Penske Automotive (PAG) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		80,337,759
Entity Central Index Key	0001019849
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 159.3	$ 28.1
Accounts receivable, net of allowance for doubtful accounts of $5.6 and $5.7	756.6	960.3
Inventories	3,425.9	4,260.7
Other current assets	76.6	85
Total current assets	4,418.4	5,334.1
Property and equipment, net	2,293.7	2,366.4
Operating lease right-of-use assets	2,311.1	2,360.5
Goodwill	1,878.1	1,911
Other indefinite-lived intangible assets	545.6	552.2
Equity method investments	1,409.5	1,399
Other long-term assets	19.7	19.5
Total assets	12,876.1	13,942.7
LIABILITIES AND EQUITY
Floor plan notes payable	1,957.4	2,412.5
Floor plan notes payable - non-trade	1,284.1	1,594
Accounts payable	679.4	638.8
Accrued expenses and other current liabilities	684.8	701.9
Current portion of long-term debt	83.3	103.3
Liabilities held for sale	0.5	0.5
Total current liabilities	4,689.5	5,451
Long-term debt	2,054.1	2,257
Long-term operating lease liabilities	2,252.6	2,301.2
Deferred tax liabilities	689.2	677.9
Other long-term liabilities	413.1	444
Total liabilities	10,098.5	11,131.1
Commitments and contingent liabilities (Note 12)
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	296.3	320.4
Retained earnings	2,738.4	2,675.8
Accumulated other comprehensive income (loss)	(274.8)	(202.8)
Total Penske Automotive Group stockholders' equity	2,759.9	2,793.4
Non-controlling interest	17.7	18.2
Total equity	2,777.6	2,811.6
Total liabilities and equity	12,876.1	13,942.7
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	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 5.6	$ 5.7
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	80,339,909	81,084,751
Common Stock, shares outstanding	80,339,909	81,084,751
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Total revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Cost of sales:
Total cost of sales	3,098.2	4,888	7,330.6	9,600.9
Gross profit	552.9	867.8	1,329.6	1,719.3
Selling, general and administrative expenses	453.6	668.9	1,095.4	1,335.3
Depreciation	27.9	27.1	56.4	53.5
Operating income	71.4	171.8	177.8	330.5
Floor plan interest expense	(11.7)	(21)	(29.4)	(42.8)
Other interest expense	(28.4)	(30.4)	(60.1)	(60.3)
Equity in earnings of affiliates	29.9	39.5	44.4	66.3
Income from continuing operations before income taxes	61.2	159.9	132.7	293.7
Income taxes	(16.5)	(41.5)	(36.6)	(76.2)
Income from continuing operations	44.7	118.4	96.1	217.5
Income from discontinued operations, net of tax	0.1	0.1	0.2	0.2
Net income	44.8	118.5	96.3	217.7
Less: (Loss) Income attributable to non-controlling interests	(0.3)	0.7	(0.5)	(0.3)
Net income attributable to Penske Automotive Group common stockholders	$ 45.1	$ 117.8	$ 96.8	$ 218
Basic earnings per share attributable to Penske Automotive Group common stockholders:
Continuing operations (in dollars per share)	$ 0.56	$ 1.42	$ 1.20	$ 2.61
Discontinued operations (in dollars per share)
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 0.56	$ 1.42	$ 1.20	$ 2.61
Shares used in determining basic earnings per share (in shares)	80,421,478	82,872,330	80,731,889	83,625,142
Diluted earnings per share attributable to Penske Automotive Group common stockholders:
Continuing operations (in dollars per share)	$ 0.56	$ 1.42	$ 1.20	$ 2.60
Discontinued operations (in dollars per share)
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 0.56	$ 1.42	$ 1.20	$ 2.61
Shares used in determining diluted earnings per share (in shares)	80,461,478	82,912,330	80,771,889	83,665,142
Amounts attributable to Penske Automotive Group common stockholders:
Income from continuing operations	$ 44.7	$ 118.4	$ 96.1	$ 217.5
Less: (Loss) Income attributable to non-controlling interests	(0.3)	0.7	(0.5)	(0.3)
Income from continuing operations, net of tax	45	117.7	96.6	217.8
Income from discontinued operations, net of tax	0.1	0.1	0.2	0.2
Net income attributable to Penske Automotive Group common stockholders	45.1	$ 117.8	$ 96.8	$ 218
Cash dividends per share (in dollars per share)		$ 0.39	$ 0.42	$ 0.77
Retail Automotive Dealership
Revenue:
Total revenues	3,153.5	$ 5,196.3	$ 7,570.1	$ 10,287.5
Cost of sales:
Total cost of sales	2,687.2	4,421.4	6,425.7	8,751.1
Retail Commercial Truck Dealership
Revenue:
Total revenues	399.2	426.8	890.6	759.1
Cost of sales:
Total cost of sales	339	368.3	761.6	646.2
Commercial Vehicle Distribution and Other
Revenue:
Total revenues	98.4	132.7	199.5	273.6
Cost of sales:
Total cost of sales	$ 72	$ 98.3	$ 143.3	$ 203.6

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 44.8	$ 118.5	$ 96.3	$ 217.7
Other comprehensive income:
Foreign currency translation adjustment	27.6	(16.5)	(65.3)	(9.8)
Unrealized gain (loss) on interest rate swaps:
Unrealized loss arising during the period, net of tax benefit of $1.5, $0.0, $1.5 and $0.0, respectively	(4.1)		(4.1)
Unrealized gain (loss) on interest rate swaps, net of tax	(4.1)		(4.1)
Other adjustments to comprehensive income, net	1.3	2	(2.7)	3.8
Other comprehensive (loss) income, net of tax	24.8	(14.5)	(72.1)	(6)
Comprehensive income	69.6	104	24.2	211.7
Less: Comprehensive (loss) income attributable to non-controlling interests	(0.2)	0.8	(0.6)	(0.5)
Comprehensive (loss) income attributable to Penske Automotive Group common stockholders	$ 69.8	$ 103.2	$ 24.8	$ 212.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unrealized gain (loss) on interest rate swaps, tax:
Unrealized loss arising during the period, tax benefit	$ 1.5	$ 0	$ 1.5	$ 0
Reclassification adjustment for loss included in floor plan interest expense, tax provision	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities:
Net income	$ 96.3	$ 217.7
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation	56.4	53.5
Earnings of equity method investments	(37.6)	(53.4)
Income from discontinued operations, net of tax	(0.2)	(0.2)
Deferred income taxes	20.8	29.7
Changes in operating assets and liabilities:
Accounts receivable	203.9	(15.2)
Inventories	827.3	35.5
Floor plan notes payable	(452.6)	15
Accounts payable and accrued expenses	35.5	55.3
Other	34.6	(33.3)
Net cash provided by continuing operating activities	784.4	304.6
Investing Activities:
Purchase of equipment and improvements	(76.8)	(134.5)
Proceeds from sale of dealerships	10.3	7.2
Proceeds from sale-leaseback transactions		7.3
Proceeds from sale of equipment and improvements	19.8	5.2
Acquisitions net, including repayment of sellers' floor plan notes payable of $0 and $0, respectively		(1.1)
Other	(1.1)	(6.1)
Net cash used in continuing investing activities	(47.8)	(122)
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line	580	821
Repayments under U.S. credit agreement revolving credit line	(625)	(851)
Net (repayments) borrowings of other long-term debt	(160.8)	39.8
Net borrowings of floor plan notes payable - non-trade	(309.9)	6.8
Payments for contingent consideration	(21.1)
Repurchases of common stock	(29.4)	(130.6)
Dividends	(34.2)	(64.5)
Other	(4.8)	0.4
Net cash used in continuing financing activities	(605.2)	(178.1)
Discontinued operations:
Net cash provided by discontinued operating activities	0.1
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations	0.1
Effect of exchange rate changes on cash and cash equivalents	(0.3)	(0.1)
Net change in cash and cash equivalents	131.2	4.4
Cash and cash equivalents, beginning of period	28.1	39.4
Cash and cash equivalents, end of period	159.3	43.8
Cash paid for:
Interest	81.9	102.6
Income taxes	$ 5.1	$ 47.2

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Repayment of Sellers' Floor Plan Notes Payable Dealership Acquisitions	$ 0	$ 0

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS 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, 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 606	5			5			5
Equity compensation	9.3		9.3				9.3
Equity compensation (in shares)		374,549
Repurchases of common stock	(130.6)		(130.6)				(130.6)
Repurchases of common stock (in shares)		(2,965,214)
Dividends	(64.5)			(64.5)			(64.5)
Purchase of subsidiary shares from non-controlling interest						(4.8)	(4.8)
Distributions to non-controlling interest						(0.4)	(0.4)
Foreign currency translation	(9.6)				(9.6)	(0.2)	(9.8)
Other	3.8				3.8	0.6	4.4
Net income	218			218		(0.3)	217.7
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
Balance at Mar. 31, 2019	2,641.2		428.1	2,438.8	(225.7)	19.7	2,660.9
Balance (in shares) at Mar. 31, 2019		83,651,509
Increase (decrease) in stockholders' equity
Equity compensation	4.6		4.6				4.6
Equity compensation (in shares)		11,662
Repurchases of common stock	(76.2)		(76.2)				(76.2)
Repurchases of common stock (in shares)		(1,706,866)
Dividends	(32.3)			(32.3)			(32.3)
Distributions to non-controlling interest						(0.3)	(0.3)
Foreign currency translation	(16.6)				(16.6)	0.1	(16.5)
Other	2				2	0.3	2.3
Net income	117.8			117.8		0.7	118.5
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
Balance at Dec. 31, 2019	2,793.4		320.4	2,675.8	(202.8)	18.2	2,811.6
Balance (in shares) at Dec. 31, 2019		81,084,751
Increase (decrease) in stockholders' equity
Equity compensation	10.1		10.1				10.1
Equity compensation (in shares)		278,446
Repurchases of common stock	(34.2)		(34.2)				(34.2)
Repurchases of common stock (in shares)		(1,023,288)
Dividends	(34.2)			(34.2)			(34.2)
Interest rate swaps	(4.1)				(4.1)		(4.1)
Foreign currency translation	(65.2)				(65.2)	(0.1)	(65.3)
Other	(2.7)				(2.7)	0.1	(2.6)
Net income	96.8			96.8		(0.5)	96.3
Balance at Jun. 30, 2020	2,759.9		296.3	2,738.4	(274.8)	17.7	2,777.6
Balance (in shares) at Jun. 30, 2020		80,339,909
Balance at Mar. 31, 2020	2,689.7		295.9	2,693.3	(299.5)	17.8	2,707.5
Balance (in shares) at Mar. 31, 2020		80,463,278
Increase (decrease) in stockholders' equity
Equity compensation	5.2		5.2				5.2
Equity compensation (in shares)		9,724
Repurchases of common stock	(4.8)		(4.8)				(4.8)
Repurchases of common stock (in shares)		(133,093)
Interest rate swaps	(4.1)				(4.1)		(4.1)
Foreign currency translation	27.5				27.5	0.1	27.6
Other	1.3				1.3	0.1	1.4
Net income	45.1			45.1		(0.3)	44.8
Balance at Jun. 30, 2020	$ 2,759.9		$ 296.3	$ 2,738.4	$ (274.8)	$ 17.7	$ 2,777.6
Balance (in shares) at Jun. 30, 2020		80,339,909

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2020
Interim Financial Statements.
Interim Financial Statements	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. ​ COVID-19 Disclosure ​ Overview ​ In response to shelter-in-place orders resulting from the COVID-19 pandemic, many of our automotive and commercial vehicle showrooms were closed (though all have since reopened). In permissible jurisdictions, however, we continued limited sales activity by appointment or through our e-commerce channels. Virtually all of our service, parts, and collision center departments remained open during the crisis, and curbside or home delivery offerings supplemented our traditional service offerings. We modified certain business practices to conform to government restrictions and best practices encouraged by government and regulatory authorities. In all of our locations, we implemented enhanced cleaning procedures, enforced social distancing guidelines, and took other precautions to maintain the health and safety of our employees and customers. We continue to experience interim business closures at some of our facilities in response to a customer or employee reporting a positive test result for COVID-19. When we become aware of such result, we notify appropriate personnel and deep clean our facility, which may include closure of that facility. We also are experiencing increased costs for providing the appropriate level of safety equipment for our facilities and employees, as well as increased costs for daily and enhanced deep cleaning when appropriate. ​ Across the company, we implemented a hiring freeze and expense reductions, and postponed an estimated $150 million in capital expenditures. We also furloughed over 15,000 employees in February and March in various countries. As of July 1, 2020, we have brought back employees to work according to business levels and approximately 14% of our workforce remained furloughed. We have also reduced our workforce by approximately 2,000 employees. Our remaining employees have been working reduced hours or have taken pay cuts, including a temporary 100% reduction in salary for the CEO and President, a 25% reduction in salary for our other executive officers (reduced to 12.5% beginning July 1, 2020), and the Board of Directors has waived cash compensation through September 30, 2020. ​ Most of our manufacturer partners began suspending production beginning in late March while many started to reopen beginning in late May. Our inventory levels have allowed us to continue to do business with the slowdown in sales driven by the pandemic; however, we are experiencing limited inventory of certain models. Our manufacturer partners began providing us with additional incentive support in March. In addition, our manufacturer and lending partners are providing support to retail customers such as increased incentives, payment deferrals, as well as 0% financing on certain vehicles and term lengths. ​ United States Commercial truck dealership sales and service operations remained open in most locations around the U.S. and Canada providing essential services to our customers. We have continued to experience steady demand for new and used truck sales and service and parts throughout 2020. For the three months ended June 30, 2020, the North American Class 8 retail sales market declined 51.1% while our new same-store unit sales declined 52.2% during the same period while same-store revenue declined 40.2%. However, in total, which includes the acquisition of Warner Trucks we completed in the third quarter of 2019, total units retailed decreased 8.2%, and revenue decreased 6.5% to $399.2 million. Penske Transportation Solutions ownership interest in Penske Transportation Solutions ("PTS"). As an integral part of the North American supply chain, PTS has been generally classified as essential by governmental authorities. This has allowed PTS to remain operating in much of its business, providing crucial supply chain and transportation services to its customers. While its full-service leasing and contract maintenance businesses remained consistent, commercial rental utilization slowed during April and May but began to increase in June with the expirations of the shelter-in-place orders. PTS experienced mixed results in the logistics services business as increased volume in the grocery sector was offset by plant closings in automotive and manufacturing but have returned to normal operations. In response, PTS implemented, among other items, approximately United Kingdom ​ Australia Government Assistance ​ Liquidity Risks and Uncertainties ​ We believe that business disruption relating to the COVID-19 pandemic will continue to negatively impact the global economy and may materially affect our businesses as outlined above, or in other manners, all of which would adversely impact our business and results of operations. ​ Retail Automotive Dealership. ​ We also operate sixteen 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 retail locations operating in the Philadelphia and Pittsburgh, Pennsylvania market areas. Our CarShop operations in the U.K. consist of ten retail locations and a vehicle preparation center. We expect to open 3 to 4 additional used vehicle supercenters by the end of calendar year 2021. ​ During the six months ended June 30, 2020, we disposed of four retail automotive franchises in the U.K. and made no acquisitions. ​ Retail Commercial Truck Dealership. ​ Penske Australia Transmission, MTU Onsite Energy, and Rolls Royce Power Systems. This business, known as Penske Australia, offers products across the on- and off-highway markets, including in the construction, mining, marine, and defense sectors, and supports full parts and aftersales service through a network of branches, field locations and dealers across the region. ​ Penske Transportation Solutions. ​ 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 June 30, 2020 and December 31, 2019 and for the three and six month periods ended June 30, 2020 and 2019 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, 2019, 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, forward exchange contracts and interest rate swaps 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 299.9 ​ $ 299.8 ​ $ 299.2 ​ $ 302.6 ​ 5.75% senior subordinated notes due 2022 ​ ​ 548.1 ​ ​ 549.2 ​ ​ 547.6 ​ ​ 556.7 ​ 5.375% senior subordinated notes due 2024 ​ ​ 298.3 ​ ​ 299.8 ​ ​ 298.0 ​ ​ 306.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 496.1 ​ ​ 496.3 ​ ​ 495.7 ​ ​ 521.7 ​ Mortgage facilities ​ 417.0 ​ 438.9 ​ 423.2 ​ 430.9 ​ ​ Assets Held for Sale and Discontinued Operations ​ We had no entities newly classified as held for sale during the six months ended June 30, 2020 or 2019 that met the criteria to be classified as discontinued operations. ​ Disposals ​ During the six months ended June 30, 2020, we disposed of four retail automotive franchises. The results of operations for these businesses are included within continuing operations for the three and six months ended June 30, 2020 and 2019, 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. ​ On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, includes various income and payroll tax provisions, modifications to federal net operating loss rules, business interest deduction limitations, and bonus depreciation eligibility for qualified improvement property. Although we are currently evaluating the full impact of these provisions and recent IRS guidance, we expect to be positively impacted by the five-year carryback of net operating losses and payroll tax deferral provision, in addition to receiving benefits from the employee retention tax credit. ​ Recent Accounting Pronouncements ​ 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 adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our consolidated financial position, results of operations, and cash flows. ​ 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 were permitted to early adopt any eliminated or amended disclosures and delay adoption of the additional disclosure requirements until the effective date. We adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our on our consolidated financial statements and disclosures. ​ 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 adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our consolidated financial position, results of operations, and cash flows. ​ Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, but do not expect a significant impact on our consolidated financial position, results of operations, and cash flows. ​ Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities ​ In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S- X. The amended rules narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those statements. The amended rules allow the registrants, among other things, to disclose summarized financial information of the issuer and guarantors on a combined basis and to present only the most recently completed fiscal year and subsequent year-to-date interim period. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company early adopted the rule in the first quarter of 2020.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2020
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, ​ Retail Automotive and Retail Commercial Truck Dealership Revenue Recognition Dealership Vehicle Sales. We record revenue for vehicle sales at a point in time when vehicles are delivered, which is when the transfer of title, risks and rewards of ownership and control are considered passed to the customer. The amount of consideration we receive for vehicle sales is stated within the executed contract with our customer and is reduced by any noncash consideration representing the fair value of trade-in vehicles, if applicable. Payment is typically due and collected within 30 days subsequent to transfer of control of the vehicle. ​ Dealership Parts and Service Sales. We record revenue for vehicle service and collision work over time as work is completed, and when parts are delivered to our customers. For service and parts revenues recorded over time, we utilize a method that considers total costs incurred to date and the applicable margin in relation to total expected efforts to complete our performance obligation in order to determine the appropriate amount of revenue to recognize over time. Recognition of this revenue over time reflects the amount of consideration we expect to be entitled to for the transfer of goods and services performed to date, representative of the amount for which we have a right to payment. The amount of consideration we receive for parts and service sales, including collision repair work, 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 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 the completion of services for the customer. We allow for customer returns of parts sales up to 30 days after the sale; however, parts returns are not material. Dealership Finance and Insurance Sales. Subsequent to the sale of a vehicle to a customer, we sell installment sale contracts to various financial institutions on a non-recourse basis (with specified exceptions) to mitigate the risk of default. We receive a commission from the lender equal to either the difference between the interest rate charged to the customer and the interest rate set by the financing institution or a flat fee. We also receive commissions for facilitating the sale of various products to customers, including guaranteed vehicle protection insurance, vehicle theft protection and extended service contracts. These commissions are recorded as revenue at a point in time when the customer enters into the contract. Payment is typically due and collected within 30 days subsequent to the execution of the contract with the customer. In the case of finance contracts, a customer may prepay or fail to pay their contract, thereby terminating the contract. Customers may also terminate extended service contracts and other insurance products, which are fully paid at purchase, and become eligible for refunds of unused premiums. In these circumstances, a portion of the commissions we received may be charged back based on the terms of the contracts. The revenue we record relating to these transactions is net of an estimate of the amount of chargebacks we will be required to pay. Our estimate is based upon our historical experience with similar contracts, including the impact of refinance and default rates on retail finance contracts and cancellation rates on extended service contracts and other insurance products. Aggregate reserves relating to chargeback activity were $27.4 million and $26.6 million as of June 30, 2020 and December 31, 2019, respectively. ​ Commercial Vehicle Distribution and Other Revenue Recognition Penske 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 subsequent to transfer of control or invoice. We record revenue from the distribution of engines and other products at a point in time when delivered, which is when the transfer of title, risks and rewards of ownership and control are considered passed to the customer. We record revenue for service or repair work 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 $51.0 million and $100.9 million for the three and six months ended June 30, 2020 and $69.0 million and $134.4 million for three and six months ended June 30, 2019, respectively, for Penske Australia. Retail Automotive Dealership The following tables disaggregate our retail automotive reportable segment revenue by product type and geographic location for the three and six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Automotive Dealership Revenue 2020 2019 2020 2019 New vehicle ​ $ 1,384.7 ​ $ 2,310.4 ​ $ 3,249.2 ​ $ 4,541.6 ​ Used vehicle ​ ​ 1,166.0 ​ ​ 1,852.7 ​ ​ 2,785.6 ​ ​ 3,704.7 ​ Finance and insurance, net ​ ​ 97.1 ​ ​ 165.5 ​ ​ 241.5 ​ ​ 325.5 ​ Service and parts ​ ​ 345.2 ​ ​ 550.7 ​ ​ 858.5 ​ ​ 1,110.5 ​ Fleet and wholesale ​ ​ 160.5 ​ ​ 317.0 ​ ​ 435.3 ​ ​ 605.2 ​ Total retail automotive dealership revenue ​ $ 3,153.5 ​ $ 5,196.3 ​ $ 7,570.1 ​ $ 10,287.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Automotive Dealership Revenue 2020 2019 2020 2019 ​ U.S. ​ $ 2,053.8 ​ $ 2,905.9 ​ $ 4,507.7 ​ $ 5,628.6 ​ U.K. ​ ​ 837.8 ​ ​ 1,928.2 ​ ​ 2,503.2 ​ ​ 3,968.1 ​ Germany and Italy ​ ​ 261.9 ​ ​ 362.2 ​ ​ 559.2 ​ ​ 690.8 ​ Total retail automotive dealership revenue ​ $ 3,153.5 ​ $ 5,196.3 ​ $ 7,570.1 ​ $ 10,287.5 ​ ​ Retail Commercial Truck Dealership The following table disaggregates our retail commercial truck reportable segment revenue by product type for the three and six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Commercial Truck Dealership Revenue 2020 2019 2020 2019 New truck ​ $ 235.5 ​ $ 296.0 ​ $ 553.8 ​ $ 503.4 ​ Used truck ​ ​ 36.9 ​ ​ 27.6 ​ ​ 71.5 ​ ​ 51.7 ​ Finance and insurance, net ​ ​ 3.2 ​ ​ 2.9 ​ ​ 6.4 ​ ​ 5.9 ​ Service and parts ​ ​ 111.6 ​ ​ 94.6 ​ ​ 236.0 ​ ​ 186.1 ​ Other ​ ​ 12.0 ​ ​ 5.7 ​ ​ 22.9 ​ ​ 12.0 ​ Total retail commercial truck dealership revenue ​ $ 399.2 ​ $ 426.8 ​ $ 890.6 ​ $ 759.1 ​ ​ Commercial Vehicle Distribution and Other The following table disaggregates our other reportable segment revenue by business for the three and six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Commercial Vehicle Distribution and Other 2020 2019 2020 2019 ​ Commercial Vehicle Distribution ​ $ 98.4 ​ $ 132.7 ​ $ 199.5 ​ $ 273.6 ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total commercial vehicle distribution and other revenue ​ $ 98.4 ​ $ 132.7 ​ $ 199.5 ​ $ 273.6 ​ ​ Contract Balances The following table summarizes our accounts receivable and unearned revenues as of June 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 Accounts receivable ​ ​ ​ ​ ​ ​ ​ Contracts in transit ​ $ 263.5 ​ $ 291.1 ​ Vehicle receivables ​ 220.6 ​ 249.8 ​ Manufacturer receivables ​ ​ 135.9 ​ ​ 244.6 ​ Trade receivables ​ 129.0 ​ 164.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses ​ ​ ​ ​ ​ ​ ​ Unearned revenues ​ $ 257.8 ​ $ 262.9 ​ ​ 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. ​ 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, 2019, $180.4 million was recognized as revenue during the six months ended June 30, 2020. ​ 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.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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 of our lease liabilities and right-of-use assets. We also have equipment leases that primarily relate to office and computer equipment, service and shop equipment, company 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 $5.3 billion as of June 30, 2020. 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 was $6.5 million and $12.9 million for the three and six months ended June 30, 2020 and $5.7 million and $11.1 million for the three and six months ended June 30, 2019, 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. We had no proceeds from sale-leaseback transactions during the six months ended June 30, 2020 compared to $7.3 million during the six months June 30, 2019. We do not have any material leases that have not yet commenced as of June 30, 2020. ​ The following table summarizes our net operating lease cost during the three and six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 2019 2020 2019 Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 60.5 ​ $ 60.5 ​ $ 120.5 ​ $ 124.0 Sublease income ​ ​ (6.5) ​ ​ (5.7) ​ ​ (12.9) ​ ​ (11.1) Total lease cost ​ $ 54.0 ​ $ 54.8 ​ $ 107.6 ​ $ 112.9 (1) Includes short-term leases and variable lease costs, which are immaterial. ​ The following table summarizes supplemental cash flow information related to our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Six Months Ended ​ June 30, 2020 ​ June 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 ​ ​ 114.3 ​ ​ 118.3 Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 2.6 ​ ​ 2.3 ​ Supplemental balance sheet information related to the weighted average remaining lease term and discount rate of our leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 25 years ​ ​ 25 years Weighted-average discount rate - operating leases ​ ​ 6.6% ​ ​ 6.6% ​ 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 June 30, 2020: ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ June 30, 2020 2020 ​ $ 123.3 2021 ​ 233.8 2022 ​ 229.5 2023 ​ 221.6 2024 ​ ​ 215.2 2025 ​ ​ 213.0 2026 and thereafter ​ 4,044.5 Total future minimum lease payments ​ $ 5,280.9 Less: Imputed interest ​ ​ (2,941.6) Present value of future minimum lease payments ​ $ 2,339.3 ​ ​ ​ ​ Current operating lease liabilities (2) ​ $ 86.7 Long-term operating lease liabilities ​ ​ 2,252.6 Total operating lease liabilities ​ $ 2,339.3 (1) Excludes the six months ended June 30, 2020. (2) Included within “Accrued expenses and other current liabilities” on Consolidated Condensed Balance Sheet as of June 30, 2020.

Significant Equity Method Inves

Significant Equity Method Investees	6 Months Ended
	Jun. 30, 2020
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. Penske Transportation Solutions (“PTS”) is the universal brand name for PTL’s various business lines. Our investment in PTS is accounted for using the equity method of accounting. PTS equity earnings represent a significant portion of our consolidated pre-tax income. We recorded $43.5 million and $63.8 million during the six months ended June 30, 2020 and 2019, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from PTS investment. ​ Unaudited summarized income statement information for PTS for the six months ended June 30, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 2019 ​ Revenues ​ $ 4,227 ​ $ 4,390 ​ Gross profit ​ 858 ​ 896 ​ Income from continuing operations ​ ​ 151 ​ 221 ​ Net income ​ 151 ​ 221 ​ ​

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventories
Inventories	5. Inventories ​ Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2020 ​ 2019 Retail automotive dealership new vehicles ​ $ 1,938.7 ​ $ 2,346.2 ​ Retail automotive dealership used vehicles ​ 815.4 ​ 1,080.8 ​ Retail automotive parts, accessories and other ​ ​ 117.4 ​ ​ 141.5 ​ Retail commercial truck dealership vehicles and parts ​ 339.4 ​ 465.2 ​ Commercial vehicle distribution vehicles, parts and engines ​ ​ 215.0 ​ ​ 227.0 ​ Total inventories ​ $ 3,425.9 ​ $ 4,260.7 ​ ​ We receive credits from certain vehicle manufacturers that reduce cost of sales when the vehicles are sold. Such credits amounted to $12.7 million and $12.8 million during the three months ended June 30, 2020 and 2019, respectively, and $24.2 million and $24.9 million during the six months ended June 30, 2020 and 2019, respectively.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2020
Business Combinations
Business Combinations	6. Business Combinations ​ During the six months ended June 30, 2020, we made no acquisitions. During the six months ended June 30, 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand. Our financial statements include the results of operations of the acquired entity 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 six months ended June 30, 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2019 Accounts receivable ​ $ — ​ Inventories ​ ​ 0.5 ​ Other current assets ​ — ​ Property and equipment ​ 0.2 ​ Indefinite-lived intangibles ​ 0.4 ​ Other noncurrent assets ​ ​ 0.1 ​ Current liabilities ​ (0.1) ​ Noncurrent liabilities ​ — ​ Total cash used in acquisitions ​ $ 1.1 ​ ​ The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2019, give effect to acquisitions consummated during 2019 as if they had occurred effective at the beginning of the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2019 ​ June 30, 2019 ​ Revenues ​ $ 6,036.2 $ 11,880.9 Income from continuing operations ​ 122.5 ​ 226.6 ​ Net income ​ 122.6 ​ 226.8 ​ Income from continuing operations per diluted common share ​ $ 1.48 ​ $ 2.71 ​ Net income per diluted common share ​ $ 1.48 ​ $ 2.71 ​ ​

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Indefinite- ​ ​ ​ ​ ​ Lived Intangible ​ ​ ​ Goodwill ​ Assets ​ Balance, January 1, 2020 ​ $ 1,911.0 ​ $ 552.2 ​ Additions ​ — ​ — ​ Disposals ​ ​ (2.0) ​ — ​ Impairment ​ — ​ (1.2) ​ Foreign currency translation ​ (30.9) ​ (5.4) ​ Balance, June 30, 2020 ​ $ 1,878.1 ​ $ 545.6 ​ ​ The disposals during the six months ended June 30, 2020 were within our Retail Automotive reportable segment. We sold four retail automotive franchises. As of June 30, 2020, the goodwill balance within our Retail Automotive, Retail Commercial Truck, and Other reportable segments was $1,493.8 million, $308.4 million and $75.9 million, respectively.

Vehicle Financing

Vehicle Financing	6 Months Ended
	Jun. 30, 2020
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. During the three and six months ended June 30, 2020, we received interest payment deferrals from certain lenders related to COVID-19 relief. 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 1.6% for the six months ended June 30, 2020 and 2.3% for the six months ended June 30, 2019. 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	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ Weighted average number of common shares outstanding 80,421,478 82,872,330 ​ 80,731,889 83,625,142 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 80,461,478 82,912,330 ​ 80,771,889 83,665,142 ​

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Long-Term Debt	10. Long-Term Debt ​ Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2020 ​ 2019 U.S. credit agreement — revolving credit line ​ $ — ​ $ 45.0 ​ U.K. credit agreement — revolving credit line ​ — ​ 165.8 ​ U.K. credit agreement — overdraft line of credit ​ — ​ — ​ 3.75% senior subordinated notes due August 15, 2020 ​ ​ 299.9 ​ ​ 299.2 ​ 5.75% senior subordinated notes due 2022 ​ 548.1 ​ 547.6 ​ 5.375% senior subordinated notes due 2024 ​ ​ 298.3 ​ ​ 298.0 ​ 5.50% senior subordinated notes due 2026 ​ ​ 496.1 ​ ​ 495.7 ​ Australia capital loan agreement ​ ​ 30.5 ​ ​ 31.7 ​ Australia working capital loan agreement ​ ​ — ​ ​ — ​ Mortgage facilities ​ 417.0 ​ 423.2 ​ Other ​ 47.5 ​ 54.1 ​ Total long-term debt ​ 2,137.4 ​ 2,360.3 ​ Less: current portion ​ (83.3) ​ (103.3) ​ Net long-term debt ​ $ 2,054.1 ​ $ 2,257.0 ​ ​ U.S. Credit Agreement ​ On July 6, 2020, we amended our US. credit agreement (the “US. credit agreement”) with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation to provide for an additional $100 million of borrowing capacity effective August 1, 2020. The US. credit agreement, as amended August 1, will provide for up to $800.0 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 acquisitions, and up to $50 million of letters of credit. The US. credit agreement provides for a maximum of $150.0 million of borrowings for foreign acquisitions and expires on September 30, 2022. The interest rate on revolving loans is LIBOR plus 1.75% , subject to an incremental 1.25% for uncollateralized borrowings in excess of a defined borrowing base. In April of 2020, the lenders consented to a deferral of interest under the US. Credit Agreement for the months of April, May and June, until December 2020. ​ 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 June 30, 2020, we had no outstanding revolver borrowings 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, plus an additional £52.0 million of demand overdraft lines of credit, £40.0 million of which is only available on demand from March 20th to April 30th and September 20th to October 31st each year (relating to the peak sales periods in the U.K.), (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 June 30, 2020, we had no outstanding revolver borrowings under the U.K. credit agreement. ​ 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 from our U.S. Credit Agreement. ​ Optional redemption. indenture, plus any accrued and unpaid interest. Prior to May 15, 2021, we may redeem the 5.50% Notes at a redemption price equal to 100% of the principal amount of the 5.50% Notes, plus an applicable make whole premium, and any accrued and unpaid interest. On or after May 15, 2021, we may redeem the 5.50% Notes for cash at the redemption prices noted in the indenture, plus any accrued and unpaid interest. ​ Australia Loan Agreements ​ Penske Australia is 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 June 30, 2020, we had AU $44.2 million ( $30.5 million) outstanding under the capital loan agreement and had 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. During the three and six months ended June 30, 2020, we received principal and interest payment deferrals from certain lenders related to COVID-19 relief. As of June 30, 2020, we owed $417.0 million of principal under our mortgage facilities.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2020
Derivatives and Hedging
Derivatives and Hedging	11. Derivatives and Hedging ​ Penske Australia sells vehicles, engines, parts and other products purchased from manufacturers in the U.S., Germany, and the U.K. In order to protect against exchange rate movements, Penske Australia enters into foreign exchange forward contracts against anticipated cash flows. The contracts are timed to mature when major shipments are scheduled to arrive in Australia and when receipt of payment from customers is expected. We classify our foreign exchange forward contracts as cash flow hedges and state them at fair value. We used Level 2 inputs to estimate the fair value of the foreign exchange forward contracts. The fair value of the contracts designated as hedging instruments was estimated to be a liability of $0.4 million and $0.1 million as of June 30, 2020 and December 31, 2019, respectively. ​ The Company periodically uses interest rate swaps to manage interest rate risk associated with the Company’s variable rate floor plan debt. In April 2020, we entered into a new five-year interest rate swap agreement pursuant to which the LIBOR portion of $300.0 million of our U.S. floating rate floor plan debt is fixed at 0.5875% . This arrangement is in effect through April 2025. We may terminate this arrangement at any time, subject to the settlement at that time of the fair value of the swap arrangement. ​ The interest rate swap is designated as a cash flow hedge and the related gain or loss is deferred in stockholders’ equity as a component of Accumulated Other Comprehensive Income (Loss). Monthly contractual settlements of the position are recognized as Floorplan interest expense, net, in the Condensed Consolidated Statements of Operations. We had no gain or loss related to ineffectiveness recognized in the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2020. We use Level 2 inputs to estimate the fair value of the interest rate swap agreement. As of June 30, 2020, the fair value of the swap designated as hedging instruments was estimated to be a net liability of $ .

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2020
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	12. 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 June 30, 2020, 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 $49.0 million of letters of credit outstanding as of June 30, 2020, and have posted $21.7 million of surety bonds in the ordinary course of business.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity
Equity	13. Equity ​ During the six months ended June 30, 2020, we repurchased 890,195 shares of our outstanding common stock for $29.4 million, or an average of $33.06 per share, under our securities repurchase program approved by our Board of Directors. While we did not repurchase any common stock under this program during the second quarter of 2020, we acquired 133,093 shares of our common stock for $4.8 million, or an average of $35.99 per share, from employees in connection with a net share settlement feature of employee equity awards. As of June 30, 2020, our remaining authorization under our securities repurchase program was $170.6 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss).
Accumulated Other Comprehensive Income/(Loss)	​ 14. 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 six months ended June 30, 2020 and 2019, respectively, attributable to Penske Automotive Group common stockholders follows: ​ Three Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at March 31, 2020 ​ $ (278.8) ​ $ — ​ $ (20.7) ​ $ (299.5) ​ Other comprehensive income before reclassifications ​ 27.5 ​ (4.1) ​ 1.3 ​ 24.7 ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ 27.5 ​ (4.1) ​ 1.3 ​ 24.7 ​ Balance at June 30, 2020 ​ $ (251.3) ​ $ (4.1) ​ $ (19.4) ​ $ (274.8) ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at March 31, 2019 ​ $ (201.3) ​ $ — ​ $ (24.4) ​ $ (225.7) ​ Other comprehensive income before reclassifications ​ (16.6) ​ — ​ 2.0 ​ (14.6) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (16.6) ​ — ​ 2.0 ​ (14.6) ​ Balance at June 30, 2019 ​ $ (217.9) ​ $ — ​ $ (22.4) ​ $ (240.3) ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at December 31, 2019 ​ $ (186.1) ​ $ — ​ $ (16.7) ​ $ (202.8) ​ Other comprehensive income before reclassifications ​ (65.2) ​ (4.1) ​ (2.7) ​ (72.0) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (65.2) ​ (4.1) ​ (2.7) ​ (72.0) ​ Balance at June 30, 2020 ​ $ (251.3) ​ $ (4.1) ​ $ (19.4) ​ $ (274.8) ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at December 31, 2018 ​ $ (208.3) ​ $ — ​ $ (26.2) ​ $ (234.5) ​ Other comprehensive income before reclassifications ​ (9.6) ​ — ​ 3.8 ​ (5.8) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (9.6) ​ — ​ 3.8 ​ (5.8) ​ Balance at June 30, 2019 ​ $ (217.9) ​ $ — ​ $ (22.4) ​ $ (240.3) ​ ​

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Information
Segment Information	​ 15. 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 six months ended June 30, 2020 and 2019 follows: ​ Three Months Ended June 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 3,153.5 ​ $ 399.2 ​ $ 98.4 ​ $ — ​ $ — ​ $ 3,651.1 ​ 2019 ​ 5,196.3 ​ ​ 426.8 ​ 132.7 ​ — ​ — ​ 5,755.8 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 11.8 ​ $ 14.6 ​ $ 4.9 ​ $ 29.9 ​ $ — ​ $ 61.2 ​ 2019 ​ 98.1 ​ ​ 18.9 ​ $ 4.9 ​ $ 38.0 ​ $ — ​ 159.9 ​ ​ ​ Six Months Ended June 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 7,570.1 ​ $ 890.6 ​ $ 199.5 ​ $ — ​ $ — ​ $ 8,660.2 ​ 2019 ​ 10,287.5 ​ ​ 759.1 ​ 273.6 ​ — ​ — ​ 11,320.2 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 53.1 ​ $ 28.3 ​ $ 7.8 ​ $ 43.5 ​ $ — ​ $ 132.7 ​ 2019 ​ 183.0 ​ ​ 34.8 ​ ​ 12.1 ​ ​ 63.8 ​ — ​ 293.7 ​ ​

Interim Financial Statements (P

Interim Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2020
Interim Financial Statements.
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 June 30, 2020 and December 31, 2019 and for the three and six month periods ended June 30, 2020 and 2019 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, 2019, 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, forward exchange contracts and interest rate swaps 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 299.9 ​ $ 299.8 ​ $ 299.2 ​ $ 302.6 ​ 5.75% senior subordinated notes due 2022 ​ ​ 548.1 ​ ​ 549.2 ​ ​ 547.6 ​ ​ 556.7 ​ 5.375% senior subordinated notes due 2024 ​ ​ 298.3 ​ ​ 299.8 ​ ​ 298.0 ​ ​ 306.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 496.1 ​ ​ 496.3 ​ ​ 495.7 ​ ​ 521.7 ​ Mortgage facilities ​ 417.0 ​ 438.9 ​ 423.2 ​ 430.9 ​
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 six months ended June 30, 2020 or 2019 that met the criteria to be classified as discontinued operations.
Disposals	Disposals ​ During the six months ended June 30, 2020, we disposed of four retail automotive franchises. The results of operations for these businesses are included within continuing operations for the three and six months ended June 30, 2020 and 2019, 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. ​ On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, includes various income and payroll tax provisions, modifications to federal net operating loss rules, business interest deduction limitations, and bonus depreciation eligibility for qualified improvement property. Although we are currently evaluating the full impact of these provisions and recent IRS guidance, we expect to be positively impacted by the five-year carryback of net operating losses and payroll tax deferral provision, in addition to receiving benefits from the employee retention tax credit. ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ 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 adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our consolidated financial position, results of operations, and cash flows. ​ 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 were permitted to early adopt any eliminated or amended disclosures and delay adoption of the additional disclosure requirements until the effective date. We adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our on our consolidated financial statements and disclosures. ​ 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 adopted this ASU on the effective date of January 1, 2020. The adoption of this accounting standard update has not had a material impact on our consolidated financial position, results of operations, and cash flows. ​ Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, but do not expect a significant impact on our consolidated financial position, results of operations, and cash flows. ​ Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities ​ In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S- X. The amended rules narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those statements. The amended rules allow the registrants, among other things, to disclose summarized financial information of the issuer and guarantors on a combined basis and to present only the most recently completed fiscal year and subsequent year-to-date interim period. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company early adopted the rule in the first quarter of 2020.

Interim Financial Statements (T

Interim Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2020
Interim Financial Statements.
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Carrying Value Fair Value Carrying Value Fair Value 3.75% senior subordinated notes due 2020 ​ $ 299.9 ​ $ 299.8 ​ $ 299.2 ​ $ 302.6 ​ 5.75% senior subordinated notes due 2022 ​ ​ 548.1 ​ ​ 549.2 ​ ​ 547.6 ​ ​ 556.7 ​ 5.375% senior subordinated notes due 2024 ​ ​ 298.3 ​ ​ 299.8 ​ ​ 298.0 ​ ​ 306.7 ​ 5.50% senior subordinated notes due 2026 ​ ​ 496.1 ​ ​ 496.3 ​ ​ 495.7 ​ ​ 521.7 ​ Mortgage facilities ​ 417.0 ​ 438.9 ​ 423.2 ​ 430.9 ​

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Revenues
Schedule of accounts receivable and unearned revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 Accounts receivable ​ ​ ​ ​ ​ ​ ​ Contracts in transit ​ $ 263.5 ​ $ 291.1 ​ Vehicle receivables ​ 220.6 ​ 249.8 ​ Manufacturer receivables ​ ​ 135.9 ​ ​ 244.6 ​ Trade receivables ​ 129.0 ​ 164.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses ​ ​ ​ ​ ​ ​ ​ Unearned revenues ​ $ 257.8 ​ $ 262.9 ​
Retail Automotive Dealership
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Automotive Dealership Revenue 2020 2019 2020 2019 New vehicle ​ $ 1,384.7 ​ $ 2,310.4 ​ $ 3,249.2 ​ $ 4,541.6 ​ Used vehicle ​ ​ 1,166.0 ​ ​ 1,852.7 ​ ​ 2,785.6 ​ ​ 3,704.7 ​ Finance and insurance, net ​ ​ 97.1 ​ ​ 165.5 ​ ​ 241.5 ​ ​ 325.5 ​ Service and parts ​ ​ 345.2 ​ ​ 550.7 ​ ​ 858.5 ​ ​ 1,110.5 ​ Fleet and wholesale ​ ​ 160.5 ​ ​ 317.0 ​ ​ 435.3 ​ ​ 605.2 ​ Total retail automotive dealership revenue ​ $ 3,153.5 ​ $ 5,196.3 ​ $ 7,570.1 ​ $ 10,287.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Automotive Dealership Revenue 2020 2019 2020 2019 ​ U.S. ​ $ 2,053.8 ​ $ 2,905.9 ​ $ 4,507.7 ​ $ 5,628.6 ​ U.K. ​ ​ 837.8 ​ ​ 1,928.2 ​ ​ 2,503.2 ​ ​ 3,968.1 ​ Germany and Italy ​ ​ 261.9 ​ ​ 362.2 ​ ​ 559.2 ​ ​ 690.8 ​ Total retail automotive dealership revenue ​ $ 3,153.5 ​ $ 5,196.3 ​ $ 7,570.1 ​ $ 10,287.5 ​
Retail Commercial Truck Dealership
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Retail Commercial Truck Dealership Revenue 2020 2019 2020 2019 New truck ​ $ 235.5 ​ $ 296.0 ​ $ 553.8 ​ $ 503.4 ​ Used truck ​ ​ 36.9 ​ ​ 27.6 ​ ​ 71.5 ​ ​ 51.7 ​ Finance and insurance, net ​ ​ 3.2 ​ ​ 2.9 ​ ​ 6.4 ​ ​ 5.9 ​ Service and parts ​ ​ 111.6 ​ ​ 94.6 ​ ​ 236.0 ​ ​ 186.1 ​ Other ​ ​ 12.0 ​ ​ 5.7 ​ ​ 22.9 ​ ​ 12.0 ​ Total retail commercial truck dealership revenue ​ $ 399.2 ​ $ 426.8 ​ $ 890.6 ​ $ 759.1 ​
Commercial Vehicle Distribution and Other
Revenues
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Commercial Vehicle Distribution and Other 2020 2019 2020 2019 ​ Commercial Vehicle Distribution ​ $ 98.4 ​ $ 132.7 ​ $ 199.5 ​ $ 273.6 ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total commercial vehicle distribution and other revenue ​ $ 98.4 ​ $ 132.7 ​ $ 199.5 ​ $ 273.6 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Summary of net operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 2019 2020 2019 Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 60.5 ​ $ 60.5 ​ $ 120.5 ​ $ 124.0 Sublease income ​ ​ (6.5) ​ ​ (5.7) ​ ​ (12.9) ​ ​ (11.1) Total lease cost ​ $ 54.0 ​ $ 54.8 ​ $ 107.6 ​ $ 112.9 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Six Months Ended ​ June 30, 2020 ​ June 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 ​ ​ 114.3 ​ ​ 118.3 Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 2.6 ​ ​ 2.3 ​ Supplemental balance sheet information related to the weighted average remaining lease term and discount rate of our leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 25 years ​ ​ 25 years Weighted-average discount rate - operating leases ​ ​ 6.6% ​ ​ 6.6%
Schedule of maturity of lease liabilities	​ ​ ​ ​ Maturity of Lease Liabilities ​ June 30, 2020 2020 ​ $ 123.3 2021 ​ 233.8 2022 ​ 229.5 2023 ​ 221.6 2024 ​ ​ 215.2 2025 ​ ​ 213.0 2026 and thereafter ​ 4,044.5 Total future minimum lease payments ​ $ 5,280.9 Less: Imputed interest ​ ​ (2,941.6) Present value of future minimum lease payments ​ $ 2,339.3 ​ ​ ​ ​ Current operating lease liabilities (2) ​ $ 86.7 Long-term operating lease liabilities ​ ​ 2,252.6 Total operating lease liabilities ​ $ 2,339.3 (1) Excludes the six months ended June 30, 2020. (2) Included within “Accrued expenses and other current liabilities” on Consolidated Condensed Balance Sheet as of June 30, 2020.

Significant Equity Method Inv_2

Significant Equity Method Investees (Tables)	6 Months Ended
	Jun. 30, 2020
PTL
Equity Method Investees
Equity method investment summarized income statement information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 2019 ​ Revenues ​ $ 4,227 ​ $ 4,390 ​ Gross profit ​ 858 ​ 896 ​ Income from continuing operations ​ ​ 151 ​ 221 ​ Net income ​ 151 ​ 221 ​

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventories
Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2020 ​ 2019 Retail automotive dealership new vehicles ​ $ 1,938.7 ​ $ 2,346.2 ​ Retail automotive dealership used vehicles ​ 815.4 ​ 1,080.8 ​ Retail automotive parts, accessories and other ​ ​ 117.4 ​ ​ 141.5 ​ Retail commercial truck dealership vehicles and parts ​ 339.4 ​ 465.2 ​ Commercial vehicle distribution vehicles, parts and engines ​ ​ 215.0 ​ ​ 227.0 ​ Total inventories ​ $ 3,425.9 ​ $ 4,260.7 ​

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2019 Accounts receivable ​ $ — ​ Inventories ​ ​ 0.5 ​ Other current assets ​ — ​ Property and equipment ​ 0.2 ​ Indefinite-lived intangibles ​ 0.4 ​ Other noncurrent assets ​ ​ 0.1 ​ Current liabilities ​ (0.1) ​ Noncurrent liabilities ​ — ​ Total cash used in acquisitions ​ $ 1.1 ​
Summary of unaudited consolidated pro forma results of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2019 ​ June 30, 2019 ​ Revenues ​ $ 6,036.2 $ 11,880.9 Income from continuing operations ​ 122.5 ​ 226.6 ​ Net income ​ 122.6 ​ 226.8 ​ Income from continuing operations per diluted common share ​ $ 1.48 ​ $ 2.71 ​ Net income per diluted common share ​ $ 1.48 ​ $ 2.71 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 ​ $ 1,911.0 ​ $ 552.2 ​ Additions ​ — ​ — ​ Disposals ​ ​ (2.0) ​ — ​ Impairment ​ — ​ (1.2) ​ Foreign currency translation ​ (30.9) ​ (5.4) ​ Balance, June 30, 2020 ​ $ 1,878.1 ​ $ 545.6 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share
Reconciliation of number of shares used in calculation of basic and diluted earning per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ Weighted average number of common shares outstanding 80,421,478 82,872,330 ​ 80,731,889 83,625,142 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 80,461,478 82,912,330 ​ 80,771,889 83,665,142

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Long Term Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2020 ​ 2019 U.S. credit agreement — revolving credit line ​ $ — ​ $ 45.0 ​ U.K. credit agreement — revolving credit line ​ — ​ 165.8 ​ U.K. credit agreement — overdraft line of credit ​ — ​ — ​ 3.75% senior subordinated notes due August 15, 2020 ​ ​ 299.9 ​ ​ 299.2 ​ 5.75% senior subordinated notes due 2022 ​ 548.1 ​ 547.6 ​ 5.375% senior subordinated notes due 2024 ​ ​ 298.3 ​ ​ 298.0 ​ 5.50% senior subordinated notes due 2026 ​ ​ 496.1 ​ ​ 495.7 ​ Australia capital loan agreement ​ ​ 30.5 ​ ​ 31.7 ​ Australia working capital loan agreement ​ ​ — ​ ​ — ​ Mortgage facilities ​ 417.0 ​ 423.2 ​ Other ​ 47.5 ​ 54.1 ​ Total long-term debt ​ 2,137.4 ​ 2,360.3 ​ Less: current portion ​ (83.3) ​ (103.3) ​ Net long-term debt ​ $ 2,054.1 ​ $ 2,257.0 ​
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)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at March 31, 2020 ​ $ (278.8) ​ $ — ​ $ (20.7) ​ $ (299.5) ​ Other comprehensive income before reclassifications ​ 27.5 ​ (4.1) ​ 1.3 ​ 24.7 ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ 27.5 ​ (4.1) ​ 1.3 ​ 24.7 ​ Balance at June 30, 2020 ​ $ (251.3) ​ $ (4.1) ​ $ (19.4) ​ $ (274.8) ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at March 31, 2019 ​ $ (201.3) ​ $ — ​ $ (24.4) ​ $ (225.7) ​ Other comprehensive income before reclassifications ​ (16.6) ​ — ​ 2.0 ​ (14.6) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (16.6) ​ — ​ 2.0 ​ (14.6) ​ Balance at June 30, 2019 ​ $ (217.9) ​ $ — ​ $ (22.4) ​ $ (240.3) ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at December 31, 2019 ​ $ (186.1) ​ $ — ​ $ (16.7) ​ $ (202.8) ​ Other comprehensive income before reclassifications ​ (65.2) ​ (4.1) ​ (2.7) ​ (72.0) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (65.2) ​ (4.1) ​ (2.7) ​ (72.0) ​ Balance at June 30, 2020 ​ $ (251.3) ​ $ (4.1) ​ $ (19.4) ​ $ (274.8) ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Swaps ​ Other ​ Total Balance at December 31, 2018 ​ $ (208.3) ​ $ — ​ $ (26.2) ​ $ (234.5) ​ Other comprehensive income before reclassifications ​ (9.6) ​ — ​ 3.8 ​ (5.8) ​ Amounts reclassified from accumulated other comprehensive income — net of tax ​ — ​ — ​ — ​ — ​ Net current period other comprehensive income ​ (9.6) ​ — ​ 3.8 ​ (5.8) ​ Balance at June 30, 2019 ​ $ (217.9) ​ $ — ​ $ (22.4) ​ $ (240.3) ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information
Revenues and segment income by reportable segment	Three Months Ended June 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 3,153.5 ​ $ 399.2 ​ $ 98.4 ​ $ — ​ $ — ​ $ 3,651.1 ​ 2019 ​ 5,196.3 ​ ​ 426.8 ​ 132.7 ​ — ​ — ​ 5,755.8 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 11.8 ​ $ 14.6 ​ $ 4.9 ​ $ 29.9 ​ $ — ​ $ 61.2 ​ 2019 ​ 98.1 ​ ​ 18.9 ​ $ 4.9 ​ $ 38.0 ​ $ — ​ 159.9 ​ ​ ​ Six Months Ended June 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Retail Commercial ​ ​ ​ ​ Non-Automotive ​ Intersegment ​ ​ ​ ​ ​ Automotive ​ Truck Other ​ Investments ​ Elimination ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 7,570.1 ​ $ 890.6 ​ $ 199.5 ​ $ — ​ $ — ​ $ 8,660.2 ​ 2019 ​ 10,287.5 ​ ​ 759.1 ​ 273.6 ​ — ​ — ​ 11,320.2 ​ Segment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 53.1 ​ $ 28.3 ​ $ 7.8 ​ $ 43.5 ​ $ — ​ $ 132.7 ​ 2019 ​ 183.0 ​ ​ 34.8 ​ ​ 12.1 ​ ​ 63.8 ​ — ​ 293.7 ​

Interim Financial Statements -

Interim Financial Statements - COVID-19 Disclosure (Details) $ in Millions

Jul. 01, 2020employee

Mar. 24, 2020

Jun. 30, 2020USD ($)

May 31, 2020

Apr. 30, 2020

Mar. 31, 2020

Mar. 31, 2020employee

Jun. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Jun. 30, 2020USD ($)employeeitem

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Interim Financial Statements

Revenues

$ 3,651.1

$ 5,755.8

$ 8,660.2

$ 11,320.2

Cash

$ 159.3

$ 159.3

$ 43.8

$ 159.3

$ 43.8

$ 28.1

$ 39.4

PTL

Interim Financial Statements

Ownership interest in PTS (as a percent)

28.90%

3.75% senior subordinated notes due 2020

Interim Financial Statements

Interest rate (as a percent)

3.75%

3.75%

3.75%

3.75%

Principal amount

$ 300

$ 300

$ 300

Retail Automotive Dealership

Interim Financial Statements

Revenues

$ 20,600

COVID-19 Risk

Interim Financial Statements

Estimated capital expenditures postponed

$ 150

Temporary reduction in the salary for the CEO and President, percentage

100.00%

Temporary reduction in the salary for other executive officers, percentage

12.50%

25.00%

Incentive financing (as percent)

0.00%

Percentage of workforce that remains furloughed

14.00%

Reduction in number of employees | employee

2,000

Reduction to selling, general, and administrative expenses for the amount of government assistance received

55.9

COVID-19 Risk | PTL

Interim Financial Statements

Number of layoffs | item

7,000

Percentage reduction in executive management pay

30.00%

COVID-19 Risk | Minimum

Interim Financial Statements

Number of employees furloughed | employee

15,000

COVID-19 Risk | U.S and other

Interim Financial Statements

Government assistance

6.4

COVID-19 Risk | UK

Interim Financial Statements

Number of employees that remain furloughed | employee

1,950

Percentage of workforce that remains furloughed

20.00%

Government assistance

49.5

COVID-19 Risk | UK | Minimum

Interim Financial Statements

Percentage of employees furloughed

90.00%

COVID-19 Risk | Used supercenters | UK

Interim Financial Statements

Percentage decline in same store unit sales

6.00%

COVID-19 Risk | Retail Automotive Dealership | U.S.

Interim Financial Statements

Percentage decline in unit volume

9.00%

COVID-19 Risk | Retail Automotive Dealership | UK

Interim Financial Statements

Percentage increase in unit volume

9.00%

COVID-19 Risk | Retail Automotive Dealership | New and Used Vehicle

Interim Financial Statements

Percentage decline in same store unit sales

50.00%

71.00%

Percentage decline in revenue compared to the prior year

1.00%

COVID-19 Risk | Retail Automotive Dealership | New and Used Vehicle | U.S.

Interim Financial Statements

Percentage decline in revenue compared to the prior year

26.00%

50.00%

COVID-19 Risk | Retail Automotive Dealership | New and Used Vehicle | UK

Interim Financial Statements

Percentage decline in revenue compared to the prior year

85.00%

100.00%

COVID-19 Risk | Retail Automotive Dealership | Service and parts

Interim Financial Statements

Percentage decline in revenue compared to the prior year

3.00%

43.00%

60.00%

COVID-19 Risk | Retail Automotive Dealership | Service and parts | U.S.

Interim Financial Statements

Percentage decline in revenue compared to the prior year

5.00%

COVID-19 Risk | Retail Automotive Dealership | Service and parts | UK

Interim Financial Statements

Percentage decline in revenue compared to the prior year

1.00%

COVID-19 Risk | Retail Automotive Dealership | Used supercenters | U.S.

Interim Financial Statements

Percentage decline in same store unit sales

20.00%

COVID-19 Risk | Retail Commercial Truck Dealership

Interim Financial Statements

Revenues

$ 399.2

Percentage decline in unit volume

8.20%

Percentage decrease in revenue

6.50%

COVID-19 Risk | Retail Commercial Truck Dealership | North American Class 8 Retail

Interim Financial Statements

Percentage decline in business

51.10%

Percentage decline in same store business

40.20%

Percentage decline in same store unit sales

52.20%

Interim Financial Statements _2

Interim Financial Statements - Business Overview (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)itemlocation	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Interim Financial Statements
Total revenues | $	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
PTL
Interim Financial Statements
Ownership interest in Penske Truck Leasing Co (as a percent)			28.90%
Retail Automotive Dealership
Interim Financial Statements
Total revenues | $					$ 20,600
Total number of owned and operated franchises	317		317
Number of owned and operated franchises in US	145		145
Number of owned and operated franchises outside US	172		172
Minimum number of vehicles retailed and wholesaled			222,000
Minimum number of vehicle brands offered			35
Number of used vehicle supercenters operated in the U.S. and U.K.	16		16
Number of acquired franchises			0
Number of retail locations operated | location			6
Retail Automotive Dealership | Minimum
Interim Financial Statements
Number of used vehicle supercenters expected to open			3
Retail Automotive Dealership | Maximum
Interim Financial Statements
Number of used vehicle supercenters expected to open			4
Retail Commercial Truck Dealership | PTG
Interim Financial Statements
Number of operating locations | location			25
UK | Retail Automotive Dealership
Interim Financial Statements
Number of franchises disposed			4
Automotive dealership revenues | Geographic | U.S. and Puerto Rico | Retail Automotive Dealership
Interim Financial Statements
Automotive dealership revenue (as a percent)			60.00%
Automotive dealership revenues | Geographic | Outside the U.S. | Retail Automotive Dealership
Interim Financial Statements
Automotive dealership revenue (as a percent)			40.00%
CarShop | Retail Automotive Dealership
Interim Financial Statements
Number of retail locations operated | location			10
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%
Retail Automotive Dealership
Interim Financial Statements
Total revenues | $	$ 3,153.5	5,196.3	$ 7,570.1	10,287.5
Retail Automotive Dealership | UK
Interim Financial Statements
Total revenues | $	837.8	1,928.2	2,503.2	3,968.1
Retail Automotive Dealership | U.S.
Interim Financial Statements
Total revenues | $	2,053.8	2,905.9	$ 4,507.7	5,628.6
Retail Automotive Dealership | Automotive dealership revenues | Premium brands | Retail Automotive Dealership
Interim Financial Statements
Automotive dealership revenue (as a percent)			70.00%
Retail Commercial Truck Dealership
Interim Financial Statements
Total revenues | $	399.2	426.8	$ 890.6	759.1
Commercial Vehicle Distribution and Other
Interim Financial Statements
Total revenues | $	$ 98.4	$ 132.7	$ 199.5	$ 273.6

Interim Financial Statements _3

Interim Financial Statements - Fair Value, Assets Held For Sale, Discontinued Operations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)entityitem	Jun. 30, 2019entity	Dec. 31, 2019USD ($)
Fair Value of Financial Instruments
Debt instrument, Carrying Value	$ 2,137.4		$ 2,360.3
Assets Held for Sale and Discontinued Operations
Number of entities newly classified as held for sale | entity	0	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	$ 299.9		$ 299.2
Debt instrument, Fair Value	$ 299.8		$ 302.6
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	$ 548.1		$ 547.6
Debt instrument, Fair Value	$ 549.2		$ 556.7
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	$ 298.3		$ 298
Debt instrument, Fair Value	$ 299.8		$ 306.7
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	$ 496.1		$ 495.7
Debt instrument, Fair Value	496.3		521.7
Mortgage facilities
Fair Value of Financial Instruments
Debt instrument, Carrying Value	417		423.2
Debt instrument, Fair Value	$ 438.9		$ 430.9
Retail Automotive Franchise
Disposals
Number of franchises disposed | item	4

Revenues - Other Disclosures (D

Revenues - Other Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenues
Total revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Commercial Vehicle Distribution and Other
Revenues
Total revenues	98.4	132.7	$ 199.5	273.6
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
Finance and insurance, net | Retail Automotive and Retail Commercial Truck Dealership
Revenues
Payment period			30 days
Aggregate reserves relating to chargeback activity	27.4		$ 27.4		$ 26.6
Penske Australia | Commercial Vehicle Distribution and Other
Revenues
Payment period			30 days
Penske Australia | Service and parts | Commercial Vehicle Distribution and Other
Revenues
Total revenues	$ 51	$ 69	$ 100.9	$ 134.4

Revenues - Retail Automotive De

Revenues - Retail Automotive Dealership (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Retail Automotive Dealership
Revenues
Total revenues	3,153.5	5,196.3	7,570.1	10,287.5
Retail Automotive Dealership | U.S.
Revenues
Total revenues	2,053.8	2,905.9	4,507.7	5,628.6
Retail Automotive Dealership | UK
Revenues
Total revenues	837.8	1,928.2	2,503.2	3,968.1
Retail Automotive Dealership | Germany and Italy
Revenues
Total revenues	261.9	362.2	559.2	690.8
New vehicle | Retail Automotive Dealership
Revenues
Total revenues	1,384.7	2,310.4	3,249.2	4,541.6
Used vehicle | Retail Automotive Dealership
Revenues
Total revenues	1,166	1,852.7	2,785.6	3,704.7
Finance and insurance, net | Retail Automotive Dealership
Revenues
Total revenues	97.1	165.5	241.5	325.5
Service and parts | Retail Automotive Dealership
Revenues
Total revenues	345.2	550.7	858.5	1,110.5
Fleet and wholesale | Retail Automotive Dealership
Revenues
Total revenues	$ 160.5	$ 317	$ 435.3	$ 605.2

Revenues - Retail Commercial Tr

Revenues - Retail Commercial Truck Dealership (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Retail Commercial Truck Dealership
Revenues
Total revenues	399.2	426.8	890.6	759.1
New vehicle | Retail Commercial Truck Dealership
Revenues
Total revenues	235.5	296	553.8	503.4
Used vehicle | Retail Commercial Truck Dealership
Revenues
Total revenues	36.9	27.6	71.5	51.7
Finance and insurance, net | Retail Commercial Truck Dealership
Revenues
Total revenues	3.2	2.9	6.4	5.9
Service and parts | Retail Commercial Truck Dealership
Revenues
Total revenues	111.6	94.6	236	186.1
Other | Retail Commercial Truck Dealership
Revenues
Total revenues	$ 12	$ 5.7	$ 22.9	$ 12

Revenues - Commercial Vehicle D

Revenues - Commercial Vehicle Distribution and Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Commercial Vehicle Distribution and Other
Revenues
Total revenues	98.4	132.7	199.5	273.6
Commercial Vehicle Distribution and Other | Commercial Vehicles Australia
Revenues
Total revenues	$ 98.4	$ 132.7	$ 199.5	$ 273.6

Revenues - Contract Balances (D

Revenues - Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Contract Balances
Accounts receivable, net	$ 756.6	$ 960.3
Unearned revenues	257.8	262.9
Revenue recognized from unearned revenue	180.4
Contracts in transit
Contract Balances
Accounts receivable, net	263.5	291.1
Vehicle receivables
Contract Balances
Accounts receivable, net	220.6	249.8
Manufacturer receivables
Contract Balances
Accounts receivable, net	135.9	244.6
Trade receivables
Contract Balances
Accounts receivable, net	$ 129	$ 164.7

Leases - Other (Details)

Leases - Other (Details) £ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Leases
Total undiscounted rent obligations	$ 5,280.9			$ 5,280.9
Sublease rent received	$ 6.5	$ 5.7		$ 12.9	$ 11.1
Proceeds from sale-leaseback transactions			£ 0		$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease Cost
Operating lease cost	$ 60.5	$ 60.5	$ 120.5	$ 124
Sublease income	(6.5)	(5.7)	(12.9)	(11.1)
Total lease cost	$ 54	$ 54.8	$ 107.6	$ 112.9

Leases - Cash flow information,

Leases - Cash flow information, weighted average remaining term and discount rate (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
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	$ 114.3	118.3
Right-of-use assets obtained in exchange for operating lease liabilities	$ 2.6	$ 2.3
Weighted-average remaining lease term - operating leases	25 years		25 years
Weighted-average discount rate - operating leases	6.60%		6.60%

Leases - Maturity of lease liab

Leases - Maturity of lease liabilities (Details) $ in Millions	Jun. 30, 2020USD ($)
Maturity of Lease Liabilities
2020	$ 123.3
2021	233.8
2022	229.5
2023	221.6
2024	215.2
2025	213
2026 and thereafter	4,044.5
Total future minimum lease payments	5,280.9
Less: Imputed interest	(2,941.6)
Total operating lease liabilities	$ 2,339.3

Leases - Operating lease liabil

Leases - Operating lease liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases
Current operating lease liabilities	$ 86.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent
Long-term operating lease liabilities	$ 2,252.6	$ 2,301.2
Total operating lease liabilities	$ 2,339.3

Significant Equity Method Inv_3

Significant Equity Method Investees (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Significant Equity Method Investees
Equity in earnings of affiliates	$ 29.9	$ 39.5	$ 44.4	$ 66.3
PTL
Significant Equity Method Investees
Ownership percentage of equity method investment	28.90%		28.90%
Equity in earnings of affiliates			$ 43.5	63.8
Condensed income statement information
Revenues			4,227	4,390
Gross profit			858	896
Income from continuing operations			151	221
Net income			$ 151	$ 221

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Inventories
Retail automotive dealership new vehicles	$ 1,938.7		$ 1,938.7		$ 2,346.2
Retail automotive dealership used vehicles	815.4		815.4		1,080.8
Retail automotive parts, accessories and other	117.4		117.4		141.5
Retail commercial truck dealership vehicles and parts	339.4		339.4		465.2
Commercial vehicle distribution vehicles, parts and engines	215		215		227
Total inventories	3,425.9		3,425.9		$ 4,260.7
Interest credits and advertising assistance	$ 12.7	$ 12.8	$ 24.2	$ 24.9

Business Combinations - Activit

Business Combinations - Activity (Details) - item	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Commercial Vehicle Distribution
Business combinations
Number of dealerships acquired	0	1

Business Combinations - Conside

Business Combinations - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed
Inventories	$ 0.5
Property and equipment	0.2
Indefinite-lived intangibles	0.4
Other noncurrent assets	0.1
Current liabilities	(0.1)
Total cash used in acquisitions	$ 1.1

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Summary of unaudited consolidated pro forma results of operations
Revenues	$ 6,036.2	$ 11,880.9
Income from continuing operations	122.5	226.6
Net income	$ 122.6	$ 226.8
Income from continuing operations per diluted common share (in dollars per share)	$ 1.48	$ 2.71
Net income per diluted common share (in dollars per share)	$ 1.48	$ 2.71

Intangible Assets - Summary of

Intangible Assets - Summary of Changes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets
Goodwill, Beginning balance	$ 1,911
Goodwill, Disposals	(2)
Goodwill, Foreign currency translation	(30.9)
Goodwill, Ending balance	1,878.1
Other indefinite-lived intangible assets, Beginning Balance	552.2
Other indefinite-lived intangible assets, Impairment	(1.2)
Other indefinite-lived intangible assets, Foreign currency translation	(5.4)
Other indefinite-lived intangible assets, Ending Balance	$ 545.6

Intangible Assets - Activity (D

Intangible Assets - Activity (Details)	6 Months Ended
	Jun. 30, 2020item
Retail Automotive Dealership
Intangible assets
Number of franchises sold	4

Intangible Assets - Information

Intangible Assets - Information by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Intangible assets
Goodwill	$ 1,878.1	$ 1,911
Retail Automotive Dealership
Intangible assets
Goodwill	1,493.8
Retail Commercial Truck Dealership
Intangible assets
Goodwill	308.4
Other
Intangible assets
Goodwill	75.9
Non-Automotive Investments
Intangible assets
Goodwill	$ 0

Vehicle Financing (Details)

Vehicle Financing (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
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)	1.60%	2.30%

Earnings Per Share - (Details)

Earnings Per Share - (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reconciliation of number of shares used in calculation of basic and diluted earnings per share
Weighted average number of common shares outstanding	80,421,478	82,872,330	80,731,889	83,625,142
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	80,461,478	82,912,330	80,771,889	83,665,142

Long-Term Debt (Details)

Long-Term Debt (Details) £ in Millions, $ in Millions, $ in Millions	Aug. 01, 2020USD ($)	Jun. 30, 2020AUD ($)item	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Long Term Debt
Total long-term debt			$ 2,137.4		$ 2,360.3
Less: current portion			(83.3)		(103.3)
Net long-term debt			2,054.1		2,257
US Credit Agreement Revolving Credit Line
Long Term Debt
Total long-term debt					45
Increase in borrowing capacity	$ 100
Maximum credit available	800
Revolving loans solely for future U.S. acquisitions	250
Future borrowings available for foreign acquisitions	150
Maximum amount available for letters of credit	$ 50
Incremental interest rate for uncollateralized borrowings in excess of borrowing base (as a percent)	1.25%
Balance outstanding under credit agreement			0
US Credit Agreement Revolving Credit Line | LIBOR
Long Term Debt
Base rate of interest on loans	1.75%
UK Credit Agreement Revolving Credit Line
Long Term Debt
Total long-term debt					165.8
Maximum credit available | £				£ 150
Additional facility capacity under accordion feature | £				100
Balance outstanding under credit agreement			$ 0
UK Credit Agreement Revolving Credit Line | Minimum | LIBOR
Long Term Debt
Line of credit basis spread on variable rate (as a percent)		1.10%
UK Credit Agreement Revolving Credit Line | Maximum | LIBOR
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
Maximum credit available | £				52
Amount of demand overdraft lines of credit available during specified time periods each year | £				£ 40
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			$ 496.1		$ 495.7
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%
5.375% senior subordinated notes due 2024
Long Term Debt
Total long-term debt			$ 298.3		$ 298
Interest rate (as a percent)		5.375%	5.375%	5.375%	5.375%
Principal amount			$ 300
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			$ 548.1		$ 547.6
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			$ 299.9		$ 299.2
Interest rate (as a percent)		3.75%	3.75%	3.75%	3.75%
Principal amount			$ 300
Australia capital loan agreement
Long Term Debt
Total long-term debt			30.5		$ 31.7
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		$ 44.2	30.5
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
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
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			417		423.2
Balance outstanding under credit agreement			417
Other debt
Long Term Debt
Total long-term debt			$ 47.5		$ 54.1

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Millions	Apr. 01, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Forward foreign exchange contracts | Fair Value, Inputs, Level 2
Derivative
Estimated liability of contracts designated as hedging instruments, fair value		$ 0.4	$ 0.4	$ 0.1
Interest Rate Swap Agreements
Derivative
Gain (loss) on derivatives		0	0
Interest Rate Swap Agreements | Fair Value, Inputs, Level 2
Derivative
Fair value of the swaps designated as hedging instruments estimated net liability		$ 5.6	$ 5.6
Interest Rate Swap Agreements | Floating Rate Floor Plan Debt
Derivative
Derivative, term	5 years
Portion of floating rate floor plan debt fixed by swap agreements	$ 300
Interest rate swap, fixed (as a percent)	0.5875%

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) $ in Millions	Jun. 30, 2020USD ($)
Loss Contingencies
Letters of credit outstanding	$ 49
Surety bonds posted	$ 21.7

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Securities Repurchase Program
Repurchase of common stock	$ 4.8	$ 76.2	$ 34.2	$ 130.6
Securities Repurchase Program
Securities Repurchase Program
Repurchased shares			890,195
Repurchase of common stock			$ 29.4
Repurchased shares, average price (in dollars per share)			$ 33.06
Remaining amount authorized to be repurchased	$ 170.6		$ 170.6
Acquired Employee Equity Awards
Securities Repurchase Program
Repurchased shares	133,093
Repurchase of common stock	$ 4.8
Repurchased shares, average price (in dollars per share)	$ 35.99

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period			$ 2,793.4
Balance at the end of the period	$ 2,759.9		2,759.9
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(278.8)	$ (201.3)	(186.1)	$ (208.3)
Other comprehensive income before reclassifications	27.5	(16.6)	(65.2)	(9.6)
Net current period other comprehensive income	27.5	(16.6)	(65.2)	(9.6)
Balance at the end of the period	(251.3)	(217.9)	(251.3)	(217.9)
Interest Rate Swaps
Changes in accumulated other comprehensive income (loss) by component
Other comprehensive income before reclassifications	(4.1)		(4.1)
Net current period other comprehensive income	(4.1)		(4.1)
Balance at the end of the period	(4.1)		(4.1)
Other
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(20.7)	(24.4)	(16.7)	(26.2)
Other comprehensive income before reclassifications	1.3	2	(2.7)	3.8
Net current period other comprehensive income	1.3	2	(2.7)	3.8
Balance at the end of the period	(19.4)	(22.4)	(19.4)	(22.4)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(299.5)	(225.7)	(202.8)	(234.5)
Other comprehensive income before reclassifications	24.7	(14.6)	(72)	(5.8)
Net current period other comprehensive income	24.7	(14.6)	(72)	(5.8)
Balance at the end of the period	$ (274.8)	$ (240.3)	$ (274.8)	$ (240.3)

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)
Segment Reporting Information
Number of reportable segments | item			4
Number of operating segments | item			6
Revenues and segment income by reportable segment
Revenues	$ 3,651.1	$ 5,755.8	$ 8,660.2	$ 11,320.2
Segment income	61.2	159.9	$ 132.7	293.7
Operating segments
Segment Reporting Information
Number of reportable segments | item			1
Retail Automotive Dealership
Revenues and segment income by reportable segment
Revenues	3,153.5	5,196.3	$ 7,570.1	10,287.5
Retail Automotive Dealership | Operating segments
Revenues and segment income by reportable segment
Revenues	3,153.5	5,196.3	7,570.1	10,287.5
Segment income	11.8	98.1	53.1	183
Retail Commercial Truck Dealership
Revenues and segment income by reportable segment
Revenues	399.2	426.8	890.6	759.1
Retail Commercial Truck Dealership | Operating segments
Revenues and segment income by reportable segment
Revenues	399.2	426.8	890.6	759.1
Segment income	14.6	18.9	28.3	34.8
Other | Operating segments
Revenues and segment income by reportable segment
Revenues	98.4	132.7	199.5	273.6
Segment income	4.9	4.9	7.8	12.1
Non-Automotive Investments | Operating segments
Revenues and segment income by reportable segment
Segment income	$ 29.9	$ 38	$ 43.5	$ 63.8