Lithia Motors (LAD) 10-Q 28 Apr 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 25, 2014	Apr. 25, 2014
		Common Class A [Member]	Common Class B [Member]
Document Information [Line Items]	'	'	'
Entity Registrant Name	'LITHIA MOTORS INC	'	'
Document Type	'10-Q	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Common Stock, Shares Outstanding	'	23,556,846	2,562,231
Amendment Flag	'false	'	'
Entity Central Index Key	'0001023128	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Document Period End Date	31-Mar-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$22,340	$23,686
Accounts receivable, net	182,777	170,519
Inventories, net	935,850	859,019
Deferred income taxes	1,316	1,548
Other current assets	12,564	15,251
Assets held for sale	12,703	11,526
Total Current Assets	1,167,550	1,081,549
Property and equipment, net of accumulated depreciation of $111,208 and $106,871	493,171	481,212
Goodwill	56,787	49,511
Franchise value	73,502	71,199
Deferred income taxes	14,374	10,256
Other non-current assets	38,892	31,394
Total Assets	1,844,276	1,725,121
Liabilities and Stockholders' Equity	'	'
Floor plan notes payable	19,978	18,789
Floor plan notes payable: non-trade	744,786	695,066
Current maturities of long-term debt	7,340	7,083
Trade payables	54,052	51,159
Accrued liabilities	107,130	94,143
Liabilities related to assets held for sale	7,142	6,271
Total Current Liabilities	940,428	872,511
Long-term debt, less current maturities	269,760	245,471
Deferred revenue	46,238	44,005
Other long-term liabilities	31,013	28,412
Total Liabilities	1,287,439	1,190,399
Additional paid-in capital	24,392	22,598
Accumulated other comprehensive loss	-1,389	-1,538
Retained earnings	266,444	245,088
Total Stockholders' Equity	556,837	534,722
Total Liabilities and Stockholders' Equity	1,844,276	1,725,121
Common Class A [Member]	'	'
Liabilities and Stockholders' Equity	'	'
Common stock, value issued	267,071	268,255
Common Class B [Member]	'	'
Liabilities and Stockholders' Equity	'	'
Common stock, value issued	$319	$319

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accumulated depreciation (in Dollars)	$111,208	$106,871
Preferred stock, par value (in Dollars per share)	'	'
Preferred stock, shares authorized	15,000	15,000
Preferred stock, shares outstanding	0	0
Common Class A [Member]	'	'
Common stock, par value (in Dollars per share)	'	'
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	23,546	23,329
Common stock, shares outstanding	23,546	23,329
Common Class B [Member]	'	'
Common stock, par value (in Dollars per share)	'	'
Common stock, shares authorized	25,000	25,000
Common stock, shares issued	2,562	2,562
Common stock, shares outstanding	2,562	2,562

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Sales revenue	$1,078,106	$903,080
Cost of sales:	'	'
Cost of revenue	906,045	756,642
Gross profit	172,061	146,438
Selling, general and administrative	121,829	101,131
Depreciation and amortization	5,507	4,721
Operating income	44,725	40,586
Floor plan interest expense	-2,984	-3,449
Other interest expense	-1,974	-2,361
Other income, net	937	801
Income from continuing operations before income taxes	40,704	35,577
Income tax provision	-16,010	-13,695
Income from continuing operations, net of income tax	24,694	21,882
Income from discontinued operations, net of income tax	40	173
Net income	24,734	22,055
Basic income per share from continuing operations (in Dollars per share)	$0.95	$0.85
Basic income per share from discontinued operations (in Dollars per share)	'	$0.01
Basic net income per share (in Dollars per share)	$0.95	$0.86
Shares used in basic per share calculations (in Shares)	25,973	25,626
Diluted income per share from continuing operations (in Dollars per share)	$0.94	$0.84
Diluted income per share from discontinued operations (in Dollars per share)	'	$0.01
Diluted net income per share (in Dollars per share)	$0.94	$0.85
Shares used in diluted per share calculations (in Shares)	26,320	26,054
New Vehicle [Member]	'	'
Revenues:	'	'
Sales revenue	579,522	493,441
Cost of sales:	'	'
Cost of revenue	540,498	458,794
Used Retail Vehicle [Member]	'	'
Revenues:	'	'
Sales revenue	301,893	239,228
Cost of sales:	'	'
Cost of revenue	261,097	204,255
Used Wholesale Vehicle [Member]	'	'
Revenues:	'	'
Sales revenue	42,693	39,506
Cost of sales:	'	'
Cost of revenue	41,362	38,532
Finance and Insurance [Member]	'	'
Revenues:	'	'
Sales revenue	39,631	31,663
Service, Body and Parts [Member]	'	'
Revenues:	'	'
Sales revenue	104,617	90,440
Cost of sales:	'	'
Cost of revenue	53,785	46,661
Fleet and Other [Member]	'	'
Revenues:	'	'
Sales revenue	9,750	8,802
Cost of sales:	'	'
Cost of revenue	$9,303	$8,400

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income	$24,734	$22,055
Gain on cash flow hedges, net of tax expense of $93 and $315, respectively	149	506
Comprehensive income	$24,883	$22,561

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gain on cash flow hedges, tax expense	$93	$315

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$24,734	$22,055
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	5,507	4,721
Stock-based compensation	1,538	1,140
Loss (gain) on disposal of other assets	20	-19
Deferred income taxes	1,866	-206
Excess tax benefit from share-based payment arrangements	-5,846	-2,937
(Increase) decrease (net of acquisitions and dispositions):	'	'
Trade receivables, net	-12,259	-960
Inventories	-56,748	7,890
Other current assets	1,660	5,757
Other non-current assets	-3,950	-424
Increase (decrease) (net of acquisitions and dispositions):	'	'
Floor plan notes payable, net	1,675	2,257
Trade payables	1,774	-410
Accrued liabilities	12,521	6,188
Other long-term liabilities and deferred revenue	5,121	4,705
Net cash provided by (used in) operating activities	-22,387	49,757
Cash flows from investing activities:	'	'
Principal payments received on notes receivable	'	319
Capital expenditures	-12,630	-6,585
Proceeds from sales of assets	27	440
Payments for life insurance policies	-3,530	-2,641
Cash paid for acquisitions	-31,689	'
Net cash used in investing activities	-47,822	-8,467
Cash flows from financing activities:	'	'
Borrowings on floor plan notes payable: non-trade, net	51,783	953
Borrowings on lines of credit	233,000	118,000
Repayments on lines of credit	-209,725	-156,303
Proceeds from issuance of common stock	1,168	966
Excess tax benefit from share-based payment arrangements	5,846	2,937
Dividends paid	-3,378	'
Net cash (used in) provided by financing activities	68,863	-69,123
Decrease in cash and cash equivalents	-1,346	-27,833
Cash and cash equivalents at beginning of period	23,686	42,839
Cash and cash equivalents at end of period	22,340	15,006
Supplemental disclosure of cash flow information:	'	'
Cash paid during the period for interest	5,102	5,837
Cash paid during the period for income taxes, net	3,706	-964
Supplemental schedule of non-cash activities:	'	'
Debt issued in connection with acquisitions	3,161	'
Scheduled Payments [Member]	'	'
Cash flows from financing activities:	'	'
Principal payments on long-term debt	-1,890	-2,003
Other Payments [Member]	'	'
Cash flows from financing activities:	'	'
Principal payments on long-term debt	'	-25,770
Common Class A [Member]	'	'
Cash flows from financing activities:	'	'
Repurchase of common stock	($7,941)	($7,903)

Note_1_Interim_Financial_State

Note 1 - Interim Financial Statements	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	Note 1. Interim Financial Statements
	Basis of Presentation
	These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2014 and for the three-month periods ended March 31, 2014 and 2013. 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 2013 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2013 is derived from our 2013 Annual Report on Form 10-K. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2013 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
	Reclassifications
	Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements to maintain consistency and comparability between periods presented.
	These reclassifications had no impact on previously reported net income.

Note_2_Accounts_Receivable

Note 2 - Accounts Receivable	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	Note 2. Accounts Receivable
	Accounts receivable consisted of the following (in thousands):
			March 31,			December 31,
			2014			2013
	Contracts in transit		$	100,110		$	85,272
	Trade receivables			21,478			23,154
	Vehicle receivables			24,556			23,606
	Manufacturer receivables			30,834			31,662
	Auto loan receivables			13,746		$	11,438
	Other receivables			5,604			5,622
				196,328			180,754
	Less: Allowance			(588	)		(546	)
	Less: Long-term portion of accounts receivable, net			(12,963	)		(9,689	)
	Total accounts receivable, net		$	182,777		$	170,519
	Accounts receivable classifications include the following:
		●	Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received within five to ten days of selling a vehicle.
		●	Trade receivables are comprised of amounts due from customers, lenders for the commissions earned on financing and third parties for commissions earned on service contracts and insurance products.
		●	Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer.
		●	Manufacturer receivables represent amounts due from manufacturers including holdbacks, rebates, incentives and warranty claims.
		●	Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products.
	Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, charge-off or repossession. Direct costs associated with loan originations are capitalized and expensed as interest income is recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due.
	The allowance for doubtful accounts is estimated based on our historical write-off experience and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance after all appropriate means of collection have been exhausted and the potential for recovery is considered remote. The annual activity for charges and subsequent recoveries is immaterial.
	The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets.

Note_3_Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	Note 3. Inventories
	The components of inventory consisted of the following (in thousands):
		March 31,		December 31,
		2014		2013
	New vehicles	$	731,133	$	657,043
	Used vehicles		170,951		167,814
	Parts and accessories		33,766		34,162
	Total inventories	$	935,850	$	859,019

Note_4_Goodwill

Note 4 - Goodwill	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Goodwill Disclosure [Text Block]	'
	Note 4. Goodwill
	The changes in the carrying amounts of goodwill are as follows (in thousands):
		Goodwill
	Balance as of December, 31, 2012, gross	$	331,313
	Accumulated impairment loss		(299,266	)
	Balance as of December 31, 2012, net		32,047
	Additions through acquisitions		17,464
	Balance as of December 31, 2013, net		49,511
	Additions through acquisitions		7,276
	Balance as of March 31, 2014, net	$	56,787

Note_5_Commitments_and_Conting

Note 5 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 5. Commitments and Contingencies
	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 or the proceedings described below will have a material adverse effect on our business, results of operations, financial condition, or cash flows, we cannot predict this with certainty.
	Alaska Consumer Protection Act Claims
	In December 2006, a class action suit was filed against us (Jackie Neese, et al vs. Lithia Chrysler Jeep of Anchorage, Inc., et al, Case No. 3AN-06-13341 CI), and in April 2007, a second class action suit (Jackie Neese, et al vs. Lithia Chrysler Jeep of Anchorage, Inc, et al, Case No. 3AN-06-4815 CI) was filed against us, in the Superior Court for the State of Alaska, Third Judicial District at Anchorage. These suits were subsequently consolidated. In the consolidated suit, plaintiffs alleged that we, through our Alaska dealerships, engaged in three practices that purportedly violate Alaska consumer protection laws: (i) charging customers dealer fees and costs (including document preparation fees) not disclosed in the advertised price, (ii) failing to disclose the acquisition, mechanical and accident history of used vehicles or whether the vehicles were originally manufactured for sale in a foreign country, and (iii) engaging in deception, misrepresentation and fraud by providing to customers financing from third parties without disclosing that we receive a fee or discount for placing that loan. The suit sought statutory damages of $500 for each violation or three times plaintiff’s actual damages, whichever was greater, and attorney fees and costs.
	In June 2013, the parties agreed to mediate the claims. The mediation resulted in a settlement agreement that received the final approval of the Court on December 11, 2013.  Under the settlement agreement, we agreed to reimburse plaintiffs’ legal fees and to pay (i) $450 in the form of cash and vouchers to valid claimants and (ii) $3,000 for each claim representative.  The majority of cash and vouchers have been mailed as of April 25, 2014.
	As of March 31, 2014 we have recorded expenses of $6.7 million to settle all claims against us and to pay plaintiffs’ legal fees. As of the end of the quarter, we have paid $4.8 million in cash. The remaining amount of $1.9 million represents outstanding liability for vouchers based on our expected redemption rate. We believe that these estimates are reasonable; however, actual cost could differ materially. We recorded additional expense of $0.6 million based on the final number of approved claims in the three months ended, March 31, 2014, as a component of selling, general and administrative expense in our Consolidated Statements of Operations.

Note_6_Stockholders_Equity

Note 6 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 6. Stockholders’ Equity
	Reclassification From Accumulated Other Comprehensive Loss
	The reclassification from accumulated other comprehensive loss was as follows (in thousands):
		Three Months Ended			Affected Line Item in the Consolidated Statements of Operations
		31-Mar-14
	Loss on cash flow hedges	$	(134	)	Floor plan interest expense
	Income Taxes		51		Income tax provision
	Loss on cash flow hedges, net	$	(83	)
	See Note 9 for more details regarding our derivative contracts.
	Share Repurchases
	In August 2011, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our Class A common stock. On July 20, 2012, our Board of Directors authorized the repurchase of 1,000,000 additional shares of our Class A common stock. In the three months ended March 31, 2014, we repurchased 15,000 shares at an average price of $64.46 per share, for a total of $1.0 million. Through March 31, 2014, we have repurchased 1,288,047 shares and 1,711,953 shares remained available for repurchase. This authority to repurchase shares does not have an expiration date and we may continue to repurchase shares from time to time as conditions warrant.
	In addition, we repurchased 106,719 shares during the first quarter of 2014 at an average price of $65.35, for a total of $7.0 million, related to tax withholdings associated with the vesting of restricted stock units.
	Dividends
	Dividends paid on our Class A and Class B common stock in the three months ended March 31, 2014 were as follows:
	Quarter paid:	Dividend				Total amount of
		amount per				dividend (in
		share				thousands)
	First quarter	$	0.13			$	3,378
	See Note 14 for a discussion of a dividend related to our first quarter 2014 financial results.

Note_7_Deferred_Compensation_a

Note 7 - Deferred Compensation and Long-term Incentive Plans	3 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	Note 7. Deferred Compensation and Long-Term Incentive Plan
	We offer a deferred compensation and long-term incentive plan (the “LTIP”) to provide certain employees the ability to accumulate assets for retirement on a tax deferred basis. We may make discretionary contributions to the LTIP. Discretionary contributions vest between one and seven years based on the employee’s age and position. Additionally, a participant may defer a portion of his or her compensation and receive the deferred amount upon certain events, including termination or retirement.
	In January 2014, we made a discretionary contribution of $2.1 million to the LTIP. Participants will receive a guaranteed return of 5.25% in 2014. We recognized compensation expense related to the LTIP as follows (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Compensation expense	$	700	$	334
	As of March 31, 2014 and December 31, 2013, the balance due to participants was $8.5 million and $7.1 million, respectively, and was included as a component of other long-term liabilities in the Consolidated Balance Sheets.

Note_8_Fair_Value_Measurements

Note 8 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Note 8. 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 and credit risk; and
		●	Level 3 – significant unobservable inputs, including our own assumptions in determining fair value.
	The inputs or methodology used for valuing financial assets and liabilities are not necessarily an indication of the risk associated with investing in them.
	We use the income approach to determine the fair value of our interest rate swap using observable Level 2 market expectations at each measurement date and an income approach to convert estimated future cash flows to a single present value amount (discounted) assuming that participants are motivated, but not compelled, to transact. Level 2 inputs for the swap valuation are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR for the first two years) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for fair value measurements. Key inputs, including the cash rates for very short-term borrowings, futures rates for up to two years and LIBOR swap rates beyond the derivative maturity are used to predict future reset rates to discount those future cash flows to present value at the measurement date.
	Inputs are collected from Bloomberg on the last market day of the period and used to determine the rate used to discount the future cash flows. The valuation of the interest rate swap also takes into consideration our own, as well as the counterparty’s, risk of non-performance under the contract.
	There were no changes to our valuation techniques during the three-month period ended March 31, 2014.
	Assets and Liabilities Measured at Fair Value
	Following are the disclosures related to our assets and (liabilities) that are measured at fair value (in thousands):
	Fair Value at March 31, 2014		Level 1		Level 2			Level 3
	Measured on a recurring basis:
	Derivative contracts, net		$	-	$	(2,623	)	$	-
	Fair Value at December 31, 2013		Level 1		Level 2			Level 3
	Measured on a recurring basis:
	Derivative contracts, net		$	-	$	(2,900	)	$	-
	See Note 9 for more details regarding our derivative contracts.
	Fair Value Disclosures for Financial Assets and Liabilities
	We determined the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value.
	We have fixed-rate debt and calculate the estimated fair value of our fixed-rate debt using a discounted cash flow methodology. Using estimated current interest rates based on a similar risk profile and duration (Level 2), the fixed cash flows are discounted and summed to compute the fair value of the debt. As of March 31, 2014, this debt had maturity dates between November 2016 and May 2031. A summary of the aggregate carrying values and fair values of our long-term fixed-interest rate debt is as follows (in thousands):
			March 31,		December 31,
			2014		2013
	Carrying value		$	134,292	$	132,616
	Fair value			126,273		126,786

Note_9_Derivative_Financial_In

Note 9 - Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

'

Derivative Instruments and Hedging Activities Disclosure [Text Block]

'

Note 9. Derivative Financial Instruments

From time to time, we enter into interest rate swaps to fix a portion of our interest expense. We do not enter into derivative instruments for any purpose other than to manage interest rate exposure to fluctuations in the one-month LIBOR benchmark. That is, we do not engage in interest rate speculation using derivative instruments.

As of March 31, 2014, we had a $25 million interest rate swap outstanding with U.S. Bank Dealer Commercial Services. This interest rate swap matures on June 15, 2016 and has a fixed rate of 5.587% per annum. The variable rate on the interest rate swap is the one-month LIBOR rate. At March 31, 2014, the one-month LIBOR rate was 0.15% per annum, as reported in the Wall Street Journal.

Typically, we designate all interest rate swaps as cash flow hedges and, accordingly, we record the change in fair value for the effective portion of these interest rate swaps in comprehensive income rather than net income until the underlying hedged transaction affects net income. If a swap is no longer designated as a cash flow hedge and the forecasted transaction remains probable or reasonably possible of occurring, the gain or loss recorded in accumulated other comprehensive loss is recognized in income as the forecasted transaction occurs. If the forecasted transaction is probable of not occurring, the gain or loss recorded in accumulated other comprehensive loss is recognized in income immediately. The estimated amount that we expect to reclassify from accumulated other comprehensive loss to net income within the next twelve months is $1.2 million at March 31, 2014.

At March 31, 2014 and December 31, 2013, the fair value of our derivative instruments was included in our Consolidated Balance Sheets as follows (in thousands):

Balance Sheet Information

Fair Value of Liability Derivatives

Derivatives Designated as Hedging

Location in Balance

March 31,

Instruments

Sheet

2014

Interest Rate Swap Contracts

Accrued liabilities

$

1,224

Other long-term liabilities

1,399

$

2,623

Balance Sheet Information

Fair Value of Liability Derivatives

Derivatives Designated as Hedging Instruments

Location in Balance Sheet

31-Dec-13

Interest Rate Swap Contracts

Accrued liabilities

$

1,215

Other long-term liabilities

1,685

$

2,900

The effect of derivative instruments on our Consolidated Statements of Operations for the three-month periods ended March 31, 2014 and 2013 was as follows (in thousands):

Derivatives in Cash

Amount of Gain Recognized in Accumulated OCI (Effective Portion)

Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)

Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)

Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Flow Hedging

Relationships

Three Months Ended

31-Mar-14

Interest Rate Swap Contracts

$

108

Floor plan

$

(134

)

Floor plan

$

(171

)

interest expense

interest expense

Three Months Ended

31-Mar-13

Interest Rate Swap Contracts

$

514

Floor plan

$

(307

)

Floor plan

$

(594

)

interest expense

interest expense

See also Note 8.

Note_10_Acquisitions

Note 10 - Acquisitions	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	Note 10. Acquisitions
	In the first three months of 2014, we completed the following acquisitions, which contributed revenues of $9.6 million for the three months ended March 31, 2014:
		●	On January 31, 2014, we acquired Island Honda in Kahului, Hawaii.
		●	On February 3, 2014, we acquired Stockton Volkswagen in Stockton, California.
		●	On March 5, 2014, we acquired Honolulu Buick GMC Cadillac and Honolulu Volkswagen in Honolulu, Hawaii.
	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.
	No portion of the purchase price was paid with our equity securities. The following table summarizes the consideration paid for the acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in thousands):
			Consideration
	Cash paid, net of cash acquired		$	31,689
	Debt issued			3,161
			$	34,850
			Assets Acquired and Liabilities Assumed
	Inventories		$	22,281
	Franchise value			2,303
	Property, plant and equipment			2,876
	Other assets			160
	Other liabilities			(46	)
				27,574
	Goodwill			7,276
			$	34,850
	We assumed a contract associated with an acquisition and determined the remaining term would not provide economic benefit. As a result, we recorded costs of $1.4 million, included as a component of selling, general and administrative expense in our Consolidated Statements of Operations.
	We account for franchise value as an indefinite-lived intangible asset. We expect the full amount of the goodwill recognized to be deductible for tax purposes. We did not have any material acquisition-related expenses for the three months ended March 31, 2014.
	The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three-month periods ended March 31, 2013 and 2014 had occurred on January 1, 2013 (in thousands, except for per share amounts):
	Three Months Ended March 31,		2014			2013
	Revenue		$	1,091,052		$	973,533
	Income from continuing operations, net of tax			24,857			22,751
	Basic income per share from continuing operations, net of tax			0.96			0.89
	Diluted income per share from continuing operations, net of tax			0.94			0.87
	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, plant 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 pro forma adjustments directly attributable to the acquisitions are included in the reported pro forma revenues and earnings.

Note_11_Discontinued_Operation

Note 11 - Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Note 11. Discontinued Operations
	We classify a store as discontinued operations if the location has been sold, we have ceased operations at that location or the store meets the criteria required by U.S. generally accepted accounting standards:
		●	our management team, possessing the necessary authority, commits to a plan to sell the store;
		●	the store is available for immediate sale in its present condition;
		●	an active program to locate buyers and other actions that are required to sell the store are initiated;
		●	a market for the store exists and we believe its sale is likely within one year;
		●	active marketing of the store commences at a price that is reasonable in relation to the estimated fair market value; and
		●	our management team believes it is unlikely changes will be made to the plan or the plan to dispose of the store will be withdrawn.
	We reclassify the store’s operations to discontinued operations in our Consolidated Statements of Operations, on a comparable basis for all periods presented, provided we do not expect to have any significant continuing involvement in the store’s operations after its disposal.
	In October 2012, we determined that one of our stores met the criteria for classification of the assets and related liabilities as held for sale. As of March 31, 2014, the store has been classified as held for sale for more than one year.
	Because this store has been classified as held for sale beyond one year, we periodically evaluate whether (i) we have taken all necessary actions to respond to the change in circumstances; (ii) we are actively marketing the store at a price that was reasonable; and (iii) we continue to meet all of the criteria discussed above to continue to classify the stores as held for sale.
	Since the end of 2012, we have actively marketed this store for sale and continue to identify interested parties. In this period, we have had both signed letters of intent and contracts for the sale of the property. These sales have not been consummated for various reasons, including that the manufacturer did not approve the potential buyers. We believe the classification continues to be appropriate and that all criteria to classify the store as held for sale are still met as of March 31, 2014. The store’s assets and related liabilities are classified as held for sale and its associated operating results are classified as discontinued operations for all periods presented.
	As of March 31, 2014, we have one store and no properties classified as held for sale. Assets held for sale included the following (in thousands):
			31-Mar-14			31-Dec-13
	Inventories		$	9,362		$	8,260
	Property, plant and equipment			1,277			1,194
	Intangible assets			2,064			2,072
			$	12,703		$	11,526
	Liabilities related to assets held for sale included the following (in thousands):
			31-Mar-14			31-Dec-13
	Floor plan notes payable		$	7,142		$	6,271
	Actual floor plan interest expense for the store classified as discontinued operations is directly related to the store’s new vehicles. Interest expense related to our used vehicle inventory financing and revolving line of credit is allocated based on the working capital level of the store. For the three months ended March 31, 2014 and 2013, interest expense included as a component of discontinued operations was immaterial.
	Certain financial information related to discontinued operations was as follows (in thousands):
			Three Months Ended
			March 31,
			2014			2013
	Revenue		$	8,650		$	8,800
	Pre-tax income from discontinued operations		$	65		$	284
	Income tax expense			(25	)		(111	)
	Income from discontinued operations, net of income tax expense		$	40		$	173

Note_12_Net_Income_Per_Share_o

Note 12 - Net Income Per Share of Class A and Class B Common Stock	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Note 12. Net Income Per Share of Class A and Class B Common Stock
	We compute net income per share of Class A and Class B common stock using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding unvested common shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and unvested restricted shares subject to repurchase or cancellation. The dilutive effect of outstanding stock options and other grants is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares.
	Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Our Restated Articles of Incorporation require that the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation, which would have the effect of adversely altering the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.
	Following is a reconciliation of the income from continuing operations and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS for the three-month periods ended March 31, 2014 and 2013 (in thousands, except per share amounts):
	Three Months Ended March 31,	2014						2013
	Basic EPS from Continuing Operations	Class A			Class B			Class A		Class B
	Numerator:
	Income from continuing operations applicable to common stockholders	$	22,258		$	2,436		$	19,525	$	2,357
	Distributed income applicable to common stockholders		(3,045	)		(333	)		-		-
	Basic undistributed income from continuing operations applicable to common stockholders	$	19,213		$	2,103		$	19,525	$	2,357
	Denominator:
	Weighted average number of shares outstanding used to calculate basic income per share		23,411			2,562			22,866		2,760
	Basic income per share from continuing operations applicable to common stockholders	$	0.95		$	0.95		$	0.85	$	0.85
	Basic distributed income per share from continuing operations applicable to common stockholders		(0.13	)		(0.13	)		-		-
	Basic undistributed income per share from continuing operations applicable to common stockholders	$	0.82		$	0.82		$	0.85	$	0.85
	Three Months Ended March 31,	2014						2013
	Diluted EPS from Continuing Operations	Class A			Class B			Class A		Class B
	Numerator:
	Distributed income applicable to common stockholders	$	3,045		$	333		$	-	$	-
	Reallocation of distributed income as a result of conversion of dilutive stock options		4			(4	)		-		-
	Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding		329			-			-		-
	Diluted distributed income applicable to common stockholders	$	3,378		$	329		$	-	$	-
	Undistributed income from continuing operations applicable to common stockholders	$	19,213		$	2,103		$	19,525	$	2,357
	Reallocation of undistributed income as a result of conversion of dilutive stock options		28			(28	)		39		(39	)
	Reallocation of undistributed income due to conversion of Class B to Class A		2,075			-			2,318		-
	Diluted undistributed income from continuing operations applicable to common stockholders	$	21,316		$	2,075		$	21,882	$	2,318
	Denominator:
	Weighted average number of shares outstanding used to calculate basic income per share from continuing operations		23,411			2,562			22,866		2,760
	Weighted average number of shares from stock options		347			-			428		-
	Conversion of Class B to Class A common shares outstanding		2,562			-			2,760		-
	Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations		26,320			2,562			26,054		2,760
	Diluted income per share from continuing operations applicable to common stockholders	$	0.94		$	0.94		$	0.84	$	0.84
	Diluted distributed income per share from continuing operations applicable to common stockholders		(0.13	)		(0.13	)		-		-
	Diluted undistributed income per share from continuing operations applicable to common stockholders	$	0.81		$	0.81		$	0.84	$	0.84
	Three Months Ended March 31,	2014						2013
	Diluted EPS	Class A			Class B			Class A		Class B
	Antidilutive Securities
	Shares issuable pursuant to stock options not included since they were antidilutive		16			-			20		-

Note_13_Recent_Accounting_Pron

Note 13 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	Note 13. Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board issued an accounting standard update that amends the accounting guidance related to discontinued operations. This amendment defines discontinued operations as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This amendment also introduces new disclosures for disposals. The amendments in this accounting standard update are effective for fiscal years beginning after December 15, 2014 and applies to new disposals and new classifications of disposal groups as held for sale after the effective date. The accounting standard update is expected to result in fewer disposals being presented as discontinued operations and, because the guidance relates to presentation and disclosures, will not affect our consolidated financial position, results of operations, or cash flows.

Note_14_Subsequent_Events

Note 14 - Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Note 14. Subsequent Events
	Acquisitions
	On April 1, 2014, we acquired the inventory, equipment, real estate and intangible assets of, and assumed certain liabilities related to, Access Ford Lincoln of Corpus Christi in Corpus Christi, Texas. We paid $26.1 million in cash for this acquisition.
	Common Stock Dividend
	On April 21, 2014, our Board of Directors approved a dividend of $0.16 per share on our Class A and Class B common stock related to our first quarter 2014 financial results. The dividend will total approximately $4.2 million and will be paid on May 23, 2014 to shareholders of record on May 9, 2014.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation
	These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2014 and for the three-month periods ended March 31, 2014 and 2013. 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 2013 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2013 is derived from our 2013 Annual Report on Form 10-K. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2013 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Reclassification, Policy [Policy Text Block]	'
	Reclassifications
	Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements to maintain consistency and comparability between periods presented.
	These reclassifications had no impact on previously reported net income.
Receivables, Policy [Policy Text Block]	'
	Accounts receivable classifications include the following:
		●	Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received within five to ten days of selling a vehicle.
		●	Trade receivables are comprised of amounts due from customers, lenders for the commissions earned on financing and third parties for commissions earned on service contracts and insurance products.
		●	Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer.
		●	Manufacturer receivables represent amounts due from manufacturers including holdbacks, rebates, incentives and warranty claims.
		●	Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products.
	Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, charge-off or repossession. Direct costs associated with loan originations are capitalized and expensed as interest income is recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due.
	The allowance for doubtful accounts is estimated based on our historical write-off experience and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance after all appropriate means of collection have been exhausted and the potential for recovery is considered remote. The annual activity for charges and subsequent recoveries is immaterial.

Note_2_Accounts_Receivable_Tab

Note 2 - Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
		March 31,			December 31,
		2014			2013
	Contracts in transit	$	100,110		$	85,272
	Trade receivables		21,478			23,154
	Vehicle receivables		24,556			23,606
	Manufacturer receivables		30,834			31,662
	Auto loan receivables		13,746		$	11,438
	Other receivables		5,604			5,622
			196,328			180,754
	Less: Allowance		(588	)		(546	)
	Less: Long-term portion of accounts receivable, net		(12,963	)		(9,689	)
	Total accounts receivable, net	$	182,777		$	170,519

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	15 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		March 31,		December 31,
		2014		2013
	New vehicles	$	731,133	$	657,043
	Used vehicles		170,951		167,814
	Parts and accessories		33,766		34,162
	Total inventories	$	935,850	$	859,019

Note_4_Goodwill_Tables

Note 4 - Goodwill (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Schedule of Goodwill [Table Text Block]	'
		Goodwill
	Balance as of December, 31, 2012, gross	$	331,313
	Accumulated impairment loss		(299,266	)
	Balance as of December 31, 2012, net		32,047
	Additions through acquisitions		17,464
	Balance as of December 31, 2013, net		49,511
	Additions through acquisitions		7,276
	Balance as of March 31, 2014, net	$	56,787

Note_6_Stockholders_Equity_Tab

Note 6 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	'
		Three Months Ended			Affected Line Item in the Consolidated Statements of Operations
		31-Mar-14
	Loss on cash flow hedges	$	(134	)	Floor plan interest expense
	Income Taxes		51		Income tax provision
	Loss on cash flow hedges, net	$	(83	)
Schedule of Dividends Payable [Table Text Block]	'
	Quarter paid:	Dividend				Total amount of
		amount per				dividend (in
		share				thousands)
	First quarter	$	0.13			$	3,378

Note_7_Deferred_Compensation_a1

Note 7 - Deferred Compensation and Long-term Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block]	'
		Three Months Ended
		March 31,
		2014		2013
	Compensation expense	$	700	$	334

Note_8_Fair_Value_Measurements1

Note 8 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
	Fair Value at March 31, 2014	Level 1		Level 2			Level 3
	Measured on a recurring basis:
	Derivative contracts, net	$	-	$	(2,623	)	$	-
	Fair Value at December 31, 2013	Level 1		Level 2			Level 3
	Measured on a recurring basis:
	Derivative contracts, net	$	-	$	(2,900	)	$	-
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	'
		March 31,		December 31,
		2014		2013
	Carrying value	$	134,292	$	132,616
	Fair value		126,273		126,786

Note_9_Derivative_Financial_In1

Note 9 - Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

'

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

'

Balance Sheet Information

Fair Value of Liability Derivatives

Derivatives Designated as Hedging

Location in Balance

March 31,

Instruments

Sheet

2014

Interest Rate Swap Contracts

Accrued liabilities

$

1,224

Other long-term liabilities

1,399

$

2,623

Balance Sheet Information

Fair Value of Liability Derivatives

Derivatives Designated as Hedging Instruments

Location in Balance Sheet

31-Dec-13

Interest Rate Swap Contracts

Accrued liabilities

$

1,215

Other long-term liabilities

1,685

$

2,900

Derivative Instruments, Gain (Loss) [Table Text Block]

'

Derivatives in Cash

Amount of Gain Recognized in Accumulated OCI (Effective Portion)

Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)

Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)

Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Flow Hedging

Relationships

Three Months Ended

31-Mar-14

Interest Rate Swap Contracts

$

108

Floor plan

$

(134

)

Floor plan

$

(171

)

interest expense

interest expense

Three Months Ended

31-Mar-13

Interest Rate Swap Contracts

$

514

Floor plan

$

(307

)

Floor plan

$

(594

)

interest expense

interest expense

Note_10_Acquisitions_Tables

Note 10 - Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
		Consideration
	Cash paid, net of cash acquired	$	31,689
	Debt issued		3,161
		$	34,850
		Assets Acquired and Liabilities Assumed
	Inventories	$	22,281
	Franchise value		2,303
	Property, plant and equipment		2,876
	Other assets		160
	Other liabilities		(46	)
			27,574
	Goodwill		7,276
		$	34,850
Business Acquisition, Pro Forma Information [Table Text Block]	'
	Three Months Ended March 31,	2014			2013
	Revenue	$	1,091,052		$	973,533
	Income from continuing operations, net of tax		24,857			22,751
	Basic income per share from continuing operations, net of tax		0.96			0.89
	Diluted income per share from continuing operations, net of tax		0.94			0.87

Note_11_Discontinued_Operation1

Note 11 - Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	'
		31-Mar-14			31-Dec-13
	Inventories	$	9,362		$	8,260
	Property, plant and equipment		1,277			1,194
	Intangible assets		2,064			2,072
		$	12,703		$	11,526
		31-Mar-14			31-Dec-13
	Floor plan notes payable	$	7,142		$	6,271
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		Three Months Ended
		March 31,
		2014			2013
	Revenue	$	8,650		$	8,800
	Pre-tax income from discontinued operations	$	65		$	284
	Income tax expense		(25	)		(111	)
	Income from discontinued operations, net of income tax expense	$	40		$	173

Note_12_Net_Income_Per_Share_o1

Note 12 - Net Income Per Share of Class A and Class B Common Stock (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	Three Months Ended March 31,	2014						2013
	Basic EPS from Continuing Operations	Class A			Class B			Class A		Class B
	Numerator:
	Income from continuing operations applicable to common stockholders	$	22,258		$	2,436		$	19,525	$	2,357
	Distributed income applicable to common stockholders		(3,045	)		(333	)		-		-
	Basic undistributed income from continuing operations applicable to common stockholders	$	19,213		$	2,103		$	19,525	$	2,357
	Denominator:
	Weighted average number of shares outstanding used to calculate basic income per share		23,411			2,562			22,866		2,760
	Basic income per share from continuing operations applicable to common stockholders	$	0.95		$	0.95		$	0.85	$	0.85
	Basic distributed income per share from continuing operations applicable to common stockholders		(0.13	)		(0.13	)		-		-
	Basic undistributed income per share from continuing operations applicable to common stockholders	$	0.82		$	0.82		$	0.85	$	0.85
	Three Months Ended March 31,	2014						2013
	Diluted EPS from Continuing Operations	Class A			Class B			Class A		Class B
	Numerator:
	Distributed income applicable to common stockholders	$	3,045		$	333		$	-	$	-
	Reallocation of distributed income as a result of conversion of dilutive stock options		4			(4	)		-		-
	Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding		329			-			-		-
	Diluted distributed income applicable to common stockholders	$	3,378		$	329		$	-	$	-
	Undistributed income from continuing operations applicable to common stockholders	$	19,213		$	2,103		$	19,525	$	2,357
	Reallocation of undistributed income as a result of conversion of dilutive stock options		28			(28	)		39		(39	)
	Reallocation of undistributed income due to conversion of Class B to Class A		2,075			-			2,318		-
	Diluted undistributed income from continuing operations applicable to common stockholders	$	21,316		$	2,075		$	21,882	$	2,318
	Denominator:
	Weighted average number of shares outstanding used to calculate basic income per share from continuing operations		23,411			2,562			22,866		2,760
	Weighted average number of shares from stock options		347			-			428		-
	Conversion of Class B to Class A common shares outstanding		2,562			-			2,760		-
	Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations		26,320			2,562			26,054		2,760
	Diluted income per share from continuing operations applicable to common stockholders	$	0.94		$	0.94		$	0.84	$	0.84
	Diluted distributed income per share from continuing operations applicable to common stockholders		(0.13	)		(0.13	)		-		-
	Diluted undistributed income per share from continuing operations applicable to common stockholders	$	0.81		$	0.81		$	0.84	$	0.84
	Three Months Ended March 31,	2014						2013
	Diluted EPS	Class A			Class B			Class A		Class B
	Antidilutive Securities
	Shares issuable pursuant to stock options not included since they were antidilutive		16			-			20		-

Note_2_Accounts_Receivable_Det

Note 2 - Accounts Receivable (Details) - Accounts Receivable (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	$196,328	$180,754
Less: Allowance	-588	-546
Less: Long-term portion of accounts receivable, net	-12,963	-9,689
Total accounts receivable, net	182,777	170,519
Contracts in Transit [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	100,110	85,272
Trade Accounts Receivable [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	21,478	23,154
Vehicle Receivables [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	24,556	23,606
Manufacturer Receivables [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	30,834	31,662
Auto Loan Receivables [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	13,746	11,438
Other Receivables [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts Receivable	$5,604	$5,622

Note_3_Inventories_Details_Inv

Note 3 - Inventories (Details) - Inventories (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Inventories, net	$935,850	$859,019
New Vehicle [Member]	'	'
Inventory [Line Items]	'	'
Inventories, net	731,133	657,043
Used Vehicle [Member]	'	'
Inventory [Line Items]	'	'
Inventories, net	170,951	167,814
Parts and Accessories [Member]	'	'
Inventory [Line Items]	'	'
Inventories, net	$33,766	$34,162

Note_4_Goodwill_Details_Goodwi

Note 4 - Goodwill (Details) - Goodwill (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Abstract]	'	'	'
Balance as of December, 31, 2012, gross	'	'	$331,313
Accumulated impairment loss	'	'	-299,266
Goodwill balance, net	56,787	49,511	32,047
Additions through acquisitions	$7,276	$17,464	'

Note_5_Commitments_and_Conting1

Note 5 - Commitments and Contingencies (Details) (Alaska Consumer Protection Act Claims [Member], USD $)	1 Months Ended			3 Months Ended	10 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2006	Mar. 31, 2014	Mar. 31, 2014
	Cash and Vouchers [Member]	Per Claim Representative [Member]	Per Violation [Member]
Note 5 - Commitments and Contingencies (Details) [Line Items]	'	'	'	'	'
Loss Contingency, Damages Sought, Value	'	'	$500	'	'
Loss Contingency, Damages Awarded, Value	450	3,000	'	'	'
Litigation Settlement, Amount	'	'	'	'	-6,700,000
Loss Contingency, Damages Paid, Value	'	'	'	'	4,800,000
Loss Contingency Accrual, Provision	'	'	'	'	1,900,000
Litigation Settlement, Expense	'	'	'	$600,000	'

Note_6_Stockholders_Equity_Det

Note 6 - Stockholders' Equity (Details) (USD $)	Mar. 31, 2014	Jul. 31, 2012	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Aug. 31, 2011
In Millions, except Share data, unless otherwise specified		Additional Shares Authorized [Member]	Common Class A [Member]	Common Class A [Member]	Common Class A [Member]	Common Class A [Member]
		Common Class A [Member]	Related to Tax Withholdings [Member]
Note 6 - Stockholders' Equity (Details) [Line Items]	'	'	'	'	'	'
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	'	1,000,000	'	'	'	2,000,000
Stock Repurchased During Period, Shares	'	'	'	15,000	1,288,047	'
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share)	'	'	$65.35	$64.46	'	'
Stock Repurchased During Period, Value (in Dollars)	'	'	'	$1	'	'
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,711,953	'	'	'	'	'
Shares Paid for Tax Withholding for Share Based Compensation	'	'	'	106,719	'	'
Adjustments Related to Tax Withholding for Share-based Compensation (in Dollars)	'	'	'	$7	'	'

Note_6_Stockholders_Equity_Det1

Note 6 - Stockholders' Equity (Details) - Reclassification from Accumulated Other Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]	'	'
Loss on cash flow hedges	($2,984)	($3,449)
Income Taxes	16,010	13,695
Loss on cash flow hedges, net	24,734	22,055
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]	'	'
Loss on cash flow hedges	-134	'
Income Taxes	51	'
Loss on cash flow hedges, net	($83)	'

Note_6_Stockholders_Equity_Det2

Note 6 - Stockholders' Equity (Details) - Dividends paid (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014
Dividends paid [Abstract]	'
First quarter	$0.13
First quarter	$3,378

Note_7_Deferred_Compensation_a2

Note 7 - Deferred Compensation and Long-term Incentive Plans (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Note 7 - Deferred Compensation and Long-term Incentive Plans (Details) [Line Items]	'	'
Deferred Compensation Arrangement with Individual, Employer Contribution	$2.10	'
Guaranteed Return	5.25%	'
Deferred Compensation Liability, Classified, Noncurrent	$8.50	$7.10
Minimum [Member]	'	'
Note 7 - Deferred Compensation and Long-term Incentive Plans (Details) [Line Items]	'	'
Deferred Compensation Arrangement with Individual, Requisite Service Period	'1 year	'
Maximum [Member]	'	'
Note 7 - Deferred Compensation and Long-term Incentive Plans (Details) [Line Items]	'	'
Deferred Compensation Arrangement with Individual, Requisite Service Period	'7 years	'

Note_7_Deferred_Compensation_a3

Note 7 - Deferred Compensation and Long-term Incentive Plans (Details) - Compensation Expense (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Compensation Expense [Abstract]	'	'
Compensation expense	$700	$334

Note_8_Fair_Value_Measurements2

Note 8 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value (USD $)	Mar. 31, 2014	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative contracts, net	$0	$0
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative contracts, net	-2,623	-2,900
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative contracts, net	$0	$0

Note_8_Fair_Value_Measurements3

Note 8 - Fair Value Measurements (Details) - Long-term Fixed Interest Rate Debt (USD $)	Mar. 31, 2014	Dec. 31, 2012
In Thousands, unless otherwise specified
Long-term Fixed Interest Rate Debt [Abstract]	'	'
Carrying value	$134,292	$132,616
Fair value	$126,273	$126,786

Note_9_Derivative_Financial_In2

Note 9 - Derivative Financial Instruments (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Note 9 - Derivative Financial Instruments (Details) [Line Items]	'
Derivative Liability, Notional Amount	$25
Derivative, Fixed Interest Rate	5.59%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$1.20
London Interbank Offered Rate (LIBOR) [Member]	'
Note 9 - Derivative Financial Instruments (Details) [Line Items]	'
Derivative, Variable Interest Rate	0.15%

Note_9_Derivative_Financial_In3

Note 9 - Derivative Financial Instruments (Details) - Fair Value of Derivative Instruments in Consolidated Balance Sheets (Designated as Hedging Instrument [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Interest rate swap contracts	$2,623	$2,900
Accounts Payable and Accrued Liabilities [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest rate swap contracts	1,224	1,215
Other Noncurrent Liabilities [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest rate swap contracts	$1,399	$1,685

Note_9_Derivative_Financial_In4

Note 9 - Derivative Financial Instruments (Details) - Effect of Derivative Instruments on Consolidated Statements of Operations (Floor Plan Interest Expense [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Floor Plan Interest Expense [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of Gain/(Loss) Recognized in OCI (Effective Portion)	$108	$514
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	-134	-307
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	($171)	($594)

Note_10_Acquisitions_Details

Note 10 - Acquisitions (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Note 10 - Acquisitions (Details) [Line Items]	'
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$9.60
Selling, General and Administrative Expenses [Member]	'
Note 10 - Acquisitions (Details) [Line Items]	'
Loss on Contract Termination	$1.40

Note_10_Acquisitions_Details_S

Note 10 - Acquisitions (Details) - Summary of Acquisition (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Summary of Acquisition [Abstract]	'	'
Cash paid, net of cash acquired	$31,689	'
Debt issued	3,161	'
	34,850	'
Inventories	22,281	'
Franchise value	2,303	'
Property, plant and equipment	2,876	'
Other assets	160	'
Other liabilities	-46	'
	27,574	'
Goodwill	7,276	17,464
	$34,850	'

Note_10_Acquisitions_Details_B

Note 10 - Acquisitions (Details) - Business Acquisition, Unaudited Pro Forma Summary (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition, Unaudited Pro Forma Summary [Abstract]	'	'
Revenue	$1,091,052	$973,533
Income from continuing operations, net of tax	$24,857	$22,751
Basic income per share from continuing operations, net of tax	$0.96	$0.89
Diluted income per share from continuing operations, net of tax	$0.94	$0.87

Note_11_Discontinued_Operation2

Note 11 - Discontinued Operations (Details) - Assets and Related Liabilities Held for Sale (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	$12,703	$11,526
Floor plan notes payable	7,142	6,271
Inventory [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	9,362	8,260
Property, Plant and Equipment [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	1,277	1,194
Intangible Assets [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	$2,064	$2,072

Note_11_Discontinued_Operation3

Note 11 - Discontinued Operations (Details) - Financial Information Related to Discontinued Operations (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Financial Information Related to Discontinued Operations [Abstract]	'	'
Revenue	$8,650	$8,800
Pre-tax income from discontinued operations	65	284
Income tax expense	-25	-111
Income from discontinued operations, net of income tax expense	$40	$173

Note_12_Net_Income_Per_Share_o2

Note 12 - Net Income Per Share of Class A and Class B Common Stock (Details) - Earnings Per Share Reconciliation (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Income from continuing operations applicable to common stockholders	$24,694	$21,882
Denominator:	'	'
Weighted average number of shares outstanding used to calculate basic income per share (in Shares)	25,973	25,626
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations (in Shares)	26,320	26,054
Diluted income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.94	$0.84
Basic income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.95	$0.85
Equity Option [Member] | Common Class A [Member]	'	'
Antidilutive Securities	'	'
Shares issuable pursuant to stock options not included since they were antidilutive (in Shares)	16	20
Common Class A [Member] | Basic [Member]	'	'
Numerator:	'	'
Distributed income applicable to common stockholders	-3,045	'
Numerator:	'	'
Distributed income applicable to common stockholders	3,045	'
Common Class A [Member] | Distributed [Member]	'	'
Numerator:	'	'
Reallocation of income as a result of conversion of dilutive stock options	4	'
Reallocation of income due to conversion of Class B to Class A	329	'
Common Class A [Member] | Diluted [Member]	'	'
Numerator:	'	'
Distributed income applicable to common stockholders	-3,378	'
Numerator:	'	'
Distributed income applicable to common stockholders	3,378	'
Common Class A [Member] | Undistributed [Member]	'	'
Numerator:	'	'
Reallocation of income as a result of conversion of dilutive stock options	28	39
Reallocation of income due to conversion of Class B to Class A	2,075	2,318
Common Class A [Member]	'	'
Numerator:	'	'
Income from continuing operations applicable to common stockholders	22,258	19,525
Undistributed income from continuing operations applicable to common stockholders	19,213	19,525
Denominator:	'	'
Weighted average number of shares outstanding used to calculate basic income per share (in Shares)	23,411	22,866
Weighted average number of shares from stock options (in Shares)	347	428
Conversion of Class B to Class A common shares outstanding (in Shares)	2,562	2,760
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations (in Shares)	26,320	26,054
Diluted income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.94	$0.84
Diluted distributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	($0.13)	'
Diluted undistributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.81	$0.84
Basic income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.95	$0.85
Basic distributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	($0.13)	'
Basic undistributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.82	$0.85
Numerator:	'	'
Diluted undistributed income from continuing operations applicable to common stockholders	21,316	21,882
Common Class B [Member] | Basic [Member]	'	'
Numerator:	'	'
Distributed income applicable to common stockholders	-333	'
Numerator:	'	'
Distributed income applicable to common stockholders	333	'
Common Class B [Member] | Distributed [Member]	'	'
Numerator:	'	'
Reallocation of income as a result of conversion of dilutive stock options	-4	'
Common Class B [Member] | Diluted [Member]	'	'
Numerator:	'	'
Distributed income applicable to common stockholders	-329	'
Numerator:	'	'
Distributed income applicable to common stockholders	329	'
Common Class B [Member] | Undistributed [Member]	'	'
Numerator:	'	'
Reallocation of income as a result of conversion of dilutive stock options	-28	-39
Common Class B [Member]	'	'
Numerator:	'	'
Income from continuing operations applicable to common stockholders	2,436	2,357
Undistributed income from continuing operations applicable to common stockholders	2,103	2,357
Denominator:	'	'
Weighted average number of shares outstanding used to calculate basic income per share (in Shares)	2,562	2,760
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations (in Shares)	2,562	2,760
Diluted income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.94	$0.84
Diluted distributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	($0.13)	'
Diluted undistributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.81	$0.84
Basic income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.95	$0.85
Basic distributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	($0.13)	'
Basic undistributed income per share from continuing operations applicable to common stockholders (in Dollars per share)	$0.82	$0.85
Numerator:	'	'
Diluted undistributed income from continuing operations applicable to common stockholders	$2,075	$2,318

Note_14_Subsequent_Events_Deta

Note 14 - Subsequent Events (Details) (USD $)	3 Months Ended	1 Months Ended	0 Months Ended
	Mar. 31, 2014	Apr. 30, 2014	Apr. 30, 2014
		Subsequent Event [Member]	Subsequent Event [Member]
		Access Ford Lincoln of Corpus Christi, Corpus Christi, Texas [Member]
Note 14 - Subsequent Events (Details) [Line Items]	'	'	'
Payments to Acquire Businesses, Net of Cash Acquired	$31,689,000	$26,100,000	'
Common Stock, Dividends, Per Share, Declared (in Dollars per share)	'	'	$0.16
Dividends, Common Stock, Cash	'	'	$4,200,000