Lithia Motors (LAD) 10-Q 24 Apr 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-14733
Entity Registrant Name	LITHIA MOTORS INC
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0572810
Entity Address, Address Line One	150 N. Bartlett Street
Entity Address, City or Town	Medford
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97501
City Area Code	541
Local Phone Number	776-6401
Title of 12(b) Security	Class A common stock without par value
Trading Symbol	LAD
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 Central Index Key	0001023128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		22,163,248
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		600,000

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 56.6	$ 84
Accounts receivable, net of allowance for doubtful accounts of $6.8 and $7.3	298.2	505
Inventories, net	2,512.8	2,433.7
Other current assets	58.2	47.8
Total Current Assets	2,925.8	3,070.5
Property and equipment, net of accumulated depreciation of $298.6 and $284.3	1,631.5	1,611.7
Operating lease right-of-use assets	244.6	251.9
Goodwill	457.7	454.6
Franchise value	306	306.7
Other non-current assets	448.5	388.5
Total Assets	6,014.1	6,083.9
Current Liabilities:
Floor plan notes payable	389.9	425.2
Floor plan notes payable: non-trade	1,595.9	1,642.4
Current maturities of long-term debt	45.8	39.3
Trade payables	108.9	125.3
Accrued liabilities	291	336.9
Total Current Liabilities	2,431.5	2,569.1
Long-term debt, less current maturities	1,489.8	1,430.6
Deferred revenue	140.6	137.9
Deferred income taxes	137.5	131.1
Non-current operating lease liabilities	231.3	238.5
Other long-term liabilities	126.9	109
Total Liabilities	4,557.6	4,616.2
Stockholders’ Equity:
Preferred stock - no par value; authorized 15.0 shares; none outstanding	0	0
Additional paid-in capital	26	46
Accumulated other comprehensive loss	(5.8)	(0.7)
Retained earnings	1,436.2	1,401.8
Total Stockholders’ Equity	1,456.5	1,467.7
Total Liabilities and Stockholders’ Equity	6,014.1	6,083.9
Class A common stock
Stockholders’ Equity:
Common stock - Class A and Class B	0	20.5
Class B common stock
Stockholders’ Equity:
Common stock - Class A and Class B	$ 0.1	$ 0.1

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 6.8	$ 7.3
Accumulated depreciation	$ 298.6	$ 284.3
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock A and B, par value (in dollars per share)	$ 0	$ 0
Common stock A and B, shares authorized (in shares)	100,000,000	100,000,000
Common stock A and B, shares issued (in shares)	22,200,000	22,600,000
Common stock A and B, shares outstanding (in shares)	22,200,000	22,600,000
Class B common stock
Common stock A and B, par value (in dollars per share)	$ 0	$ 0
Common stock A and B, shares authorized (in shares)	25,000,000	25,000,000
Common stock A and B, shares issued (in shares)	600,000	600,000
Common stock A and B, shares outstanding (in shares)	600,000	600,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 2,803.8	$ 2,849.7
Cost of sales:
Total cost of sales	2,342.9	2,399
Gross profit	460.9	450.7
Asset impairments	0	0.5
Selling, general and administrative	346	321.8
Depreciation and amortization	22	19.8
Operating income	92.9	108.6
Floor plan interest expense	(14)	(18.1)
Other interest expense, net	(17)	(15.3)
Other income, net	2.3	2.6
Income before income taxes	64.2	77.8
Income tax provision	(18)	(21.4)
Net income	$ 46.2	$ 56.4
Basic net income per share (in dollars per share)	$ 1.99	$ 2.43
Shares used in basic per share calculations (in shares)	23.3	23.2
Diluted net income per share (in dollars per share)	$ 1.97	$ 2.42
Shares used in diluted per share calculations (in shares)	23.5	23.2
Cash dividends paid per Class A and Class B share (in dollars per share)	$ 0.30	$ 0.29
New vehicle retail
Revenues:
Total revenues	$ 1,373.5	$ 1,461.1
Cost of sales:
Total cost of sales	1,295.3	1,375.2
Used vehicle retail
Revenues:
Total revenues	874.4	827.9
Cost of sales:
Total cost of sales	784.4	743.3
Used vehicle wholesale
Revenues:
Total revenues	66.7	77.4
Cost of sales:
Total cost of sales	66.1	76.5
Finance and insurance
Revenues:
Total revenues	121.9	117.5
Service, body and parts
Revenues:
Total revenues	329.9	317.4
Cost of sales:
Total cost of sales	161.8	157.9
Fleet and other
Revenues:
Total revenues	37.4	48.4
Cost of sales:
Total cost of sales	$ 35.3	$ 46.1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 46.2	$ 56.4
Other comprehensive loss, net of tax:
Loss on cash flow hedges, net of tax benefit of $1.8 and $0.0, respectively	(5.1)	0
Comprehensive income	$ 41.1	$ 56.4

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Loss on cash flow hedges, tax expense	$ (1.8)	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common StockClass A	Common StockClass B	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Dec. 31, 2018		22	1
Balance at Dec. 31, 2018	$ 1,197.2	$ 0	$ 0.1	$ 35	$ 0	$ 1,162.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56.4					56.4
Loss on cash flow hedges, net of tax benefit	0
Issuance of stock in connection with employee stock plans	2.3	$ 2.3
Issuance of restricted stock to employees (in shares)		0.1
Issuance of restricted stock to employees	0	$ 0
Repurchase of Class A common stock (in shares)		0
Repurchase of Class A common stock	(3.1)	$ (3.1)
Class B common stock converted to Class A common stock (in shares)		0.2	(0.2)
Class B common stock converted to Class A common stock	0
Compensation for stock and stock option issuances and excess tax benefits from option exercises	3.5	$ 10.5		(7)
Dividends paid	(6.7)					(6.7)
Balance (in shares) at Mar. 31, 2019		22.3	0.8
Balance at Mar. 31, 2019	1,250.5	$ 9.7	$ 0.1	28	0	1,212.7
Balance (in shares) at Dec. 31, 2019		22.6	0.6
Balance at Dec. 31, 2019	1,467.7	$ 20.5	$ 0.1	46	(0.7)	1,401.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46.2					46.2
Loss on cash flow hedges, net of tax benefit	(5.1)				(5.1)
Issuance of stock in connection with employee stock plans (in shares)		0
Issuance of stock in connection with employee stock plans	2.6	$ 2.6
Issuance of restricted stock to employees (in shares)		0.1
Issuance of restricted stock to employees	0	$ 0
Repurchase of Class A common stock (in shares)		(0.5)
Repurchase of Class A common stock	(48.2)	$ (32)		(16.2)
Compensation for stock and stock option issuances and excess tax benefits from option exercises	5.1	$ 8.9		(3.8)
Dividends paid	(7)					(7)
Balance (in shares) at Mar. 31, 2020		22.2	0.6
Balance at Mar. 31, 2020	$ 1,456.5	$ 0	$ 0.1	$ 26	$ (5.8)	$ 1,436.2

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Loss on cash flow hedges, tax benefit	$ 1.8	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income		$ 46.2	$ 56.4
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments		0	0.5
Depreciation and amortization		22	19.8
Stock-based compensation		5.1	3.5
Loss on disposal of other assets		0.1	0
(Gain) loss on disposal of franchise		(0.1)	0.1
Deferred income taxes		8.2	5.2
(Increase) decrease (net of acquisitions and dispositions):
Accounts receivable, net		202.1	49.9
Inventories		(69.8)	(81.4)
Other assets		(6.8)	9
Increase (decrease) (net of acquisitions and dispositions):
Floor plan notes payable		(32.7)	34.6
Trade payables		(14.6)	(6.4)
Accrued liabilities		(49.4)	(14.5)
Other long-term liabilities and deferred revenue		11.4	0.5
Net cash provided by operating activities		121.7	77.2
Cash flows from investing activities:
Capital expenditures		(41.6)	(29.1)
Proceeds from sales of assets		0.2	0.4
Cash paid for other investments		(9.3)	(6.6)
Cash paid for acquisitions, net of cash acquired		(72.3)	0
Proceeds from sales of stores		4.7	0
Net cash used in investing activities		(118.3)	(35.3)
Cash flows from financing activities:
(Repayments) borrowings on floor plan notes payable, net: non-trade		(43.5)	43.5
Borrowings on lines of credit		430	570
Repayments on lines of credit		(375)	(625)
Principal payments on long-term debt and capital leases, scheduled		(6.5)	(6.2)
Principal payments on long-term debt and capital leases, other		0	(3.3)
Proceeds from issuance of long-term debt		17.2	0
Payments of debt issuance costs		(0.4)	0
Proceeds from issuance of common stock		2.6	2.3
Repurchase of common stock		(48.2)	(3.1)
Dividends paid		(7)	(6.7)
Net cash used in financing activities		(30.8)	(28.5)
(Decrease) increase in cash and cash equivalents		(27.4)	13.4
Cash and cash equivalents at beginning of period		84	31.6
Cash and cash equivalents at end of period		56.6	45
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		31.5	37.9
Cash paid during the period for income taxes, net		1.3	0.2
Floor plan debt paid in connection with store disposals		0	4.8
Supplemental schedule of non-cash activities:
ROU assets obtained in exchange for lease liabilities	[1]	$ 1.8	$ 257
[1]	Amounts for the three months ended March 31, 2019 include the transition adjustment for the adoption of Topic 842.

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2020 , and for the three months ended March 31, 2020 and 2019 . The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2019 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2019 , is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 22, 2019 . The unaudited interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2019 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which replaces the existing incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, Topic 326 made changes to the accounting for available-for-sale debt securities. We adopted Topic 326 using a modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We recorded a decrease to retained earnings, net of tax, of $4.8 million as of January 1, 2020 for the cumulative effect of adopting Topic 326. The transition adjustment is related to updating our allowance for loan loss methodology related to our auto loan receivables. Our methodology incorporates a combination of historical loan loss experience, current conditions and forecasts, as well as the value of any underlying assets securing the receivables. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements”, which provides guidance on accounting for credit losses on accrued interest receivable balances and guidance on including recoveries when estimating the allowance. In May 2019, the FASB issued ASU 2019-05, “Targeted Transition Relief”, which allows entities with an option to elect fair value for certain instruments upon adoption of Topic 326. The impact of adopting Topic 326 on the accompanying Consolidated Balance Sheets as of January 1, 2020 was as follows (in millions): Impact on Consolidated Balance Sheets December 31, 2019 Adjustments January 1, 2020 CECL Adoption: Accounts receivable, net of allowance for doubtful accounts of $7.3 $ 505.0 $ (0.5 ) $ 504.5 Other non-current assets 388.5 (6.0 ) 382.5 Total Assets 6,083.9 (6.5 ) 6,077.4 Deferred income taxes 131.1 (1.7 ) 129.4 Total Liabilities 4,616.2 (1.7 ) 4,614.5 Retained earnings 1,401.8 (4.8 ) 1,397.0 Total Liabilities and Stockholders’ Equity 6,083.9 (6.5 ) 6,077.4 Reclassifications Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.

Contract Liabilities and Assets

Contract Liabilities and Assets	3 Months Ended
	Mar. 31, 2020
Disaggregation of Revenue [Abstract]
Contract Liabilities and Assets	Contract Liabilities and Assets Contract Liabilities We are the obligor on our lifetime oil contracts. Revenue is allocated to these performance obligations and is recognized over time as services are provided to the customer. The amount of revenue recognized is calculated, net of cancellations, using an input method, which most closely depicts performance of the contracts. Our contract liability balances were $176.5 million and $171.5 million as of March 31, 2020 , and December 31, 2019 , respectively; and we recognized $8.5 million of revenue in the three months ended March 31, 2020 , related to our contract liability balance at December 31, 2019 . Our contract liability balance is included in accrued liabilities and deferred revenue. Contract Assets Revenue from finance and insurance sales is recognized, net of estimated charge-backs, at the time of the sale of the related vehicle. We act as an agent in the sale of these contracts as the pricing is set by the third-party provider, and our commission is preset. A portion of the transaction price related to sales of finance and insurance contracts is considered variable consideration and is estimated and recognized upon the sale of the contract. Our contract asset balances associated with future estimated variable consideration were $8.9 million and $8.9 million as of March 31, 2020 and December 31, 2019 , respectively; and are included in trade receivables and other non-current assets.

Accounts Receivable and Contrac

Accounts Receivable and Contract Assets	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable and Contract Assets	Accounts Receivable and Contract Assets Accounts receivable consisted of the following (in millions): March 31, 2020 December 31, 2019 Contracts in transit $ 120.7 $ 269.7 Trade receivables 48.5 52.8 Vehicle receivables 28.9 50.9 Manufacturer receivables 77.4 112.4 Auto loan receivables 56.8 62.2 Other receivables 19.7 19.4 352.0 567.4 Less: Allowance for doubtful accounts (6.8 ) (7.3 ) Less: Long-term portion of accounts receivable, net (47.0 ) (55.1 ) Total accounts receivable, net $ 298.2 $ 505.0 Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten days after selling a vehicle. • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The balance of auto loan receivables is made up primarily of sub-prime loans secured by the related vehicle. More than 91% of the portfolio is aged less than 60 days past due with less than 9% on non-accrual status. As of March 31, 2020, the allowance for credit losses related to auto loan receivables was $12.8 million and included in allowance for doubtful accounts and other non-current assets. In accordance with Topic 326, the allowance for loan losses is estimated based on our historical write-off experience, current conditions and forecasts as well as the value of any underlying assets securing these loans and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance upon reaching 120 days past due status. The annual activity for charges and subsequent recoveries is immaterial. The remainder of our receivables are due primarily from manufacturer partners and various third-party lenders. The historical losses related to these balances are immaterial. The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories, net, consisted of the following (in millions): March 31, 2020 December 31, 2019 New vehicles $ 1,746.1 $ 1,704.1 Used vehicles 676.9 638.1 Parts and accessories 89.8 91.5 Total inventories $ 2,512.8 $ 2,433.7

Goodwill and Franchise Value

Goodwill and Franchise Value	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Franchise Value	Goodwill and Franchise Value The changes in the carrying amounts of goodwill are as follows (in millions): Domestic Import Luxury Consolidated Balance as of December 31, 2018 ¹ $ 164.5 $ 188.9 $ 81.5 $ 434.9 Adjustments to purchase price allocations 2 1.6 1.6 1.9 5.1 Additions through acquisitions 2 6.2 9.0 2.2 17.4 Reductions from impairments (0.3 ) (1.3 ) (0.1 ) (1.7 ) Reductions through divestitures (0.2 ) (0.9 ) — (1.1 ) Balance as of December 31, 2019 ¹ 171.8 197.3 85.5 454.6 Additions through acquisitions 3 0.4 2.4 0.4 3.2 Reductions through divestitures (0.1 ) — — (0.1 ) Balance as of March 31, 2020 1 $ 172.1 $ 199.7 $ 85.9 $ 457.7 1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. 2 Our purchase price allocation for the 2018 acquisitions of the Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $22.5 million of goodwill. 3 Our purchase price allocation for a portion of the 2019 acquisitions was finalized in 2020. As a result, we added $3.2 million of goodwill. Our purchase price allocation for all other 2019 and 2020 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 . The changes in the carrying amounts of franchise value are as follows (in millions): Franchise Value Balance as of December 31, 2018 $ 288.7 Adjustments to purchase price allocations 1 3.5 Additions through acquisitions 1 20.9 Reductions through divestitures (6.0 ) Reductions from impairments (0.4 ) Balance as of December 31, 2019 306.7 Reductions through divestitures (0.7 ) Balance as of March 31, 2020 2 $ 306.0 1 Our purchase price allocation for the 2018 acquisitions of Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $24.4 million of franchise value. 2 Our purchase price allocation for the remaining 2019 and 2020 acquisitions are preliminary and franchise value is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 . As discussed further in the Business Overview, COVID-19 has adversely impacted the economy as a whole. Based on the current macro economic conditions, we assessed our goodwill, franchise value and long-lived assets for indications of impairment. We elected to perform a qualitative assessment as of March 31, 2020 and determined there were no indicators that it is more likely than not that goodwill, franchise value, or long-lived asset impairments exist. As such, no impairments were recognized in the first quarter of 2020. We will continue to monitor the impact of COVID-19 on store performance.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Repurchases of Class A Common Stock Repurchases of our Class A Common Stock occurred under a repurchase authorization granted by our Board of Directors and related to shares withheld as part of the vesting of restricted stock units ("RSUs"). On October 22, 2018, our Board of Directors approved an additional $250 million repurchase authorization of our Class A common stock, increasing our total share repurchase authorization to $500 million . Share repurchases under this authorization were as follows: Repurchases Occurring in 2020 Cumulative Repurchases as of March 31, 2020 Shares Average Price Shares Average Price Share Repurchase Authorization 529,303 $ 82.76 3,684,398 $ 84.19 As of March 31, 2020 , we had $189.8 million available for repurchases pursuant to our share repurchase authorization. In addition, during 2020 , we repurchased 29,627 shares at an average price of $146.62 per share, for a total of $4.3 million , related to tax withholdings associated with the vesting of RSUs. The repurchase of shares related to tax withholdings associated with stock awards does not reduce the number of shares available for repurchase as approved by our Board of Directors.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories: • Level 1 - quoted prices in active markets for identical securities; • Level 2 - other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads, credit risk; and • Level 3 - significant unobservable inputs, including our own assumptions in determining fair value. We determined that the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1) and calculated the estimated fair value of the fixed rate real estate mortgages using a discounted cash flow methodology with estimated current interest rates based on a similar risk profile and duration (Level 2). The fixed cash flows are discounted and summed to compute the fair value of the debt. As of March 31, 2020 , our real estate mortgages and other debt, which includes capital leases, had maturity dates between October 31, 2020 , and August 31, 2038 . We have derivative instruments consisting of interest rate collars. The fair value of derivative liabilities is measured using observable Level 2 market expectations at each measurement date and is recorded as current liabilities and other long-term liabilities in the Consolidated Balance Sheets. See Note 11 for more details regarding our derivative contracts. We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use a cost valuation approach to value long-lived assets when a market valuation approach is unavailable. Under this approach, we determine the cost to replace the service capacity of an asset, adjusted for physical and economic obsolescence. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. Real estate appraisers’ and brokers’ valuations are typically developed using one or more valuation techniques including market, income and replacement cost approaches. Because these valuations contain unobservable inputs, we classified the measurement of fair value of long-lived assets as Level 3. There were no changes to our valuation techniques during the three -month period ended March 31, 2020 . Below are our derivative liabilities that are measured at fair value (in millions): Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contract, net $ — $ 7.9 $ — Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contract, net $ — $ 1.0 $ — A summary of the aggregate carrying values, excluding unamortized debt issuance cost, and fair values of our long-term fixed interest rate debt is as follows (in millions): March 31, 2020 December 31, 2019 Carrying value 5.250% Senior notes due 2025 $ 300.0 $ 300.0 4.625% Senior notes due 2027 400.0 400.0 Real estate mortgages and other debt 479.0 466.6 $ 1,179.0 $ 1,166.6 Fair value 5.250% Senior notes due 2025 $ 270.0 $ 315.0 4.625% Senior notes due 2027 346.5 412.0 Real estate mortgages and other debt 527.4 468.7 $ 1,143.9 $ 1,195.7

Net Income Per Share of Class A

Net Income Per Share of Class A and Class B Common Stock	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share of Class A and Class B Common Stock	Net Income Per Share of Class A and Class B Common Stock We compute net income per share of Class A and Class B common stock using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding common shares underlying equity awards that are unvested or subject to forfeiture. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the common shares issuable upon the net exercise of stock options and unvested RSUs and is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares. Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Under our Articles of Incorporation, the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Following is a reconciliation of net income and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in millions, except per share amounts): Three Months Ended March 31, 2020 2019 (in millions, except per share data) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 45.0 $ 1.2 $ 54.4 $ 2.0 Reallocation of net income due to conversion of Class B to Class A common shares outstanding 0.2 — 0.3 — Conversion of Class B common shares into Class A common shares 1.0 — 1.7 — Net income applicable to common stockholders - diluted $ 46.2 $ 1.2 $ 56.4 $ 2.0 Weighted average common shares outstanding – basic 22.7 0.6 22.3 0.8 Conversion of Class B common shares into Class A common shares 0.6 — 0.8 — Effect of employee stock purchases and restricted stock units on weighted average common shares 0.2 — 0.1 — Weighted average common shares outstanding – diluted 23.5 0.6 23.2 0.8 Net income per common share - basic $ 1.99 $ 1.99 $ 2.43 $ 2.43 Net income per common share - diluted $ 1.97 $ 1.97 $ 2.42 $ 2.42 The effect of antidilutive securities on Class A and Class B common stock was evaluated for the three -month period ended March 31, 2020 , and 2019 and was determined to be immaterial.

Segments

Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segments	Segments While we have determined that each individual store is a reporting unit, we have aggregated our reporting units into three reportable segments based on their economic similarities: Domestic, Import and Luxury. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Our Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, as well as automotive finance and insurance products. Corporate and other revenue and income includes the results of operations of our stand-alone body shops offset by unallocated corporate overhead expenses, such as corporate personnel costs, and certain unallocated reserve and elimination adjustments. Additionally, certain internal corporate expense allocations increase segment income for Corporate and other while decreasing segment income for the other reportable segments. These internal corporate expense allocations are used to increase comparability of our dealerships and reflect the capital burden a stand-alone dealership would experience. Examples of these internal allocations include internal rent expense, internal floor plan financing charges, and internal fees charged to offset employees within our corporate headquarters who perform certain dealership functions. We define our chief operating decision maker (“CODM”) to be certain members of our executive management group. Historical and forecasted operational performance are evaluated on a store-by-store basis and on a consolidated basis by the CODM. We derive the operating results of the segments directly from our internal management reporting system. The accounting policies used to derive segment results are substantially the same as those used to determine our consolidated results, except for the internal allocation within Corporate and other discussed above. Our CODM measures the performance of each operating segment based on several metrics, including earnings from operations, and uses these results, in part, to evaluate the performance of, and to allocate resources to, each of the operating segments. Certain financial information on a segment basis is as follows (in millions): Three Months Ended 2020 2019 Revenues: Domestic New vehicle retail $ 470.6 $ 492.4 Used vehicle retail 327.7 300.4 Used vehicle wholesale 26.1 29.6 Finance and insurance 45.1 41.8 Service, body and parts 117.2 115.4 Fleet and other 13.7 17.1 1,000.4 996.7 Import New vehicle retail 600.3 632.6 Used vehicle retail 354.8 341.3 Used vehicle wholesale 26.1 27.9 Finance and insurance 58.1 54.8 Service, body and parts 124.8 117.7 Fleet and other 11.8 17.3 1,175.9 1,191.6 Luxury New vehicle retail 301.0 339.4 Used vehicle retail 191.1 186.3 Used vehicle wholesale 14.2 19.9 Finance and insurance 16.9 16.5 Service, body and parts 83.4 79.1 Fleet and other 11.5 13.7 618.1 654.9 2,794.4 2,843.2 Corporate and other 9.4 6.5 $ 2,803.8 $ 2,849.7 Segment income 1 : Domestic $ 27.8 $ 19.8 Import 24.7 30.0 Luxury 1.6 8.0 54.1 57.8 Corporate and other 46.8 52.5 Depreciation and amortization (22.0 ) (19.8 ) Other interest expense (17.0 ) (15.3 ) Other income, net 2.3 2.6 Income before income taxes $ 64.2 $ 77.8 1 Segment income for each of the segments is defined as income before income taxes, depreciation and amortization, other interest expense and other income, net. March 31, 2020 December 31, 2019 Total assets: Domestic $ 1,369.9 $ 1,467.6 Import 1,332.4 1,306.5 Luxury 911.8 945.2 Corporate and other 2,400.0 2,364.6 $ 6,014.1 $ 6,083.9

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases We lease certain dealerships, office space, land and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have elected not to bifurcate lease and nonlease components related to leases of real property. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 25 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do no contain any material residual value guarantees or material restrictive covenants. We rent or sublease certain real estate to third parties. The table below presents the lease-related liabilities recorded on the balance sheet (in millions): March 31, 2020 December 31, 2019 Operating lease liabilities: Current portion included in accrued liabilities $ 25.4 $ 25.2 Noncurrent operating lease liabilities 231.3 238.5 Total operating lease liabilities 256.7 263.7 Finance lease liabilities: Current portion included in current maturities of long-term debt 1.1 1.1 Long-term portion of lease liabilities in long-term debt 29.2 29.5 Total finance lease liabilities 1 30.3 30.6 Total lease liabilities $ 287.0 $ 294.3 Weighted-average remaining lease term: Operating leases 13 years Finance leases 13 years Weighted-average discount rate: Operating leases 5.05 % Finance leases 5.81 % 1 Corresponding finance lease assets are not material and are included in property and equipment, net of accumulated depreciation. The components of lease costs, which were included in selling, general and administrative in our Consolidated Statements of Operations, were as follows (in millions): Three Months Ended March 31, Three Months Ended March 31, 2020 2019 Operating lease cost 1 $ 11.9 $ 12.0 Variable lease cost 2 0.9 0.8 Sublease income (1.1 ) (1.0 ) Total lease costs $ 11.7 $ 11.8 1 Includes short-term and month-to-month lease costs, which are immaterial. 2 Variable lease cost generally includes reimbursement for actual costs incurred by our lessors for common area maintenance, property taxes and insurance on leased real estate. As of March 31, 2020 , the maturities of our operating lease liabilities were as follows (in millions): Operating Leases Remainder of 2020 $ 37.8 Year Ending December 31, 2021 34.8 2022 32.0 2023 27.1 2024 24.7 Thereafter 202.9 Total minimum lease payments 359.3 Less: Present value adjustment (102.6 ) Operating lease liabilities $ 256.7
Leases	Leases We lease certain dealerships, office space, land and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have elected not to bifurcate lease and nonlease components related to leases of real property. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 25 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do no contain any material residual value guarantees or material restrictive covenants. We rent or sublease certain real estate to third parties. The table below presents the lease-related liabilities recorded on the balance sheet (in millions): March 31, 2020 December 31, 2019 Operating lease liabilities: Current portion included in accrued liabilities $ 25.4 $ 25.2 Noncurrent operating lease liabilities 231.3 238.5 Total operating lease liabilities 256.7 263.7 Finance lease liabilities: Current portion included in current maturities of long-term debt 1.1 1.1 Long-term portion of lease liabilities in long-term debt 29.2 29.5 Total finance lease liabilities 1 30.3 30.6 Total lease liabilities $ 287.0 $ 294.3 Weighted-average remaining lease term: Operating leases 13 years Finance leases 13 years Weighted-average discount rate: Operating leases 5.05 % Finance leases 5.81 % 1 Corresponding finance lease assets are not material and are included in property and equipment, net of accumulated depreciation. The components of lease costs, which were included in selling, general and administrative in our Consolidated Statements of Operations, were as follows (in millions): Three Months Ended March 31, Three Months Ended March 31, 2020 2019 Operating lease cost 1 $ 11.9 $ 12.0 Variable lease cost 2 0.9 0.8 Sublease income (1.1 ) (1.0 ) Total lease costs $ 11.7 $ 11.8 1 Includes short-term and month-to-month lease costs, which are immaterial. 2 Variable lease cost generally includes reimbursement for actual costs incurred by our lessors for common area maintenance, property taxes and insurance on leased real estate. As of March 31, 2020 , the maturities of our operating lease liabilities were as follows (in millions): Operating Leases Remainder of 2020 $ 37.8 Year Ending December 31, 2021 34.8 2022 32.0 2023 27.1 2024 24.7 Thereafter 202.9 Total minimum lease payments 359.3 Less: Present value adjustment (102.6 ) Operating lease liabilities $ 256.7

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We account for derivative financial instruments by recording the fair value as either an asset or liability in our Consolidated Balance Sheets and recognize the resulting gains or losses as adjustments to accumulated other comprehensive income (loss). We do not hold or issue derivative financial instruments for trading or speculative purposes. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated and qualify as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss (“AOCI”) in stockholders’ equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. In the second quarter of 2019, to hedge the business exposure to rising interest rates on a portion of our variable rate debt, we entered into a 5 -year zero-cost interest rate collar, with an aggregate notional amount of $300 million . This instrument hedges interest rate risk related to a portion of our $1.6 billion of non-trade floor plan notes payable. The gains and losses from the cash flow hedge are recorded in AOCI and released to interest expense in the same period that the hedged interest expense on the floor plan is recognized. As of March 31, 2020 , we have had a total loss of $7.9 million recorded associated with the fair value of our derivative instrument, included as a component of accrued liabilities and other long-term liabilities with the offsets in our deferred tax liability and AOCI. As of March 31, 2020 , the amount of net losses we expect to reclassify from AOCI into interest expense in earnings within the next twelve months is $2.1 million . The actual amount reclassified could vary due to future changes in the fair value of the derivative. No amounts were reclassified from AOCI in the three months ended March 31, 2020 .

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions In the first three months of 2020 , we completed the following acquisitions: • On February 17, 2020, Sacramento Lexus and Roseville Lexus in California. Revenue and operating income contributed by the 2020 acquisitions subsequent to the date of acquisition were as follows (in millions): Three Months Ended March 31, 2020 Revenue $ 12.7 Operating income — There were no acquisitions in the first three months of 2019 . All acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition. The following tables summarize the consideration paid for the 2020 acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in millions): Consideration Cash paid, net of cash acquired $ 72.3 The purchase price allocations for the Sacramento Lexus and Roseville Lexus acquisitions are preliminary, and we have not obtained and evaluated all of the detailed information necessary to finalize the opening balance sheet amounts in all respects. We recorded the purchase price allocations based upon information that is currently available. Unallocated items are recorded as a component of other non-current assets in the Consolidated Balance Sheets. The following table details the preliminary purchase price allocations for the 2020 acquisitions (in millions): Assets Acquired and Liabilities Assumed Inventories, net $ 24.7 Property and equipment, net 0.5 Other non-current assets 55.7 Floor plan notes payable (7.3 ) Other long-term liabilities (1.3 ) $ 72.3 We expect substantially all of the goodwill related to acquisitions completed in 2020 to be deductible for federal income tax purposes. In the three -month periods ended March 31, 2020 and March 31, 2019 , we recorded $0.5 million and $0.2 million in acquisition-related expenses as a component of selling, general and administrative expense, respectively. The following unaudited proforma summary presents consolidated information as if all acquisitions in the three -month periods ended March 31, 2020 and 2019 , had occurred on January 1, 2019 (in millions, except per share amounts): Three Months Ended March 31, 2020 2019 Revenue $ 2,805.5 $ 2,871.8 Net income 46.3 56.8 Basic net income per share 1.99 2.45 Diluted net income per share 1.97 2.44 These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Interim Financial Statements (P

Interim Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2020 , and for the three months ended March 31, 2020 and 2019 . The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2019 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2019 , is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 22, 2019 . The unaudited interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2019 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Reclassifications	Reclassifications Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.
Revenue Recognition	Contract Liabilities We are the obligor on our lifetime oil contracts. Revenue is allocated to these performance obligations and is recognized over time as services are provided to the customer. The amount of revenue recognized is calculated, net of cancellations, using an input method, which most closely depicts performance of the contracts. Our contract liability balances were $176.5 million and $171.5 million as of March 31, 2020 , and December 31, 2019 , respectively; and we recognized $8.5 million of revenue in the three months ended March 31, 2020 , related to our contract liability balance at December 31, 2019 . Our contract liability balance is included in accrued liabilities and deferred revenue. Contract Assets Revenue from finance and insurance sales is recognized, net of estimated charge-backs, at the time of the sale of the related vehicle. We act as an agent in the sale of these contracts as the pricing is set by the third-party provider, and our commission is preset. A portion of the transaction price related to sales of finance and insurance contracts is considered variable consideration and is estimated and recognized upon the sale of the contract. Our contract asset balances associated with future estimated variable consideration were $8.9 million and $8.9 million as of March 31, 2020 and December 31, 2019 , respectively; and are included in trade receivables and other non-current assets.
Accounts Receivable and Contract Assets	Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten days after selling a vehicle. • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The balance of auto loan receivables is made up primarily of sub-prime loans secured by the related vehicle. More than 91% of the portfolio is aged less than 60 days past due with less than 9% on non-accrual status. As of March 31, 2020, the allowance for credit losses related to auto loan receivables was $12.8 million and included in allowance for doubtful accounts and other non-current assets. In accordance with Topic 326, the allowance for loan losses is estimated based on our historical write-off experience, current conditions and forecasts as well as the value of any underlying assets securing these loans and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance upon reaching 120 days past due status. The annual activity for charges and subsequent recoveries is immaterial. The remainder of our receivables are due primarily from manufacturer partners and various third-party lenders. The historical losses related to these balances are immaterial. The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets.
Fair Value Disclosures for Financial Assets and Liabilities	Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories: • Level 1 - quoted prices in active markets for identical securities; • Level 2 - other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads, credit risk; and • Level 3 - significant unobservable inputs, including our own assumptions in determining fair value. We determined that the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1) and calculated the estimated fair value of the fixed rate real estate mortgages using a discounted cash flow methodology with estimated current interest rates based on a similar risk profile and duration (Level 2). The fixed cash flows are discounted and summed to compute the fair value of the debt. As of March 31, 2020 , our real estate mortgages and other debt, which includes capital leases, had maturity dates between October 31, 2020 , and August 31, 2038 . We have derivative instruments consisting of interest rate collars. The fair value of derivative liabilities is measured using observable Level 2 market expectations at each measurement date and is recorded as current liabilities and other long-term liabilities in the Consolidated Balance Sheets. See Note 11 for more details regarding our derivative contracts. We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use a cost valuation approach to value long-lived assets when a market valuation approach is unavailable. Under this approach, we determine the cost to replace the service capacity of an asset, adjusted for physical and economic obsolescence. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. Real estate appraisers’ and brokers’ valuations are typically developed using one or more valuation techniques including market, income and replacement cost approaches. Because these valuations contain unobservable inputs, we classified the measurement of fair value of long-lived assets as Level 3.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Interim Financial Statements (T

Interim Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Impact of Adopting Topic 326 on the Condensed Consolidated Balance Sheet	The impact of adopting Topic 326 on the accompanying Consolidated Balance Sheets as of January 1, 2020 was as follows (in millions): Impact on Consolidated Balance Sheets December 31, 2019 Adjustments January 1, 2020 CECL Adoption: Accounts receivable, net of allowance for doubtful accounts of $7.3 $ 505.0 $ (0.5 ) $ 504.5 Other non-current assets 388.5 (6.0 ) 382.5 Total Assets 6,083.9 (6.5 ) 6,077.4 Deferred income taxes 131.1 (1.7 ) 129.4 Total Liabilities 4,616.2 (1.7 ) 4,614.5 Retained earnings 1,401.8 (4.8 ) 1,397.0 Total Liabilities and Stockholders’ Equity 6,083.9 (6.5 ) 6,077.4

Accounts Receivable and Contr_2

Accounts Receivable and Contract Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following (in millions): March 31, 2020 December 31, 2019 Contracts in transit $ 120.7 $ 269.7 Trade receivables 48.5 52.8 Vehicle receivables 28.9 50.9 Manufacturer receivables 77.4 112.4 Auto loan receivables 56.8 62.2 Other receivables 19.7 19.4 352.0 567.4 Less: Allowance for doubtful accounts (6.8 ) (7.3 ) Less: Long-term portion of accounts receivable, net (47.0 ) (55.1 ) Total accounts receivable, net $ 298.2 $ 505.0

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventories, net, consisted of the following (in millions): March 31, 2020 December 31, 2019 New vehicles $ 1,746.1 $ 1,704.1 Used vehicles 676.9 638.1 Parts and accessories 89.8 91.5 Total inventories $ 2,512.8 $ 2,433.7

Goodwill and Franchise Value (T

Goodwill and Franchise Value (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amounts of goodwill are as follows (in millions): Domestic Import Luxury Consolidated Balance as of December 31, 2018 ¹ $ 164.5 $ 188.9 $ 81.5 $ 434.9 Adjustments to purchase price allocations 2 1.6 1.6 1.9 5.1 Additions through acquisitions 2 6.2 9.0 2.2 17.4 Reductions from impairments (0.3 ) (1.3 ) (0.1 ) (1.7 ) Reductions through divestitures (0.2 ) (0.9 ) — (1.1 ) Balance as of December 31, 2019 ¹ 171.8 197.3 85.5 454.6 Additions through acquisitions 3 0.4 2.4 0.4 3.2 Reductions through divestitures (0.1 ) — — (0.1 ) Balance as of March 31, 2020 1 $ 172.1 $ 199.7 $ 85.9 $ 457.7 1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. 2 Our purchase price allocation for the 2018 acquisitions of the Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $22.5 million of goodwill. 3 Our purchase price allocation for a portion of the 2019 acquisitions was finalized in 2020. As a result, we added $3.2 million of goodwill. Our purchase price allocation for all other 2019 and 2020 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 .
Schedule of Franchise Value	The changes in the carrying amounts of franchise value are as follows (in millions): Franchise Value Balance as of December 31, 2018 $ 288.7 Adjustments to purchase price allocations 1 3.5 Additions through acquisitions 1 20.9 Reductions through divestitures (6.0 ) Reductions from impairments (0.4 ) Balance as of December 31, 2019 306.7 Reductions through divestitures (0.7 ) Balance as of March 31, 2020 2 $ 306.0 1 Our purchase price allocation for the 2018 acquisitions of Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $24.4 million of franchise value. 2 Our purchase price allocation for the remaining 2019 and 2020 acquisitions are preliminary and franchise value is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 .

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Share Repurchases	Share repurchases under this authorization were as follows: Repurchases Occurring in 2020 Cumulative Repurchases as of March 31, 2020 Shares Average Price Shares Average Price Share Repurchase Authorization 529,303 $ 82.76 3,684,398 $ 84.19

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Long-Lived Assets Measured at Fair Value	Below are our derivative liabilities that are measured at fair value (in millions): Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contract, net $ — $ 7.9 $ — Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contract, net $ — $ 1.0 $ —
Schedule of Aggregate Carrying Values and Fair Values of Long-term Fixed Interest Rate Debt	A summary of the aggregate carrying values, excluding unamortized debt issuance cost, and fair values of our long-term fixed interest rate debt is as follows (in millions): March 31, 2020 December 31, 2019 Carrying value 5.250% Senior notes due 2025 $ 300.0 $ 300.0 4.625% Senior notes due 2027 400.0 400.0 Real estate mortgages and other debt 479.0 466.6 $ 1,179.0 $ 1,166.6 Fair value 5.250% Senior notes due 2025 $ 270.0 $ 315.0 4.625% Senior notes due 2027 346.5 412.0 Real estate mortgages and other debt 527.4 468.7 $ 1,143.9 $ 1,195.7

Net Income Per Share of Class_2

Net Income Per Share of Class A and Class B Common Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, 2020 2019 (in millions, except per share data) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 45.0 $ 1.2 $ 54.4 $ 2.0 Reallocation of net income due to conversion of Class B to Class A common shares outstanding 0.2 — 0.3 — Conversion of Class B common shares into Class A common shares 1.0 — 1.7 — Net income applicable to common stockholders - diluted $ 46.2 $ 1.2 $ 56.4 $ 2.0 Weighted average common shares outstanding – basic 22.7 0.6 22.3 0.8 Conversion of Class B common shares into Class A common shares 0.6 — 0.8 — Effect of employee stock purchases and restricted stock units on weighted average common shares 0.2 — 0.1 — Weighted average common shares outstanding – diluted 23.5 0.6 23.2 0.8 Net income per common share - basic $ 1.99 $ 1.99 $ 2.43 $ 2.43 Net income per common share - diluted $ 1.97 $ 1.97 $ 2.42 $ 2.42

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Certain Information on a Segment Basis	Certain financial information on a segment basis is as follows (in millions): Three Months Ended 2020 2019 Revenues: Domestic New vehicle retail $ 470.6 $ 492.4 Used vehicle retail 327.7 300.4 Used vehicle wholesale 26.1 29.6 Finance and insurance 45.1 41.8 Service, body and parts 117.2 115.4 Fleet and other 13.7 17.1 1,000.4 996.7 Import New vehicle retail 600.3 632.6 Used vehicle retail 354.8 341.3 Used vehicle wholesale 26.1 27.9 Finance and insurance 58.1 54.8 Service, body and parts 124.8 117.7 Fleet and other 11.8 17.3 1,175.9 1,191.6 Luxury New vehicle retail 301.0 339.4 Used vehicle retail 191.1 186.3 Used vehicle wholesale 14.2 19.9 Finance and insurance 16.9 16.5 Service, body and parts 83.4 79.1 Fleet and other 11.5 13.7 618.1 654.9 2,794.4 2,843.2 Corporate and other 9.4 6.5 $ 2,803.8 $ 2,849.7 Segment income 1 : Domestic $ 27.8 $ 19.8 Import 24.7 30.0 Luxury 1.6 8.0 54.1 57.8 Corporate and other 46.8 52.5 Depreciation and amortization (22.0 ) (19.8 ) Other interest expense (17.0 ) (15.3 ) Other income, net 2.3 2.6 Income before income taxes $ 64.2 $ 77.8 1 Segment income for each of the segments is defined as income before income taxes, depreciation and amortization, other interest expense and other income, net.
Reconciliation of Assets from Segment to Consolidated	March 31, 2020 December 31, 2019 Total assets: Domestic $ 1,369.9 $ 1,467.6 Import 1,332.4 1,306.5 Luxury 911.8 945.2 Corporate and other 2,400.0 2,364.6 $ 6,014.1 $ 6,083.9

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease-Related Liabilities Recorded on the Balance Sheet	The table below presents the lease-related liabilities recorded on the balance sheet (in millions): March 31, 2020 December 31, 2019 Operating lease liabilities: Current portion included in accrued liabilities $ 25.4 $ 25.2 Noncurrent operating lease liabilities 231.3 238.5 Total operating lease liabilities 256.7 263.7 Finance lease liabilities: Current portion included in current maturities of long-term debt 1.1 1.1 Long-term portion of lease liabilities in long-term debt 29.2 29.5 Total finance lease liabilities 1 30.3 30.6 Total lease liabilities $ 287.0 $ 294.3 Weighted-average remaining lease term: Operating leases 13 years Finance leases 13 years Weighted-average discount rate: Operating leases 5.05 % Finance leases 5.81 % 1 Corresponding finance lease assets are not material and are included in property and equipment, net of accumulated depreciation.
Schedule of Lease Costs	The components of lease costs, which were included in selling, general and administrative in our Consolidated Statements of Operations, were as follows (in millions): Three Months Ended March 31, Three Months Ended March 31, 2020 2019 Operating lease cost 1 $ 11.9 $ 12.0 Variable lease cost 2 0.9 0.8 Sublease income (1.1 ) (1.0 ) Total lease costs $ 11.7 $ 11.8 1 Includes short-term and month-to-month lease costs, which are immaterial. 2 Variable lease cost generally includes reimbursement for actual costs incurred by our lessors for common area maintenance, property taxes and insurance on leased real estate.
Schedule of Maturities of Operating Lease Liabilities	As of March 31, 2020 , the maturities of our operating lease liabilities were as follows (in millions): Operating Leases Remainder of 2020 $ 37.8 Year Ending December 31, 2021 34.8 2022 32.0 2023 27.1 2024 24.7 Thereafter 202.9 Total minimum lease payments 359.3 Less: Present value adjustment (102.6 ) Operating lease liabilities $ 256.7

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Revenue and Operating Income from Acquisitions	Revenue and operating income contributed by the 2020 acquisitions subsequent to the date of acquisition were as follows (in millions): Three Months Ended March 31, 2020 Revenue $ 12.7 Operating income —
Summary of Acquisitions	The following tables summarize the consideration paid for the 2020 acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in millions): Consideration Cash paid, net of cash acquired $ 72.3
Assets Acquired and Liabilities Assumed	The following table details the preliminary purchase price allocations for the 2020 acquisitions (in millions): Assets Acquired and Liabilities Assumed Inventories, net $ 24.7 Property and equipment, net 0.5 Other non-current assets 55.7 Floor plan notes payable (7.3 ) Other long-term liabilities (1.3 ) $ 72.3
Pro Forma Summary of All Acquisitions	The following unaudited proforma summary presents consolidated information as if all acquisitions in the three -month periods ended March 31, 2020 and 2019 , had occurred on January 1, 2019 (in millions, except per share amounts): Three Months Ended March 31, 2020 2019 Revenue $ 2,805.5 $ 2,871.8 Net income 46.3 56.8 Basic net income per share 1.99 2.45 Diluted net income per share 1.97 2.44

Interim Financial Statements (D

Interim Financial Statements (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adopting Topic 326		$ 4.8		$ (0.9)
Accounts receivable, net	$ 298.2	504.5	$ 505
Allowance for doubtful accounts	6.8		7.3
Other non-current assets	448.5	382.5	388.5
Total Assets	6,014.1	6,077.4	6,083.9
Deferred income taxes	137.5	129.4	131.1
Total Liabilities	4,557.6	4,614.5	4,616.2
Retained earnings	1,436.2	1,397	1,401.8
Total Liabilities and Stockholders’ Equity	$ 6,014.1	6,077.4	$ 6,083.9
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adopting Topic 326		4.8
Accounts receivable, net		(0.5)
Other non-current assets		(6)
Total Assets		(6.5)
Deferred income taxes		(1.7)
Total Liabilities		(1.7)
Retained earnings		(4.8)
Total Liabilities and Stockholders’ Equity		$ (6.5)

Contract Liabilities and Asse_2

Contract Liabilities and Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Abstract]
Contract liability	$ 176.5	$ 171.5
Contract liability, revenue recognized	8.5
Contract asset	$ 8.9	$ 8.9

Accounts Receivable and Contr_3

Accounts Receivable and Contract Assets (Summary of Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 352		$ 567.4
Less: Allowance for doubtful accounts	(6.8)		(7.3)
Less: Long-term portion of accounts receivable, net	(47)		(55.1)
Accounts receivable, net	298.2	$ 504.5	505
Contracts in transit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	120.7		269.7
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	48.5		52.8
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	28.9		50.9
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	77.4		112.4
Auto loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	56.8		62.2
Less: Allowance for doubtful accounts	(12.8)
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 19.7		$ 19.4

Accounts Receivable and Contr_4

Accounts Receivable and Contract Assets (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period that contracts in transit are outstanding	10 days
Threshold period for interest to bear on receivables	60 days
Allowance for doubtful accounts	$ 6.8	$ 7.3
Auto loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, 60 days or less past due, percent	91.00%
Receivables, 60 days or less past due, non-accrual status, percent	9.00%
Allowance for doubtful accounts	$ 12.8

Inventories (Components of Inve

Inventories (Components of Inventories, net) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Total inventories	$ 2,512.8	$ 2,433.7
New vehicles
Inventory [Line Items]
Total inventories	1,746.1	1,704.1
Used vehicles
Inventory [Line Items]
Total inventories	676.9	638.1
Parts and accessories
Inventory [Line Items]
Total inventories	$ 89.8	$ 91.5

Goodwill and Franchise Value (S

Goodwill and Franchise Value (Schedule of Goodwill) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2008
Goodwill [Roll Forward]
Balance	$ 454,600,000	$ 434,900,000
Adjustments to purchase price allocations		5,100,000
Additions through acquisitions	3,200,000	17,400,000
Reductions from impairments	0	(1,700,000)
Reductions through divestitures	(100,000)	(1,100,000)
Balance	457,700,000	454,600,000
Accumulated impairment loss			$ 299,300,000
Goodwill acquired including purchase accounting adjustments		22,500,000
Domestic
Goodwill [Roll Forward]
Balance	171,800,000	164,500,000
Adjustments to purchase price allocations		1,600,000
Additions through acquisitions	400,000	6,200,000
Reductions from impairments		(300,000)
Reductions through divestitures	(100,000)	(200,000)
Balance	172,100,000	171,800,000
Import
Goodwill [Roll Forward]
Balance	197,300,000	188,900,000
Adjustments to purchase price allocations		1,600,000
Additions through acquisitions	2,400,000	9,000,000
Reductions from impairments		(1,300,000)
Reductions through divestitures	0	(900,000)
Balance	199,700,000	197,300,000
Luxury
Goodwill [Roll Forward]
Balance	85,500,000	81,500,000
Adjustments to purchase price allocations		1,900,000
Additions through acquisitions	400,000	2,200,000
Reductions from impairments		(100,000)
Reductions through divestitures	0	0
Balance	$ 85,900,000	$ 85,500,000

Goodwill and Franchise Value _2

Goodwill and Franchise Value (Schedule of Franchise Value) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 306,700,000	$ 288,700,000
Adjustments to purchase price allocations		3,500,000
Additions through acquisitions		20,900,000
Reductions through divestitures	(700,000)	(6,000,000)
Reductions from impairments	0	(400,000)
Ending balance	$ 306,000,000	306,700,000
Franchise value acquired, including purchase accounting adjustments		$ 24,400,000

Goodwill and Franchise Value (A

Goodwill and Franchise Value (Additional Information) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 1,700,000
Franchise value impairment	0	$ 400,000
Long-lived assets impairment	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Class A common stock - USD ($)	3 Months Ended	50 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Oct. 22, 2018
Equity, Class of Treasury Stock [Line Items]
Additional authorized repurchase amount			250,000,000
Authorized repurchase amount	$ 500,000,000	$ 500,000,000
Shares repurchased pursuant to repurchase authorizations (in shares)	529,303	3,684,398
Shares repurchased pursuant to repurchase authorizations, average price (in dollars per share)	$ 82.76	$ 84.19
Remaining authorized repurchase amount	$ 189,800,000	$ 189,800,000
Number of shares repurchased	29,627
Average purchase price per share (in dollars per share)	$ 146.62
Restricted Stock Units (RSUs)
Equity, Class of Treasury Stock [Line Items]
Amount related to tax withholdings associated with vesting of RSUs	$ 4,300,000

Fair Value Measurements (Assets

Fair Value Measurements (Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract, net	$ 7.9
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract, net	0	$ 0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract, net	7.9	1
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract, net	$ 0	$ 0

Fair Value Measurements (Long-t

Fair Value Measurements (Long-term Fixed Interest Rate Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Senior Notes | 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	5.25%
Senior Notes | 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	4.625%
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 1,179	$ 1,166.6
Carrying value | Senior Notes | 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	300	300
Carrying value | Senior Notes | 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	400	400
Carrying value | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	479	466.6
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,143.9	1,195.7
Fair value | Senior Notes | 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	270	315
Fair value | Senior Notes | 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	346.5	412
Fair value | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 527.4	$ 468.7

Net Income Per Share of Class_3

Net Income Per Share of Class A and Class B Common Stock (Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic (in shares)	23.3	23.2
Weighted average common shares outstanding - diluted (in shares)	23.5	23.2
Net income per common share - basic (in dollars per share)	$ 1.99	$ 2.43
Net income per common share - diluted (in dollars per share)	$ 1.97	$ 2.42
Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common stockholders - basic	$ 45	$ 54.4
Reallocation of net income due to conversion of Class B to Class A common shares outstanding	0.2	0.3
Conversion of Class B common shares into Class A common shares	1	1.7
Net income applicable to common stockholders - diluted	$ 46.2	$ 56.4
Weighted average common shares outstanding - basic (in shares)	22.7	22.3
Conversion of Class B common shares into Class A common shares (in shares)	0.6	0.8
Effect of employee stock purchases and restricted stock units on weighted average common shares (in shares)	0.2	0.1
Weighted average common shares outstanding - diluted (in shares)	23.5	23.2
Net income per common share - basic (in dollars per share)	$ 1.99	$ 2.43
Net income per common share - diluted (in dollars per share)	$ 1.97	$ 2.42
Class B common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common stockholders - basic	$ 1.2	$ 2
Reallocation of net income due to conversion of Class B to Class A common shares outstanding	0	0
Conversion of Class B common shares into Class A common shares	0	0
Net income applicable to common stockholders - diluted	$ 1.2	$ 2
Weighted average common shares outstanding - basic (in shares)	0.6	0.8
Conversion of Class B common shares into Class A common shares (in shares)	0	0
Effect of employee stock purchases and restricted stock units on weighted average common shares (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	0.6	0.8
Net income per common share - basic (in dollars per share)	$ 1.99	$ 2.43
Net income per common share - diluted (in dollars per share)	$ 1.97	$ 2.42

Segments (Narrative) (Details)

Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments (Schedule of Certain F

Segments (Schedule of Certain Financial Information on a Segment Basis) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 2,803.8	$ 2,849.7
Income before income taxes	64.2	77.8
Depreciation and amortization	(22)	(19.8)
Other interest expense	(17)	(15.3)
Other income, net	2.3	2.6
Operating segments
Segment Reporting Information [Line Items]
Total revenues	2,794.4	2,843.2
Income before income taxes	54.1	57.8
Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	1,000.4	996.7
Income before income taxes	27.8	19.8
Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	1,175.9	1,191.6
Income before income taxes	24.7	30
Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	618.1	654.9
Income before income taxes	1.6	8
Corporate and other
Segment Reporting Information [Line Items]
Total revenues	9.4	6.5
Income before income taxes	46.8	52.5
Segment reconciling items
Segment Reporting Information [Line Items]
Depreciation and amortization	(22)	(19.8)
Other interest expense	(17)	(15.3)
Other income, net	2.3	2.6
New vehicle retail
Segment Reporting Information [Line Items]
Total revenues	1,373.5	1,461.1
New vehicle retail | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	470.6	492.4
New vehicle retail | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	600.3	632.6
New vehicle retail | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	301	339.4
Used vehicle retail
Segment Reporting Information [Line Items]
Total revenues	874.4	827.9
Used vehicle retail | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	327.7	300.4
Used vehicle retail | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	354.8	341.3
Used vehicle retail | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	191.1	186.3
Used vehicle wholesale
Segment Reporting Information [Line Items]
Total revenues	66.7	77.4
Used vehicle wholesale | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	26.1	29.6
Used vehicle wholesale | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	26.1	27.9
Used vehicle wholesale | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	14.2	19.9
Finance and insurance
Segment Reporting Information [Line Items]
Total revenues	121.9	117.5
Finance and insurance | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	45.1	41.8
Finance and insurance | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	58.1	54.8
Finance and insurance | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	16.9	16.5
Service, body and parts
Segment Reporting Information [Line Items]
Total revenues	329.9	317.4
Service, body and parts | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	117.2	115.4
Service, body and parts | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	124.8	117.7
Service, body and parts | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	83.4	79.1
Fleet and other
Segment Reporting Information [Line Items]
Total revenues	37.4	48.4
Fleet and other | Operating segments | Domestic
Segment Reporting Information [Line Items]
Total revenues	13.7	17.1
Fleet and other | Operating segments | Import
Segment Reporting Information [Line Items]
Total revenues	11.8	17.3
Fleet and other | Operating segments | Luxury
Segment Reporting Information [Line Items]
Total revenues	$ 11.5	$ 13.7

Segments (Reconciliation of Ass

Segments (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 6,014.1	$ 6,077.4	$ 6,083.9
Operating segments | Domestic
Segment Reporting Information [Line Items]
Total Assets	1,369.9		1,467.6
Operating segments | Import
Segment Reporting Information [Line Items]
Total Assets	1,332.4		1,306.5
Operating segments | Luxury
Segment Reporting Information [Line Items]
Total Assets	911.8		945.2
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	$ 2,400		$ 2,364.6

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Mar. 31, 2020
Minimum
Lessor, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease renewal term	25 years

Leases (Schedule of Lease-Relat

Leases (Schedule of Lease-Related Liabilities Recorded on the Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Operating lease liabilities:
Current portion included in accrued liabilities	$ 25.4	$ 25.2
Noncurrent operating lease liabilities	231.3	238.5
Total operating lease liabilities	256.7	263.7
Finance lease liabilities:
Current portion included in current maturities of long-term debt	1.1	1.1
Long-term portion of lease liabilities in long-term debt	29.2	29.5
Total financing lease liabilities	30.3	30.6
Total lease liabilities	$ 287	$ 294.3
Weighted-average remaining lease term, operating leases	13 years
Weighted-average remaining lease term, finance leases	13 years
Weighted-average discount rate, operating leases	5.05%
Weighted-average discount rate, finance leases	5.81%

Leases (Schedule of Lease Costs

Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 11.9	$ 12
Variable lease cost	0.9	0.8
Sublease income	(1.1)	(1)
Total lease costs	$ 11.7	$ 11.8

Leases (Schedule of Maturities

Leases (Schedule of Maturities of Operating Lease Liability) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Remainder of 2020	$ 37.8
2020	34.8
2021	32
2022	27.1
2022	24.7
Thereafter	202.9
Total minimum lease payments	359.3
Present value adjustment	(102.6)
Operating lease liabilities	$ 256.7	$ 263.7

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Agreement term		5 years
Aggregate notional amount		$ 300,000,000
Floor plan notes payable: non-trade	$ 1,595,900,000	$ 1,600,000,000	$ 1,642,400,000
Fair value of derivative instruments	7,900,000
Amount of net losses expected to reclassify from AOCI into interest expense in earnings within the next twelve months	2,100,000
Amount reclassified from AOCI	$ 0

Acquisitions (Revenue and Opera

Acquisitions (Revenue and Operating Income from Acquisitions) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Business Combinations [Abstract]
Revenue	$ 12.7
Operating income	$ 0

Acquisitions (Summary of Acquis

Acquisitions (Summary of Acquisitions) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 72.3	$ 0
2020 Acquisitions
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 72.3

Acquisitions (Assets Acquired a

Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - 2020 Acquisitions $ in Millions	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Inventories, net	$ 24.7
Property and equipment, net	0.5
Other non-current assets	55.7
Floor plan notes payable	(7.3)
Other long-term liabilities	(1.3)
Assets acquired and liabilities assumed	$ 72.3

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Acquisition-related expenses	$ 0.5	$ 0.2

Acquisitions (Pro Forma Summary

Acquisitions (Pro Forma Summary of All Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Revenue	$ 2,805.5	$ 2,871.8
Net income	$ 46.3	$ 56.8
Basic net income per share (in dollars per share)	$ 1.99	$ 2.45
Diluted net income per share (in dollars per share)	$ 1.97	$ 2.44

Uncategorized Items - lad2020q1

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (4,800,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 900,000