Lithia Motors (LAD) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	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 Common Stock, Shares Outstanding		27,406,486
Entity Central Index Key	0001023128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash, restricted cash, and cash equivalents	$ 404.6	$ 941.4
Accounts receivable, net of allowance for doubtful accounts of $3.3 and $7.1	1,249.3	1,123.1
Inventories, net	5,861.9	4,753.9
Other current assets	217.4	136.8
Total current assets	7,733.2	6,955.2
Property and equipment, net of accumulated depreciation of $688.1 and $646.7	4,502	3,981.4
Operating lease right-of-use assets	753.2	478.8
Finance receivables, net of allowance for estimated losses of $111.8 and $106.4	3,412.5	3,242.3
Goodwill	2,081.7	1,930.6
Franchise value	2,538	2,402.2
Other non-current assets	1,159.4	642
Total assets	22,180	19,632.5
Current liabilities:
Floor plan notes payable	2,533.3	1,347
Floor plan notes payable: non-trade	2,428.7	2,288.5
Trade payables	327.6	288
Accrued liabilities	1,177.1	899.1
Total current liabilities	6,591.5	4,932.2
Deferred revenue	389.2	264.1
Deferred income taxes	378.9	349.3
Non-current operating lease liabilities	655.1	427.9
Other long-term liabilities	277.4	220.7
Total liabilities	15,758.4	13,349.6
Redeemable non-controlling interest	44.9	44
Equity:
Preferred stock - no par value; authorized 15.0 shares; none outstanding	0	0
Common stock - no par value; authorized 125.0 shares; issued and outstanding 27.5 and 27.4	1,117.8	1,100.6
Additional paid-in capital	67.8	79.9
Accumulated other comprehensive income	3.7	20.1
Retained earnings	5,162.1	5,013.3
Total stockholders’ equity - Lithia Motors, Inc.	6,351.4	6,213.9
Non-controlling interest	25.3	25
Total equity	6,376.7	6,238.9
Total liabilities, redeemable non-controlling interest, and equity	22,180	19,632.5
Long-term debt
Current liabilities:
Current maturities of debt	97.2	75.7
Debt, less current maturities	5,662.4	5,483.7
Non-recourse notes payable
Current liabilities:
Current maturities of debt	27.6	33.9
Debt, less current maturities	$ 1,803.9	$ 1,671.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 3.3	$ 7.1
Property and equipment, accumulated depreciation	688.1	646.7
Finance receivables, allowance for estimated losses	$ 111.8	$ 106.4
Preferred stock, authorized (in shares)	15	15
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	125	125
Common stock, issued (in shares)	27.5	27.4
Common stock, outstanding (in shares)	27.5	27.4

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 8,561.8	$ 6,973.8
Cost of sales:
Total cost of sales	7,226.6	5,762.3
Gross profit	1,335.2	1,211.5
Financing operations loss	(1.7)	(20.8)
Selling, general and administrative	934.3	764.4
Depreciation and amortization	57.8	47.3
Operating income	341.4	379
Floor plan interest expense	(60.7)	(27.7)
Other interest expense, net	(63.6)	(39)
Other income, net	3.5	2
Income before income taxes	220.6	314.3
Income tax provision	(55.6)	(84.7)
Net income	165	229.6
Net income attributable to non-controlling interest	(1.5)	(0.7)
Net income attributable to redeemable non-controlling interest	(0.9)	(0.2)
Net income attributable to Lithia Motors, Inc.	$ 162.6	$ 228.7
Basic earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 5.90	$ 8.32
Shares used in basic per share calculations (in shares)	27.5	27.5
Diluted earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 5.89	$ 8.30
Shares used in diluted per share calculations (in shares)	27.6	27.5
Cash dividends paid per share (in dollars per share)	$ 0.50	$ 0.42
New vehicle retail
Revenues:
Total revenues	$ 4,014.1	$ 3,278.9
Cost of sales:
Total cost of sales	3,718.8	2,945.1
Used vehicle retail
Revenues:
Total revenues	2,800.8	2,227.5
Cost of sales:
Total cost of sales	2,618.1	2,061.8
Used vehicle wholesale
Revenues:
Total revenues	337.7	356.7
Cost of sales:
Total cost of sales	338.7	359.5
Finance and insurance
Revenues:
Total revenues	340.6	318.3
Service, body and parts
Revenues:
Total revenues	912.8	736.3
Cost of sales:
Total cost of sales	410.8	341.9
Fleet and other
Revenues:
Total revenues	155.8	56.1
Cost of sales:
Total cost of sales	$ 140.2	$ 54

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 165	$ 229.6
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(16.2)	13.1
Unrealized loss on debt securities, net of tax benefit of $0.1 and $0.0	(0.2)	0
Total other comprehensive (loss) income, net of tax	(16.4)	13.1
Comprehensive income	148.6	242.7
Comprehensive income attributable to non-controlling interest	(1.5)	(0.7)
Comprehensive income attributable to redeemable non-controlling interest	(0.9)	(0.2)
Comprehensive income attributable to Lithia Motors, Inc.	$ 146.2	$ 241.8

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized loss on debt securities, tax	$ 0.1	$ 0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NON-CONTROLLING INTEREST - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Noncontrolling interest
Beginning balance at Dec. 31, 2022	$ 5,210.4	$ 1,082.1	$ 76.8	$ (18)	$ 4,065.3	$ 4.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		31.7	(22.6)
Issuance of stock in connection with employee stock purchase plans		6.1
Repurchase of common stock		(14.4)
Foreign currency translation adjustment	13.1			13.1
Unrealized loss on debt securities, net of tax benefit of $0.1 and $0.0	0			0
Net income (loss)	229.6				228.7	0.7
Dividends paid					(11.5)
Distribution of non-controlling interest						(1.3)
Ending balance at Mar. 31, 2023	5,440.9	1,105.5	54.2	(4.9)	4,282.5	3.6
Redeemable non-controlling interest, beginning balances at Dec. 31, 2022	40.7
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable non-controlling interest	0.2
Redeemable non-controlling interest, ending balances at Mar. 31, 2023	40.9
Beginning balance at Dec. 31, 2023	6,238.9	1,100.6	79.9	20.1	5,013.3	25
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		26.5	(12.1)
Issuance of stock in connection with employee stock purchase plans		5.7
Repurchase of common stock		(15)
Foreign currency translation adjustment	(16.2)			(16.2)
Unrealized loss on debt securities, net of tax benefit of $0.1 and $0.0	(0.2)			(0.2)
Net income (loss)	165				162.6	1.5
Dividends paid					(13.8)
Distribution of non-controlling interest						(1.2)
Ending balance at Mar. 31, 2024	6,376.7	$ 1,117.8	$ 67.8	$ 3.7	$ 5,162.1	$ 25.3
Redeemable non-controlling interest, beginning balances at Dec. 31, 2023	44
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable non-controlling interest	0.9
Redeemable non-controlling interest, ending balances at Mar. 31, 2024	$ 44.9

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NON-CONTROLLING INTEREST (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Unrealized loss on debt securities, tax	$ 0.1	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 165	$ 229.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	75.9	49.6
Stock-based compensation	14.4	9.1
(Gain) loss on disposal of other assets	(0.5)	0.1
Loss (gain) on sales of stores	0.1	(7.2)
Unrealized investment (gain) loss	(0.1)	0.5
Deferred income taxes	14.8	14.5
Amortization of operating lease right-of-use assets	22.4	15.7
(Increase) decrease (net of acquisitions and dispositions):
Accounts receivable, net	(8.9)	23.9
Inventories	(183.3)	(56.9)
Finance receivables	(173.8)	(397)
Other assets	(19.2)	14.1
Increase (decrease) (net of acquisitions and dispositions):
Floor plan notes payable	327.7	38.9
Trade payables	0.2	(10)
Accrued liabilities	57.5	31.7
Other long-term liabilities and deferred revenue	0.2	(5.6)
Net cash provided by (used in) operating activities	292.4	(49)
Cash flows from investing activities:
Capital expenditures	(79.6)	(38.9)
Proceeds from sales of assets	3.7	0.8
Cash paid for other investments	(122)	(11.1)
Cash paid for acquisitions, net of cash acquired	(1,074.4)	(387.4)
Proceeds from sales of stores	6.4	22.7
Net cash used in investing activities	(1,265.9)	(413.9)
Cash flows from financing activities:
Borrowings on floor plan notes payable, net: non-trade	156.1	187.6
Borrowings on lines of credit	3,658.8	3,462.9
Repayments on lines of credit	(3,606.9)	(3,503.3)
Principal payments on long-term debt and finance lease liabilities, scheduled	(9)	(8.7)
Principal payments on long-term debt and finance lease liabilities, other	0	(3.4)
Proceeds from issuance of long-term debt	158.9	10.4
Principal payments on non-recourse notes payable	(203.5)	(76.5)
Proceeds from issuance of non-recourse notes payable	329.4	479.7
Payment of debt issuance costs	(2.6)	(3.7)
Proceeds from issuance of common stock	5.7	6.1
Repurchase of common stock	(15)	(14.4)
Dividends paid	(13.8)	(11.5)
Payment of contingent consideration related to acquisitions	(12)	(14)
Other financing activity	(1.1)	(1.3)
Net cash provided by financing activities	445	509.9
Effect of exchange rate changes on cash, restricted cash, and cash equivalents	(3)	6.2
(Decrease) increase in cash, restricted cash, and cash equivalents	(531.5)	53.2
Cash, restricted cash, and cash equivalents at beginning of year	972	271.5
Cash, restricted cash, and cash equivalents at end of period	440.5	324.7
Reconciliation of cash, restricted cash, and cash equivalents to the consolidated balance sheets
Cash and cash equivalents	264.4	184.9
Restricted cash from collections on auto loans receivable and customer deposits	140.2	114.5
Cash, restricted cash, and cash equivalents	404.6	299.4
Restricted cash on deposit in reserve accounts, included in other non-current assets	35.9	25.3
Total cash, restricted cash, and cash equivalents reported in the Consolidated Statements of Cash Flows	440.5	324.7
Supplemental cash flow information:
Cash paid during the period for interest	165.8	95.7
Cash paid during the period for income taxes, net	6	5.2
Debt paid in connection with store disposals	1.6	1.6
Non-cash activities:
Debt assumed in connection with acquisitions	868.1	365.4
Right-of-use assets obtained in exchange for lease liabilities	$ 297.5	$ 103.8

INTERIM FINANCIAL STATEMENTS

INTERIM FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2024
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, 2024, and for the three months ended March 31, 2024 and 2023. 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 2023 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2023, is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements to maintain consistency and comparability between periods presented. Within our financing operations income, we disaggregated our “lease income” out of our previously reported “interest, fee, and lease income”, to be its own separately presented line item.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: (in millions) March 31, 2024 December 31, 2023 Contracts in transit $ 520.3 $ 559.7 Trade receivables 201.9 153.3 Vehicle receivables 252.7 191.4 Manufacturer receivables 262.7 216.5 Other receivables, current 15.0 9.3 1,252.6 1,130.2 Less: Allowance for doubtful accounts (3.3) (7.1) Total accounts receivable, net $ 1,249.3 $ 1,123.1 The long-term portions of accounts receivable and allowance for doubtful accounts were included as a component of other non-current assets in the Consolidated Balance Sheets.

INVENTORIES AND FLOOR PLAN NOTE

INVENTORIES AND FLOOR PLAN NOTES PAYABLE	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES AND FLOOR PLAN NOTES PAYABLE	INVENTORIES AND FLOOR PLAN NOTES PAYABLE The components of inventories, net, consisted of the following: (in millions) March 31, 2024 December 31, 2023 New vehicles $ 3,447.5 $ 2,886.3 Used vehicles 2,142.8 1,637.5 Parts and accessories 271.6 230.1 Total inventories $ 5,861.9 $ 4,753.9 The new vehicle inventory cost is generally reduced by manufacturer holdbacks and incentives, while the related floor plan notes payable are reflective of the gross cost of the vehicle. (in millions) March 31, 2024 December 31, 2023 Floor plan notes payable $ 2,533.3 $ 1,347.0 Floor plan notes payable: non-trade 2,428.7 2,288.5 Total floor plan debt $ 4,962.0 $ 3,635.5

FINANCE RECEIVABLES

FINANCE RECEIVABLES	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
FINANCE RECEIVABLES	FINANCE RECEIVABLES Interest income on finance 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. The balances of finance receivables are made up of loans and leases secured by the related vehicles. More than 99% of the portfolio is aged less than 60 days past due with less than 1% on non-accrual status. Finance Receivables, net (in millions) March 31, 2024 December 31, 2023 Asset-backed term funding $ 2,298.0 $ 2,146.5 Warehouse facilities 808.3 749.3 Other managed receivables 418.0 452.9 Total finance receivables 3,524.3 3,348.7 Less: Allowance for finance receivable losses (111.8) (106.4) Finance receivables, net $ 3,412.5 $ 3,242.3 Finance Receivables by FICO Score As of March 31, 2024 Year of Origination ($ in millions) 2024 2023 2022 2021 2020 Total <599 $ 16.8 $ 57.3 $ 34.0 $ 15.6 $ 2.1 $ 125.8 600-699 140.3 549.1 418.8 135.3 13.9 1,257.4 700-774 135.4 532.7 386.5 57.0 5.1 1,116.7 775+ 141.7 445.8 240.4 13.1 2.3 843.3 Total auto loan receivables $ 434.2 $ 1,584.9 $ 1,079.7 $ 221.0 $ 23.4 3,343.2 Other finance receivables 1 181.1 Total finance receivables $ 3,524.3 As of December 31, 2023 Year of Origination ($ in millions) 2023 2022 2021 2020 Total <599 $ 62.2 $ 39.0 $ 17.6 $ 2.4 $ 121.2 600-699 586.6 463.6 152.7 16.1 1,219.0 700-774 568.1 422.5 63.9 5.9 1,060.4 775+ 490.3 263.5 14.7 2.7 771.2 Total auto loan receivables $ 1,707.2 $ 1,188.6 $ 248.9 $ 27.1 3,171.8 Other finance receivables 1 176.9 Total finance receivables $ 3,348.7 1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables. In accordance with ASC Topic 326, the allowance for loan and lease 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. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance upon reaching 120 days past due status. Rollforward of Allowance for Loan and Lease Losses Our allowance for loan and lease losses represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowances for credit losses related to finance receivables consisted of the following changes during the period: Three Months Ended March 31, (in millions) 2024 2023 Allowance at beginning of period $ 106.4 $ 69.3 Charge-offs (34.1) (24.8) Recoveries 14.8 11.4 Sold loans (0.3) — Provision expense 25.0 26.3 Allowance at end of period $ 111.8 $ 82.2 Charge-off Activity by Year of Origination Three Months Ended March 31, (in millions) 2024 2023 2024 $ — $ — 2023 13.4 0.1 2022 15.1 14.2 2021 4.9 8.9 Other finance receivables 1 0.7 1.6 Total charge-offs $ 34.1 $ 24.8 1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.

GOODWILL AND FRANCHISE VALUE

GOODWILL AND FRANCHISE VALUE	3 Months Ended
	Mar. 31, 2024
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) Vehicle Operations Financing Operations Consolidated Balance as of December 31, 2022 $ 1,443.5 $ 17.2 $ 1,460.7 Additions through acquisitions 1 519.1 — 519.1 Reductions through divestitures (51.1) — (51.1) Currency translation 1.5 0.4 1.9 Balance as of December 31, 2023 1,913.0 17.6 1,930.6 Adjustments to purchase price allocations 2 47.6 — 47.6 Additions through acquisitions 3 105.5 — 105.5 Reductions through divestitures (0.2) — (0.2) Currency translation (1.8) — (1.8) Balance as of March 31, 2024 $ 2,064.1 $ 17.6 $ 2,081.7 1 Our purchase price allocation for the 2022 acquisitions were finalized in 2023. As a result, we added $285.9 million of goodwill. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $233.2 million of goodwill. Our purchase price allocation for the remaining 2023 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 – Acquisitions. 2 Our purchase price allocation for a portion of the 2023 acquisitions recognized in 2023 was adjusted and finalized in 2024 upon the completion of our fair value adjustments for assumed contract liabilities, acquired loan portfolio, and contingent consideration, adding $47.6 million of goodwill. 3 Our purchase price allocation for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $105.5 million of goodwill. Our purchase price allocation for the remaining 2023 and 2024 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 – Acquisitions. The changes in the carrying amounts of franchise value are as follows: (in millions) Franchise Value Balance as of December 31, 2022 $ 1,856.2 Additions through acquisitions 1 556.5 Reductions through divestitures (14.5) Currency translation 4.0 Balance as of December 31, 2023 2,402.2 Additions through acquisitions 2 140.8 Reductions through divestitures (1.2) Currency translation (3.8) Balance as of March 31, 2024 $ 2,538.0 1 Our purchase price allocation for the 2022 acquisitions were finalized in 2023. As a result, we added $363.1 million of franchise value. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $193.4 million of franchise value. Our purchase price allocation for the remaining 2023 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions. 2 Our purchase price allocations for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $140.8 million of franchise value. Our purchase price allocation for the remaining 2023 and 2024 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions.

NET INVESTMENT IN OPERATING LEA

NET INVESTMENT IN OPERATING LEASES	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
NET INVESTMENT IN OPERATING LEASES	NET INVESTMENT IN OPERATING LEASES Net investment in operating leases consists primarily of lease contracts for vehicles with individuals and business entities. Assets subject to operating leases are depreciated using the straight-line method over the term of the lease to reduce the asset to its estimated residual value. Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned. Net investment in operating leases was as follows: (in millions) March 31, 2024 December 31, 2023 Vehicles, at cost 1 $ 295.7 $ 102.7 Accumulated depreciation 1 (16.3) (11.2) Net investment in operating leases $ 279.4 $ 91.5 1 Vehicles, at cost and accumulated depreciation are recorded in other current assets on the Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contract Liabilities We are the obligor on our lifetime oil and at home valet 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 $385.5 million and $317.0 million as of March 31, 2024, and December 31, 2023, respectively; and we recognized $15.8 million of revenue in the three months ended March 31, 2024 related to our contract liability balance at December 31, 2023. Our contract liability balance is included in accrued liabilities and deferred revenue. 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 non-lease 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 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 not contain any material residual value guarantees or material restrictive covenants. Our finance lease liabilities are included in long-term debt, with the current portion included in current maturities of long-term debt. The related assets are included in property, plant and equipment, net of accumulated amortization. We rent or sublease certain real estate to third parties. Litigation We are party to numerous legal proceedings arising in the normal course of our business. Although we do not anticipate that the resolution of legal proceedings arising in the normal course of business will have a material adverse effect on our business, results of operations, financial condition, or cash flows, we cannot predict this with certainty.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Credit Facilities US Bank Syndicated Credit Facility On February 23, 2024, we amended our existing syndicated credit facility (USB credit facility), comprised of 21 financial institutions, including eight manufacturer-affiliated finance companies, maturing February 23, 2029. The amendment increased the total financing commitment and the amount to which the commitment could be further expanded. This USB credit facility provides for a total financing commitment of $6.0 billion, which may be further expanded, subject to lender approval and the satisfaction of other conditions, up to a total of $6.5 billion. The allocation of the financing commitment is for up to $2.9 billion in new vehicle inventory floorplan financing, up to $800 million in used vehicle inventory floorplan financing, up to $100 million in service loaner vehicle floorplan financing, and up to $2.2 billion in revolving financing for general corporate purposes, including acquisitions and working capital. We have the option to reallocate the commitments under this USB credit facility, provided that the aggregate revolving loan commitment may not be more than 40% of the amount of the aggregate commitment, and the aggregate service loaner vehicle floorplan commitment may not be more than the 3% of the amount of the aggregate commitment. All borrowings from, and repayments to, our lending group are presented in the Consolidated Statements of Cash Flows as financing activities. Our obligations under our USB credit facility are secured by a substantial amount of our assets, including our inventory (including new and used vehicles, parts and accessories), equipment, accounts receivable (and other rights to payment) and our equity interests in certain of our subsidiaries. Under our USB credit facility, our obligations relating to new vehicle floor plan loans are secured only by collateral owned by Lithia and its dealerships borrowing under the new vehicle floor plan portion of the USB credit facility. The interest rate on the USB credit facility varies based on the type of debt, with the rate of one-day SOFR plus a credit spread adjustment of 0.10% plus a margin of 1.10% for new vehicle floor plan financing, 1.40% for used vehicle floor plan financing, 1.20% for service loaner floor plan financing, and a variable interest rate on the revolving financing ranging from 1.00% to 2.00% depending on our leverage ratio. The annual interest rates associated with our floor plan commitments are as follows: Commitment Annual Interest Rate at March 31, 2024 New vehicle floor plan 6.54% Used vehicle floor plan 6.84% Service loaner floor plan 6.64% Revolving line of credit 6.44% JPM Warehouse Facility On February 23, 2024, we amended our securitization facility for our auto loan portfolio (JPM warehouse facility) with JPMorgan Chase Bank, as administrative agent and account bank, providing initial commitments for borrowings of up to $1.0 billion. The JPM warehouse facility matures on July 18, 2025. The interest rate on the JPM warehouse facility varies based on the Daily Simple SOFR rate plus 1.15% to 1.95%. As of March 31, 2024, we had $389.0 million drawn on the JPM warehouse facility. Mizuho Warehouse Facility On February 16, 2024, we amended our securitization facility for our auto loan portfolio (Mizuho warehouse facility), with Mizuho Bank Ltd. as administrative agent and account bank, providing initial commitments for borrowings of up to $750 million. The Mizuho warehouse facility matures on July 20, 2026. The interest rate on the Mizuho warehouse facility varies based on the Daily Simple SOFR rate plus 1.20%. As of March 31, 2024, we had $247.0 million drawn on the Mizuho warehouse facility. Bank of Nova Scotia Syndicated Credit Facility On March 18, 2024, we amended our syndicated credit agreement with The Bank of Nova Scotia as agent (BNS credit facility), comprised of six financing institutions, including two manufacturer-affiliated finance companies, to extend the maturity date. The BNS credit facility provides for a total financing commitment of approximately $1.1 billion CAD, including a working capital revolving credit facility of up to $100 million CAD, a wholesale flooring facility for new vehicles up to $500 million CAD, used vehicle flooring facility of up to $100 million CAD, wholesale leasing facility of up to $400 million CAD, and daily rental vehicle facility up to $25 million CAD. The interest rate on the Bank of Nova Scotia syndicated credit facility varies based on the type of debt, with the daily compound rate of the Canadian Overnight Repo Rate Average (CORRA) plus a margin of 1.00-1.30%. The annual interest rates associated with our floor plan commitments are as follows: Commitment Annual Interest Rate at March 31, 2024 Wholesale flooring facility 6.05% Used vehicle flooring facility 6.30% Daily rental facility 6.25% Wholesale leasing facility 6.35% Working capital revolving facility 6.30% All Canadian facilities other than the wholesale flooring facility, which is a demand facility, mature on March 18, 2027. The credit agreement includes various financial and other covenants typical of such agreements. Non-Recourse Notes Payable In 2024, we issued $329.4 million in non-recourse notes payable related to asset-backed term funding transactions. Below is a summary of outstanding non-recourse notes payable issued: ($ in millions) Balance as of March 31, 2024 Initial Principal Amount Issuance Date Interest Rate Range Final Distribution Date LAD Auto Receivables Trust 2021-1 Class A-D 82.6 $ 344.4 11/24/21 1.30% to 3.99% Various dates through Nov 2029 LAD Auto Receivables Trust 2022-1 Class A-C 131.6 298.1 08/17/22 5.21% to 6.85% Various dates through Apr 2030 LAD Auto Receivables Trust 2023-1 Class A-D 279.0 479.7 02/14/23 5.48% to 7.30% Various dates through Jun 2030 LAD Auto Receivables Trust 2023-2 Class A-D 362.5 556.7 05/24/23 5.42% to 6.30% Various dates through Feb 2031 LAD Auto Receivables Trust 2023-3 Class A-D 316.9 415.4 08/23/23 5.95% to 6.92% Various dates through Dec 2030 LAD Auto Receivables Trust 2023-4 Class A-D 352.4 421.2 11/15/23 6.10% to 7.37% Various dates through Apr 2031 LAD Auto Receivables Trust 2024-1 Class A-D 306.5 329.4 02/14/24 5.17% to 6.15% Various dates through Jun 2031 Total non-recourse notes payable $ 1,831.5 $ 2,844.9

RETIREMENT PLANS AND POSTRETIRE

RETIREMENT PLANS AND POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT PLANS AND POSTRETIREMENT BENEFITS	RETIREMENT PLANS AND POSTRETIREMENT BENEFITS Company-Sponsored Defined Benefit Pension Plan In January 2024, we acquired Pendragon PLC’s Fleet Management and UK Motor Divisions in the United Kingdom, which included the assumption of its company-sponsored defined benefit plan applicable to a portion of the salaried present and past employees, closed to future accrual. At the time of acquisition, these balances increased our defined benefit obligations $465.7 million and increased our fair value of plan assets $466.4 million. Net Periodic (Benefit) Cost Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. ($ in millions) March 31, 2024 Interest cost $ 5.6 Expected return on plan assets (6.2) Net periodic benefit $ (0.6) During the three months ended March 31, 2024, funding of pension plans was $12.7 million. For the remainder of 2024, we estimate approximately $3.3 million of cash contributions.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Repurchases of Common Stock Repurchases of our 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). Share repurchases under our authorization were as follows: Repurchases Occurring in 2024 Cumulative Repurchases as of March 31, 2024 Shares Average Price Shares Average Price Share Repurchase Authorization — $ — 7,047,510 $ 174.96 As of March 31, 2024, we had $467.0 million available for repurchases pursuant to our share repurchase authorization from our Board of Directors in 2022 and prior years. In addition, during 2024, we repurchased 45,516 shares at an average price of $329.21 per share, for a total of $15.0 million, related to tax withholding associated with the vesting of RSUs. The repurchase of shares related to tax withholding 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, 2024
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 the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities, finance receivables, 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. Beginning in January of 2024, our captive insurance subsidiary began investing the cash in excess of current needs in marketable securities, recorded as part of Other current assets in the Consolidated Balance Sheets. For the three-month period ended March 31, 2024, the net unrealized investment losses, net of tax, of $0.2 million were recorded in Other comprehensive income (loss) and the net realized investment gains of $0.1 million were recorded in Other income, net. Amortized cost for these marketable securities was $50.1 million as of March 31, 2024. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes, non-recourse notes payable, and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1). The fair value of non-recourse notes payable are measured using observable Level 2 market expectations at each measurement date. The calculated estimated fair values of the fixed rate real estate mortgages and finance lease liabilities use 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. We have derivative instruments consisting of an offsetting set of interest rate caps. The fair value of derivative assets and liabilities are measured using observable Level 2 market expectations at each measurement date and is recorded as other current assets, current liabilities and other long-term liabilities in the Consolidated Balance Sheets. Nonfinancial assets such as goodwill, franchise value, or other long-lived assets are measured and recorded at fair value during a business combination or when there is an indicator of impairment. We evaluate our goodwill and franchise value using a qualitative assessment process. If the qualitative factors determine that it is more likely than not that the carrying value exceeds the fair value, we would further evaluate for potential impairment using a quantitative assessment. The quantitative assessment estimates fair values using unobservable (Level 3) inputs by discounting expected future cash flows of the store for franchise value, or reporting unit for goodwill. The forecasted cash flows contain inherent uncertainties, including significant estimates and assumptions related to growth rates, margins, working capital requirements, and cost of capital, for which we utilize certain market participant-based assumptions we believe to be reasonable. 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, 2024. Below are our assets and liabilities that are measured at fair value: As of March 31, 2024 As of December 31, 2023 ($ in millions) Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3 Recorded at fair value Marketable securities Equity securities $ 2.0 $ 2.0 $ — $ — $ — $ — $ — $ — U.S. Treasury $ 19.8 $ 19.8 $ — $ — $ — $ — $ — $ — Corporate debt 28.1 — 28.1 — — — — — Total debt securities $ 47.9 $ 19.8 $ 28.1 $ — $ — $ — $ — $ — Derivatives Derivative assets $ 11.0 $ — $ 11.0 $ — $ 12.3 $ — $ 12.3 $ — Derivative liabilities 11.0 — 11.0 — 12.3 — 12.3 — Recorded at historical value Fixed rate debt 1 4.625% Senior notes due 2027 $ 400.0 $ 383.0 $ — $ — $ 400.0 $ 380.0 $ — $ — 4.375% Senior notes due 2031 550.0 490.9 — — 550.0 492.3 — — 3.875% Senior notes due 2029 800.0 720.0 — — 800.0 716.0 — — Non-recourse notes payable 1,831.5 — 1,828.3 — 1,705.6 — 1,705.1 — Real estate mortgages and other debt 723.4 — 744.6 — 603.5 — 644.5 — 1 Excluding unamortized debt issuance costs

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS In the first three months of 2024, we completed the following acquisitions: • In January 2024, Pendragon PLC’s Fleet Management and UK Motor Divisions in the United Kingdom. • In February 2024, Carousel Motor Group in Minnesota and Wisconsin. Revenue and operating income contributed by the 2024 acquisitions subsequent to the date of acquisition were as follows (in millions): Three Months Ended March 31, 2024 Revenue $ 985.4 Operating income 13.6 In the first three months of 2023, we completed the following acquisitions: • In February 2023, Thornhill Acura in Canada. • In March 2023, Jardine Motors Group UK Limited in the United Kingdom. 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 2024 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date: (in millions) Consideration Cash paid, net of cash acquired $ 1,074.4 (in millions) Assets Acquired and Liabilities Assumed Trade receivables, net $ 119.0 Inventories 972.1 Property and equipment 499.6 Operating lease right-of-use assets 289.7 Net investment in operating leases 181.5 Deferred taxes, net 20.5 Other assets 494.1 Trade payables (39.6) Floor plan notes payable (868.1) Operating lease liability (283.9) Other liabilities and deferred revenue (310.5) Total net assets acquired and liabilities assumed $ 1,074.4 The purchase price allocations for the acquisitions from the third quarter of 2023 through the first quarter of 2024 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 and recorded unallocated items as a component of other non-current assets in the Consolidated Balance Sheets. We expect all of the goodwill related to North American acquisitions completed in 2023 and 2024 to be deductible for US federal income tax purposes. Due to local country laws, we do not expect goodwill related to UK acquisitions completed in 2023 and 2024 to be deductible for UK income tax purposes. In the three-month period ended March 31, 2024, we recorded $7.7 million in acquisition-related expenses as a component of selling, general and administrative expense. Comparatively, we recorded $1.3 million of acquisition-related expenses in the same period of 2023. The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three-month periods ended March 31, 2024 and 2023 had occurred on January 1, 2023: Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Revenue $ 9,024.4 $ 8,197.2 Net income attributable to Lithia Motors, Inc. 170.8 245.7 Basic earnings per share attributable to Lithia Motors, Inc. 6.20 8.94 Diluted earnings per share attributable to Lithia Motors, Inc. 6.19 8.92 These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property and equipment, accounting for inventory on a specific identification method, and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring proforma adjustments directly attributable to the acquisitions are included in the reported proforma revenues and earnings.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We calculate basic earnings per share (EPS) by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of common shares outstanding for the period, including vested RSU awards. Diluted EPS is calculated by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of shares outstanding, adjusted for the dilutive effect of unvested RSU awards and employee stock purchases. The following is a reconciliation of net income attributable to Lithia Motors, Inc. and weighted average shares used for our basic EPS and diluted EPS: Three Months Ended March 31, Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Net income attributable to Lithia Motors, Inc. and applicable to common stockholders $ 162.6 $ 228.7 Weighted average common shares outstanding – basic 27.5 27.5 Effect of employee stock purchases and restricted stock units on weighted average common shares outstanding 0.1 — Weighted average common shares outstanding – diluted 27.6 27.5 Basic earnings per share attributable to Lithia Motors, Inc. $ 5.90 $ 8.32 Diluted earnings per share attributable to Lithia Motors, Inc. $ 5.89 $ 8.30 The effect of antidilutive securities on common stock was evaluated for the three-month periods ended March 31, 2024 and 2023 and was determined to be immaterial.

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS We operate in two reportable segments: Vehicle Operations and Financing Operations. Our Vehicle Operations consists of all aspects of our auto merchandising and service operations, excluding financing provided by our Financing Operations. Our Financing Operations segment provides financing to customers buying and leasing retail vehicles from our Vehicle Operations, as well as leasing vehicles from our fleet management services provider. All other remaining unallocated corporate overhead expenses and internal charges are reported under “Corporate and Other”. Asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented. Certain financial information on a segment basis is as follows: Three Months Ended (in millions) 2024 2023 Vehicle operations revenue $ 8,561.8 $ 6,973.8 Vehicle operations gross profit 1,335.2 1,211.5 Floor plan interest expense (60.7) (27.7) Vehicle operations selling, general and administrative (990.1) (822.6) Vehicle operations income 284.4 361.2 Financing operations interest margin: Interest and fee income 77.3 49.3 Interest expense (47.8) (37.5) Total interest margin 29.5 11.8 Lease income 22.4 4.6 Depreciation and amortization (18.0) (2.3) Lease income, net 4.4 2.3 Selling, general and administrative (10.6) (8.6) Provision expense (25.0) (26.3) Financing operations loss (1.7) (20.8) Total segment income for reportable segments 282.7 340.4 Corporate and other 55.8 58.2 Depreciation and amortization (57.8) (47.3) Other interest expense (63.6) (39.0) Other income, net 3.5 2.0 Income before income taxes $ 220.6 $ 314.3

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standards update (ASU) 2023-07 related to improvements to reportable segment disclosures. The amendments in this update require additional disclosure of significant expenses related to our reportable segments, additional segment disclosures on an interim basis, and qualitative disclosures regarding the decision making process for segment resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We have adopted this pronouncement and plan to make the necessary updates to our segment disclosures for the year ending December 31, 2024, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our financial statements. In December 2023, the FASB issued ASU 2023-09 related to improvements to income tax disclosures. The amendments in this update require enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2025, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 162.6	$ 228.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INTERIM FINANCIAL STATEMENTS (P

INTERIM FINANCIAL STATEMENTS (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024, and for the three months ended March 31, 2024 and 2023. 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 2023 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2023, is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2024. 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 reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements to maintain consistency and comparability between periods presented. Within our financing operations income, we disaggregated our “lease income” out of our previously reported “interest, fee, and lease income”, to be its own separately presented line item.
Commitments and Contingencies	Contract Liabilities We are the obligor on our lifetime oil and at home valet 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 $385.5 million and $317.0 million as of March 31, 2024, and December 31, 2023, respectively; and we recognized $15.8 million of revenue in the three months ended March 31, 2024 related to our contract liability balance at December 31, 2023. Our contract liability balance is included in accrued liabilities and deferred revenue. 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 non-lease 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 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 not contain any material residual value guarantees or material restrictive covenants. Our finance lease liabilities are included in long-term debt, with the current portion included in current maturities of long-term debt. The related assets are included in property, plant and equipment, net of accumulated amortization. We rent or sublease certain real estate to third parties.
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 the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities, finance receivables, 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. Beginning in January of 2024, our captive insurance subsidiary began investing the cash in excess of current needs in marketable securities, recorded as part of Other current assets in the Consolidated Balance Sheets. For the three-month period ended March 31, 2024, the net unrealized investment losses, net of tax, of $0.2 million were recorded in Other comprehensive income (loss) and the net realized investment gains of $0.1 million were recorded in Other income, net. Amortized cost for these marketable securities was $50.1 million as of March 31, 2024. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes, non-recourse notes payable, and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1). The fair value of non-recourse notes payable are measured using observable Level 2 market expectations at each measurement date. The calculated estimated fair values of the fixed rate real estate mortgages and finance lease liabilities use 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. We have derivative instruments consisting of an offsetting set of interest rate caps. The fair value of derivative assets and liabilities are measured using observable Level 2 market expectations at each measurement date and is recorded as other current assets, current liabilities and other long-term liabilities in the Consolidated Balance Sheets. Nonfinancial assets such as goodwill, franchise value, or other long-lived assets are measured and recorded at fair value during a business combination or when there is an indicator of impairment. We evaluate our goodwill and franchise value using a qualitative assessment process. If the qualitative factors determine that it is more likely than not that the carrying value exceeds the fair value, we would further evaluate for potential impairment using a quantitative assessment. The quantitative assessment estimates fair values using unobservable (Level 3) inputs by discounting expected future cash flows of the store for franchise value, or reporting unit for goodwill. The forecasted cash flows contain inherent uncertainties, including significant estimates and assumptions related to growth rates, margins, working capital requirements, and cost of capital, for which we utilize certain market participant-based assumptions we believe to be reasonable. 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	In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standards update (ASU) 2023-07 related to improvements to reportable segment disclosures. The amendments in this update require additional disclosure of significant expenses related to our reportable segments, additional segment disclosures on an interim basis, and qualitative disclosures regarding the decision making process for segment resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We have adopted this pronouncement and plan to make the necessary updates to our segment disclosures for the year ending December 31, 2024, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our financial statements. In December 2023, the FASB issued ASU 2023-09 related to improvements to income tax disclosures. The amendments in this update require enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2025, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our financial statements.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: (in millions) March 31, 2024 December 31, 2023 Contracts in transit $ 520.3 $ 559.7 Trade receivables 201.9 153.3 Vehicle receivables 252.7 191.4 Manufacturer receivables 262.7 216.5 Other receivables, current 15.0 9.3 1,252.6 1,130.2 Less: Allowance for doubtful accounts (3.3) (7.1) Total accounts receivable, net $ 1,249.3 $ 1,123.1 Finance Receivables, net (in millions) March 31, 2024 December 31, 2023 Asset-backed term funding $ 2,298.0 $ 2,146.5 Warehouse facilities 808.3 749.3 Other managed receivables 418.0 452.9 Total finance receivables 3,524.3 3,348.7 Less: Allowance for finance receivable losses (111.8) (106.4) Finance receivables, net $ 3,412.5 $ 3,242.3

INVENTORIES AND FLOOR PLAN NO_2

INVENTORIES AND FLOOR PLAN NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventories, net, consisted of the following: (in millions) March 31, 2024 December 31, 2023 New vehicles $ 3,447.5 $ 2,886.3 Used vehicles 2,142.8 1,637.5 Parts and accessories 271.6 230.1 Total inventories $ 5,861.9 $ 4,753.9
Schedule of Debt	(in millions) March 31, 2024 December 31, 2023 Floor plan notes payable $ 2,533.3 $ 1,347.0 Floor plan notes payable: non-trade 2,428.7 2,288.5 Total floor plan debt $ 4,962.0 $ 3,635.5

FINANCE RECEIVABLES (Tables)

FINANCE RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: (in millions) March 31, 2024 December 31, 2023 Contracts in transit $ 520.3 $ 559.7 Trade receivables 201.9 153.3 Vehicle receivables 252.7 191.4 Manufacturer receivables 262.7 216.5 Other receivables, current 15.0 9.3 1,252.6 1,130.2 Less: Allowance for doubtful accounts (3.3) (7.1) Total accounts receivable, net $ 1,249.3 $ 1,123.1 Finance Receivables, net (in millions) March 31, 2024 December 31, 2023 Asset-backed term funding $ 2,298.0 $ 2,146.5 Warehouse facilities 808.3 749.3 Other managed receivables 418.0 452.9 Total finance receivables 3,524.3 3,348.7 Less: Allowance for finance receivable losses (111.8) (106.4) Finance receivables, net $ 3,412.5 $ 3,242.3
Schedule of Financing Receivable Credit Quality Indicators	Finance Receivables by FICO Score As of March 31, 2024 Year of Origination ($ in millions) 2024 2023 2022 2021 2020 Total <599 $ 16.8 $ 57.3 $ 34.0 $ 15.6 $ 2.1 $ 125.8 600-699 140.3 549.1 418.8 135.3 13.9 1,257.4 700-774 135.4 532.7 386.5 57.0 5.1 1,116.7 775+ 141.7 445.8 240.4 13.1 2.3 843.3 Total auto loan receivables $ 434.2 $ 1,584.9 $ 1,079.7 $ 221.0 $ 23.4 3,343.2 Other finance receivables 1 181.1 Total finance receivables $ 3,524.3 As of December 31, 2023 Year of Origination ($ in millions) 2023 2022 2021 2020 Total <599 $ 62.2 $ 39.0 $ 17.6 $ 2.4 $ 121.2 600-699 586.6 463.6 152.7 16.1 1,219.0 700-774 568.1 422.5 63.9 5.9 1,060.4 775+ 490.3 263.5 14.7 2.7 771.2 Total auto loan receivables $ 1,707.2 $ 1,188.6 $ 248.9 $ 27.1 3,171.8 Other finance receivables 1 176.9 Total finance receivables $ 3,348.7 1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.
Schedule of Financing Receivable, Noncurrent, Allowance for Credit Loss	Rollforward of Allowance for Loan and Lease Losses Our allowance for loan and lease losses represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowances for credit losses related to finance receivables consisted of the following changes during the period: Three Months Ended March 31, (in millions) 2024 2023 Allowance at beginning of period $ 106.4 $ 69.3 Charge-offs (34.1) (24.8) Recoveries 14.8 11.4 Sold loans (0.3) — Provision expense 25.0 26.3 Allowance at end of period $ 111.8 $ 82.2 Charge-off Activity by Year of Origination Three Months Ended March 31, (in millions) 2024 2023 2024 $ — $ — 2023 13.4 0.1 2022 15.1 14.2 2021 4.9 8.9 Other finance receivables 1 0.7 1.6 Total charge-offs $ 34.1 $ 24.8 1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.

GOODWILL AND FRANCHISE VALUE (T

GOODWILL AND FRANCHISE VALUE (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amounts of goodwill are as follows: (in millions) Vehicle Operations Financing Operations Consolidated Balance as of December 31, 2022 $ 1,443.5 $ 17.2 $ 1,460.7 Additions through acquisitions 1 519.1 — 519.1 Reductions through divestitures (51.1) — (51.1) Currency translation 1.5 0.4 1.9 Balance as of December 31, 2023 1,913.0 17.6 1,930.6 Adjustments to purchase price allocations 2 47.6 — 47.6 Additions through acquisitions 3 105.5 — 105.5 Reductions through divestitures (0.2) — (0.2) Currency translation (1.8) — (1.8) Balance as of March 31, 2024 $ 2,064.1 $ 17.6 $ 2,081.7 1 Our purchase price allocation for the 2022 acquisitions were finalized in 2023. As a result, we added $285.9 million of goodwill. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $233.2 million of goodwill. Our purchase price allocation for the remaining 2023 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 – Acquisitions. 2 Our purchase price allocation for a portion of the 2023 acquisitions recognized in 2023 was adjusted and finalized in 2024 upon the completion of our fair value adjustments for assumed contract liabilities, acquired loan portfolio, and contingent consideration, adding $47.6 million of goodwill. 3 Our purchase price allocation for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $105.5 million of goodwill. Our purchase price allocation for the remaining 2023 and 2024 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 – Acquisitions.
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, 2022 $ 1,856.2 Additions through acquisitions 1 556.5 Reductions through divestitures (14.5) Currency translation 4.0 Balance as of December 31, 2023 2,402.2 Additions through acquisitions 2 140.8 Reductions through divestitures (1.2) Currency translation (3.8) Balance as of March 31, 2024 $ 2,538.0 1 Our purchase price allocation for the 2022 acquisitions were finalized in 2023. As a result, we added $363.1 million of franchise value. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $193.4 million of franchise value. Our purchase price allocation for the remaining 2023 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions. 2 Our purchase price allocations for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $140.8 million of franchise value. Our purchase price allocation for the remaining 2023 and 2024 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions.

NET INVESTMENT IN OPERATING L_2

NET INVESTMENT IN OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Net Investment in Operating Leases	Net investment in operating leases was as follows: (in millions) March 31, 2024 December 31, 2023 Vehicles, at cost 1 $ 295.7 $ 102.7 Accumulated depreciation 1 (16.3) (11.2) Net investment in operating leases $ 279.4 $ 91.5 1 Vehicles, at cost and accumulated depreciation are recorded in other current assets on the Consolidated Balance Sheets.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The annual interest rates associated with our floor plan commitments are as follows: Commitment Annual Interest Rate at March 31, 2024 New vehicle floor plan 6.54% Used vehicle floor plan 6.84% Service loaner floor plan 6.64% Revolving line of credit 6.44% Commitment Annual Interest Rate at March 31, 2024 Wholesale flooring facility 6.05% Used vehicle flooring facility 6.30% Daily rental facility 6.25% Wholesale leasing facility 6.35% Working capital revolving facility 6.30%
Schedule of Long-Term Debt Instruments	In 2024, we issued $329.4 million in non-recourse notes payable related to asset-backed term funding transactions. Below is a summary of outstanding non-recourse notes payable issued: ($ in millions) Balance as of March 31, 2024 Initial Principal Amount Issuance Date Interest Rate Range Final Distribution Date LAD Auto Receivables Trust 2021-1 Class A-D 82.6 $ 344.4 11/24/21 1.30% to 3.99% Various dates through Nov 2029 LAD Auto Receivables Trust 2022-1 Class A-C 131.6 298.1 08/17/22 5.21% to 6.85% Various dates through Apr 2030 LAD Auto Receivables Trust 2023-1 Class A-D 279.0 479.7 02/14/23 5.48% to 7.30% Various dates through Jun 2030 LAD Auto Receivables Trust 2023-2 Class A-D 362.5 556.7 05/24/23 5.42% to 6.30% Various dates through Feb 2031 LAD Auto Receivables Trust 2023-3 Class A-D 316.9 415.4 08/23/23 5.95% to 6.92% Various dates through Dec 2030 LAD Auto Receivables Trust 2023-4 Class A-D 352.4 421.2 11/15/23 6.10% to 7.37% Various dates through Apr 2031 LAD Auto Receivables Trust 2024-1 Class A-D 306.5 329.4 02/14/24 5.17% to 6.15% Various dates through Jun 2031 Total non-recourse notes payable $ 1,831.5 $ 2,844.9

RETIREMENT PLANS AND POSTRETI_2

RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Periodic (Benefit) Cost	($ in millions) March 31, 2024 Interest cost $ 5.6 Expected return on plan assets (6.2) Net periodic benefit $ (0.6)

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Share Repurchases	Share repurchases under our authorization were as follows: Repurchases Occurring in 2024 Cumulative Repurchases as of March 31, 2024 Shares Average Price Shares Average Price Share Repurchase Authorization — $ — 7,047,510 $ 174.96

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Below are our assets and liabilities that are measured at fair value: As of March 31, 2024 As of December 31, 2023 ($ in millions) Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3 Recorded at fair value Marketable securities Equity securities $ 2.0 $ 2.0 $ — $ — $ — $ — $ — $ — U.S. Treasury $ 19.8 $ 19.8 $ — $ — $ — $ — $ — $ — Corporate debt 28.1 — 28.1 — — — — — Total debt securities $ 47.9 $ 19.8 $ 28.1 $ — $ — $ — $ — $ — Derivatives Derivative assets $ 11.0 $ — $ 11.0 $ — $ 12.3 $ — $ 12.3 $ — Derivative liabilities 11.0 — 11.0 — 12.3 — 12.3 — Recorded at historical value Fixed rate debt 1 4.625% Senior notes due 2027 $ 400.0 $ 383.0 $ — $ — $ 400.0 $ 380.0 $ — $ — 4.375% Senior notes due 2031 550.0 490.9 — — 550.0 492.3 — — 3.875% Senior notes due 2029 800.0 720.0 — — 800.0 716.0 — — Non-recourse notes payable 1,831.5 — 1,828.3 — 1,705.6 — 1,705.1 — Real estate mortgages and other debt 723.4 — 744.6 — 603.5 — 644.5 — 1 Excluding unamortized debt issuance costs

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Pro Forma Summary	Revenue and operating income contributed by the 2024 acquisitions subsequent to the date of acquisition were as follows (in millions): Three Months Ended March 31, 2024 Revenue $ 985.4 Operating income 13.6 The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three-month periods ended March 31, 2024 and 2023 had occurred on January 1, 2023: Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Revenue $ 9,024.4 $ 8,197.2 Net income attributable to Lithia Motors, Inc. 170.8 245.7 Basic earnings per share attributable to Lithia Motors, Inc. 6.20 8.94 Diluted earnings per share attributable to Lithia Motors, Inc. 6.19 8.92
Schedule of Assets Acquired and Liabilities Assumed	The following tables summarize the consideration paid for the 2024 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date: (in millions) Consideration Cash paid, net of cash acquired $ 1,074.4 (in millions) Assets Acquired and Liabilities Assumed Trade receivables, net $ 119.0 Inventories 972.1 Property and equipment 499.6 Operating lease right-of-use assets 289.7 Net investment in operating leases 181.5 Deferred taxes, net 20.5 Other assets 494.1 Trade payables (39.6) Floor plan notes payable (868.1) Operating lease liability (283.9) Other liabilities and deferred revenue (310.5) Total net assets acquired and liabilities assumed $ 1,074.4

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of net income attributable to Lithia Motors, Inc. and weighted average shares used for our basic EPS and diluted EPS: Three Months Ended March 31, Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Net income attributable to Lithia Motors, Inc. and applicable to common stockholders $ 162.6 $ 228.7 Weighted average common shares outstanding – basic 27.5 27.5 Effect of employee stock purchases and restricted stock units on weighted average common shares outstanding 0.1 — Weighted average common shares outstanding – diluted 27.6 27.5 Basic earnings per share attributable to Lithia Motors, Inc. $ 5.90 $ 8.32 Diluted earnings per share attributable to Lithia Motors, Inc. $ 5.89 $ 8.30

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Certain Information on a Segment Basis	Certain financial information on a segment basis is as follows: Three Months Ended (in millions) 2024 2023 Vehicle operations revenue $ 8,561.8 $ 6,973.8 Vehicle operations gross profit 1,335.2 1,211.5 Floor plan interest expense (60.7) (27.7) Vehicle operations selling, general and administrative (990.1) (822.6) Vehicle operations income 284.4 361.2 Financing operations interest margin: Interest and fee income 77.3 49.3 Interest expense (47.8) (37.5) Total interest margin 29.5 11.8 Lease income 22.4 4.6 Depreciation and amortization (18.0) (2.3) Lease income, net 4.4 2.3 Selling, general and administrative (10.6) (8.6) Provision expense (25.0) (26.3) Financing operations loss (1.7) (20.8) Total segment income for reportable segments 282.7 340.4 Corporate and other 55.8 58.2 Depreciation and amortization (57.8) (47.3) Other interest expense (63.6) (39.0) Other income, net 3.5 2.0 Income before income taxes $ 220.6 $ 314.3

ACCOUNTS RECEIVABLE - Schedule

ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	$ 1,252.6	$ 1,130.2
Less: Allowance for doubtful accounts	(3.3)	(7.1)
Total accounts receivable, net	1,249.3	1,123.1
Contracts in transit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	520.3	559.7
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	201.9	153.3
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	252.7	191.4
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	262.7	216.5
Other receivables, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	$ 15	$ 9.3

INVENTORIES AND FLOOR PLAN NO_3

INVENTORIES AND FLOOR PLAN NOTES PAYABLE - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventories	$ 5,861.9	$ 4,753.9
New vehicles
Inventory [Line Items]
Total inventories	3,447.5	2,886.3
Used vehicles
Inventory [Line Items]
Total inventories	2,142.8	1,637.5
Parts and accessories
Inventory [Line Items]
Total inventories	$ 271.6	$ 230.1

INVENTORIES AND FLOOR PLAN NO_4

INVENTORIES AND FLOOR PLAN NOTES PAYABLE - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Floor plan notes payable	$ 2,533.3	$ 1,347
Floor plan notes payable: non-trade	2,428.7	2,288.5
Total floor plan debt	$ 4,962	$ 3,635.5

FINANCE RECEIVABLES - Narrative

FINANCE RECEIVABLES - Narrative (Details)	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, threshold period past due (in days)	120 days
Loans Receivables | Auto Loan Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivables aged less than 60 days past due, percent (more than)	99%
Loan receivable on non-accrual status, percent (less than)	1%

FINANCE RECEIVABLES - Schedule

FINANCE RECEIVABLES - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total finance receivables	$ 3,524.3	$ 3,348.7
Less: Allowance for finance receivable losses	(111.8)	(106.4)	$ (82.2)	$ (69.3)
Finance receivables, net	3,412.5	3,242.3
Asset-backed term funding
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total finance receivables	2,298	2,146.5
Warehouse facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total finance receivables	808.3	749.3
Other managed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total finance receivables	$ 418	$ 452.9

FINANCE RECEIVABLES - Schedul_2

FINANCE RECEIVABLES - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total finance receivables	$ 3,524.3	$ 3,348.7
Auto Loan Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Current year	434.2	1,707.2
Fiscal year before current fiscal year	1,584.9	1,188.6
Two years before current fiscal year	1,079.7	248.9
Three years before current fiscal year	221	27.1
Four years before current fiscal year	23.4
Total finance receivables	3,343.2	3,171.8
Other Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total finance receivables	181.1	176.9
Less than 599 | Auto Loan Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Current year	16.8	62.2
Fiscal year before current fiscal year	57.3	39
Two years before current fiscal year	34	17.6
Three years before current fiscal year	15.6	2.4
Four years before current fiscal year	2.1
Total finance receivables	125.8	121.2
FICO Score, 600 to 699 | Auto Loan Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Current year	140.3	586.6
Fiscal year before current fiscal year	549.1	463.6
Two years before current fiscal year	418.8	152.7
Three years before current fiscal year	135.3	16.1
Four years before current fiscal year	13.9
Total finance receivables	1,257.4	1,219
FICO Score, 700 to 774 | Auto Loan Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Current year	135.4	568.1
Fiscal year before current fiscal year	532.7	422.5
Two years before current fiscal year	386.5	63.9
Three years before current fiscal year	57	5.9
Four years before current fiscal year	5.1
Total finance receivables	1,116.7	1,060.4
FICO Score, Greater than 775 | Auto Loan Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Current year	141.7	490.3
Fiscal year before current fiscal year	445.8	263.5
Two years before current fiscal year	240.4	14.7
Three years before current fiscal year	13.1	2.7
Four years before current fiscal year	2.3
Total finance receivables	$ 843.3	$ 771.2

FINANCE RECEIVABLES - Schedul_3

FINANCE RECEIVABLES - Schedule of Financing Receivable, Noncurrent, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	$ 106.4	$ 69.3
Charge-offs	(34.1)	(24.8)
Recoveries	14.8	11.4
Sold loans	(0.3)	0
Provision expense	25	26.3
Allowance at end of period	$ 111.8	$ 82.2

FINANCE RECEIVABLES - Schedul_4

FINANCE RECEIVABLES - Schedule of Charge-off Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff By Origination Year [Abstract]
2024	$ 0	$ 0
2023	13.4	0.1
2022	15.1	14.2
2021	4.9	8.9
Other finance receivables	0.7	1.6
Total charge-offs	$ 34.1	$ 24.8

GOODWILL AND FRANCHISE VALUE -

GOODWILL AND FRANCHISE VALUE - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 1,930.6	$ 1,460.7
Additions through acquisitions	105.5	519.1
Reductions through divestitures	(0.2)	(51.1)
Currency translation	(1.8)	1.9
Ending balance	2,081.7	1,930.6
Adjustments to purchase price allocations	47.6
2022 Acquisition
Goodwill [Roll Forward]
Adjustments to purchase price allocations		285.9
2023 Acquisition
Goodwill [Roll Forward]
Additions through acquisitions	105.5
Adjustments to purchase price allocations	47.6	233.2
Vehicle Operations
Goodwill [Roll Forward]
Beginning balance	1,913	1,443.5
Additions through acquisitions	105.5	519.1
Reductions through divestitures	(0.2)	(51.1)
Currency translation	(1.8)	1.5
Ending balance	2,064.1	1,913
Adjustments to purchase price allocations	47.6
Financing Operations
Goodwill [Roll Forward]
Beginning balance	17.6	17.2
Additions through acquisitions	0	0
Reductions through divestitures	0	0
Currency translation	0	0.4
Ending balance	17.6	$ 17.6
Adjustments to purchase price allocations	$ 0

GOODWILL AND FRANCHISE VALUE _2

GOODWILL AND FRANCHISE VALUE - Schedule of Franchise Value (Details) - Franchise Rights - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Roll Forward]
Balance as of beginning of period	$ 2,402.2	$ 1,856.2
Additions through acquisitions	140.8	556.5
Reductions through divestitures	(1.2)	(14.5)
Currency translation	(3.8)	4
Balance as of end of period	2,538	2,402.2
2022 Acquisition
Indefinite-lived Intangible Assets [Roll Forward]
Adjustments to purchase price allocations		363.1
2023 Acquisition
Indefinite-lived Intangible Assets [Roll Forward]
Adjustments to purchase price allocations	$ 140.8	$ 193.4

NET INVESTMENT IN OPERATING L_3

NET INVESTMENT IN OPERATING LEASES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Vehicles, at cost	$ 295.7	$ 102.7
Accumulated depreciation	(16.3)	(11.2)
Net investment in operating leases	$ 279.4	$ 91.5

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Contract liability	$ 385.5	$ 317
Contract liability, revenue recognized	$ 15.8
Lease renewal option | option	1
Minimum
Other Commitments [Line Items]
Lease renewal term	1 year
Maximum
Other Commitments [Line Items]
Lease renewal term	23 years

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Mar. 18, 2024 CAD ($) financeCompany financialInstitution	Feb. 24, 2024 USD ($)	Feb. 23, 2024 USD ($) financeCompany financialInstitution	Feb. 16, 2024 USD ($)	Mar. 31, 2024 USD ($)
Syndicated Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		$ 6,000,000,000
Syndicated Credit Facility | New vehicle floor plan
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		2,900,000,000
Syndicated Credit Facility | Used vehicle floor plan
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		800,000,000
Syndicated Credit Facility | Service loaner floor plan
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		$ 100,000,000
Option to reallocate commitment, maximum aggregate commitment threshold (as a percent)		3%
Syndicated Credit Facility | Revolving line of credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		$ 2,200,000,000
Option to reallocate commitment, maximum aggregate commitment threshold (as a percent)		40%
Syndicated Credit Facility, Upon Expansion Of Original Line Of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility		$ 6,500,000,000
JPM Warehouse Facility | Securitization Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility			$ 1,000,000,000
Facility drawn					$ 389,000,000
Mizuho Warehouse Facility | Securitization Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility				$ 750,000,000
Facility drawn					$ 247,000,000
Bank Of Nova Scotia Credit Agreement
Debt Instrument [Line Items]
Debt instrument, number of counter-parties | financialInstitution	6
Debt instrument, number of manufacturer-affiliated finance companies | financeCompany	2
Credit facility, maximum borrowing facility	$ 1,100,000,000
Bank Of Nova Scotia Credit Agreement | Canandian Overnight Repo Rate Average CORRA | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Bank Of Nova Scotia Credit Agreement | Canandian Overnight Repo Rate Average CORRA | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.30%
Bank Of Nova Scotia Credit Agreement | Working capital revolving facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility	$ 100,000,000
Bank Of Nova Scotia Credit Agreement | Wholesale flooring facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility	500,000,000
Bank Of Nova Scotia Credit Agreement | Used vehicle flooring facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility	100,000,000
Bank Of Nova Scotia Credit Agreement | Wholesale leasing facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility	400,000,000
Bank Of Nova Scotia Credit Agreement | Daily Rental Vehicle Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing facility	$ 25,000,000
Line of credit | Syndicated Credit Facility
Debt Instrument [Line Items]
Debt instrument, number of counter-parties | financialInstitution			21
Debt instrument, number of manufacturer-affiliated finance companies | financeCompany			8
Line of credit | Syndicated Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.10%
Line of credit | Syndicated Credit Facility | New vehicle floor plan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.10%
Line of credit | Syndicated Credit Facility | Used vehicle floor plan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.40%
Line of credit | Syndicated Credit Facility | Service loaner floor plan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.20%
Line of credit | Syndicated Credit Facility | Revolving line of credit | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1%
Line of credit | Syndicated Credit Facility | Revolving line of credit | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2%
Line of credit | JPM Warehouse Facility | Securitization Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.15%
Line of credit | JPM Warehouse Facility | Securitization Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.95%
Line of credit | Mizuho Warehouse Facility | Securitization Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.20%

DEBT - Schedule of Credit Facil

DEBT - Schedule of Credit Facilities (Details) - Line of Credit	Mar. 31, 2024
Credit Facility | New vehicle floor plan
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.54%
Credit Facility | Used vehicle floor plan
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.84%
Credit Facility | Service loaner floor plan
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.64%
Credit Facility | Revolving line of credit
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.44%
Bank Of Nova Scotia Credit Agreement | Wholesale flooring facility
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.05%
Bank Of Nova Scotia Credit Agreement | Used vehicle flooring facility
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.30%
Bank Of Nova Scotia Credit Agreement | Daily rental facility
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.25%
Bank Of Nova Scotia Credit Agreement | Wholesale leasing facility
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.35%
Bank Of Nova Scotia Credit Agreement | Working capital revolving facility
Line of Credit Facility [Line Items]
Annual interest rate (as a percent)	6.30%

DEBT - Schedule of Non-Recourse

DEBT - Schedule of Non-Recourse Notes Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of non-recourse notes payable	$ 329.4	$ 479.7
Non-recourse | Asset Backed Funding Vehicles
Debt Instrument [Line Items]
Proceeds from issuance of non-recourse notes payable	329.4
Non-recourse notes payable | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	1,831.5
Aggregate principal amount	2,844.9
Non-recourse notes payable | LAD Auto Receivables Trust 2021-1 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	82.6
Aggregate principal amount	$ 344.4
Non-recourse notes payable | LAD Auto Receivables Trust 2021-1 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	1.30%
Non-recourse notes payable | LAD Auto Receivables Trust 2021-1 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	3.99%
Non-recourse notes payable | LAD Auto Receivables Trust 2022-1 Class A-C | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 131.6
Aggregate principal amount	$ 298.1
Non-recourse notes payable | LAD Auto Receivables Trust 2022-1 Class A-C | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	5.21%
Non-recourse notes payable | LAD Auto Receivables Trust 2022-1 Class A-C | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	6.85%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-1 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 279
Aggregate principal amount	$ 479.7
Non-recourse notes payable | LAD Auto Receivables Trust 2023-1 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	5.48%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-1 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	7.30%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-2 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 362.5
Aggregate principal amount	$ 556.7
Non-recourse notes payable | LAD Auto Receivables Trust 2023-2 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	5.42%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-2 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	6.30%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-3 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 316.9
Aggregate principal amount	$ 415.4
Non-recourse notes payable | LAD Auto Receivables Trust 2023-3 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	5.95%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-3 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	6.92%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-4 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 352.4
Aggregate principal amount	$ 421.2
Non-recourse notes payable | LAD Auto Receivables Trust 2023-4 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	6.10%
Non-recourse notes payable | LAD Auto Receivables Trust 2023-4 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	7.37%
Non-recourse notes payable | LAD Auto Receivables Trust 2024-1 Class A-D | Non-recourse
Debt Instrument [Line Items]
Long-term debt, gross	$ 306.5
Aggregate principal amount	$ 329.4
Non-recourse notes payable | LAD Auto Receivables Trust 2024-1 Class A-D | Non-recourse | Minimum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	5.17%
Non-recourse notes payable | LAD Auto Receivables Trust 2024-1 Class A-D | Non-recourse | Maximum
Debt Instrument [Line Items]
Debt stated interest rate (as a percent)	6.15%

RETIREMENT PLANS AND POSTRETI_3

RETIREMENT PLANS AND POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Mar. 31, 2024
Retirement Benefits [Abstract]
Increase in defined benefit obligations	$ 465.7
Increase in plan assets	$ 466.4
Funding of pension plans		$ 12.7
Discretionary cash contribution, remainder of fiscal year		$ 3.3

RETIREMENT PLANS AND POSTRETI_4

RETIREMENT PLANS AND POSTRETIREMENT BENEFITS - Schedule of Net Periodic (Benefit) Cost (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Retirement Benefits [Abstract]
Interest cost	$ 5.6
Expected return on plan assets	(6.2)
Net periodic benefit	$ (0.6)

EQUITY - Schedule of Share Repu

EQUITY - Schedule of Share Repurchases (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Equity [Abstract]
Repurchases (in shares) | shares	0
Repurchases, Average Price (in dollars per share) | $ / shares	$ 0
Cumulative Repurchases (in shares) | shares	7,047,510
Cumulative Repurchases, Average Purchase Price (in dollars per share) | $ / shares	$ 174.96

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount	$ 467
Restricted Stock Units (RSUs)
Equity, Class of Treasury Stock [Line Items]
Shares repurchased in association with tax withholdings on the vesting of RSUs (in shares) | shares	45,516
Weighted average per share fair value of non-vested shares that vested during the period (in dollars per share) | $ / shares	$ 329.21
Adjustments related to tax withholding for share-based compensation	$ 15

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Unrealized investment losses	$ (0.2)
Net realized investment gains	0.1
Amortized cost	$ 50.1

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
4.625% Senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt stated interest rate (as a percent)	4.625%
4.375% Senior notes due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt stated interest rate (as a percent)	4.375%
3.875% Senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt stated interest rate (as a percent)	3.875%
Carrying Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 2	$ 0
Total debt securities	47.9	0
Derivative assets	11	12.3
Derivative liabilities	11	12.3
Carrying Value | Fair Value, Recurring | Non-recourse notes payable | Non-recourse
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,831.5	1,705.6
Carrying Value | Fair Value, Recurring | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	723.4	603.5
Carrying Value | Fair Value, Recurring | 4.625% Senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	400	400
Carrying Value | Fair Value, Recurring | 4.375% Senior notes due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	550	550
Carrying Value | Fair Value, Recurring | 3.875% Senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	800	800
Carrying Value | Fair Value, Recurring | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	19.8	0
Carrying Value | Fair Value, Recurring | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	28.1	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2	0
Total debt securities	19.8	0
Derivative assets	0	0
Derivative liabilities	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | Non-recourse notes payable | Non-recourse
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | 4.625% Senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	383	380
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | 4.375% Senior notes due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	490.9	492.3
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | 3.875% Senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	720	716
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	19.8	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 1 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Total debt securities	28.1	0
Derivative assets	11	12.3
Derivative liabilities	11	12.3
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | Non-recourse notes payable | Non-recourse
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,828.3	1,705.1
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	744.6	644.5
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | 4.625% Senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | 4.375% Senior notes due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | 3.875% Senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 2 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	28.1	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Total debt securities	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | Non-recourse notes payable | Non-recourse
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | 4.625% Senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | 4.375% Senior notes due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | 3.875% Senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Estimate of Fair Value Measurement | Fair Value, Recurring | Level 3 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	$ 0	$ 0

ACQUISITIONS - Schedule of Reve

ACQUISITIONS - Schedule of Revenue and Operating Income from Acquisitions (Details) - 2024 Acquisition $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Revenue	$ 985.4
Operating income	$ 13.6

ACQUISITIONS - Schedule of Asse

ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 1,074.4	$ 387.4
2024 Acquisition
Business Acquisition [Line Items]
Cash paid, net of cash acquired	1,074.4
Trade receivables, net	119
Inventories	972.1
Property and equipment	499.6
Operating lease right-of-use assets	289.7
Net investment in operating leases	181.5
Deferred taxes, net	20.5
Other assets	494.1
Trade payables	(39.6)
Floor plan notes payable	(868.1)
Operating lease liability	(283.9)
Other liabilities and deferred revenue	(310.5)
Total net assets acquired and liabilities assumed	$ 1,074.4

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition-related expenses	$ 7.7	$ 1.3

ACQUISITIONS - Schedule of Pro

ACQUISITIONS - Schedule of Pro Forma Summary of All Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 9,024.4	$ 8,197.2
Net income attributable to Lithia Motors, Inc.	$ 170.8	$ 245.7
Basic earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 6.20	$ 8.94
Diluted earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 6.19	$ 8.92

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Lithia Motors, Inc. and applicable to common stockholders	$ 162.6	$ 228.7
Weighted average common shares outstanding - basic (in shares)	27.5	27.5
Effect of employee stock purchases and restricted stock units on weighted average common shares outstanding (in shares)	0.1	0
Weighted average common shares outstanding – diluted (in shares)	27.6	27.5
Basic earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 5.90	$ 8.32
Diluted earnings per share attributable to Lithia Motors, Inc. (in dollars per share)	$ 5.89	$ 8.30

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENTS - Schedule of Certain

SEGMENTS - Schedule of Certain Financial Information on a Segment Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Vehicle operations revenue	$ 8,561.8	$ 6,973.8
Vehicle operations gross profit	1,335.2	1,211.5
Floor plan interest expense	(60.7)	(27.7)
Selling, general and administrative	(934.3)	(764.4)
Operating income	341.4	379
Depreciation and amortization	(57.8)	(47.3)
Income before income taxes	220.6	314.3
Depreciation and amortization	(75.9)	(49.6)
Other interest expense	(63.6)	(39)
Other income, net	3.5	2
Operating segments
Segment Reporting Information [Line Items]
Floor plan interest expense	(60.7)	(27.7)
Income before income taxes	282.7	340.4
Operating segments | Vehicle Operations
Segment Reporting Information [Line Items]
Vehicle operations revenue	8,561.8	6,973.8
Vehicle operations gross profit	1,335.2	1,211.5
Selling, general and administrative	(990.1)	(822.6)
Operating income	284.4	361.2
Operating segments | Financing Operations
Segment Reporting Information [Line Items]
Selling, general and administrative	(10.6)	(8.6)
Interest and fee income	77.3	49.3
Interest expense	(47.8)	(37.5)
Total interest margin	29.5	11.8
Lease income	22.4	4.6
Depreciation and amortization	(18)	(2.3)
Lease income, net	4.4	2.3
Provision expense	(25)	(26.3)
Financing operations loss	(1.7)	(20.8)
Corporate and other
Segment Reporting Information [Line Items]
Income before income taxes	55.8	58.2
Segment reconciling items
Segment Reporting Information [Line Items]
Depreciation and amortization	(57.8)	(47.3)
Other interest expense	(63.6)	(39)
Other income, net	$ 3.5	$ 2