases | Maximum
Leases
Initial lease period (in years)	20 years	20 years
Equipment leases | Maximum
Leases
Initial lease period (in years)	5 years	5 years

Leases - Net operating lease co

Leases - Net operating lease cost (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lease Cost
Operating lease cost	$ 60.8	$ 184.8
Sublease income	(5.3)	(16.4)
Total lease cost	$ 55.5	$ 168.4

Leases - Cash flow information,

Leases - Cash flow information, weighted average remaining term and discount rate (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases
Gains on sale and leaseback transactions, net		$ (0.2)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 58.7	177
Right-of-use assets obtained in exchange for operating lease liabilities	$ 96.8	$ 99.1
Weighted-average remaining lease term - operating leases	25 years	25 years
Weighted-average discount rate - operating leases	6.40%	6.40%

Leases - Maturity of lease liab

Leases - Maturity of lease liabilities (Details) $ in Millions	Sep. 30, 2019USD ($)
Maturity of Lease Liabilities
2019	$ 61.3
2020	242.1
2021	236.5
2022	231.7
2023	224
2024	217.6
2025 and thereafter	4,301.3
Total future minimum lease payments	5,514.5
Less: Imputed interest	(3,091.1)
Total operating lease liabilities	$ 2,423.4

Leases - Operating lease liabil

Leases - Operating lease liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Leases
Current operating lease liabilities	$ 88.7
Long-term operating lease liabilities	2,334.7	$ 2,387.5
Total operating lease liabilities	$ 2,423.4

Leases - Future Minimum Payment

Leases - Future Minimum Payments (Details) $ in Millions	Dec. 31, 2018USD ($)
Minimum future rental payments required under operating leases
2019	$ 222.5
2020	220.5
2021	217.4
2022	216
2023	212
2024 and thereafter	4,344.4
Total	$ 5,432.8

Significant Equity Method Inv_3

Significant Equity Method Investees (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investment
Equity in earnings of affiliates	$ 43.3	$ 41.7	$ 109.6	$ 95
PTL
Equity Method Investment
Ownership percentage of equity method investment	28.90%		28.90%
Equity in earnings of affiliates			$ 106	91.7
Condensed income statement information
Revenues			6,701	6,158
Gross profit			1,397	1,272
Income from continuing operations			367	317
Net income			$ 367	$ 317

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Inventories
Retail automotive dealership new vehicles	$ 2,252.4		$ 2,252.4		$ 2,397
Retail automotive dealership used vehicles	988.9		988.9		1,060.8
Retail automotive parts, accessories and other	126.6		126.6		140.8
Retail commercial truck dealership vehicles and parts	462.9		462.9		207.9
Commercial vehicle distribution vehicles, parts and engines	213.1		213.1		233.6
Total inventories	4,043.9		4,043.9		$ 4,040.1
Interest credits and advertising assistance	$ 12.8	$ 15.1	$ 37.7	$ 40.7

Business Combinations - Activit

Business Combinations - Activity (Details) - item	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
The Car People
Business combinations
Number of retail locations acquired		4
Retail Automotive Dealership
Business combinations
Number of acquired franchises		4
Retail Commercial Truck Dealership
Business combinations
Number of dealerships acquired		1
Number of retail locations acquired	6
Commercial Vehicle Distribution
Business combinations
Number of dealerships acquired	1

Business Combinations - Conside

Business Combinations - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed
Accounts receivable		$ 3.6
Inventories	$ 150.7	62.8
Other current assets	0.6
Property and equipment	2.6	52.6
Indefinite-lived intangibles	214	73.9
Current liabilities	(16.8)	(16.9)
Noncurrent liabilities	(13.6)	(0.6)
Total consideration	337.5	175.4
Deferred consideration		(6.8)
Contingent consideration	(10.6)
Total cash used in acquisitions	$ 326.9	$ 168.6

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of unaudited consolidated pro forma results of operations
Revenues	$ 6,013.7	$ 5,996.3	$ 17,888.9	$ 18,384.2
Income from continuing operations	115.5	117.9	319.7	338
Net income	$ 115.7	$ 118	$ 320.4	$ 338
Income from continuing operations per diluted common share (in dollars per share)	$ 1.41	$ 1.39	$ 3.86	$ 3.96
Net income per diluted common share (in dollars per share)	$ 1.42	$ 1.39	$ 3.86	$ 3.96

Intangible Assets - Summary of

Intangible Assets - Summary of Changes (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets
Goodwill, Beginning balance	$ 1,752
Goodwill, Additions	146.6
Goodwill, Disposals	(0.7)
Goodwill, Foreign currency translation	(21.4)
Goodwill, Ending balance	1,876.5
Other indefinite-lived intangible assets, Beginning Balance	486.2
Other indefinite-lived intangible assets, Additions	67.4
Other indefinite-lived intangible assets, Foreign currency translation	(6.2)
Other indefinite-lived intangible assets, Ending Balance	$ 547.4

Intangible Assets - Activity (D

Intangible Assets - Activity (Details)	9 Months Ended
	Sep. 30, 2019item
Retail Automotive Dealership
Intangible assets
Number of franchises sold	8
Number of franchises terminated	5
Commercial Vehicle Distribution
Intangible assets
Number of dealerships acquired	1
Retail Commercial Truck Dealership
Intangible assets
Number of retail locations acquired	6

Intangible Assets - Information

Intangible Assets - Information by Segment (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Intangible assets
Goodwill	$ 1,876.5	$ 1,752
Retail Automotive Dealership
Intangible assets
Goodwill	1,493.4
Retail Commercial Truck Dealership
Intangible assets
Goodwill	308.7
Other
Intangible assets
Goodwill	74.3
Non-Automotive Investments
Intangible assets
Goodwill	$ 0

Vehicle Financing (Details)

Vehicle Financing (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Vehicle Financing
Maturity period of floor plan arrangements outside the U.S. if not payable on demand	90 days
Weighted average interest rate on floor plan borrowings (as a percent)	2.20%	2.20%

Earnings Per Share - (Details)

Earnings Per Share - (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of number of shares used in calculation of basic and diluted earnings per share
Weighted average number of common shares outstanding	81,643,175	84,865,046	82,968,130	85,248,758
Effect of non-participatory equity compensation (in shares)	40,000	40,000	40,000	40,000
Weighted average number of common shares outstanding, including effect of dilutive securities	81,683,175	84,905,046	83,008,130	85,288,758

Long-Term Debt (Details)

Long-Term Debt (Details) £ in Millions, $ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2019GBP (£)item	Sep. 30, 2019USD ($)	Sep. 30, 2019AUD ($)	Jul. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Long Term Debt
Total long-term debt		$ 2,379.3			$ 2,216.7
Less: current portion		(96.8)			(92)
Net long-term debt		$ 2,282.5			2,124.7
Domestic Subsidiaries ownership guaranteeing obligations (as a percent)	100.00%	100.00%	100.00%
US Credit Agreement Revolving Credit Line
Long Term Debt
Total long-term debt		$ 105			30
Maximum credit available		700		$ 700
Revolving loans solely for future U.S. acquisitions		250
Future borrowings available for foreign acquisitions		150
Maximum amount available for letters of credit				$ 50
Balance outstanding under credit agreement		105
US Credit Agreement Revolving Credit Line | LIBOR portion
Long Term Debt
Base rate of interest on loans	LIBOR
Line of credit basis spread on variable rate (as a percent)	2.00%
Incremental interest rate for uncollateralized borrowings in excess of maximum limit (as a percent)	1.50%
UK Credit Agreement Revolving Credit Line
Long Term Debt
Total long-term debt		154.9			163.3
Maximum credit available		150
Additional facility capacity under accordion feature		100
UK Credit Agreement Revolving Credit Line | Minimum | LIBOR portion
Long Term Debt
Line of credit basis spread on variable rate (as a percent)	1.10%
UK Credit Agreement Revolving Credit Line | Maximum | LIBOR portion
Long Term Debt
Line of credit basis spread on variable rate (as a percent)	2.10%
UK Credit Agreement Overdraft Line of Credit
Long Term Debt
Total long-term debt					1.8
UK Credit Agreement Revolving Credit Line and Overdraft Line Of Credit
Long Term Debt
Balance outstanding under credit agreement	£ 126	$ 154.9
Senior Subordinated Notes
Long Term Debt
Domestic Subsidiaries ownership guaranteeing obligations (as a percent)	100.00%	100.00%	100.00%
Change of control, redemption price as a percentage of principal	101.00%
Sale of assets, redemption price as percentage of principal	100.00%
5.50% senior subordinated notes due 2026
Long Term Debt
Total long-term debt		$ 495.6			$ 495.1
Interest rate (as a percent)	5.50%	5.50%	5.50%		5.50%
Principal amount		$ 500
5.50% senior subordinated notes due 2026 | Debt Redemption Prior to May 15, 2021
Long Term Debt
Interest rate (as a percent)	5.50%	5.50%	5.50%
Percentage of principal amount at which the entity may redeem the notes	100.00%
5.50% senior subordinated notes due 2026 | Debt Instrument Redemption Period On or After May 15, 2021
Long Term Debt
Interest rate (as a percent)	5.50%	5.50%	5.50%
5.50% senior subordinated notes due 2026 | Debt Redemption Prior to May 15, 2019
Long Term Debt
Interest rate (as a percent)	5.50%	5.50%	5.50%
Percentage of principal amount at which the entity may redeem the notes	40.00%
5.375% senior subordinated notes due 2024
Long Term Debt
Total long-term debt		$ 297.9			$ 297.6
Interest rate (as a percent)	5.375%	5.375%	5.375%		5.375%
Principal amount		$ 300
5.375% senior subordinated notes due 2024 | Debt Redemption Prior To December 1, 2019
Long Term Debt
Interest rate (as a percent)	5.375%	5.375%	5.375%
Percentage of principal amount at which the entity may redeem the notes	100.00%
5.375% senior subordinated notes due 2024 | Debt Instrument Redemption Period On or After December 1, 2019
Long Term Debt
Interest rate (as a percent)	5.375%	5.375%	5.375%
5.75% senior subordinated notes due 2022
Long Term Debt
Total long-term debt		$ 547.4			$ 546.8
Interest rate (as a percent)	5.75%	5.75%	5.75%		5.75%
Principal amount		$ 550
3.75% senior subordinated notes due 2020
Long Term Debt
Total long-term debt		$ 298.9			$ 297.9
Interest rate (as a percent)	3.75%	3.75%	3.75%		3.75%
Principal amount		$ 300
Percentage of principal amount at which the entity may redeem the notes	100.00%
Australia capital loan agreement
Long Term Debt
Total long-term debt		30.9			$ 33.6
Maximum credit available			$ 50
Debt term	5 years
Call period	90 days
Maximum amount of debt guaranteed by the Company's U.S. parent company			50
Balance outstanding under credit agreement		30.9	45.8
Number of facilities | item	2
Australia capital loan agreement | Australian BBSW 30-Day Bill Rate
Long Term Debt
Base rate of interest on loans	30-day Bill Rate
Line of credit basis spread on variable rate (as a percent)	3.00%
Australia working capital loan agreement
Long Term Debt
Total long-term debt					6.1
Maximum credit available			50
Debt term	1 year
Call period	90 days
Maximum amount of debt guaranteed by the Company's U.S. parent company			$ 50
Balance outstanding under credit agreement		0
Australia working capital loan agreement | Australian BBSW 30-Day Bill Rate
Long Term Debt
Base rate of interest on loans	30-day Bill Rate
Line of credit basis spread on variable rate (as a percent)	3.00%
Mortgage facilities
Long Term Debt
Total long-term debt		397.3			289.6
Balance outstanding under credit agreement		397.3
Other debt
Long Term Debt
Total long-term debt		$ 51.4			$ 54.9

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) $ in Millions	Sep. 30, 2019USD ($)
Loss Contingencies
Letters of credit outstanding	$ 42.2
Surety bonds posted	$ 20.5

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Aug. 31, 2019
Securities Repurchase Program
Repurchase of common stock	$ 43.6	$ 174.1	$ 55.8
Securities Repurchase Program
Securities Repurchase Program
Repurchased shares	1,021,622	3,871,887
Repurchase of common stock	$ 43.6	$ 169.2
Repurchased shares, average price (in dollars per share)	$ 42.66	$ 43.71
Amount authorized to be repurchased	$ 200	$ 200
Remaining amount authorized to be repurchased	$ 200	$ 200		$ 30.8
Acquired Employee Equity Awards
Securities Repurchase Program
Repurchased shares		114,949
Repurchase of common stock		$ 4.9
Repurchased shares, average price (in dollars per share)		$ 42.72

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period			$ 2,609.1
Balance at the end of the period	$ 2,638.9		2,638.9
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(217.9)	$ (170.5)	(208.3)	$ (134)
Other comprehensive income before reclassifications	(43.8)	(19.5)	(53.4)	(56)
Net current period other comprehensive income	(43.8)	(19.5)	(53.4)	(56)
Balance at the end of the period	(261.7)	(190)	(261.7)	(190)
Other
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(22.4)	(15.9)	(26.2)	(12.5)
Other comprehensive income before reclassifications	(1.9)	2.1	1.9	(1.3)
Net current period other comprehensive income	(1.9)	2.1	1.9	(1.3)
Balance at the end of the period	(24.3)	(13.8)	(24.3)	(13.8)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(240.3)	(186.4)	(234.5)	(146.5)
Other comprehensive income before reclassifications	(45.7)	(17.4)	(51.5)	(57.3)
Net current period other comprehensive income	(45.7)	(17.4)	(51.5)	(57.3)
Balance at the end of the period	$ (286)	$ (203.8)	$ (286)	$ (203.8)

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information
Number of reportable segments | item			4
Number of operating segments | item			6
Revenues and segment income by reportable segment
Revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Segment income	158.4	157.1	$ 452.1	477.6
Operating segments
Segment Reporting Information
Number of reportable segments | item			1
Retail Automotive Dealership
Revenues and segment income by reportable segment
Revenues	5,155.4	5,148.5	$ 15,442.9	15,900	$ 20,800
Retail Automotive Dealership | Operating segments
Revenues and segment income by reportable segment
Revenues	5,155.4	5,148.5	15,442.9	15,900
Segment income	79.7	94.6	262.7	318.2
Retail Commercial Truck Dealership
Revenues and segment income by reportable segment
Revenues	692.3	385.3	1,451.4	1,016.5
Retail Commercial Truck Dealership | Operating segments
Revenues and segment income by reportable segment
Revenues	692.3	385.3	1,451.4	1,016.5
Segment income	30.7	19.1	65.5	47.2
Other | Operating segments
Revenues and segment income by reportable segment
Revenues	119.9	124.8	393.5	429.3
Segment income	5.9	2.6	18	20.4
Non-Automotive Investments | Operating segments
Revenues and segment income by reportable segment
Segment income	$ 42.1	$ 40.8	$ 105.9	$ 91.8

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Condensed consolidating balance sheet
Cash and cash equivalents	$ 77.5			$ 39.4	$ 37.6		$ 45.7
Accounts receivable, net	967.3			929.1
Inventories	4,043.9			4,040.1
Other current assets	98.8			86.6
Total current assets	5,187.5			5,095.2
Property and equipment, net	2,309.3			2,250
Operating lease right-of-use assets	2,384.4		$ 2,425.6
Intangible assets	2,423.9			2,238.2
Equity method investments	1,362.8			1,305.2
Other long-term assets	21.6			15.9
Total assets	13,689.5			10,904.5
Floor plan notes payable	2,444.1			2,362.2
Floor plan notes payable - non-trade	1,410.6			1,428.6
Accounts payable	672.3			598.2
Accrued expenses and other current liabilities	722.2		636.8	566.6
Current portion of long-term debt	96.8			92
Liabilities held for sale	0.5			0.7
Total current liabilities	5,346.5			5,048.3
Long-term debt	2,282.5			2,124.7
Long-term operating lease liabilities	2,334.7		2,387.5
Deferred tax liabilities	620.7		578.7	577.8
Other long-term liabilities	446		$ 481	519
Total liabilities	11,030.4			8,269.8
Total equity	2,659.1	$ 2,661		2,634.7	2,612	$ 2,525.8	2,428
Total liabilities and equity	$ 13,689.5			$ 10,904.5
Domestic Subsidiaries ownership guaranteeing obligations (as a percent)	100.00%
3.75% senior subordinated notes due 2020
Condensed consolidating balance sheet
Interest rate (as a percent)	3.75%			3.75%
5.75% senior subordinated notes due 2022
Condensed consolidating balance sheet
Interest rate (as a percent)	5.75%			5.75%
5.375% senior subordinated notes due 2024
Condensed consolidating balance sheet
Interest rate (as a percent)	5.375%			5.375%
5.50% senior subordinated notes due 2026
Condensed consolidating balance sheet
Interest rate (as a percent)	5.50%			5.50%
Eliminations
Condensed consolidating balance sheet
Accounts receivable, net	$ (493.6)			$ (481.7)
Total current assets	(493.6)			(481.7)
Other long-term assets	(2,911)			(2,814.3)
Total assets	(3,404.6)			(3,296)
Accrued expenses and other current liabilities	(493.6)			(481.7)
Total current liabilities	(493.6)			(481.7)
Long-term debt	(82.5)			(88.6)
Total liabilities	(576.1)			(570.3)
Total equity	(2,828.5)			(2,725.7)
Total liabilities and equity	(3,404.6)			(3,296)
Reportable legal entities | Penske Automotive Group
Condensed consolidating balance sheet
Accounts receivable, net	493.6			481.7
Other current assets	7.7			10.6
Total current assets	501.3			492.3
Property and equipment, net	3.6			3.9
Operating lease right-of-use assets	9.3
Equity method investments	1,298.2			1,239.9
Other long-term assets	2,920.2			2,821
Total assets	4,732.6			4,557.1
Floor plan notes payable - non-trade	227.2			232.3
Accounts payable	5.1			4.9
Accrued expenses and other current liabilities	1.6			1.4
Current portion of long-term debt	13
Total current liabilities	246.9			238.6
Long-term debt	1,817.6			1,683.8
Long-term operating lease liabilities	9
Total liabilities	2,073.5			1,922.4
Total equity	2,659.1			2,634.7
Total liabilities and equity	4,732.6			4,557.1
Reportable legal entities | Guarantor Subsidiaries
Condensed consolidating balance sheet
Cash and cash equivalents	0			12.9	3.4		14.8
Accounts receivable, net	467.9			507.1
Inventories	2,156.7			1,961.6
Other current assets	21.6			17.8
Total current assets	2,646.2			2,499.4
Property and equipment, net	1,110.9			1,077.7
Operating lease right-of-use assets	1,632.9
Intangible assets	1,635.8			1,422.6
Other long-term assets	3.1			2.9
Total assets	7,028.9			5,002.6
Floor plan notes payable	1,447			1,348.3
Floor plan notes payable - non-trade	515.4			505.9
Accounts payable	213.1			196.6
Accrued expenses and other current liabilities	296			160.2
Current portion of long-term debt	10.6			6.3
Liabilities held for sale	0.5			0.7
Total current liabilities	2,482.6			2,218
Long-term debt	256.4			225.7
Long-term operating lease liabilities	1,603.7
Deferred tax liabilities	615.8			570.5
Other long-term liabilities	36.6			57.6
Total liabilities	4,995.1			3,071.8
Total equity	2,033.8			1,930.8
Total liabilities and equity	7,028.9			5,002.6
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed consolidating balance sheet
Cash and cash equivalents	77.5			26.5	$ 34.2		$ 30.9
Accounts receivable, net	499.4			422
Inventories	1,887.2			2,078.5
Other current assets	69.5			58.2
Total current assets	2,533.6			2,585.2
Property and equipment, net	1,194.8			1,168.4
Operating lease right-of-use assets	742.2
Intangible assets	788.1			815.6
Equity method investments	64.6			65.3
Other long-term assets	9.3			6.3
Total assets	5,332.6			4,640.8
Floor plan notes payable	997.1			1,013.9
Floor plan notes payable - non-trade	668			690.4
Accounts payable	454.1			396.7
Accrued expenses and other current liabilities	918.2			886.7
Current portion of long-term debt	73.2			85.7
Total current liabilities	3,110.6			3,073.4
Long-term debt	291			303.8
Long-term operating lease liabilities	722
Deferred tax liabilities	4.9			7.3
Other long-term liabilities	409.4			461.4
Total liabilities	4,537.9			3,845.9
Total equity	794.7			794.9
Total liabilities and equity	$ 5,332.6			$ 4,640.8

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed consolidating statement of income
Revenues	$ 5,967.6	$ 5,658.6	$ 17,287.8	$ 17,345.8
Cost of sales	5,097.9	4,806	14,698.8	14,739
Gross profit	869.7	852.6	2,589	2,606.8
Selling, general and administrative expenses	672.8	662.8	2,008.1	2,001.3
Depreciation	27.5	25.9	81	77.2
Operating income	169.4	163.9	499.9	528.3
Floor plan interest expense	(21.4)	(20.2)	(64.2)	(59)
Other interest expense	(32.9)	(28.3)	(93.2)	(86.7)
Equity in earnings of affiliates	43.3	41.7	109.6	95
Income from continuing operations before income taxes	158.4	157.1	452.1	477.6
Income taxes	(42.4)	(27.1)	(118.6)	(104.7)
Income from continuing operations	116	130	333.5	372.9
Income (loss) income from discontinued operations, net of tax	0.1	0.1	0.3	0.2
Net income	116.1	130.1	333.8	373.1
Other comprehensive loss, net of tax	(46.2)	(17.5)	(52.2)	(58.5)
Comprehensive income	69.9	112.6	281.6	314.6
Less: Comprehensive income (loss) attributable to non-controlling interests	(0.6)	(0.2)	(1.1)	(1)
Comprehensive income attributable to Penske Automotive Group common stockholders	70.5	112.8	282.7	315.6
Eliminations
Condensed consolidating statement of income
Equity in earnings of subsidiaries	(149.2)	(144.2)	(436.3)	(470.1)
Income from continuing operations before income taxes	(149.2)	(144.2)	(436.3)	(470.1)
Income taxes	40	24.8	114.4	104
Income from continuing operations	(109.2)	(119.4)	(321.9)	(366.1)
Income (loss) income from discontinued operations, net of tax	(0.1)	(0.1)	(0.3)	(0.2)
Net income	(109.3)	(119.5)	(322.2)	(366.3)
Other comprehensive loss, net of tax	44.7	19.8	55	56.4
Comprehensive income	(64.6)	(99.7)	(267.2)	(309.9)
Less: Comprehensive income (loss) attributable to non-controlling interests	0.5	0.1	0.6	1.2
Comprehensive income attributable to Penske Automotive Group common stockholders	(65.1)	(99.8)	(267.8)	(311.1)
Penske Automotive Group | Reportable legal entities
Condensed consolidating statement of income
Selling, general and administrative expenses	6.6	6.3	20	19.1
Depreciation	0.3	0.4	1	1.2
Operating income	(6.9)	(6.7)	(21)	(20.3)
Floor plan interest expense	(1.9)	(1.9)	(6.1)	(5.3)
Other interest expense	(24)	(19.1)	(62.5)	(58.8)
Equity in earnings of affiliates	42.2	40.7	106	91.7
Equity in earnings of subsidiaries	149.2	144.2	436.3	470.1
Income from continuing operations before income taxes	158.6	157.2	452.7	477.4
Income taxes	(42.5)	(27.1)	(118.8)	(104.7)
Income from continuing operations	116.1	130.1	333.9	372.7
Income (loss) income from discontinued operations, net of tax	0.1	0.1	0.3	0.2
Net income	116.2	130.2	334.2	372.9
Other comprehensive loss, net of tax	(46.2)	(17.5)	(52.2)	(58.5)
Comprehensive income	70	112.7	282	314.4
Less: Comprehensive income (loss) attributable to non-controlling interests	(0.5)	(0.1)	(0.6)	(1.2)
Comprehensive income attributable to Penske Automotive Group common stockholders	70.5	112.8	282.6	315.6
Guarantor Subsidiaries | Reportable legal entities
Condensed consolidating statement of income
Revenues	3,478.6	3,061.9	9,457.6	8,990.2
Cost of sales	2,951.1	2,584.1	7,962.9	7,561.6
Gross profit	527.5	477.8	1,494.7	1,428.6
Selling, general and administrative expenses	375.1	356.6	1,098	1,059.6
Depreciation	15.2	14	44.3	41.3
Operating income	137.2	107.2	352.4	327.7
Floor plan interest expense	(14.7)	(12.7)	(44)	(36.3)
Other interest expense	(3.3)	(2.3)	(9.3)	(6.2)
Income from continuing operations before income taxes	119.2	92.2	299.1	285.2
Income taxes	(33)	(14.6)	(85.5)	(67)
Income from continuing operations	86.2	77.6	213.6	218.2
Income (loss) income from discontinued operations, net of tax	0.1	0.1	0.3	0.2
Net income	86.3	77.7	213.9	218.4
Comprehensive income	86.3	77.7	213.9	218.4
Comprehensive income attributable to Penske Automotive Group common stockholders	86.3	77.7	213.9	218.4
Non-Guarantor Subsidiaries | Reportable legal entities
Condensed consolidating statement of income
Revenues	2,489	2,596.7	7,830.2	8,355.6
Cost of sales	2,146.8	2,221.9	6,735.9	7,177.4
Gross profit	342.2	374.8	1,094.3	1,178.2
Selling, general and administrative expenses	291.1	299.9	890.1	922.6
Depreciation	12	11.5	35.7	34.7
Operating income	39.1	63.4	168.5	220.9
Floor plan interest expense	(4.8)	(5.6)	(14.1)	(17.4)
Other interest expense	(5.6)	(6.9)	(21.4)	(21.7)
Equity in earnings of affiliates	1.1	1	3.6	3.3
Income from continuing operations before income taxes	29.8	51.9	136.6	185.1
Income taxes	(6.9)	(10.2)	(28.7)	(37)
Income from continuing operations	22.9	41.7	107.9	148.1
Net income	22.9	41.7	107.9	148.1
Other comprehensive loss, net of tax	(44.7)	(19.8)	(55)	(56.4)
Comprehensive income	(21.8)	21.9	52.9	91.7
Less: Comprehensive income (loss) attributable to non-controlling interests	(0.6)	(0.2)	(1.1)	(1)
Comprehensive income attributable to Penske Automotive Group common stockholders	$ (21.2)	$ 22.1	$ 54	$ 92.7

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed consolidating statement of cash flows
Net cash provided by (used in) continuing operating activities	$ 660.8	$ 535.9
Investing activities:
Purchase of equipment and improvements	(188.8)	(188.5)
Proceeds from sale of dealerships	7.3	58.4
Proceeds from sale-leaseback transactions	7.3	10.7
Acquisitions, net	(326.9)	(168.6)
Other	(2.3)	(3.5)
Net cash used in continuing investing activities	(503.4)	(291.5)
Financing activities:
Net borrowings (repayments) of long-term debt	170.3	(41)
Net (repayments) borrowings of floor plan notes payable - non-trade	(18)	(59.6)
Repurchases of common stock	(174.1)	(55.8)
Dividends	(97.3)	(89.7)
Other	0.1	(6.2)
Net cash used in by continuing financing activities	(119)	(252.3)
Net cash provided by discontinued operations	0.2	0.3
Effect of exchange rate changes on cash and cash equivalents	(0.5)	(0.5)
Net change in cash and cash equivalents	38.1	(8.1)
Cash and cash equivalents, beginning of period	39.4	45.7
Cash and cash equivalents, end of period	77.5	37.6
Penske Automotive Group | Reportable legal entities
Condensed consolidating statement of cash flows
Net cash provided by (used in) continuing operating activities	(38.1)	16.1
Investing activities:
Purchase of equipment and improvements	(0.7)	(2.3)
Other	(2.6)	(2.4)
Net cash used in continuing investing activities	(3.3)	(4.7)
Financing activities:
Net borrowings (repayments) of long-term debt	144.9	(172)
Net (repayments) borrowings of floor plan notes payable - non-trade	(5.1)	(23.3)
Repurchases of common stock	(174.1)	(55.8)
Dividends	(97.3)	(89.7)
Other	0.1	(0.3)
Distributions from (to) parent	172.9	329.7
Net cash used in by continuing financing activities	41.4	(11.4)
Guarantor Subsidiaries | Reportable legal entities
Condensed consolidating statement of cash flows
Net cash provided by (used in) continuing operating activities	457	356.2
Investing activities:
Purchase of equipment and improvements	(72.9)	(95.1)
Proceeds from sale of dealerships	7.3	55.9
Acquisitions, net	(325.8)
Net cash used in continuing investing activities	(391.4)	(39.2)
Financing activities:
Net borrowings (repayments) of long-term debt	34.1	41.6
Net (repayments) borrowings of floor plan notes payable - non-trade	9.5	(50.1)
Other		(5.9)
Distributions from (to) parent	(122.3)	(314.3)
Net cash used in by continuing financing activities	(78.7)	(328.7)
Net cash provided by discontinued operations	0.2	0.3
Net change in cash and cash equivalents	(12.9)	(11.4)
Cash and cash equivalents, beginning of period	12.9	14.8
Cash and cash equivalents, end of period	0	3.4
Non-Guarantor Subsidiaries | Reportable legal entities
Condensed consolidating statement of cash flows
Net cash provided by (used in) continuing operating activities	241.9	163.6
Investing activities:
Purchase of equipment and improvements	(115.2)	(91.1)
Proceeds from sale of dealerships		2.5
Proceeds from sale-leaseback transactions	7.3	10.7
Acquisitions, net	(1.1)	(168.6)
Other	0.3	(1.1)
Net cash used in continuing investing activities	(108.7)	(247.6)
Financing activities:
Net borrowings (repayments) of long-term debt	(8.7)	89.4
Net (repayments) borrowings of floor plan notes payable - non-trade	(22.4)	13.8
Distributions from (to) parent	(50.6)	(15.4)
Net cash used in by continuing financing activities	(81.7)	87.8
Effect of exchange rate changes on cash and cash equivalents	(0.5)	(0.5)
Net change in cash and cash equivalents	51	3.3
Cash and cash equivalents, beginning of period	26.5	30.9
Cash and cash equivalents, end of period	$ 77.5	$ 34.2