Lithia Motors (LAD) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		23,401,321
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,762,231
Entity Registrant Name	LITHIA MOTORS INC
Entity Central Index Key	1,023,128
Trading Symbol	lad
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Common Class A [Member]
Stockholders' Equity:
Common stock		$ 168,950,000	$ 258,410,000
Common Class B [Member]
Stockholders' Equity:
Common stock		219,000	316,000
Cash and cash equivalents		15,044,000	45,008,000
Accounts receivable, net of allowance for doubtful accounts of $3,972 and $2,243		305,293,000	308,462,000
Inventories, net		1,582,274,000	1,470,987,000
Other current assets		38,192,000	54,408,000
Total Current Assets		1,940,803,000	1,878,865,000
Property and equipment, net of accumulated depreciation of $152,048 and $137,853		898,239,000	876,660,000
Goodwill	[1]	214,444,000	213,220,000
Franchise value		162,296,000	157,699,000
Other non-current assets		106,288,000	100,855,000
Total Assets		3,322,070,000	3,227,299,000
Floor plan notes payable		56,767,000	48,083,000
Floor plan notes payable: non-trade		1,316,747,000	1,265,872,000
Current maturities of long-term debt		28,053,000	38,891,000
Trade payables		77,979,000	70,871,000
Accrued liabilities		184,160,000	167,108,000
Total Current Liabilities		1,663,706,000	1,590,825,000
Long-term debt, less current maturities		626,543,000	606,463,000
Deferred revenue		73,540,000	66,734,000
Deferred income taxes		54,647,000	53,129,000
Other long-term liabilities		86,173,000	81,984,000
Total Liabilities		2,504,609,000	2,399,135,000
Preferred stock - no par value; authorized 15,000 shares; none outstanding		0	0
Additional paid-in capital		37,230,000	38,822,000
Accumulated other comprehensive loss			(277,000)
Retained earnings		611,062,000	530,893,000
Total Stockholders' Equity		817,461,000	828,164,000
Total Liabilities and Stockholders' Equity		$ 3,322,070,000	$ 3,227,299,000
[1]	Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	23,416,000	23,676,000
Common stock, shares outstanding (in shares)	23,416,000	23,676,000
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	1,762,000	2,542,000
Common stock, shares outstanding (in shares)	1,762,000	2,542,000
Allowance for doubtful accounts	$ 3,972	$ 2,243
Accumulated depreciation	$ 152,048	$ 137,853
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
New Vehicle [Member]
Revenues:
Revenues	$ 1,209,037	$ 1,149,512	$ 2,305,092	$ 2,157,328
Cost of sales:
Cost of sales	1,136,175	1,080,170	2,165,464	2,026,212
Used Retail Vehicle [Member]
Revenues:
Revenues	553,647	488,801	1,086,373	951,732
Cost of sales:
Cost of sales	486,422	426,108	954,871	829,597
Used Wholesale Vehicle [Member]
Revenues:
Revenues	66,714	66,796	131,860	129,004
Cost of sales:
Cost of sales	65,228	65,390	128,544	125,437
Finance and Insurance [Member]
Revenues:
Revenues	81,043	72,463	158,681	137,067
Service, Body and Parts [Member]
Revenues:
Revenues	202,265	182,695	398,940	356,170
Cost of sales:
Cost of sales	103,666	91,946	204,222	180,982
Fleet and Other [Member]
Revenues:
Revenues	20,633	36,680	35,254	54,824
Cost of sales:
Cost of sales	19,812	35,684	33,881	52,873
Revenues	2,133,339	1,996,947	4,116,200	3,786,125
Cost of sales	1,811,303	1,699,298	3,486,982	3,215,101
Gross profit	322,036	297,649	629,218	571,024
Asset impairments	3,498	6,130	6,996	10,260
Selling, general and administrative	215,526	195,610	434,632	387,228
Depreciation and amortization	12,503	10,287	24,166	20,013
Operating income	90,509	85,622	163,424	153,523
Floor plan interest expense	(6,209)	(4,655)	(12,118)	(9,304)
Other interest expense, net	(5,502)	(4,972)	(10,961)	(9,800)
Other expense, net	(1,495)	(356)	(3,021)	(724)
Income before income taxes	77,303	75,639	137,324	133,695
Income tax provision	(25,875)	(24,416)	(45,626)	(41,819)
Net income	$ 51,428	$ 51,223	$ 91,698	$ 91,876
Basic net income per share (in dollars per share)	$ 2.02	$ 1.95	$ 3.58	$ 3.49
Shares used in basic per share calculations (in shares)	25,462	26,332	25,639	26,310
Diluted net income per share (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Shares used in diluted per share calculations (in shares)	25,534	26,496	25,754	26,509

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 51,428	$ 51,223	$ 91,698	$ 91,876
Other comprehensive income, net of tax:
Gain on cash flow hedges, net of tax expense of $72, $94, $175 and $181, respectively	114	165	277	304
Comprehensive income	$ 51,542	$ 51,388	$ 91,975	$ 92,180

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain on cash flow hedges, tax expense	$ 72	$ 94	$ 175	$ 181

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Scheduled Payments [Member]
Cash flows from financing activities:
Principal payments on long-term debt, scheduled	$ (8,062,000)	$ (7,324,000)
Other Payments [Member]
Cash flows from financing activities:
Principal payments on long-term debt, scheduled	(2,303,000)	(9,189,000)
Common Class A [Member]
Cash flows from financing activities:
Excess tax benefit from share-based payment arrangements	4,384,000	4,865,000
Net income	91,698,000	91,876,000
Asset impairments	6,996,000	10,260,000
Depreciation and amortization	24,166,000	20,013,000
Stock-based compensation	6,018,000	5,822,000
(Gain) loss on disposal of other assets	(4,512,000)	44,000
Gain on disposal of franchise	(1,102,000)	(5,919,000)
Deferred income taxes	5,704,000	(1,145,000)
Excess tax benefit from share-based payment arrangements	(4,384,000)	(4,865,000)
Trade receivables, net	6,564,000	7,570,000
Inventories	(114,052,000)	(122,660,000)
Other assets	5,688,000	(3,815,000)
Floor plan notes payable	8,685,000	4,417,000
Trade payables	6,678,000	8,854,000
Accrued liabilities	17,595,000	7,717,000
Other long-term liabilities and deferred revenue	10,668,000	11,161,000
Net cash provided by operating activities	66,410,000	29,330,000
Capital expenditures	(43,247,000)	(48,008,000)
Proceeds from sales of assets	197,000	145,000
Cash paid for other investments	(16,690,000)	(15,222,000)
Cash paid for acquisitions, net of cash acquired	(18,807,000)	(87,000)
Proceeds from sales of stores	11,837,000	12,966,000
Net cash used in investing activities	(66,710,000)	(50,206,000)
Borrowings on floor plan notes payable, net: non-trade	58,622,000	35,685,000
Borrowings on lines of credit	487,623,000	557,394,000
Repayments on lines of credit	(468,955,000)	(602,818,000)
Proceeds from issuance of long-term debt	12,080,000	59,425,000
Proceeds from issuance of common stock	3,329,000	2,589,000
Repurchase of common stock	(104,858,000)	(16,773,000)
Dividends paid	(11,524,000)	(9,482,000)
Net cash used in (provided by) financing activities	(29,664,000)	14,372,000
Decrease in cash and cash equivalents	(29,964,000)	(6,504,000)
Cash and cash equivalents at beginning of period	45,008,000	29,898,000
Cash and cash equivalents at end of period	15,044,000	23,394,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	24,960,000	22,262,000
Cash paid during the period for income taxes, net	9,684,000	28,699,000
Supplemental schedule of non-cash activities:
Floor plan debt paid in connection with store disposals	5,284,000	4,400,000
Non-cash consideration given in connection with acquisitions	$ 2,637,000

Note 1 - Interim Financial Stat

Note 1 - Interim Financial Statements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 June 30, 2016 and for the three and six months ended June 30, 2016 and 2015. 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 2015 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2015 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2016. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2015 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 condensed 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	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 2. Accounts Receivable Accounts receivable consisted of the following (in thousands): June 30, 2016 December 31, 2015 Contracts in transit $ 159,069 $ 168,460 Trade receivables 38,524 33,749 Vehicle receivables 34,441 36,470 Manufacturer receivables 61,109 59,215 Auto loan receivables 54,412 42,490 Other receivables 3,001 3,033 350,556 343,417 Less: Allowances (3,972 ) (2,243 ) Less: Long-term portion of accounts receivable, net (41,291 ) (32,712 ) Total accounts receivable, net $ 305,293 $ 308,462 Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten days after selling a vehicle. • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, charge-off or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The 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	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3. Inventories The components of inventories, net, consisted of the following (in thousands): June 30, 2016 December 31, 2015 New vehicles $ 1,172,198 $ 1,113,613 Used vehicles 354,420 302,911 Parts and accessories 55,656 54,463 Total inventories $ 1,582,274 $ 1,470,987

Note 4 - Goodwill and Franchise

Note 4 - Goodwill and Franchise Value	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 4. Goodwill and Franchise Value The changes in the carrying amounts of goodwill are as follows (in thousands): Domestic Import Luxury Consolidated Balance as of December 31, 2014 ¹ $ 91,011 $ 79,601 $ 28,763 $ 199,375 Additions through acquisitions 6,892 5,029 2,170 14,091 Reduction related to divestiture — (246 ) — (246 ) Balance as of December 31, 2015 ¹ 97,903 84,384 30,933 213,220 Additions through acquisitions 966 1,283 193 2,442 Reduction related to divestiture (1,218 ) — — (1,218 ) Balance as of June 30, 2016 ¹ $ 97,651 $ 85,667 $ 31,126 $ 214,444 1 The changes in the carrying amounts of franchise value are as follows (in thousands): Franchise Value Balance as of December 31, 2014 $ 150,892 Additions through acquisitions 6,843 Reduction related to divestiture (36 ) Balance as of December 31, 2015 157,699 Additions through acquisitions 5,115 Reduction related to divestiture (518 ) Balance as of June 30, 2016 $ 162,296

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 5. Stockholders’ Equity Repurchases of Class A Common Stock Repurchases of our Class A Common Stock occurred under repurchase authorizations granted by our Board of Directors and related to shares withheld as part of the vesting of restricted stock units ("RSUs"). In August 2011, our Board of Directors authorized the repurchase of up to 2 million shares of our Class A common stock and, on July 20, 2012, our Board of Directors authorized the repurchase of 1 million additional shares of our Class A common stock. Effective February 29, 2016, our Board of Directors authorized the repurchase of up to $250 million of our Class A common stock. This authorization replaced the existing authorizations, increasing the total and establishing a maximum dollar rather than share amount. Share repurchases under our authorizations were as follows: Repurchases Occurring in the Six Months Ended June 30, 2016 Cumulative Repurchases as of June 30, 2016 Shares Average Price Shares Average Price 2011 Share Repurchase Authorization 599,123 $ 79.21 2,327,636 $ 51.09 2016 Share Repurchase Authorization 622,225 $ 78.52 622,225 $ 78.52 As of June 30, 2016, we had $201.1 million available for repurchases pursuant to our 2016 share repurchase authorization. In addition, during the first six months of 2016, we repurchased 94,363 shares at an average price of $90.48 per share, for a total of $8.5 million, related to tax withholdings associated with the vesting of RSUs. The repurchase of shares related to tax withholdings associated with stock awards does not reduce the number of shares available for repurchase as approved by our Board of Directors. Class B Common Stock Conversion On March 2, 2016, Lithia Holding Company, L.L.C. (“Holding Company”), which is managed and controlled by Sidney B. DeBoer, our Chairman of the Board, notified us that it had converted 780,000 shares of our Class B Common Stock into shares of our Class A Common Stock and distributed them to certain members of Holding Company in redemption of their membership interests in Holding Company. At that time, this transaction decreased the voting power of Holding Company to 42.4% from 52.3%, but did not result in any person acquiring voting control over us. Dividends Dividends paid on our Class A and Class B common stock were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Dividend amount per share $ 0.25 $ 0.20 $ 0.45 $ 0.36 Total amount of dividend (in thousands) 6,373 5,266 11,524 9,482 See Note 13 for a discussion of a dividend related to our second quarter 2016 financial results.

Note 6 - Deferred Compensation

Note 6 - Deferred Compensation and Long-term Incentive Plan	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 6. 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 over one to seven years depending 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. The following is a summary related to our LTIP (dollars in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Compensation expense $ 252 $ 463 $ 532 $ 920 Discretionary contribution $ 10 $ 153 $ 1,392 $ 2,249 Guaranteed annual return 5.25 % 5.25 % 5.25 % 5.25 % As of June 30, 2016 and December 31, 2015, the balance due, comprised of both amounts participants elected to defer and discretionary contributions, was $20.1 million and $19.7 million, respectively, and was included as a component of accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets. Assets to fund the obligations of the LTIP are held in a Rabbi Trust and must be used only for purposes of providing benefits under the plan, other than in an event of insolvency. The assets held by the Rabbi Trust are invested in corporate-owned life insurance. As of June 30, 2016 and December 31, 2015, the value of the assets held by the Rabbi trust were $21.0 million and $15.4 million, respectively, and are recorded as a component of other non-current assets in the Consolidated Balance Sheets.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 7. 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. 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 estimate the value of our equity-method investment, which is recorded at fair value on a non-recurring basis, based on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets. Because these valuations contain unobservable inputs, we classified the measurement of fair value of our equity-method investment as Level 3. We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis based 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 six-month period ended June 30, 2016. Assets and Liabilities Measured at Fair Value Following are the disclosures related to our assets that are measured at fair value (in thousands): Fair Value at June 30, 2016 Level 1 Level 2 Level 3 Measured on a non-recurring basis: Equity-method investment $ — $ — $ 11,157 Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Measured on a non-recurring basis: Equity-method investment $ — $ — $ 22,284 Long-lived assets held and used: Certain buildings and improvements $ — $ — $ 6,559 Based on operating losses recognized by the equity-method investment, we determined that an impairment of our investment had occurred. Accordingly, we performed a fair value calculation for this investment and determined that a $7.0 million and a $8.3 million impairment, respectively, was required to be recorded as asset impairments in our Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015, respectively. See Note 9. 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 June 30, 2016, this debt had maturity dates between May 1, 2018 and October 1, 2034. A summary of the aggregate carrying values and fair values of our long-term fixed interest rate debt is as follows (in thousands): June 30, 2016 December 31, 2015 Carrying value $ 281,886 $ 297,463 Fair value 286,628 296,961

Note 8 - Net Income Per Share o

Note 8 - Net Income Per Share of Class A and Class B Common Stock	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 8. Net Income Per Share of Class A and Class B Common Stock We compute net income per share of Class A and Class B common stock using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding common shares underlying equity awards that are unvested or subject to forfeiture. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the common shares issuable upon the net exercise of stock options and unvested RSUs and is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares. Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Under our Articles of Incorporation, the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Following is a reconciliation of net income and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts): Three Months Ended June 30, 2016 2015 Basic EPS Class A Class B Class A Class B Numerator: Net income applicable to common stockholders $ 47,869 $ 3,559 $ 46,239 $ 4,984 Distributed net income applicable to common stockholders (5,932 ) (441 ) (4,754 ) (512 ) Basic undistributed net income applicable to common stockholders $ 41,937 $ 3,118 $ 41,485 $ 4,472 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,700 1,762 23,770 2,562 Earnings per Share: Basic net income per share applicable to common stockholders $ 2.02 $ 2.02 $ 1.95 $ 1.95 Basic distributed net income per share applicable to common stockholders (0.25 ) (0.25 ) (0.20 ) (0.20 ) Basic undistributed net income per share applicable to common stockholders $ 1.77 $ 1.77 $ 1.75 $ 1.75 Three Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Numerator: Distributed net income applicable to common stockholders $ 5,932 $ 441 $ 4,754 $ 512 Reallocation of distributed net income as a result of conversion of dilutive stock options 1 (1 ) 3 (3 ) Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding 440 — 509 — Diluted distributed net income applicable to common stockholders $ 6,373 $ 440 $ 5,266 $ 509 Undistributed net income applicable to common stockholders $ 41,937 $ 3,118 $ 41,485 $ 4,472 Reallocation of undistributed net income as a result of conversion of dilutive stock options 9 (9 ) 28 (28 ) Reallocation of undistributed net income due to conversion of Class B to Class A 3,109 — 4,444 — Diluted undistributed net income from continuing operations applicable to common stockholders $ 45,055 $ 3,109 $ 45,957 $ 4,444 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,700 1,762 23,770 2,562 Weighted average number of shares from stock options 72 — 164 — Conversion of Class B to Class A common shares outstanding 1,762 — 2,562 — Weighted average number of shares outstanding used to calculate diluted net income per share 25,534 1,762 26,496 2,562 Earnings per Share: Diluted net income per share applicable to common stockholders $ 2.01 $ 2.01 $ 1.93 $ 1.93 Diluted distributed net income per share applicable to common stockholders (0.25 ) (0.25 ) (0.20 ) (0.20 ) Diluted undistributed net income per share applicable to common stockholders $ 1.76 $ 1.76 $ 1.73 $ 1.73 Three Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive — — 17 — Six Months Ended June 30, 2016 2015 Basic EPS Class A Class B Class A Class B Numerator: Net income applicable to common stockholders $ 84,445 $ 7,253 $ 82,929 $ 8,947 Distributed net income applicable to common stockholders (10,612 ) (912 ) (8,559 ) (923 ) Basic undistributed net income applicable to common stockholders $ 73,833 $ 6,341 $ 74,370 $ 8,024 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,611 2,028 23,748 2,562 Earnings per Share: Basic net income per share applicable to common stockholders $ 3.58 $ 3.58 $ 3.49 $ 3.49 Basic distributed net income per share applicable to common stockholders (0.45 ) (0.45 ) (0.36 ) (0.36 ) Basic undistributed net income per share applicable to common stockholders $ 3.13 $ 3.13 $ 3.13 $ 3.13 Six Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Numerator: Distributed net income applicable to common stockholders $ 10,612 $ 912 $ 8,559 $ 923 Reallocation of distributed net income as a result of conversion of dilutive stock options 5 (5 ) 7 (7 ) Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding 907 — 916 — Diluted distributed net income applicable to common stockholders $ 11,524 $ 907 $ 9,482 $ 916 Undistributed net income applicable to common stockholders $ 73,833 $ 6,341 $ 74,370 $ 8,024 Reallocation of undistributed net income as a result of conversion of dilutive stock options 28 (28 ) 61 (61 ) Reallocation of undistributed net income due to conversion of Class B to Class A 6,313 — 7,963 — Diluted undistributed net income applicable to common stockholders $ 80,174 $ 6,313 $ 82,394 $ 7,963 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,611 2,028 23,748 2,562 Weighted average number of shares from stock options 115 — 199 — Conversion of Class B to Class A common shares outstanding 2,028 — 2,562 — Weighted average number of shares outstanding used to calculate diluted net income per share 25,754 2,028 26,509 2,562 Earnings per Share: Diluted net income per share applicable to common stockholders $ 3.56 $ 3.56 $ 3.47 $ 3.47 Diluted distributed net income per share applicable to common stockholders (0.45 ) (0.45 ) (0.36 ) (0.36 ) Diluted undistributed net income per share applicable to common stockholders $ 3.11 $ 3.11 $ 3.11 $ 3.11 Six Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 10 — 16 —

Note 9 - Equity-method Investme

Note 9 - Equity-method Investment	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 9. Equity-Method Investment In October 2014, we acquired a 99.9% membership interest in a limited liability company managed by U.S. Bancorp Community Development Corporation with an initial equity contribution of $4.1 million. We made additional equity contributions to the entity of $11.4 million in the first six months of 2016 and $22.8 million in the full year of 2015. We are obligated to make $49.8 million of total contributions in quarterly installments to the entity over a two-year period ending October 2016, of which $38.3 million in contributions have been made as of June 30, 2016. This investment generates new markets tax credits under the New Markets Tax Credit Program (“NMTC Program”). The NMTC Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. While U.S. Bancorp Community Development Corporation exercises management control over the limited liability company, due to the economic interest we hold in the entity, we determined our ownership portion of the entity was appropriately accounted for using the equity method. The following amounts related to this equity-method investment were recorded in our Consolidated Balance Sheets (in thousands): June 30, 2016 December 31, 2015 Carrying value, recorded as a component of other non-current assets $ 11,157 $ 22,284 Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities 11,317 22,511 The following amounts related to this equity-method investment were recorded in our Consolidated Statements of Operations (in thousands): Three Months Ended June 30, Six Months Ended 2016 2015 2016 2015 Asset impairments to write investment down to fair value $ 3,498 $ 4,130 $ 6,996 $ 8,260 Our portion of the partnership’s operating losses 2,065 1,733 4,131 3,465 Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions 62 183 154 394 Tax benefits and credits generated 6,837 7,652 12,782 14,902

Note 10 - Segments

Note 10 - Segments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 10. Segments While we have determined that each individual store is a reporting unit, we have aggregated our reporting units into three reportable segments based on their economic similarities: Domestic, Import and Luxury. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Our Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products. Corporate and other revenue and income includes the results of operations of our stand-alone body shop offset by unallocated corporate overhead expenses, such as corporate personnel costs, and certain unallocated reserve and elimination adjustments. Additionally, certain internal corporate expense allocations increase segment income for Corporate and other while decreasing segment income for the other reportable segments. These internal corporate expense allocations are used to increase comparability of our dealerships and reflect the capital burden a stand-alone dealership would experience. Examples of these internal allocations include internal rent expense, internal floor plan financing charges, and internal fees charged to offset employees within our corporate headquarters that perform certain dealership functions. We define our chief operating decision maker (“CODM”) to be certain members of our executive management group. Historical and forecasted operational performance is evaluated on a store-by-store basis and on a consolidated basis by the CODM. We derive the operating results of the segments directly from our internal management reporting system. The accounting policies used to derive segment results are substantially the same as those used to determine our consolidated results, except for the internal allocation within Corporate and other discussed above. Our CODM measures the performance of each operating segment based on several metrics, including earnings from operations, and uses these results, in part, to evaluate the performance of, and to allocate resources to, each of the operating segments. Certain financial information on a segment basis is as follows (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues: Domestic $ 826,709 $ 768,170 $ 1,595,611 $ 1,458,853 Import 934,018 855,305 1,799,761 1,615,385 Luxury 371,866 372,500 718,679 709,493 2,132,593 1,995,975 4,114,051 3,783,731 Corporate and other 746 972 2,149 2,394 $ 2,133,339 $ 1,996,947 $ 4,116,200 $ 3,786,125 Segment income*: Domestic $ 27,614 $ 31,320 $ 49,344 $ 58,613 Import 28,228 28,149 50,861 45,212 Luxury 9,398 10,801 13,633 17,446 65,240 70,270 113,838 121,271 Corporate and other 31,563 20,984 61,634 42,961 Depreciation and amortization (12,503 ) (10,287 ) (24,166 ) (20,013 ) Other interest expense (5,502 ) (4,972 ) (10,961 ) (9,800 ) Other expense, net (1,495 ) (356 ) (3,021 ) (724 ) Income before income taxes $ 77,303 $ 75,639 $ 137,324 $ 133,695 *Segment income for each of the segments is defined as income before income taxes, depreciation and amortization, other interest expense and other expense, net. Three Months Ended Six Months Ended 2016 2015 2016 2015 Floor plan interest expense: Domestic $ 6,183 $ 4,920 $ 12,615 $ 9,642 Import 4,443 3,736 8,742 7,448 Luxury 2,650 2,308 5,308 4,370 13,276 10,964 26,665 21,460 Corporate and other (7,067 ) (6,309 ) (14,547 ) (12,156 ) $ 6,209 $ 4,655 $ 12,118 $ 9,304 June 30, 2016 December 31, 2015 Total assets: Domestic $ 1,018,942 $ 985,374 Import 825,692 725,011 Luxury 472,475 475,305 Corporate and other 1,004,961 1,041,609 $ 3,322,070 $ 3,227,299

Note 11 - Contingencies

Note 11 - Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 11. 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. In Re Lithia Motors Derivative Litigation On December 14, 2015, Shiva Y. Stein, a Lithia shareholder, filed derivative claims on behalf of Lithia against its Board of Directors, listing Lithia as a nominal defendant. The case, Stein v. DeBoer, et al., Case No. 15CV33696, is pending in the Circuit Court of the State of Oregon for Marion County. Ms. Stein’s claims relate to the adoption of a transition agreement between Lithia and Sidney B. DeBoer, as disclosed in a Current Report on Form 8-K filed September 16, 2015. Ms. Stein alleges that Lithia's directors breached their fiduciary duties of loyalty and due care, and wasted corporate assets, when they approved the agreement with Mr. DeBoer. Ms. Stein also alleges a claim against Sidney B. DeBoer, asserting that he has been unjustly enriched by the agreement. Ms. Stein is seeking relief in the amount of damages allegedly sustained by Lithia as a result of the alleged breaches of fiduciary duty and alleged corporate waste, disgorgement and imposition of a constructive trust on all property and profits Sidney B. DeBoer received as a result of the alleged wrongful conduct, and an award of the costs and disbursements of the lawsuit, including reasonable attorney fees, costs, and expenses. The Board and Mr. DeBoer filed Motions to Dismiss the Stein suit on February 26, 2016. On February 12, 2016, Marty A. Jessos, a Lithia shareholder, also filed derivative claims on behalf of Lithia against its Board of Directors, listing Lithia as a nominal defendant. The case, Jessos v. DeBoer, et al., Case No. 16CV04181, was filed in the Circuit Court of the State of Oregon for Multnomah County. The Jessos suit involves the same subject matter and alleges substantially the same facts, claims, and causes of action as the Stein suit. On March 22, 2016, the Jessos suit was transferred to Marion County Circuit Court. On April 4, 2016, the parties filed a Stipulation and [Proposed] Order of Consolidation in the Stein suit to consolidate both Stein and Jessos under the Stein suit, Case No. 15CV33696. On April 4, 2016, the Court signed the consolidation order. The case is now known as In re Lithia Motors Derivative Litigation, Case No. 15CV33696. Plaintiffs filed their consolidated complaint on April 15, 2016. On May 10, 2016, the Board filed its Motion to Dismiss the consolidated complaint. Mr. DeBoer filed his Motion to Dismiss on May 12, 2016. These Motions supersede the Motions filed in February, prior to the consolidation of the two cases. At this juncture, the parties have fully briefed the pending Motions. A hearing on the Motions to Dismiss the consolidated complaint will be held on Thursday, July 21, 2016. California Wage and Hour Litigations In June 2012 Mr. Robles and Mr. Laredo brought claims against DCH Tustin Acura (Robles vs. Tustin Motors, Inc., Case No. 30-2012-00579414, filed in the Superior Court of California, Orange County) alleging that the employer underpaid technicians in light of California Wage Order provisions that require an employer to pay at least two times the minimum wage for each hour worked if the employee is required to bring his or her own tools. The complaint was amended in late 2013 to include allegations that the employer failed to pay technicians for non-productive time and/or time spent performing tasks not compensated by the flat-rate compensation system; off-the-clock time worked; and wages due at termination. The amended complaint also alleged that the employer failed to provide technicians accurate and complete wage statements; and statutory meal and rest periods. Plaintiffs are now seeking relief on behalf of all employees at all DCH Auto Group dealerships in California. Plaintiffs also seek attorney fees and costs. These Plaintiffs (and several other former technicians in separate-but-partially-overlapping actions) also seek relief under California’s Private Attorney General Action (PAGA) provisions, which allow private plaintiffs to recover civil penalties on behalf of the State of California. DCH successfully compelled arbitration based on arbitration agreements between these claimants and the employer, although certain representative claims were excluded and stayed pending arbitration. DCH and these claimants settled their individual claims in arbitration in 2015. In April 2016, DCH and plaintiffs agreed in principle to settle the representative claims, although this settlement has not yet been approved by either an independent arbitrator or the California courts as expressly contemplated by the parties and required by applicable law as a condition of the agreed release of claims. DCH Auto Group (USA) Limited must indemnify Lithia Motors, Inc. for losses related to this claim pursuant to the stock purchase agreement between Lithia Motors, Inc. and DCH Auto Group (USA) Limited dated June 14, 2014. As a result, we believe the exposure related to this lawsuit, when considered in relation to the terms of the stock purchase agreement, is immaterial to our financial statements. In August 2014 Ms. Holzer filed a complaint in the Central District of California (Holzer vs. DCH Auto Group (USA) Inc., Case No. BC558869) alleging that her employer, an affiliate of DCH Auto Group (USA) Inc., failed to provide vehicle finance and sales persons, service advisors, and other clerical and hourly workers accurate and complete wage statements; and statutory meal and rest periods. The complaint also alleges that the employer failed to pay these employees for off-the-clock time worked; and wages due at termination. Plaintiffs also seek attorney fees and costs. DCH has sought to compel arbitration based on Plaintiffs’ arbitration agreements. Plaintiffs (and several other employees in separate actions) are seeking relief under California’s PAGA provisions. DCH is defending itself against these claims, and DCH Auto Group (USA) Limited must indemnify Lithia Motors, Inc. for losses related to this claim pursuant to the stock purchase agreement between Lithia Motors, Inc. and DCH Auto Group (USA) Limited dated June 14, 2014. As a result, we believe the exposure related to this lawsuit, when considered in relation to the terms of the stock purchase agreement, is not material.

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 12. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2014-09, “Revenue from Contracts with Customers”, which amends the accounting guidance related to revenues. This amendment will replace most of the existing revenue recognition guidance when it becomes effective. The new standard, as amended in July 2015, is effective for fiscal years beginning after December 15, 2017 and entities are allowed to adopt the standard as early as annual periods beginning after December 15, 2016, and interim periods therein. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures and believe the financial impact is not material. We have not yet selected a transition method. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory (Topic 330)”. ASU 2015-11 simplifies the accounting for the valuation of all inventory not accounted for using the last-in, first-out method by prescribing inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, "Leases". ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method.

Note 13 - Subsequent Events

Note 13 - Subsequent Events	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	Note 13. Subsequent Events Common Stock Dividend On July 25, 2016, our Board of Directors approved a dividend of $0.25 per share on our Class A and Class B common stock related to our second quarter 2016 financial results. The dividend will total approximately $6.4 million and will be paid on August 26, 2016 to shareholders of record on August 12, 2016. Credit Facility On July 27, 2016, we amended our existing credit facility to increase the total financing commitment by $300 million to $2.05 billion and extend the maturity to July 2021. This syndicated credit facility is comprised of 18 financial institutions, including eight manufacturer-affiliated finance companies. Under our credit facility we are permitted to allocate the total financing commitment among floor plan financing for new vehicle inventory, floor plan financing for used vehicles (up to a maximum of $350 million) and revolving financing for general corporate purposes, including acquisitions and working capital (up to a maximum of $400 million). Our credit facility may be expanded to $2.4 billion total availability, subject to lender approval. All borrowings from, and repayments to, our lending group are presented in the Consolidated Statements of Cash Flows as financing activities.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015. 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 2015 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2015 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2016. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2015 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 condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented. These reclassifications had no impact on previously reported net income.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2014-09, “Revenue from Contracts with Customers”, which amends the accounting guidance related to revenues. This amendment will replace most of the existing revenue recognition guidance when it becomes effective. The new standard, as amended in July 2015, is effective for fiscal years beginning after December 15, 2017 and entities are allowed to adopt the standard as early as annual periods beginning after December 15, 2016, and interim periods therein. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures and believe the financial impact is not material. We have not yet selected a transition method. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory (Topic 330)”. ASU 2015-11 simplifies the accounting for the valuation of all inventory not accounted for using the last-in, first-out method by prescribing inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, "Leases". ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method.

Note 2 - Accounts Receivable (T

Note 2 - Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, 2016 December 31, 2015 Contracts in transit $ 159,069 $ 168,460 Trade receivables 38,524 33,749 Vehicle receivables 34,441 36,470 Manufacturer receivables 61,109 59,215 Auto loan receivables 54,412 42,490 Other receivables 3,001 3,033 350,556 343,417 Less: Allowances (3,972 ) (2,243 ) Less: Long-term portion of accounts receivable, net (41,291 ) (32,712 ) Total accounts receivable, net $ 305,293 $ 308,462

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2016 December 31, 2015 New vehicles $ 1,172,198 $ 1,113,613 Used vehicles 354,420 302,911 Parts and accessories 55,656 54,463 Total inventories $ 1,582,274 $ 1,470,987

Note 4 - Goodwill and Franchi24

Note 4 - Goodwill and Franchise Value (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Goodwill [Table Text Block]	Domestic Import Luxury Consolidated Balance as of December 31, 2014 ¹ $ 91,011 $ 79,601 $ 28,763 $ 199,375 Additions through acquisitions 6,892 5,029 2,170 14,091 Reduction related to divestiture — (246 ) — (246 ) Balance as of December 31, 2015 ¹ 97,903 84,384 30,933 213,220 Additions through acquisitions 966 1,283 193 2,442 Reduction related to divestiture (1,218 ) — — (1,218 ) Balance as of June 30, 2016 ¹ $ 97,651 $ 85,667 $ 31,126 $ 214,444
Schedule of Indefinite-Lived Intangible Assets [Table Text Block]	Franchise Value Balance as of December 31, 2014 $ 150,892 Additions through acquisitions 6,843 Reduction related to divestiture (36 ) Balance as of December 31, 2015 157,699 Additions through acquisitions 5,115 Reduction related to divestiture (518 ) Balance as of June 30, 2016 $ 162,296

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Class of Treasury Stock [Table Text Block]	Repurchases Occurring in the Six Months Ended June 30, 2016 Cumulative Repurchases as of June 30, 2016 Shares Average Price Shares Average Price 2011 Share Repurchase Authorization 599,123 $ 79.21 2,327,636 $ 51.09 2016 Share Repurchase Authorization 622,225 $ 78.52 622,225 $ 78.52
Dividends Declared [Table Text Block]	Three Months Ended Six Months Ended 2016 2015 2016 2015 Dividend amount per share $ 0.25 $ 0.20 $ 0.45 $ 0.36 Total amount of dividend (in thousands) 6,373 5,266 11,524 9,482

Note 6 - Deferred Compensatio26

Note 6 - Deferred Compensation and Long-term Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
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 Six Months Ended 2016 2015 2016 2015 Compensation expense $ 252 $ 463 $ 532 $ 920 Discretionary contribution $ 10 $ 153 $ 1,392 $ 2,249 Guaranteed annual return 5.25 % 5.25 % 5.25 % 5.25 %

Note 7 - Fair Value Measureme27

Note 7 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair Value at June 30, 2016 Level 1 Level 2 Level 3 Measured on a non-recurring basis: Equity-method investment $ — $ — $ 11,157 Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Measured on a non-recurring basis: Equity-method investment $ — $ — $ 22,284 Long-lived assets held and used: Certain buildings and improvements $ — $ — $ 6,559
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2016 December 31, 2015 Carrying value $ 281,886 $ 297,463 Fair value 286,628 296,961

Note 8 - Net Income Per Share28

Note 8 - Net Income Per Share of Class A and Class B Common Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2016 2015 Basic EPS Class A Class B Class A Class B Numerator: Net income applicable to common stockholders $ 47,869 $ 3,559 $ 46,239 $ 4,984 Distributed net income applicable to common stockholders (5,932 ) (441 ) (4,754 ) (512 ) Basic undistributed net income applicable to common stockholders $ 41,937 $ 3,118 $ 41,485 $ 4,472 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,700 1,762 23,770 2,562 Earnings per Share: Basic net income per share applicable to common stockholders $ 2.02 $ 2.02 $ 1.95 $ 1.95 Basic distributed net income per share applicable to common stockholders (0.25 ) (0.25 ) (0.20 ) (0.20 ) Basic undistributed net income per share applicable to common stockholders $ 1.77 $ 1.77 $ 1.75 $ 1.75 Three Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Numerator: Distributed net income applicable to common stockholders $ 5,932 $ 441 $ 4,754 $ 512 Reallocation of distributed net income as a result of conversion of dilutive stock options 1 (1 ) 3 (3 ) Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding 440 — 509 — Diluted distributed net income applicable to common stockholders $ 6,373 $ 440 $ 5,266 $ 509 Undistributed net income applicable to common stockholders $ 41,937 $ 3,118 $ 41,485 $ 4,472 Reallocation of undistributed net income as a result of conversion of dilutive stock options 9 (9 ) 28 (28 ) Reallocation of undistributed net income due to conversion of Class B to Class A 3,109 — 4,444 — Diluted undistributed net income from continuing operations applicable to common stockholders $ 45,055 $ 3,109 $ 45,957 $ 4,444 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,700 1,762 23,770 2,562 Weighted average number of shares from stock options 72 — 164 — Conversion of Class B to Class A common shares outstanding 1,762 — 2,562 — Weighted average number of shares outstanding used to calculate diluted net income per share 25,534 1,762 26,496 2,562 Earnings per Share: Diluted net income per share applicable to common stockholders $ 2.01 $ 2.01 $ 1.93 $ 1.93 Diluted distributed net income per share applicable to common stockholders (0.25 ) (0.25 ) (0.20 ) (0.20 ) Diluted undistributed net income per share applicable to common stockholders $ 1.76 $ 1.76 $ 1.73 $ 1.73 Three Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive — — 17 — Six Months Ended June 30, 2016 2015 Basic EPS Class A Class B Class A Class B Numerator: Net income applicable to common stockholders $ 84,445 $ 7,253 $ 82,929 $ 8,947 Distributed net income applicable to common stockholders (10,612 ) (912 ) (8,559 ) (923 ) Basic undistributed net income applicable to common stockholders $ 73,833 $ 6,341 $ 74,370 $ 8,024 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,611 2,028 23,748 2,562 Earnings per Share: Basic net income per share applicable to common stockholders $ 3.58 $ 3.58 $ 3.49 $ 3.49 Basic distributed net income per share applicable to common stockholders (0.45 ) (0.45 ) (0.36 ) (0.36 ) Basic undistributed net income per share applicable to common stockholders $ 3.13 $ 3.13 $ 3.13 $ 3.13 Six Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Numerator: Distributed net income applicable to common stockholders $ 10,612 $ 912 $ 8,559 $ 923 Reallocation of distributed net income as a result of conversion of dilutive stock options 5 (5 ) 7 (7 ) Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding 907 — 916 — Diluted distributed net income applicable to common stockholders $ 11,524 $ 907 $ 9,482 $ 916 Undistributed net income applicable to common stockholders $ 73,833 $ 6,341 $ 74,370 $ 8,024 Reallocation of undistributed net income as a result of conversion of dilutive stock options 28 (28 ) 61 (61 ) Reallocation of undistributed net income due to conversion of Class B to Class A 6,313 — 7,963 — Diluted undistributed net income applicable to common stockholders $ 80,174 $ 6,313 $ 82,394 $ 7,963 Denominator: Weighted average number of shares outstanding used to calculate basic net income per share 23,611 2,028 23,748 2,562 Weighted average number of shares from stock options 115 — 199 — Conversion of Class B to Class A common shares outstanding 2,028 — 2,562 — Weighted average number of shares outstanding used to calculate diluted net income per share 25,754 2,028 26,509 2,562 Earnings per Share: Diluted net income per share applicable to common stockholders $ 3.56 $ 3.56 $ 3.47 $ 3.47 Diluted distributed net income per share applicable to common stockholders (0.45 ) (0.45 ) (0.36 ) (0.36 ) Diluted undistributed net income per share applicable to common stockholders $ 3.11 $ 3.11 $ 3.11 $ 3.11 Six Months Ended June 30, 2016 2015 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 10 — 16 —

Note 9 - Equity-method Invest29

Note 9 - Equity-method Investment (Tables)	6 Months Ended
	Jun. 30, 2016
Consolidated Statement of Operations [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three Months Ended June 30, Six Months Ended 2016 2015 2016 2015 Asset impairments to write investment down to fair value $ 3,498 $ 4,130 $ 6,996 $ 8,260 Our portion of the partnership’s operating losses 2,065 1,733 4,131 3,465 Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions 62 183 154 394 Tax benefits and credits generated 6,837 7,652 12,782 14,902
Consolidated Balance Sheet [Member]
Notes Tables
Equity Method Investments [Table Text Block]	June 30, 2016 December 31, 2015 Carrying value, recorded as a component of other non-current assets $ 11,157 $ 22,284 Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities 11,317 22,511

Note 10 - Segments (Tables)

Note 10 - Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues: Domestic $ 826,709 $ 768,170 $ 1,595,611 $ 1,458,853 Import 934,018 855,305 1,799,761 1,615,385 Luxury 371,866 372,500 718,679 709,493 2,132,593 1,995,975 4,114,051 3,783,731 Corporate and other 746 972 2,149 2,394 $ 2,133,339 $ 1,996,947 $ 4,116,200 $ 3,786,125 Segment income*: Domestic $ 27,614 $ 31,320 $ 49,344 $ 58,613 Import 28,228 28,149 50,861 45,212 Luxury 9,398 10,801 13,633 17,446 65,240 70,270 113,838 121,271 Corporate and other 31,563 20,984 61,634 42,961 Depreciation and amortization (12,503 ) (10,287 ) (24,166 ) (20,013 ) Other interest expense (5,502 ) (4,972 ) (10,961 ) (9,800 ) Other expense, net (1,495 ) (356 ) (3,021 ) (724 ) Income before income taxes $ 77,303 $ 75,639 $ 137,324 $ 133,695 Three Months Ended Six Months Ended 2016 2015 2016 2015 Floor plan interest expense: Domestic $ 6,183 $ 4,920 $ 12,615 $ 9,642 Import 4,443 3,736 8,742 7,448 Luxury 2,650 2,308 5,308 4,370 13,276 10,964 26,665 21,460 Corporate and other (7,067 ) (6,309 ) (14,547 ) (12,156 ) $ 6,209 $ 4,655 $ 12,118 $ 9,304
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, 2016 December 31, 2015 Total assets: Domestic $ 1,018,942 $ 985,374 Import 825,692 725,011 Luxury 472,475 475,305 Corporate and other 1,004,961 1,041,609 $ 3,322,070 $ 3,227,299

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Contracts in Transit [Member]
Accounts receivable gross	$ 159,069	$ 168,460
Trade Accounts Receivable [Member]
Accounts receivable gross	38,524	33,749
Vehicle Receivables [Member]
Accounts receivable gross	34,441	36,470
Manufacturer Receivables [Member]
Accounts receivable gross	61,109	59,215
Auto Loans Receivables [Member]
Accounts receivable gross	54,412	42,490
Other Receivables [Member]
Accounts receivable gross	3,001	3,033
Accounts receivable gross	350,556	343,417
Less: Allowances	(3,972)	(2,243)
Less: Long-term portion of accounts receivable, net	(41,291)	(32,712)
Total accounts receivable, net	$ 305,293	$ 308,462

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Vehicle [Member]
Inventory Net	$ 1,172,198	$ 1,113,613
Used Vehicle [Member]
Inventory Net	354,420	302,911
Parts and Accessories [Member]
Inventory Net	55,656	54,463
Inventory Net	$ 1,582,274	$ 1,470,987

Note 4 - Goodwill and Franchi33

Note 4 - Goodwill and Franchise Value (Details Textual) $ in Millions	Dec. 31, 2008USD ($)
Goodwill, Impaired, Accumulated Impairment Loss	$ 299.3

Note 4 - Goodwill (Details)

Note 4 - Goodwill (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Domestic [Member]
Balance	[1]	$ 97,903	$ 91,011
Additions through acquisitions		966	6,892
Reduction related to divestiture		(1,218)
Balance	[1]	97,651	97,903
Import [Member]
Balance	[1]	84,384	79,601
Additions through acquisitions		1,283	5,029
Reduction related to divestiture			(246)
Balance	[1]	85,667	84,384
Luxury [Member]
Balance	[1]	30,933	28,763
Additions through acquisitions		193	2,170
Reduction related to divestiture
Balance	[1]	31,126	30,933
Balance	[1]	213,220	199,375
Additions through acquisitions		2,442	14,091
Reduction related to divestiture		(1,218)	(246)
Balance	[1]	$ 214,444	$ 213,220
[1]	Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.

Note 4 - Franchise Value (Detai

Note 4 - Franchise Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Balance	$ 157,699	$ 150,892
Additions through acquisitions	5,115	6,843
Reduction related to divestiture	(518)	(36)
Balance	$ 162,296	$ 157,699

Note 5 - Stockholders' Equity36

Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 02, 2016	Jun. 30, 2016	Mar. 01, 2016	Feb. 29, 2016	Jul. 20, 2012	Aug. 31, 2011
Common Class A [Member] | The 2011 Stock Repurchase Authorization [Member] | Additional Shares Authorized [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					1,000,000
Common Class A [Member] | The 2011 Stock Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						2,000,000
Common Class A [Member] | The 2016 Stock Repurchase Authorization [Member]
Stock Repurchase Program, Authorized Amount		$ 201.1		$ 250
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Shares Paid for Tax Withholding for Share Based Compensation		94,363
Treasury Stock Acquired, Average Cost Per Share		$ 90.48
Adjustments Related to Tax Withholding for Share-based Compensation		$ 8.5
Conversion from Class B Common Stock to Class A Common Stock [Member] | Board of Directors Chairman [Member]
Conversion of Stock, Shares Converted	780,000
Voting Power Percentage from Conversion of Stock	42.40%		52.30%

Note 5 - Share Repurchases Unde

Note 5 - Share Repurchases Under Authorizations (Details) - $ / shares	6 Months Ended	65 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
2011 Share Repurchase Authorization [Member]
Share Repurchase Authorization (in shares)	599,123	2,327,636
Share Repurchase Authorization (in dollars per share)	$ 79.21	$ 51.09
The 2016 Stock Repurchase Authorization [Member]
Share Repurchase Authorization (in shares)	622,225	622,225
Share Repurchase Authorization (in dollars per share)	$ 78.52	$ 78.52

Note 5 - Dividends Paid (Detail

Note 5 - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Dividend amount per share (in dollars per share)	$ 0.25	$ 0.20	$ 0.45	$ 0.36
Total amount of dividend (in thousands)	$ 6,373	$ 5,266	$ 11,524	$ 9,482

Note 6 - Deferred Compensatio39

Note 6 - Deferred Compensation and Long-term Incentive Plan (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2016
Minimum [Member]
Deferred Compensation Arrangement with Individual, Requisite Service Period	1 year
Maximum [Member]
Deferred Compensation Arrangement with Individual, Requisite Service Period	7 years
Other Noncurrent Liabilities [Member]
Deferred Compensation Liability, Classified, Noncurrent	$ 19.7	$ 20.1
Other Noncurrent Assets [Member]
Deferred Compensation Plan Assets	$ 15.4	$ 21

Note 6 - Compensation Expense (

Note 6 - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Compensation expense	$ 252	$ 463	$ 532	$ 920
Discretionary contribution	$ 10	$ 153	$ 1,392	$ 2,249
Guaranteed annual return	5.25%	5.25%	5.25%	5.25%

Note 7 - Fair Value Measureme41

Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Equity Method Investment, Other than Temporary Impairment	$ 7	$ 8.3

Note 7 - Assets and Liabilities

Note 7 - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member] | Building and Building Improvements [Member]
Certain buildings and improvements
Fair Value, Inputs, Level 1 [Member]
Equity-method investment
Fair Value, Inputs, Level 2 [Member] | Building and Building Improvements [Member]
Certain buildings and improvements
Fair Value, Inputs, Level 2 [Member]
Equity-method investment
Fair Value, Inputs, Level 3 [Member] | Building and Building Improvements [Member]
Certain buildings and improvements		6,559
Fair Value, Inputs, Level 3 [Member]
Equity-method investment	$ 11,157	$ 22,284

Note 7 - Long-term Fixed Intere

Note 7 - Long-term Fixed Interest Rate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying value	$ 281,886	$ 297,463
Fair value	$ 286,628	$ 296,961

Note 8 - Earnings Per Share Rec

Note 8 - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Common Class A [Member] | Employee Stock Option [Member]
Shares issuable pursuant to stock options not included since they were antidilutive (in shares)		17	10	16
Shares issuable pursuant to stock options not included since they were antidilutive (in shares)		17	10	16
Common Class A [Member] | Distributed [Member]
Reallocation of distributed net income as a result of conversion of dilutive stock options	$ 1	$ 3	$ 5	$ 7
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	440	509	907	916
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	440	509	907	916
Common Class A [Member] | Diluted [Member]
Distributed net income applicable to common stockholders	(6,373)	(5,266)	(11,524)	(9,482)
Distributed net income applicable to common stockholders	6,373	5,266	11,524	9,482
Diluted undistributed net income from continuing operations applicable to common stockholders	45,055	45,957	80,174	82,394
Diluted undistributed net income applicable to common stockholders	45,055	45,957	80,174	82,394
Common Class A [Member] | Undistributed [Member]
Reallocation of distributed net income as a result of conversion of dilutive stock options	9	28	28	61
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	3,109	4,444	6,313	7,963
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	3,109	4,444	6,313	7,963
Common Class A [Member]
Net income applicable to common stockholders	47,869	46,239	84,445	82,929
Distributed net income applicable to common stockholders	(5,932)	(4,754)	(10,612)	(8,559)
Basic undistributed net income applicable to common stockholders	$ 41,937	$ 41,485	$ 73,833	$ 74,370
Weighted average number of shares outstanding used to calculate basic net income per share (in shares)	23,700	23,770	23,611	23,748
Basic net income per share applicable to common stockholders (in dollars per share)	$ 2.02	$ 1.95	$ 3.58	$ 3.49
Basic distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Basic undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.77	$ 1.75	$ 3.13	$ 3.13
Distributed net income applicable to common stockholders	$ 5,932	$ 4,754	$ 10,612	$ 8,559
Weighted average number of shares from stock options (in shares)	72	164	115	199
Conversion of Class B to Class A common shares outstanding (in shares)	1,762	2,562	2,028	2,562
Weighted average number of shares outstanding used to calculate diluted net income per share (in shares)	25,534	26,496	25,754	26,509
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Diluted distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Diluted undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.76	$ 1.73	$ 3.11	$ 3.11
Undistributed net income applicable to common stockholders	$ 41,937	$ 41,485	$ 73,833	$ 74,370
Conversion of Class B to Class A common shares outstanding (in shares)	1,762	2,562	2,028	2,562
Diluted net income per share (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Diluted distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Diluted undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.76	$ 1.73	$ 3.11	$ 3.11
Common Class B [Member] | Distributed [Member]
Reallocation of distributed net income as a result of conversion of dilutive stock options	$ (1)	$ (3)	$ (5)	$ (7)
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding
Common Class B [Member] | Diluted [Member]
Distributed net income applicable to common stockholders	(440)	(509)	(907)	(916)
Distributed net income applicable to common stockholders	440	509	907	916
Diluted undistributed net income from continuing operations applicable to common stockholders	3,109	4,444	6,313	7,963
Diluted undistributed net income applicable to common stockholders	3,109	4,444	6,313	7,963
Common Class B [Member] | Undistributed [Member]
Reallocation of distributed net income as a result of conversion of dilutive stock options	(9)	(28)	(28)	(61)
Common Class B [Member]
Net income applicable to common stockholders	3,559	4,984	7,253	8,947
Distributed net income applicable to common stockholders	(441)	(512)	(912)	(923)
Basic undistributed net income applicable to common stockholders	$ 3,118	$ 4,472	$ 6,341	$ 8,024
Weighted average number of shares outstanding used to calculate basic net income per share (in shares)	1,762	2,562	2,028	2,562
Basic net income per share applicable to common stockholders (in dollars per share)	$ 2.02	$ 1.95	$ 3.58	$ 3.49
Basic distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Basic undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.77	$ 1.75	$ 3.13	$ 3.13
Distributed net income applicable to common stockholders	$ 441	$ 512	$ 912	$ 923
Weighted average number of shares from stock options (in shares)
Conversion of Class B to Class A common shares outstanding (in shares)
Weighted average number of shares outstanding used to calculate diluted net income per share (in shares)	1,762	2,562	2,028	2,562
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Diluted distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Diluted undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.76	$ 1.73	$ 3.11	$ 3.11
Undistributed net income applicable to common stockholders	$ 3,118	$ 4,472	$ 6,341	$ 8,024
Conversion of Class B to Class A common shares outstanding (in shares)
Diluted net income per share (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Diluted distributed net income per share applicable to common stockholders (in dollars per share)	(0.25)	(0.20)	(0.45)	(0.36)
Diluted undistributed net income per share applicable to common stockholders (in dollars per share)	$ 1.76	$ 1.73	$ 3.11	$ 3.11
Weighted average number of shares outstanding used to calculate basic net income per share (in shares)	25,462	26,332	25,639	26,310
Weighted average number of shares outstanding used to calculate diluted net income per share (in shares)	25,534	26,496	25,754	26,509
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47
Diluted net income per share (in dollars per share)	$ 2.01	$ 1.93	$ 3.56	$ 3.47

Note 9 - Equity-method Invest45

Note 9 - Equity-method Investment (Details Textual) - NMTC Program [Member] - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2014	Jun. 30, 2016	Dec. 31, 2015
Equity Method Investment, Ownership Percentage	99.90%
Payments to Acquire Equity Method Investments	$ 4.1	$ 11.4	$ 22.8
Equity Method Investment Equity Contribution Obligation	$ 49.8	$ 38.3
Equity Method Investment Equity Contribution Obligation Term	2 years

Note 9 - Equity-method Invest46

Note 9 - Equity-method Investment Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Noncurrent Assets [Member]
Carrying value, recorded as a component of other non-current assets	$ 11,157	$ 22,284
Accrued Liabilities and Other Long Term Liabilities [Member]
Equity Method Investment Equity Contribution Obligation	$ 11,317	$ 22,511

Note 9 - Equity-method Invest47

Note 9 - Equity-method Investment Recorded in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
NMTC Program [Member]
Equity Method Investment, Other than Temporary Impairment	$ 3,498	$ 4,130	$ 6,996	$ 8,260
Our portion of the partnership’s operating losses	2,065	1,733	4,131	3,465
Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions	62	183	154	394
Tax benefits and credits generated	$ 6,837	$ 7,652	12,782	14,902
Equity Method Investment, Other than Temporary Impairment			$ 7,000	$ 8,300

Note 10 - Segments (Details Tex

Note 10 - Segments (Details Textual)	6 Months Ended
	Jun. 30, 2016
Number of Reportable Segments	3

Note 10 - Certain Segment Finan

Note 10 - Certain Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Segments [Member] | Domestic [Member]
Revenues:
Revenues		$ 826,709	$ 768,170	$ 1,595,611	$ 1,458,853
Segment income*:
Segment income	[1]	27,614	31,320	49,344	58,613
Floor plan interest expense:
Floor plan interest expense		6,183	4,920	12,615	9,642
Operating Segments [Member] | Import [Member]
Revenues:
Revenues		934,018	855,305	1,799,761	1,615,385
Segment income*:
Segment income	[1]	28,228	28,149	50,861	45,212
Floor plan interest expense:
Floor plan interest expense		4,443	3,736	8,742	7,448
Operating Segments [Member] | Luxury [Member]
Revenues:
Revenues		371,866	372,500	718,679	709,493
Segment income*:
Segment income	[1]	9,398	10,801	13,633	17,446
Floor plan interest expense:
Floor plan interest expense		2,650	2,308	5,308	4,370
Operating Segments [Member]
Revenues:
Revenues		2,132,593	1,995,975	4,114,051	3,783,731
Segment income*:
Segment income	[1]	65,240	70,270	113,838	121,271
Floor plan interest expense:
Floor plan interest expense		13,276	10,964	26,665	21,460
Corporate, Non-Segment [Member]
Revenues:
Revenues		746	972	2,149	2,394
Segment income*:
Segment income	[1]	31,563	20,984	61,634	42,961
Corporate and Other [Member]
Floor plan interest expense:
Floor plan interest expense		(7,067)	(6,309)	(14,547)	(12,156)
Revenues		2,133,339	1,996,947	4,116,200	3,786,125
Segment income		77,303	75,639	137,324	133,695
Depreciation and amortization		(12,503)	(10,287)	(24,166)	(20,013)
Other interest expense		(5,502)	(4,972)	(10,961)	(9,800)
Other expense, net		(1,495)	(356)	(3,021)	(724)
Floor plan interest expense		$ 6,209	$ 4,655	$ 12,118	$ 9,304
[1]	Segment income for each of the segments is defined as Income before income taxes, depreciation and amortization, other interest expense and other expense, net.

Note 10 - Segment Assets (Detai

Note 10 - Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Operating Segments [Member] | Domestic [Member]
Total assets:
Assets	$ 1,018,942	$ 985,374
Operating Segments [Member] | Import [Member]
Total assets:
Assets	825,692	725,011
Operating Segments [Member] | Luxury [Member]
Total assets:
Assets	472,475	475,305
Operating Segments [Member] | Corporate and Other [Member]
Total assets:
Assets	1,004,961	1,041,609
Assets	$ 3,322,070	$ 3,227,299

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Jul. 25, 2016USD ($)$ / shares	Jul. 27, 2016USD ($)
Common Class A [Member]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.25
Common Class B [Member]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.25
Syndicated Credit Facility [Member] | Used Vehicle Inventory Financing [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 350
Syndicated Credit Facility [Member] | General Corporate Purposes [Member]
Line of Credit Facility, Maximum Borrowing Capacity		400
Syndicated Credit Facility [Member] | Scenario Subject to Lender Approval [Member]
Line of Credit Facility, Maximum Borrowing Capacity		2,400
Syndicated Credit Facility [Member]
Increase in Line of Credit Facility Maximum Borrowing Capacity		300
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,050
Number of Financial Institutions		18
Number of Manufacturer Affiliated Finance Companies		8
Dividends, Common Stock, Cash	$ 6.4