Group 1 Automotive (GPI) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	GROUP 1 AUTOMOTIVE INC
Entity Central Index Key	0001031203
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		18,518,069

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 33,623	$ 15,932
Contracts-in-transit and vehicle receivables, net	261,194	265,660
Accounts and notes receivable, net	185,311	193,981
Inventories, net	1,860,907	1,844,059
Prepaid expenses and other current assets	92,036	82,734
TOTAL CURRENT ASSETS	2,433,071	2,402,366
Property and equipment, net	1,370,743	1,347,835
Operating lease assets	214,776
Goodwill	965,882	963,925
Intangible franchise rights	260,465	259,630
Other assets	18,554	27,319
TOTAL ASSETS	5,263,491	5,001,075
CURRENT LIABILITIES:
Floorplan notes payable - credit facility and other	1,255,784	1,292,452
Offset account related to floorplan notes payable - credit facility	(72,728)	(33,637)
Floorplan notes payable - manufacturer affiliates	444,003	417,924
Offset account related to floorplan notes payable - manufacturer affiliates	(26,000)	(100)
Current maturities of long-term debt and short-term financing	96,359	92,967
Current operating lease liabilities	23,907
Accounts payable	507,348	419,350
Accrued expenses and other current liabilities	208,069	197,609
TOTAL CURRENT LIABILITIES	2,436,742	2,386,565
Long-term debt, net of current maturities	1,262,582	1,281,489
Operating lease liabilities, net of current portion	204,331
Deferred income taxes	136,219	134,683
Liabilities from interest rate risk management activities	2,430	1,696
Other liabilities	93,474	100,948
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000 shares authorized; 25,522 and 25,494 issued, respectively	255	255
Additional paid-in capital	287,115	292,774
Retained earnings	1,422,576	1,394,817
Accumulated other comprehensive income (loss)	(138,749)	(137,772)
Treasury stock, at cost; 7,001 and 7,172 shares, respectively	(443,484)	(454,380)
TOTAL STOCKHOLDERS’ EQUITY	1,127,713	1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 5,263,491	$ 5,001,075

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, $0.01 par value, 50,000 shares authorized; 25,522 and 25,494 issued, respectively
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	25,522,000	25,494,000
Treasury stock (in shares)	7,001,000	7,172,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES	$ 2,808,376	$ 2,860,026
COST OF SALES	2,376,873	2,440,263
GROSS PROFIT	431,503	419,763
Selling, general and administrative expenses	327,708	324,347
Depreciation and amortization expense	16,997	16,342
INCOME (LOSS) FROM OPERATIONS	86,798	79,074
OTHER INCOME (EXPENSE):
Floorplan interest expense	(15,703)	(14,087)
Other interest expense, net	(18,919)	(18,820)
INCOME (LOSS) BEFORE INCOME TAXES	52,176	46,167
Benefit (provision) for income taxes	(13,528)	(10,353)
NET INCOME (LOSS)	$ 38,648	$ 35,814
BASIC EARNINGS (LOSS) PER SHARE	$ 2.09	$ 1.70
Weighted average common shares outstanding (in shares)	17,797	20,298
DILUTED EARNINGS (LOSS) PER SHARE	$ 2.08	$ 1.70
Weighted average common shares outstanding (in shares)	17,849	20,307
New vehicle retail sales
REVENUES	$ 1,414,485	$ 1,513,590
COST OF SALES	1,343,094	1,438,163
Used vehicle retail sales
REVENUES	819,203	780,570
COST OF SALES	771,394	737,075
Used vehicle wholesale sales
REVENUES	92,138	104,029
COST OF SALES	91,687	102,374
Parts and service sales
REVENUES	369,174	349,515
COST OF SALES	170,698	162,651
Finance, insurance and other, net
REVENUES	$ 113,376	$ 112,322

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 38,648	$ 35,814
Other comprehensive income (loss):
Foreign currency translation adjustment	3,607	7,871
Unrealized gain (loss) arising during the period, net of tax benefit (provision) of $1,316 and ($2,492), respectively	(4,238)	7,892
Reclassification adjustment for (gain) loss included in interest expense, net of tax (benefit) provision of $108 and ($478), respectively	(346)
Reclassification adjustment for (gain) loss included in interest expense, net of tax (benefit) provision of $108 and ($478), respectively		1,513
Unrealized gain (loss) on interest rate risk management activities, net of tax	(4,584)
Unrealized gain (loss) on interest rate risk management activities, net of tax		9,405
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(977)	17,276
COMPREHENSIVE INCOME (LOSS)	$ 37,671	$ 53,090

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision of unrealized gain (loss) on interest rate swap	$ (1,316)
Tax (benefit) provision of unrealized gain (loss) on interest rate swap		$ 2,492
Tax benefit (provision) of reclassification adjustment	$ (108)
Tax benefit (provision) of reclassification adjustment		$ 478

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
BALANCE (in shares) at Dec. 31, 2017		25,515
BALANCE at Dec. 31, 2017	$ 1,124,282	$ 255	$ 291,461	$ 1,246,323	$ (123,226)	$ (290,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	35,814			35,814
Other comprehensive income (loss), net of taxes	17,276				17,276
Purchases of treasury stock	(9,199)					(9,199)
Net issuance of treasury shares to employee stock compensation plans (in shares)		12
Net issuance of treasury shares to employee stock compensation plans	(1,638)		(10,846)			9,208
Stock-based compensation	5,629		5,629
Dividends paid, net of estimated forfeitures relative to participating securities ($0.26)	(5,482)			(5,482)
BALANCE (in shares) at Mar. 31, 2018		25,527
BALANCE at Mar. 31, 2018	1,178,079	$ 255	286,244	1,288,052	(105,950)	(290,522)
BALANCE (in shares) at Dec. 31, 2018		25,494
BALANCE at Dec. 31, 2018	1,095,694	$ 255	292,774	1,394,817	(137,772)	(454,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38,648			38,648
Other comprehensive income (loss), net of taxes	(977)				(977)
Net issuance of treasury shares to employee stock compensation plans (in shares)		28
Net issuance of treasury shares to employee stock compensation plans	(830)		(11,726)			10,896
Stock-based compensation	6,067		6,067
Dividends paid, net of estimated forfeitures relative to participating securities ($0.26)	(4,828)			(4,828)
BALANCE (in shares) at Mar. 31, 2019		25,522
BALANCE at Mar. 31, 2019	$ 1,127,713	$ 255	$ 287,115	$ 1,422,576	$ (138,749)	$ (443,484)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 260	$ 260

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 38,648	$ 35,814
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	16,997	16,342
Operating lease amortization	7,624	0
Deferred income taxes	4,088	2,675
Stock-based compensation	6,080	5,642
Amortization of debt discount and issue costs	946	650
(Gain) loss on disposition of assets	(5,778)	(516)
Other	234	(6)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts payable and accrued expenses	101,618	65,200
Accounts and notes receivable	9,155	12,727
Inventories	(28,058)	7,153
Contracts-in-transit and vehicle receivables	5,117	11,237
Prepaid expenses and other assets	(17,672)	(12,548)
Floorplan notes payable - manufacturer affiliates	(2,468)	5,067
Deferred revenues	(178)	(655)
Operating lease liabilities	(8,414)	0
Net cash provided by (used in) operating activities	127,939	148,782
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received	0	(71,499)
Proceeds from disposition of franchises, property and equipment	35,125	2,940
Purchases of property and equipment, including real estate	(41,711)	(47,948)
Other	(200)	140
Net cash provided by (used in) investing activities	(6,786)	(116,367)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	1,631,544	1,656,192
Repayments on credit facility - floorplan line and other	(1,697,455)	(1,702,447)
Borrowings on credit facility - acquisition line	107,777	66,945
Repayments on credit facility - acquisition line	(111,466)	(66,444)
Borrowings on other debt	20,329	65,614
Principal payments on other debt	(26,693)	(40,078)
Borrowings on debt related to real estate, net of debt issue costs	0	46,835
Principal payments on debt related to real estate	(20,864)	(37,819)
Employee stock purchase plan purchases, net of employee tax withholdings	(830)	(1,638)
Repurchases of common stock, amounts based on settlement date	0	(9,199)
Dividends paid	(4,841)	(5,495)
Net cash provided by (used in) financing activities	(102,499)	(27,534)
Effect of exchange rate changes on cash	(519)	47
Net increase (decrease) in cash, cash equivalents and restricted cash	18,135	4,928
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	18,720	29,631
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	36,855	34,559
SUPPLEMENTAL CASH FLOW INFORMATION:
Purchases of property and equipment, including real estate, accrued in accounts payable	$ 5,094	$ 6,066

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL INFORMATION	INTERIM FINANCIAL INFORMATION Business and Organization Group 1 Automotive, Inc., a Delaware corporation, is a leading operator in the automotive retailing industry with business activities in 15 states in the United States of America (“U.S.”), 32 towns in the United Kingdom (“U.K.”) and four states in Brazil. Group 1 Automotive, Inc. and its subsidiaries are collectively referred to as the “Company” in these Notes to Consolidated Financial Statements. The Company, through its regions, sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts. As of March 31, 2019 , the Company’s U.S. retail network consisted of 116 dealerships within the following states: Alabama, California, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, Oklahoma, South Carolina, and Texas. The President of U.S. Operations reports directly to the Company’s Chief Executive Officer and is responsible for the overall performance of the U.S. region, as well as for overseeing the market directors and dealership general managers. In addition, as of March 31, 2019 , the Company had two international regions: (a) the U.K., which consisted of 47 dealerships and (b) Brazil, which consisted of 18 dealerships. The operations of the Company’s international regions are structured similar to the U.S. region. The Company’s operating results are generally subject to seasonal variations, as well as changes in the economic environment. This seasonality is generally attributable to consumer buying trends and the timing of manufacturer new vehicle model introductions. In addition, in some regions of the U.S., vehicle purchases decline during the winter months due to inclement weather. As a result, U.S. revenues and operating income are typically lower in the first and fourth quarters and higher in the second and third quarters. For the U.K., the first and third quarters tend to be stronger, driven by the vehicle license plate change months of March and September. For Brazil, the Company expects higher volumes in the third and fourth calendar quarters. The first quarter in Brazil is generally the weakest, driven by more consumer vacations and activities associated with Carnival. Other factors unrelated to seasonality, such as changes in economic conditions, manufacturer incentive programs, supply issues, seasonal weather events and/or changes in currency exchange rates may exaggerate seasonal or cause counter-seasonal fluctuations in the Company’s revenues and operating income. Due to seasonality and other factors, the results of operations for the interim period are not necessarily indicative of the results that will be realized for any other interim period or for the entire fiscal year. Basis of Presentation The accompanying unaudited Consolidated Financial Statements and footnotes thereto that include financial information as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying unaudited condensed Consolidated Financial Statements. All business acquisitions completed during the periods presented have been accounted by applying the acquisition method of accounting, and their results of operations are included from the effective dates of the closings of the acquisitions. The allocations of purchase price to the assets acquired and liabilities assumed are assigned and recorded based on estimates of fair value and are subject to change within the purchase price allocation period (generally one year from the respective acquisition date). All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“ 2018 Form 10-K”). Business Segment Information The Company has three reportable segments: the U.S., which includes the activities of the Company’s corporate office, the U.K. and Brazil. The reportable segments are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by its chief operating decision maker to allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer. See Note 16 , “Segment Information” , for additional details regarding the Company’s reportable segments. Statements of Cash Flows The Company utilizes various credit facilities to finance the purchase of its new and used vehicle inventory. With respect to all new vehicle floorplan borrowings, the manufacturers of the vehicles draft the Company’s credit facilities directly with no cash flow to or from the Company. With respect to borrowings for used vehicle financing in the U.S., the Company finances up to 85% of the value of the used vehicle inventory and the funds flow directly between the Company and the lender. In the U.K. and Brazil, the Company chooses which used vehicles to finance and the borrowings flow directly to the Company from the lender. The Company categorizes the cash flows associated with borrowings and repayments on these various credit facilities as Operating or Financing Activities in its Consolidated Statements of Cash Flows. All borrowings from, and repayments to, lenders affiliated with the vehicle manufacturers (excluding the cash flows from or to manufacturer affiliated lenders participating in the Company’s syndicated lending group under the Revolving Credit Facility (as defined in Note 9 , “Credit Facilities”) are presented within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. All borrowings from, and repayments to, the syndicated lending group under the Revolving Credit Facility (including the cash flows from or to manufacturer affiliated lenders participating in the facility), as well as borrowings from, and repayments to, the Company’s other credit facilities, are presented within Cash Flows from Financing Activities. Cash paid for interest, including the monthly settlement of the Company’s interest rate derivatives, was $21.9 million and $20.3 million for the three months ended March 31, 2019 and 2018 , respectively. Cash paid for taxes, net of refunds, was $1.2 million for the three months ended March 31, 2019 and, during the three months ended March 31, 2018 , the Company received a net tax refund of $0.4 million . The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows. See Note 11 , “Fair Value Measurements” , for additional details regarding the Company’s restricted cash balances (in thousands). March 31, 2019 December 31, 2018 Cash and cash equivalents $ 33,623 $ 15,932 Restricted cash, included in Prepaid expenses and other current assets 3,232 2,788 Total cash, cash equivalents, and restricted cash $ 36,855 $ 18,720 Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (“Topic 842”), that amends the accounting guidance on leases. The standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company adopted this ASU and all subsequent amendments on January 1, 2019, using the optional transition method applied to leases existing at January 1, 2019, with no restatement of comparative periods. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting policies under Accounting Standards Codification (“ASC”) Topic 840, Leases (“ASC 840”). The Company elected the package of practical expedients available under the transition guidance within Topic 842, which among other things, permits the Company to carry forward its historical lease classification. The Company also elected other practical expedients under the transition guidance to (i) not record short-term leases on the balance sheet for all asset classes; (ii) not apply hindsight when determining its lease terms or assessing impairment of its ROU assets during transition; and (iii) combine and account for both lease and non-lease components as a single component for all asset classes, except dealership operating assets. For the Company’s dealership operating asset leases, the allocation of the consideration between the lease and non-lease components was based on the estimated fair value of the leased component as of the adoption date. The Company expenses short-term leases, defined as leases with an initial term of 12 months or less, on a straight-line basis over the lease term. Upon adoption of Topic 842, the Company recognized ROU assets and lease liabilities based on the present value of its remaining minimum rental payments for existing operating leases as of the adoption date, utilizing the Company’s applicable incremental borrowing rate also as of the adoption date. The adoption of Topic 842 resulted in the Company recognizing approximately $236.7 million of incremental operating ROU asset with corresponding lease liabilities as of January 1, 2019. Such incremental amounts exclude prepaid rent, favorable lease assets and net unfavorable lease liabilities that were reflected in the Company’s Consolidated Balance Sheets as of December 31, 2018. Additionally, the Company recognized a $6.1 million cumulative-effect adjustment, net of deferred tax impact, to retained earnings as of January 1, 2019. The adjustment to retained earnings resulted from the impairment of certain operating ROU assets subjected to impairment testing under existing accounting guidance for which indicators of impairment existed at the time of the adoption of Topic 842. The Company’s accounting for its finance leases, previously termed as capital leases under ASC 840 remained substantially unchanged. The adoption of Topic 842 had no material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. For further details, see Note 13 , “Leases” . In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The amendments to cash flow and net investment hedge relationships should be applied using a modified retrospective approach while the presentation and disclosure requirements are applied prospectively, effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2017-12 during the first quarter of 2019. The adoption of this ASU did not impact its consolidated financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendment in this update replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The standard will be effective for fiscal years beginning after December 15, 2019, with early adoption permitted for periods after December 15, 2018. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements, but does not expect the impact of the amendment, if any, in this ASU to be significant. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The amendment in this update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This standard should be applied prospectively and is effective for interim and annual periods beginning after December 15, 2019. Earlier application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the impact of the adoption of the ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The amendment modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. The amendment will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Certain disclosures in this standard, are required to be applied on a retrospective basis and others on a prospective basis. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The Company’s material revenue streams are the sale of new and used vehicles; arrangement of associated vehicle financing and the sale of service and other insurance contracts; the performance of vehicle maintenance and repair services (including collision restoration); and the sale of vehicle parts. The following table presents the Company’s revenues disaggregated by revenue source (in thousands): Three Months Ended March 31, 2019 2018 REVENUES: New vehicle retail sales $ 1,414,485 $ 1,513,590 Used vehicle retail sales 819,203 780,570 Used vehicle wholesale sales 92,138 104,029 Total new and used vehicle sales 2,325,826 2,398,189 Vehicle parts sales 86,661 85,196 Maintenance and repair sales 282,513 264,319 Total parts and service sales 369,174 349,515 Finance, insurance and other, net 113,376 112,322 Total revenues $ 2,808,376 $ 2,860,026 The following tables present the Company’s revenues disaggregated by its geographical segments (in thousands): Three Months Ended March 31, 2019 U.S. U.K. Brazil Total REVENUES: New vehicle retail sales $ 1,031,742 $ 318,571 $ 64,172 $ 1,414,485 Used vehicle retail sales 594,418 203,561 21,224 819,203 Used vehicle wholesale sales 42,827 45,261 4,050 92,138 Total new and used vehicle sales 1,668,987 567,393 89,446 2,325,826 Vehicle parts sales 74,478 10,602 1,581 86,661 Maintenance and repair sales 223,124 48,964 10,425 282,513 Total parts and service sales 297,602 59,566 12,006 369,174 Finance, insurance and other, net 96,193 15,199 1,984 113,376 Total revenues $ 2,062,782 $ 642,158 $ 103,436 $ 2,808,376 Three Months Ended March 31, 2018 U.S. U.K. Brazil Total REVENUES: New vehicle retail sales $ 1,089,953 $ 354,404 $ 69,233 $ 1,513,590 Used vehicle retail sales 563,830 192,549 24,191 780,570 Used vehicle wholesale sales 54,002 46,185 3,842 104,029 Total new and used vehicle sales 1,707,785 593,138 97,266 2,398,189 Vehicle parts sales 74,355 9,515 1,326 85,196 Maintenance and repair sales 210,159 43,626 10,534 264,319 Total parts and service sales 284,514 53,141 11,860 349,515 Finance, insurance and other, net 96,187 14,263 1,872 112,322 Total revenues $ 2,088,486 $ 660,542 $ 110,998 $ 2,860,026 Contract assets associated with revenue from the arrangement of financing and sale of service and insurance contracts totaled $14.7 million and $14.6 million as of March 31, 2019 and December 31, 2018, respectively, and are reflected in Prepaid expenses and other current assets within the Consolidated Balance Sheets.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2019 , the Company opened one dealership representing one awarded franchise in the U.S. and one dealership representing one awarded franchise in the U.K. During the three months ended March 31, 2018 , the Company acquired 5 dealerships, inclusive of 8 franchises, and opened one dealership for one awarded franchise in the U.K. Additionally, the Company acquired two dealerships in the U.S., inclusive of two franchises. Aggregate consideration paid for these dealerships totaled $ 76.6 million , including the associated real estate and goodwill. Also included in the consideration paid was $ 5.1 million of cash received in the acquisition of the dealerships. The purchase prices were allocated based upon the consideration paid and the estimated fair values of the assets acquired and liabilities assumed at the acquisition dates. Dispositions During the three months ended March 31, 2019 , the Company disposed of three dealerships representing six franchises in the U.S., and one dealership representing one franchise in the U.K, and recorded a net pre-tax gain of $5.2 million . During the three months ended March 31, 2018 , the Company had no dispositions.

Derivative Instruments and Risk

Derivative Instruments and Risk Management Activities	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT ACTIVITIES	DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT ACTIVITIES All of the Company’s interest rate derivative instruments are designated as cash flow hedges. The related gains or losses on these interest rate derivative instruments are deferred in stockholders’ equity as a component of accumulated other comprehensive income (loss). These deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of these swap positions are recognized as “ Floorplan interest expense or Other interest expense, net”, in the Company’s accompanying Consolidated Statements of Operations. To the extent that the change in value of a derivative contract does not perfectly offset the change in the value of the items being hedged, that ineffective portion is immediately recognized in other income or expense. As of March 31, 2019 , all of the Company’s derivative instruments that were in effect were determined to be effective. The Company had no gains or losses related to ineffectiveness or amounts excluded from effectiveness testing recognized in the Consolidated Statements of Operations for the three months ended March 31, 2019 or 2018 , respectively. The Company held 26 interest rate derivative instruments in effect as of March 31, 2019 of $902.4 million in notional value that fixed its underlying one-month London Interbank Offered Rate (“LIBOR”) at a weighted average rate of 2.3% . For the three months ended March 31, 2019 and 2018 , the impact of the Company’s interest rate hedges in effect decreased floorplan interest expense by $0.3 million and increased floorplan interest expense by $1.7 million , respectively. Total floorplan interest expense, inclusive of the aforementioned impact of the Company’s interest rate hedges, was $15.7 million and $14.1 million for the three months ended March 31, 2019 and 2018 , respectively. In addition to the $902.4 million of swaps in effect as of March 31, 2019 , the Company held two additional interest rate derivative instruments, both of which have forward start dates of December 2020 . These two forward-starting swaps expire in December 2025 and December 2030 . The aggregate notional value of these two forward-starting swaps was $125.0 million , and the weighted average interest rate was 1.8% . The combination of the interest rate derivative instruments currently in effect and these forward-starting derivative instruments is structured such that the notional value in effect at any given time through December 2030 does not exceed $902.4 million , which is less than the Company’s expectation for variable-rate debt outstanding during such period. Assets and liabilities associated with interest rate derivative instruments as reflected in the accompanying balance sheets were as follows (in thousands): March 31, 2019 December 31, 2018 Assets from interest rate risk management activities: Prepaid expenses and other current assets $ 189 $ 444 Other assets 8,251 13,132 Total $ 8,440 $ 13,576 Liabilities from interest rate risk management activities: Accrued expenses and other current liabilities $ 254 $ 115 Liabilities from interest rate risk management activities 2,430 1,696 Total $ 2,684 $ 1,811 Included in Accumulated other comprehensive income (loss) at March 31, 2019 and 2018 , were accumulated unrealized gains, net of income taxes, totaling $4.4 million and $8.7 million , respectively, related to these interest rate derivative instruments. The following table presents the impact during the current and comparative prior year periods for the Company’s interest rate derivative instruments on its Consolidated Statements of Operations and Consolidated Balance Sheets (in thousands): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationship 2019 2018 Interest rate derivative instruments $ (4,238 ) $ 7,892 Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Three Months Ended March 31, 2019 2018 Floorplan interest expense, net $ 344 $ (1,737 ) Other interest expense, net 110 (254 ) The net amount of gain expected to be reclassified out of other comprehensive income (loss) into earnings as an offset to floorplan interest expense or other interest expense, net in the next twelve months is $2.4 million .

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS The Company provides stock-based compensation benefits to employees and non-employee directors pursuant to its 2014 Long Term Incentive Plan (the “Incentive Plan”), as well as to employees pursuant to its Employee Stock Purchase Plan, as amended and restated (the “Purchase Plan”, formerly named the Group 1 Automotive, Inc. 1998 Employee Stock Purchase Plan). 2014 Long Term Incentive Plan The Incentive Plan provides for the grant of options (including options qualified as incentive stock options under the Internal Revenue Code of 1986, as amended (the “Code”) and options that are non-qualified), restricted stock, performance awards, bonus stock, and phantom stock to the Company’s employees, consultants, non-employee directors and officers. The Incentive Plan expires on May 21, 2024 . The terms of the awards (including vesting schedules), are established by the Compensation Committee of the Company’s Board of Directors. As of March 31, 2019 , there were 631,013 shares available for issuance under the Incentive Plan. Restricted Stock and Restricted Stock Unit Awards Under the Incentive Plan, the Company grants to non-employee directors and certain employees restricted stock awards or, at their election, restricted stock units (to non-employee directors only) at no cost to the recipient. Restricted stock awards qualify as participating securities because each award contains non-forfeitable rights to dividends. As such, the two-class method is required for the computation of earnings per share. See Note 6 , “Earnings Per Share” , for further details. Restricted stock awards are considered outstanding at the date of grant but are subject to vesting periods upon issuance of up to five years . Since they convey no voting rights, restricted stock units are not considered outstanding when issued. In the event an employee or non-employee director terminates his or her employment or directorship with the Company prior to the lapse of the restrictions, the awards, in most cases, will be forfeited to the Company. When restricted stock vests, the Company settles utilizing new shares or treasury shares, if available. Restricted stock units settle in cash upon the termination of the grantees’ employment or directorship. Compensation expense for restricted stock awards is calculated based on the market price of the Company’s common stock at the date of grant and recognized over the requisite service period. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate is adjusted annually based on the extent to which actual or expected forfeitures differ from the previous estimate. A summary of the restricted stock awards as of March 31, 2019 , along with the changes during the three months then ended, is as follows: Awards Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 681,800 $ 71.60 Granted 202,831 60.84 Vested (172,775 ) 68.99 Forfeited (2,000 ) 75.97 Nonvested at March 31, 2019 709,856 $ 69.17 Employee Stock Purchase Plan The Purchase Plan authorizes the issuance of up to 4.5 million shares of common stock and provides that no options to purchase shares may be granted under the Purchase Plan after May 19, 2025 . The Purchase Plan is available to all employees of the Company and its participating subsidiaries and is a qualified plan as defined by Section 423 of the Code. At the end of each fiscal quarter (the “Option Period”) during the term of the Purchase Plan, employees can acquire shares of common stock from the Company at 85% of the fair market value of the common stock on the first or the last day of the Option Period, whichever is lower. As of March 31, 2019 , there were 945,882 shares available for issuance under the Purchase Plan. During the three months ended March 31, 2019 and 2018 , the Company issued 45,229 and 36,270 shares, respectively, of common stock to employees participating in the Purchase Plan. With respect to shares issued under the Purchase Plan, the Company’s Board of Directors has authorized specific share repurchases to fund the shares issuable under the Purchase Plan. The weighted average per share fair value of employee stock purchase rights issued pursuant to the Purchase Plan was $12.52 and $16.22 for the three months ended March 31, 2019 and 2018 , respectively. The fair value of stock purchase rights is calculated using the grant date stock price, the value of the embedded call option and the value of the embedded put option. Performance Awards During the three months ended March 31, 2019 under the Incentive Plan, the Company granted 30,555 performance awards to certain employees at no cost to the recipient. The weighted average grant date fair value of these awards was $67.17 per share. The performance awards do not qualify as participating securities. The performance awards contain both performance and market conditions to be evaluated over a two -year performance period and are subject to vesting over a three -year service period. Based upon the performance criteria, up to 200% of the granted shares may be earned. Compensation expense for the awards with performance conditions is calculated based on the market price of the Company’s common stock at the date of grant and the forecasted achievement of such performance conditions and is recognized over the requisite service period. Compensation expense for the awards with market conditions is calculated based upon the fair value of the grant on the date of grant and is recognized over the requisite service period. All such awards remained unvested as of March 31, 2019. Stock-Based Compensation Total stock-based compensation cost was $6.1 million and $5.6 million for the three months ended March 31, 2019 and 2018 , respectively. Cash received from Purchase Plan purchases was $2.1 million and $2.0 million for the three months ended March 31, 2019 and 2018 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s earnings per share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Weighted average basic common shares outstanding 17,797 20,298 Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock 52 9 Weighted average dilutive common shares outstanding 17,849 20,307 Basic: Net income (loss) $ 38,648 $ 35,814 Less: Earnings (loss) allocated to participating securities 1,458 1,209 Net income (loss) available to basic common shares $ 37,190 $ 34,605 Basic earnings (loss) per common share $ 2.09 $ 1.70 Diluted: Net income (loss) $ 38,648 $ 35,814 Less: Earnings (loss) allocated to participating securities 1,455 1,208 Net income (loss) available to basic common shares $ 37,193 $ 34,606 Diluted earnings (loss) per common share $ 2.08 $ 1.70

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to U.S. federal income taxes and income taxes in numerous U.S. states. In addition, the Company is subject to income tax in the U.K. and Brazil relative to its foreign subsidiaries. The Company’s effective income tax rate of 25.9% for the three months ended March 31, 2019 , was higher than the U.S. federal statutory rate of 21.0% , primarily due to: (1) the taxes provided for in U.S. state jurisdictions; (2) valuation allowances provided for net operating losses and other deferred tax assets in certain U.S. states and in Brazil; (3) unrecognized tax benefits with respect to uncertain tax positions; and (4) tax deductions for restricted stock that were less than the related book expense, partially offset by income generated in the U.K., which is taxed at a 19.0% statutory rate. For the three months ended March 31, 2019 , the Company’s effective tax rate increased to 25.9% as compared to 22.4% for the three months ended March 31, 2018 . This increase was primarily due to tax deductions for restricted stock that were less than the related book expense, additional valuation allowances provided for net operating losses in Brazil and the impact of New Jersey’s adoption of a unitary tax scheme. The Company recognizes the tax on Global Intangible Low-Taxed (“GILTI”), as a period expense in the period the tax is incurred. Under this policy, the Company has not provided deferred taxes related to temporary differences that, upon their reversal, will affect the amount of income subject to GILTI in the period. For the three months ended March 31, 2019 and 2018 , the Company estimated it had no GILTI tax liability. As of March 31, 2019 , the Company’s unrecognized tax benefits totaled $1.7 million , including related interest and penalties. To the extent that any such tax benefits are recognized in the future, such recognition would reduce the tax liability in that period by approximately $1.4 million . Consistent with prior treatment of tax related assessments, the Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Based on the statutes of limitations in the applicable jurisdiction in which the Company operates, the Company is generally no longer subject to examinations by U.S. tax authorities in years prior to 2014 , by U.K. tax authorities in years prior to 2014 and by Brazil tax authorities in years prior to 2013 .

Detail of Certain Balance Sheet

Detail of Certain Balance Sheet Accounts	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS	DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Accounts and notes receivable consisted of the following (in thousands): March 31, 2019 December 31, 2018 Amounts due from manufacturers $ 101,797 $ 105,140 Parts and service receivables 54,267 51,922 Finance and insurance receivables 22,441 26,446 Other 9,880 13,673 Total accounts and notes receivable 188,385 197,181 Less: allowance for doubtful accounts 3,074 3,200 Accounts and notes receivable, net $ 185,311 $ 193,981 Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 New vehicles $ 1,303,397 $ 1,278,863 Used vehicles 343,033 350,219 Rental vehicles 143,372 142,926 Parts, accessories and other 79,629 80,556 Total inventories 1,869,431 1,852,564 Less: lower of cost or net realizable value allowance 8,524 8,505 Inventories, net $ 1,860,907 $ 1,844,059 New, used, and rental vehicles are valued at the lower of specific cost or net realizable value and are removed from inventory using the specific identification method. Parts and accessories are valued at lower of cost (determined on either a first-in, first-out or an average cost basis) or net realizable value. Property and equipment consisted of the following (in thousands): Estimated Useful Lives in Years March 31, 2019 December 31, 2018 Land — $ 499,272 $ 487,618 Buildings 25 to 50 739,702 727,826 Leasehold improvements Varies 186,382 189,248 Machinery and equipment 7 to 20 128,347 125,919 Furniture and fixtures 3 to 10 112,909 109,274 Company vehicles 3 to 5 14,871 12,333 Construction in progress — 48,372 42,959 Total 1,729,855 1,695,177 Less: accumulated depreciation and amortization 359,112 347,342 Property and equipment, net $ 1,370,743 $ 1,347,835 During the three months ended March 31, 2019 , the Company incurred $23.4 million of capital expenditures for the construction of new or expanded facilities and the purchase of equipment and other fixed assets in the maintenance of the Company’s dealerships and facilities, excluding $9.2 million of capital expenditures accrued as of December 31, 2018 . As of March 31, 2019 , the Company had accrued $5.1 million of capital expenditures. Additionally, during the three months ended March 31, 2019 , the Company purchased real estate (including land and buildings) associated with existing dealership operations totaling $14.1 million .

Credit Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2019
Line of Credit Facility [Abstract]
CREDIT FACILITIES	CREDIT FACILITIES In the U.S., the Company has a $1.8 billion revolving syndicated credit arrangement that matures on June 17, 2021 and is comprised of 24 financial institutions, including six manufacturer-affiliated finance companies (“Revolving Credit Facility”), consisting of two tranches. The Company also has a $300.0 million floorplan financing arrangement (“FMCC Facility”) with Ford Motor Credit Company (“FMCC”) for financing of new Ford vehicles in the U.S. and other floorplan financing arrangements with several other automobile manufacturers for financing of a portion of its U.S. rental vehicle inventory. In the U.K., the Company has financing arrangements with BMW Financial Services NA, LLC (“BMWFS”), Volkswagen Finance, Toyota Motor Credit Corporation, FMCC and a third-party financial institution for financing of its new, used, and rental vehicles. In Brazil, the Company has financing arrangements for new, used, and rental vehicles with several financial institutions, most of which are manufacturer affiliated. Within the Company’s Consolidated Balance Sheets, Floorplan notes payable - credit facility and other primarily reflects amounts payable for the purchase of specific new, used, and rental vehicle inventory (with the exception of new and rental vehicle purchases financed through lenders affiliated with the respective manufacturer) whereby financing is provided by the Revolving Credit Facility. Floorplan notes payable - manufacturer affiliates reflects amounts related to the purchase of vehicles whereby financing is provided by the FMCC Facility, the financing of a portion of the Company’s rental vehicles in the U.S. (through lenders affiliated with the respective manufacturer), as well as the financing of new, used, and rental vehicles with manufacturer affiliates in both the U.K. and Brazil. Payments on the floorplan notes payable are generally due as the vehicles are sold. As a result, these obligations are reflected in the accompanying Consolidated Balance Sheets as current liabilities. Revolving Credit Facility The Revolving Credit Facility consists of two tranches, providing a maximum of $1.75 billion for U.S. vehicle inventory floorplan financing (“Floorplan Line”), as well as a maximum of $360.0 million and a minimum of $50.0 million for working capital and general corporate purposes, including acquisitions (“Acquisition Line”). After considering the outstanding balance of $1.2 billion at March 31, 2019 , the Company had $288.1 million of available floorplan borrowing capacity under the Floorplan Line. Included in the $288.1 million available borrowings under the Floorplan Line was $72.7 million of immediately available funds. The weighted average interest rate on the Floorplan Line was 3.7% as of March 31, 2019 and December 31, 2018 , respectively, excluding the impact of the Company’s interest rate derivative instruments. With regards to the Acquisition Line, there were $29.3 million of borrowings outstanding as of March 31, 2019 and $31.8 million of borrowings outstanding as of December 31, 2018 , both of which consisted entirely of borrowings in British pound sterling. The interest rate on the Acquisition Line was 2.45% and 2.47% as of March 31, 2019 and December 31, 2018 , respectively, representing the applicable rate for borrowings in British pound sterling. After considering $25.4 million of outstanding letters of credit and other factors included in the Company’s available borrowing base calculation, there was $305.1 million of available borrowing capacity under the Acquisition Line as of March 31, 2019 . The amount of available borrowing capacity under the Acquisition Line is limited from time to time based upon certain debt covenants. All of the U.S. dealership-owning subsidiaries are co-borrowers under the Revolving Credit Facility. The Company’s obligations under the Revolving Credit Facility are secured by essentially all of the Company’s U.S. personal property (other than equity interests in dealership-owning subsidiaries), including all motor vehicle inventory and proceeds from the disposition of dealership-owning subsidiaries, excluding inventory financed directly with manufacturer-affiliates and other third-party financing institutions. The Revolving Credit Facility contains a number of significant covenants that, among other things, restrict the Company’s ability to make disbursements outside of the ordinary course of business, dispose of assets, incur additional indebtedness, create liens on assets, make investments and engage in mergers or consolidations. The Company is also required to comply with specified financial tests and ratios defined in the Revolving Credit Facility, such as the fixed charge coverage and total adjusted leverage ratios. Further, the Revolving Credit Facility restricts the Company’s ability to make certain payments, such as dividends or other distributions of assets, properties, cash, rights, obligations or securities (“Restricted Payments”). The Restricted Payments cannot exceed the sum of $208.5 million plus (or minus if negative) (a) one-half of the aggregate consolidated net income for the period beginning on April 1, 2014 and ending on the date of determination and (b) the amount of net cash proceeds received from the sale of capital stock after June 2, 2014 and ending on the date of determination less (c) cash dividends and share repurchases after June 2, 2014 (“Credit Facility Restricted Payment Basket”). For purposes of the calculation of the Credit Facility Restricted Payment Basket, net income represents such amounts per the Consolidated Financial Statements adjusted to exclude the Company’s foreign operations, non-cash interest expense, non-cash asset impairment charges, and non-cash stock-based compensation. As of March 31, 2019 , the Credit Facility Restricted Payment Basket totaled $83.2 million . The Company was in compliance with all applicable covenants and ratios under the Revolving Credit Facility as of March 31, 2019 and December 31, 2018 . Ford Motor Credit Company Facility As of March 31, 2019 , the Company had an outstanding balance of $154.2 million under the FMCC Facility with an available floorplan borrowing capacity of $145.8 million . Included in the $145.8 million of available borrowings under the FMCC Facility was $26.0 million of immediately available funds. This facility bears interest at a rate of Prime plus 150 basis points minus certain incentives. The interest rate on the FMCC Facility was 7.00% before considering the applicable incentives as of March 31, 2019 . Other Credit Facilities The Company has credit facilities with financial institutions in the U.K., most of which are affiliated with the manufacturers, for financing new, used, and rental vehicle inventories related to its U.K. operations. As of March 31, 2019 , borrowings outstanding under these facilities totaled $161.7 million . Annual interest rates charged on borrowings outstanding under these facilities, after the grace period of zero to 30 days , ranged from 1.22% to 4.32% . The Company has credit facilities with financial institutions in Brazil, most of which are affiliated with the manufacturers, for the financing of new, used, and rental vehicle inventories related to its Brazilian operations. As of March 31, 2019 , borrowings outstanding under these facilities totaled $15.8 million . Annual interest rates charged on borrowings outstanding under these facilities, after the grace period of zero to 90 days, ranged from 10.81% to 15.12% . Excluding rental vehicles financed through the Revolving Credit Facility, financing for U.S. rental vehicles is typically obtained directly from the automobile manufacturers. As of March 31, 2019 , borrowings outstanding under these rental vehicle facilities totaled $117.6 million , with interest rates that vary up to 7.00% .

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company carries its long-term debt at face value, net of applicable discounts and capitalized debt issuance costs. Long-term debt consisted of the following (in thousands): March 31, 2019 December 31, 2018 5.00% Senior Notes (aggregate principal of $550,000) $ 544,158 $ 543,730 5.25% Senior Notes (aggregate principal of $300,000) 296,884 296,735 Acquisition Line 29,342 31,842 Real estate related and other long-term debt 422,396 445,248 Finance leases related to real estate (1) 47,339 48,612 Total debt 1,340,119 1,366,167 Less: current maturities of long-term debt 77,537 84,678 Long-term debt, net of current maturities $ 1,262,582 $ 1,281,489 (1) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1 , “Interim Financial Information” and Note 13 , “Leases” for further information. Short-Term Financing The Company includes short-term financing loans within Current maturities of long-term debt and short-term financing , in the Company’s Consolidated Balance Sheets. As of March 31, 2019 and December 31, 2018 , the Company had a short-term financing arrangement in Brazil that totaled $0.2 million and $0.7 million , respectively. During the three months ended March 31, 2019 , the Company made no additional borrowings and made repayments of $0.5 million on the short-term financing arrangement in Brazil. As of March 31, 2019 and December 31, 2018 , the Company had working capital loans with third-party financial institutions in the U.K. that totaled $13.0 million and $7.6 million , respectively. During the three months ended March 31, 2019 , the Company had borrowings of $13.0 million and made principal payments of $7.6 million on these U.K. third-party loans. Real Estate Related and Other Long-Term Debt The mortgage loans in the U.S. consist of 57 term loans with an aggregate principal amount of $402.8 million (collectively, “U.S. Notes”), which are being repaid in monthly installments and will mature between April 2019 and November 2032. As of March 31, 2019 and December 31, 2018 , aggregate borrowings outstanding under these notes totaled $326.9 million and $343.8 million , respectively, with $60.7 million and $67.9 million , respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019 , the Company made no additional borrowings and principal payments of $16.9 million associated with the U.S. Notes. The Company has entered into 18 separate term mortgage loans in the U.K. with other third-party financial institutions, which are secured by the Company’s U.K. properties. These mortgage loans (collectively, “U.K. Notes”) are denominated in British pound sterling and are being repaid in monthly installments that will mature by September 2034 . As of March 31, 2019 and December 31, 2018 , borrowings under the U.K. mortgage loans totaled $73.8 million and $73.8 million , respectively, with $7.8 million and $7.6 million , respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019 , the Company made no additional borrowings and made principal payments of $2.0 million , associated with the U.K. Notes. The Company has also entered into an unsecured loan agreement in the U.K. with a third-party financial institution that matures in March 2028 . As of March 31, 2019 and December 31, 2018 , borrowings under the agreement totaled $ 18.6 million and $18.5 million , respectively, with $ 2.0 million and $2.0 million , respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019, the Company made no additional borrowings and made principal payments of $0.3 million associated with the unsecured loan agreement in the U.K. The Company has a separate term mortgage loan in Brazil with a third-party financial institution (the “Brazil Note”). The Brazil Note is denominated in Brazilian real and is secured by one of the Company’s Brazilian properties, as well as a guarantee from the Company. The Brazil Note is being repaid in monthly installments that will mature by April 2025 . As of March 31, 2019 and December 31, 2018 , borrowings under the Brazil Note totaled $2.4 million and $2.5 million , respectively, with $0.4 million and $0.3 million , respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019 , the Company made no additional borrowings and made principal payments of $0.1 million associated with the Brazil Note. The Company also has a working capital loan agreement with a third-party financial institution in Brazil. The principal balance on the loan is due by February 2020 with interest-only payments being made until the due date. As of March 31, 2019 and December 31, 2018 , borrowings under the Brazilian third-party loan totaled $5.6 million and $5.7 million , respectively. During the three months ended March 31, 2019 , the Company made no additional borrowings or principal payments. Fair Value of Long-Term Debt The Company’s outstanding 5.00% Senior Notes due 2022 (“5.00% Notes”) had a fair value of $556.0 million and $521.6 million as of March 31, 2019 and December 31, 2018 , respectively. The Company’s outstanding 5.25% Senior Notes due 2023 (“5.25% Senior Notes”) had a fair value of $303.0 million and $286.5 million as of March 31, 2019 and December 31, 2018 , respectively. The carrying value of the Company’s fixed interest rate borrowings included in Real estate related and other long-term debt totaled $74.3 million and $79.5 million as of March 31, 2019 and December 31, 2018 , respectively. The fair value of such fixed interest rate borrowings was $73.8 million and $76.2 million as of March 31, 2019 and December 31, 2018 , respectively. The fair value estimates of the Company’s long-term debt are based on Level 2 inputs of the fair value hierarchy available as of March 31, 2019 and December 31, 2018 . The Company determined the estimated fair value of its long-term debt using available market information and commonly accepted valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, these estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a material effect on estimated fair values. The carrying value of the Company’s variable rate debt approximates fair value due to the short-term nature of the interest rates.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820 defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; requires disclosure of the extent to which fair value is used to measure financial and non-financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date; and establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date: • Level 1 — unadjusted, quoted prices for identical assets or liabilities in active markets; • Level 2 — quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and • Level 3 — unobservable inputs based upon the reporting entity’s internally developed assumptions that market participants would use in pricing the asset or liability. The Company’s financial instruments consist primarily of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, investments in debt and equity securities, accounts payable, credit facilities, long-term debt, and interest rate derivative instruments. The fair values of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, accounts payable, and credit facilities approximate their carrying values due to the short-term nature of these instruments and/or the existence of variable interest rates. The Company evaluated its assets and liabilities for those that met the criteria of the disclosure requirements and fair value framework of ASC 820 and identified demand obligations, interest rate derivative instruments, and investment balances in certain financial institutions as having met such criteria. See Note 10 , “Long-Term Debt” , for details regarding the fair value of the Company’s long-term debt. The Company periodically invests in unsecured, corporate demand obligations with manufacturer-affiliated finance companies, which bear interest at a variable rate and are redeemable on demand by the Company. Therefore, the Company has classified these demand obligations as C ash and cash equivalents in the accompanying Consolidated Balance Sheets. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices, that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework. In addition, the Company maintains an investment balance with certain of the financial institutions in Brazil that provide credit facilities for the financing of new, used, and rental vehicle inventories. The investment balances bear interest at a variable rate and are redeemable by the Company in the future under certain conditions. The Company has classified these investment balances as restricted cash within Prepaid expenses and other current assets within its Consolidated Balance Sheets. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework. The Company’s derivative financial instruments are recorded at fair market value. See Note 4 , “Derivative Instruments and Risk Management Activities” , for further details regarding the Company’s derivative financial instruments. Assets and liabilities recorded at fair value, within Level 2 of the hierarchy framework, in the accompanying balance sheets as of March 31, 2019 and December 31, 2018 , respectively, were as follows (in thousands): March 31, 2019 December 31, 2018 Assets: Investments $ 3,232 $ 2,788 Demand obligations 13 13 Interest rate derivative financial instruments 8,440 13,576 Total $ 11,685 $ 16,377 Liabilities: Interest rate derivative financial instruments $ 2,684 $ 1,811 Total $ 2,684 $ 1,811

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company’s dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, as well as claims involving the manufacturers of automobiles, contractual disputes, and other matters arising in the ordinary course of business. Due to the nature of the automotive retailing business, the Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s business. In the normal course of business, the Company is required to respond to customer, employee, and other third-party complaints. Amounts that have been accrued or paid related to the settlement of litigation are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate, or warranty-related items and charge the Company back for amounts determined to be invalid payments under the manufacturers’ programs, subject to the Company’s right to appeal any such decision. Amounts that have been accrued or paid related to the settlement of manufacturer chargebacks of recognized incentives and rebates are included in cost of sales in the Company’s Consolidated Statements of Operations, while such amounts for manufacturer chargebacks of recognized warranty-related items are included as a reduction of Revenues in the Company’s Consolidated Statements of Operations. Legal Proceedings Currently, the Company is not party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition, or cash flows, including class action lawsuits. However, the results of current, or future, matters cannot be predicted with certainty, and an unfavorable resolution of one or more of such matters could have a material adverse effect on the Company’s results of operations, financial condition, or cash flows. Other Matters The Company, acting through its subsidiaries, is the lessee under many real estate leases that provide for the use by the Company’s subsidiaries of their respective dealership premises. Pursuant to these leases, the Company’s subsidiaries generally agree to indemnify the lessor and other parties from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities, or a breach of the lease by the lessee. Additionally, from time to time, the Company enters into agreements in connection with the sale of assets or businesses in which it agrees to indemnify the purchaser, or other parties, from certain liabilities or costs arising in connection with the assets or business. Also, in the ordinary course of business in connection with purchases or sales of goods and services, the Company enters into agreements that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability would be limited by the terms of the applicable agreement. From time to time, primarily in connection with dealership dispositions, the Company’s subsidiaries sublet to the dealership purchaser the subsidiaries’ interests in any real property leases associated with such dealerships and continue to be primarily obligated on the lease. In these situations, the Company’s subsidiaries retain primary responsibility for the performance of certain obligations under such leases. To the extent that the Company remains primarily responsible under such leases, a quantification of such lease obligations is included in the Company’s Consolidated Balance Sheet as Operating Lease Liabilities as of March 31, 2019. In certain instances, also in connection with dealership dispositions, the Company’s subsidiaries assign to the dealership purchaser the subsidiaries’ interests in any real property leases associated with such dealerships. The Company’s subsidiaries may retain secondary responsibility for the performance of certain obligations under such leases to the extent that the assignee does not perform, if such performance is required following the assignment of the lease. Additionally, the Company and its subsidiaries may remain subject to the terms of a guaranty made by the Company and its subsidiaries in connection with such leases. In these circumstances, the Company generally has indemnification rights against the assignee in the event of non-performance under these leases, as well as certain defenses. Although the Company has no reason to believe that it or its subsidiaries will be called upon to perform under any such assigned leases or subleases, the Company estimates that lessee rental payment obligations during the remaining terms of these leases were $43.4 million as of March 31, 2019. The Company and its subsidiaries also may be called on to perform other obligations under these leases, such as environmental remediation of the leased premises or repair of the leased premises upon termination of the lease. However, potential environmental liabilities are generally known at the time of the sale of the dealership if not previously remediated. The Company does not have any known material environmental commitments or contingencies and presently has no reason to believe that it or its subsidiaries will be called on to so perform. Although not estimated to be material, the Company’s exposure under these leases is difficult to estimate and there can be no assurance that any performance of the Company or its subsidiaries required under these leases would not have a material adverse effect on the Company’s business, financial condition, or cash flows.

Leases Leases

Leases Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	LEASES The Company leases real estate, office equipment, and dealership operating assets under long-term lease agreements, and subleases certain real estate to third parties. The Company’s real estate leases in the U.S., U.K., and Brazil generally have initial terms of 15 years , 20 years and five years , respectively. The Company uses an implicit rate to determine the present value of its lease payments when that rate is readily determinable from a leasing agreement; and when such a rate is not readily determinable, the Company uses its incremental borrowing rate based on information available as of the measurement date. For leases effective on or after January 1, 2019, the Company determines if an arrangement is a lease at inception and recognizes ROU assets and lease liabilities at commencement date based on the present value of lease payments over the lease term. And for such leases effective on or after January 1, 2019, the aggregate present value of the Company’s lease payments may include options to purchase the leased property or lease terms with options to renew or terminate the lease, when it is reasonably certain that the Company will exercise such an option. The exercise of lease renewals, terminations, or purchase options is generally at the Company’s discretion. The Company’s leases may also include rental payments adjusted periodically for inflation. Payments based on a change in an index or rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. Subsequent to the recognition of its ROU assets and lease liabilities, the Company recognizes lease expense related to its operating lease payments on a straight-line basis over the lease term. None of the Company’s lease agreements contains material residual value guarantees or material restrictive covenants. Effective January 1, 2019, operating leases are included in the Company’s Consolidated Balance Sheets as Operating lease assets, Current operating lease liabilities, and Operating lease liabilities, net of current portion . Finance leases are historically, and will continue to be, included within Property and equipment, net, Current maturities of long-term debt and short-term financing , and Long-term debt, net of current maturities in the Company’s Consolidated Balance Sheets. The components of operating and finance leases included in the Company’s Consolidated Balance Sheet as of March 31, 2019 were as follows (in thousands): Leases Balance Sheet Classification March 31, 2019 Assets: Operating Operating lease assets $ 214,776 Finance Property and equipment, net 41,634 Total $ 256,410 Liabilities: Current Operating Current operating lease liabilities $ 23,907 Finance Current maturities of long-term debt and short-term financing 6,025 Noncurrent Operating Operating lease liabilities, net of current portion 204,331 Finance Long-term debt, net of current maturities 41,314 Total $ 275,577 Maturities of the Company’s lease liabilities as of March 31, 2019 were as follows (in thousands): March 31, 2019 Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 26,054 $ 7,771 2020 37,710 7,765 2021 34,646 7,758 2022 30,893 5,378 2023 27,869 5,637 Thereafter 164,742 40,416 Total lease payments 321,914 74,725 Less: Interest (93,676 ) (27,386 ) Present value of lease liabilities $ 228,238 $ 47,339 As of March 31, 2019 , the Company’s weighted-average remaining lease terms for its operating and finance leases were approximately 11.6 years and 12.3 years , respectively. The weighted-average discount rates used to determine the Company’s operating and finance lease liabilities were 5.6% and 9.4% , respectively as of March 31, 2019 . The components of lease expense included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2019 are as follows (in thousands): Lease Expense Income Statement Classification Three Months Ended March 31, 2019 Operating (1) Selling, general and administrative expenses $ 10,950 Finance: Amortization of lease assets Depreciation and amortization expense 1,123 Interest on lease liabilities Other interest expense, net 972 Sublease income (2) Selling, general and administrative expenses (320 ) Net lease expense $ 12,725 (1) Includes short-term lease and variable lease expenses, which are immaterial. (2) Excludes rental income from owned properties of $0.1 million for the three months ended March 31, 2019 , which is included in Finance, insurance and other, net. Supplemental cash flow information related to leases for the three months ended March 31, 2019 are as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,664 Operating cash flows from finance leases 972 Financing cash flows from finance leases 969 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,032
Leases	LEASES The Company leases real estate, office equipment, and dealership operating assets under long-term lease agreements, and subleases certain real estate to third parties. The Company’s real estate leases in the U.S., U.K., and Brazil generally have initial terms of 15 years , 20 years and five years , respectively. The Company uses an implicit rate to determine the present value of its lease payments when that rate is readily determinable from a leasing agreement; and when such a rate is not readily determinable, the Company uses its incremental borrowing rate based on information available as of the measurement date. For leases effective on or after January 1, 2019, the Company determines if an arrangement is a lease at inception and recognizes ROU assets and lease liabilities at commencement date based on the present value of lease payments over the lease term. And for such leases effective on or after January 1, 2019, the aggregate present value of the Company’s lease payments may include options to purchase the leased property or lease terms with options to renew or terminate the lease, when it is reasonably certain that the Company will exercise such an option. The exercise of lease renewals, terminations, or purchase options is generally at the Company’s discretion. The Company’s leases may also include rental payments adjusted periodically for inflation. Payments based on a change in an index or rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. Subsequent to the recognition of its ROU assets and lease liabilities, the Company recognizes lease expense related to its operating lease payments on a straight-line basis over the lease term. None of the Company’s lease agreements contains material residual value guarantees or material restrictive covenants. Effective January 1, 2019, operating leases are included in the Company’s Consolidated Balance Sheets as Operating lease assets, Current operating lease liabilities, and Operating lease liabilities, net of current portion . Finance leases are historically, and will continue to be, included within Property and equipment, net, Current maturities of long-term debt and short-term financing , and Long-term debt, net of current maturities in the Company’s Consolidated Balance Sheets. The components of operating and finance leases included in the Company’s Consolidated Balance Sheet as of March 31, 2019 were as follows (in thousands): Leases Balance Sheet Classification March 31, 2019 Assets: Operating Operating lease assets $ 214,776 Finance Property and equipment, net 41,634 Total $ 256,410 Liabilities: Current Operating Current operating lease liabilities $ 23,907 Finance Current maturities of long-term debt and short-term financing 6,025 Noncurrent Operating Operating lease liabilities, net of current portion 204,331 Finance Long-term debt, net of current maturities 41,314 Total $ 275,577 Maturities of the Company’s lease liabilities as of March 31, 2019 were as follows (in thousands): March 31, 2019 Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 26,054 $ 7,771 2020 37,710 7,765 2021 34,646 7,758 2022 30,893 5,378 2023 27,869 5,637 Thereafter 164,742 40,416 Total lease payments 321,914 74,725 Less: Interest (93,676 ) (27,386 ) Present value of lease liabilities $ 228,238 $ 47,339 As of March 31, 2019 , the Company’s weighted-average remaining lease terms for its operating and finance leases were approximately 11.6 years and 12.3 years , respectively. The weighted-average discount rates used to determine the Company’s operating and finance lease liabilities were 5.6% and 9.4% , respectively as of March 31, 2019 . The components of lease expense included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2019 are as follows (in thousands): Lease Expense Income Statement Classification Three Months Ended March 31, 2019 Operating (1) Selling, general and administrative expenses $ 10,950 Finance: Amortization of lease assets Depreciation and amortization expense 1,123 Interest on lease liabilities Other interest expense, net 972 Sublease income (2) Selling, general and administrative expenses (320 ) Net lease expense $ 12,725 (1) Includes short-term lease and variable lease expenses, which are immaterial. (2) Excludes rental income from owned properties of $0.1 million for the three months ended March 31, 2019 , which is included in Finance, insurance and other, net. Supplemental cash flow information related to leases for the three months ended March 31, 2019 are as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,664 Operating cash flows from finance leases 972 Financing cash flows from finance leases 969 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,032

Intangible Franchise Rights and

Intangible Franchise Rights and Goodwill	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE FRANCHISE RIGHTS AND GOODWILL	INTANGIBLE FRANCHISE RIGHTS AND GOODWILL The following is a roll-forward of the Company’s intangible franchise rights and goodwill accounts by reportable segment (in thousands): Intangible Franchise Rights U.S. U.K. Brazil Total Balance, December 31, 2018 $ 224,394 $ 35,092 $ 144 $ 259,630 Currency translation — 837 (2 ) 835 Balance, March 31, 2019 $ 224,394 $ 35,929 $ 142 $ 260,465 Goodwill U.S. U.K. Brazil Total Balance, December 31, 2018 $ 861,628 $ 87,587 $ 14,710 $ 963,925 Disposals and purchase price allocation adjustments 33 — — 33 Currency translation — 2,090 (166 ) 1,924 Balance, March 31, 2019 $ 861,661 $ 89,677 $ 14,544 $ 965,882

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows (in thousands): Three Months Ended March 31, 2019 Accumulated income (loss) on foreign currency translation Accumulated income (loss) on interest rate swaps Total Balance, December 31, 2018 $ (146,708 ) $ 8,936 $ (137,772 ) Other comprehensive income (loss) before reclassifications: Pre-tax 3,607 (5,554 ) (1,947 ) Tax effect — 1,316 1,316 Amounts reclassified from accumulated other comprehensive income (loss) to: Floorplan interest expense (pre-tax) — (344 ) (344 ) Other interest expense, net (pre-tax) — (110 ) (110 ) Tax effect — 108 108 Net current period other comprehensive income (loss) 3,607 (4,584 ) (977 ) Balance, March 31, 2019 $ (143,101 ) $ 4,352 $ (138,749 ) Three Months Ended March 31, 2018 Accumulated income (loss) on foreign currency translation Accumulated income (loss) on interest rate swaps Total Balance, December 31, 2017 $ (122,552 ) $ (674 ) $ (123,226 ) Other comprehensive income (loss) before reclassifications: Pre-tax 7,871 10,384 18,255 Tax effect — (2,492 ) (2,492 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Floorplan interest expense (pre-tax) — 1,737 1,737 Other interest expense, net (pre-tax) — 254 254 Tax effect — (478 ) (478 ) Net current period other comprehensive income (loss) 7,871 9,405 17,276 Balance, March 31, 2018 $ (114,681 ) $ 8,731 $ (105,950 )

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of March 31, 2019 , the Company had three reportable segments: (1) the U.S., (2) the U.K., and (3) Brazil. Each of the reportable segments is comprised of retail automotive franchises, which sell new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts. The vast majority of the Company’s corporate activities are associated with the operations of the U.S. operating segment and, therefore, the corporate financial results are included within the U.S. reportable segment. Reportable segment revenue, income (loss) before income taxes, benefit (provision) for income taxes and net income (loss) were as follows for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 U.S. U.K. Brazil Total Total revenues $ 2,062,782 $ 642,158 $ 103,436 $ 2,808,376 Income (loss) before income taxes 46,367 6,244 (435 ) 52,176 Benefit (provision) for income taxes (12,413 ) (1,096 ) (19 ) (13,528 ) Net income (loss) (1) 33,954 5,148 (454 ) 38,648 Three Months Ended March 31, 2018 U.S. U.K. Brazil Total Total revenues $ 2,088,486 $ 660,542 $ 110,998 $ 2,860,026 Income (loss) before income taxes 40,510 5,737 (80 ) 46,167 Benefit (provision) for income taxes (9,357 ) (862 ) (134 ) (10,353 ) Net income (loss) 31,153 4,875 (214 ) 35,814 (1) Includes the following, net of tax: gain of $3.8 million on real estate and dealership transactions in the U.S. segment; loss of $1.5 million due to catastrophic events in the U.S. segment; and loss of $1.9 million for legal claim settlements in the U.S. and Brazil segment for the three months ended March 31, 2019 . Reportable segment total assets as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): As of March 31, 2019 U.S. U.K. Brazil Total Total assets $ 4,213,916 $ 917,655 $ 131,920 $ 5,263,491 As of December 31, 2018 U.S. U.K. Brazil Total Total assets (1) $ 4,113,049 $ 756,350 $ 131,676 $ 5,001,075 (1) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1, “Interim Financial Information” and Note 13, “Leases” for further information.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATED FINANCIAL INFORMATION	CONDENSED CONSOLIDATING FINANCIAL INFORMATION The following tables include condensed consolidating financial information as of March 31, 2019 and December 31, 2018 , and for the three months ended March 31, 2019 and 2018 , for Group 1 Automotive, Inc.’s (as issuer of the 5.00% Notes) guarantor subsidiaries and non-guarantor subsidiaries (representing foreign entities). The condensed consolidating financial information includes certain allocations of balance sheet, statement of operations, and cash flows items that are not necessarily indicative of the financial position, results of operations, or cash flows of these entities had they operated on a stand-alone basis. In accordance with Rule 3-10 of Regulation S-X, condensed consolidated financial statements of non-guarantors are not required. The Company has no assets or operations independent of its subsidiaries. Obligations under the 5.00% Notes are fully and unconditionally and jointly and severally guaranteed on a senior unsecured basis by the Company’s current 100%-owned domestic subsidiaries and certain of the Company’s future domestic subsidiaries, with the exception of the Company’s “minor” subsidiaries (as defined by Rule 3-10 of Regulation S-X). There are no significant restrictions on the ability of the Company or subsidiary guarantors for the Company to obtain funds from its subsidiary guarantors by dividend or loan. None of the subsidiary guarantors’ assets represent restricted assets pursuant to SEC Rule 4-08(e)(3) of Regulation S-X. CONDENSED CONSOLIDATED BALANCE SHEET As of March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS: Cash and cash equivalents $ — $ 10,245 $ 23,378 $ — $ 33,623 Contracts-in-transit and vehicle receivables, net — 183,894 77,300 — 261,194 Accounts and notes receivable, net — 137,168 48,143 — 185,311 Intercompany accounts receivable 29,338 14,433 — (43,771 ) — Inventories, net — 1,499,284 361,623 — 1,860,907 Prepaid expenses and other current assets 643 21,541 69,852 — 92,036 TOTAL CURRENT ASSETS 29,981 1,866,565 580,296 (43,771 ) 2,433,071 Property and equipment, net — 1,143,606 227,137 — 1,370,743 Operating lease assets — 127,140 87,636 — 214,776 Goodwill — 861,661 104,221 — 965,882 Intangible franchise rights — 224,393 36,072 — 260,465 Investment in subsidiaries 3,192,888 — — (3,192,888 ) — Other assets — 10,363 8,191 — 18,554 TOTAL ASSETS $ 3,222,869 $ 4,233,728 $ 1,043,553 $ (3,236,659 ) $ 5,263,491 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Floorplan notes payable — credit facility and other $ — $ 1,224,583 $ 31,201 $ — $ 1,255,784 Offset account related to floorplan notes payable - credit facility — (72,728 ) — — (72,728 ) Floorplan notes payable — manufacturer affiliates — 297,788 146,215 — 444,003 Offset account related to floorplan notes payable - manufacturer affiliates — (26,000 ) — — (26,000 ) Current maturities of long-term debt and short-term financing — 66,542 29,817 — 96,359 Current operating lease liabilities — 17,751 6,156 — 23,907 Accounts payable — 218,615 288,733 — 507,348 Intercompany accounts payable 1,223,548 — 53,171 (1,276,719 ) — Accrued expenses and other current liabilities 172,288 35,781 — 208,069 TOTAL CURRENT LIABILITIES 1,223,548 1,898,839 591,074 (1,276,719 ) 2,436,742 Long-term debt, net of current maturities 870,384 283,850 108,348 — 1,262,582 Operating lease liabilities, net of current portion — 117,067 87,264 — 204,331 Liabilities from interest rate risk management activities — 2,430 — — 2,430 Deferred income taxes 1,224 221,726 6,743 — 229,693 STOCKHOLDERS’ EQUITY: Group 1 stockholders’ equity 1,127,713 2,942,764 250,124 (3,192,888 ) 1,127,713 Intercompany note receivable — (1,232,948 ) — 1,232,948 — TOTAL STOCKHOLDERS’ EQUITY 1,127,713 1,709,816 250,124 (1,959,940 ) 1,127,713 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,222,869 $ 4,233,728 $ 1,043,553 $ (3,236,659 ) $ 5,263,491 CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 2018 (In thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS: Cash and cash equivalents $ — $ 4,613 $ 11,319 $ — $ 15,932 Contracts-in-transit and vehicle receivables, net — 232,095 33,565 — 265,660 Accounts and notes receivable, net — 153,871 40,110 — 193,981 Intercompany accounts receivable 31,842 21,636 — (53,478 ) — Inventories, net — 1,468,422 375,637 — 1,844,059 Prepaid expenses and other current assets 992 32,118 49,624 — 82,734 TOTAL CURRENT ASSETS 32,834 1,912,755 510,255 (53,478 ) 2,402,366 Property and equipment, net — 1,124,559 223,276 — 1,347,835 Goodwill — 861,628 102,297 — 963,925 Intangible franchise rights — 224,394 35,236 — 259,630 Investment in subsidiaries 3,100,931 — — (3,100,931 ) — Other assets — 16,165 11,154 — 27,319 TOTAL ASSETS $ 3,133,765 $ 4,139,501 $ 882,218 $ (3,154,409 ) $ 5,001,075 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Floorplan notes payable — credit facility and other $ — $ 1,251,402 $ 41,050 $ — $ 1,292,452 Offset account related to floorplan notes payable - credit facility — (33,637 ) — — (33,637 ) Floorplan notes payable — manufacturer affiliates — 276,862 141,062 — 417,924 Offset account related to floorplan notes payable - manufacturer affiliates — (100 ) — — (100 ) Current maturities of long-term debt and short-term financing — 73,834 19,133 — 92,967 Accounts payable — 200,912 218,438 — 419,350 Intercompany accounts payable 1,164,949 — 53,478 (1,218,427 ) — Accrued expenses — 164,998 32,611 — 197,609 TOTAL CURRENT LIABILITIES 1,164,949 1,934,271 505,772 (1,218,427 ) 2,386,565 Long-term debt, net of current maturities 872,307 294,388 114,794 — 1,281,489 Liabilities from interest rate risk management activities — 1,696 — — 1,696 Deferred income taxes and other liabilities 815 223,022 11,794 — 235,631 STOCKHOLDERS’ EQUITY: Group 1 stockholders’ equity 1,095,694 2,851,073 249,858 (3,100,931 ) 1,095,694 Intercompany note receivable — (1,164,949 ) — 1,164,949 — TOTAL STOCKHOLDERS’ EQUITY 1,095,694 1,686,124 249,858 (1,935,982 ) 1,095,694 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,133,765 $ 4,139,501 $ 882,218 $ (3,154,409 ) $ 5,001,075 CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,062,782 $ 745,594 $ — $ 2,808,376 Cost of Sales — 1,715,865 661,008 — 2,376,873 Gross Profit — 346,917 84,586 — 431,503 Selling, General and Administrative Expenses 1,891 252,044 73,773 — 327,708 Depreciation and Amortization Expense — 13,234 3,763 — 16,997 Income (loss) from operations (1,891 ) 81,639 7,050 — 86,798 Other expense: Floorplan interest expense — (13,989 ) (1,714 ) — (15,703 ) Other interest income (expense), net — (17,175 ) (1,744 ) — (18,919 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,891 ) 50,475 3,592 — 52,176 Benefit (provision) for income taxes 490 (12,902 ) (1,116 ) — (13,528 ) Equity in earnings of subsidiaries 40,049 — — (40,049 ) — Net income (loss) $ 38,648 $ 37,573 $ 2,476 $ (40,049 ) $ 38,648 Comprehensive income (loss) (977 ) (4,584 ) 3,607 977 (977 ) Comprehensive income (loss) attributable to parent $ 37,671 $ 32,989 $ 6,083 $ (39,072 ) $ 37,671 Three Months Ended March 31, 2019 REVENUES COST OF SALES GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES DEPRECIATION AND AMORTIZATION EXPENSE ASSET IMPAIRMENTS (LOSS) INCOME FROM OPERATIONS OTHER EXPENSE: Floorplan interest expense Other interest expense, net (LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES BENEFIT (PROVISION) FOR INCOME TAXES EQUITY IN EARNINGS OF SUBSIDIARIES NET INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,088,487 $ 771,539 $ — $ 2,860,026 Cost of Sales — 1,752,802 687,461 — 2,440,263 Gross Profit — 335,685 84,078 — 419,763 Selling, General and Administrative Expenses 1,768 249,165 73,414 — 324,347 Depreciation and Amortization Expense — 12,881 3,461 — 16,342 Income (loss) from operations (1,768 ) 73,639 7,203 — 79,074 Other expense: Floorplan interest expense — (12,337 ) (1,750 ) — (14,087 ) Other interest income (expense), net — (17,017 ) (1,803 ) — (18,820 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,768 ) 44,285 3,650 — 46,167 Benefit (provision) for income taxes 424 (9,780 ) (997 ) — (10,353 ) Equity in earnings of subsidiaries 37,158 — — (37,158 ) — Net income (loss) $ 35,814 $ 34,505 $ 2,653 $ (37,158 ) $ 35,814 Comprehensive income (loss) — 9,405 7,871 — 17,276 Comprehensive income (loss) attributable to parent $ 35,814 $ 43,910 $ 10,524 $ (37,158 ) $ 53,090 Three Months Ended March 31, 2018 REVENUES COST OF SALES GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES DEPRECIATION AND AMORTIZATION EXPENSE ASSET IMPAIRMENTS (LOSS) INCOME FROM OPERATIONS OTHER EXPENSE: Floorplan interest expense Other interest expense, net (LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES BENEFIT (PROVISION) FOR INCOME TAXES EQUITY IN EARNINGS OF SUBSIDIARIES NET INCOME (LOSS) OTHER COMPREHENSIVE INCOME, NET OF TAXES COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Company CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 32,601 $ 71,795 $ 23,543 $ 127,939 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposition of franchises, property and equipment — 33,178 1,947 35,125 Purchases of property and equipment, including real estate — (36,614 ) (5,097 ) (41,711 ) Other (200 ) — — (200 ) Net cash provided by (used in) investing activities (200 ) (3,436 ) (3,150 ) (6,786 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facility - floorplan line and other — 1,624,256 7,288 1,631,544 Repayments on credit facility - floorplan line and other — (1,679,425 ) (18,030 ) (1,697,455 ) Borrowings on credit facility - acquisition line 107,777 — — 107,777 Repayments on credit facility - acquisition line (111,466 ) — — (111,466 ) Borrowings on other debt — 7,288 13,041 20,329 Principal payments on other debt — (18,206 ) (8,487 ) (26,693 ) Principal payments on debt related to real estate — (17,702 ) (3,162 ) (20,864 ) Employee stock purchase plan purchases, net of employee tax withholdings (830 ) — — (830 ) Dividends paid (4,841 ) — — (4,841 ) Borrowings (repayments) with subsidiaries 69,908 (68,496 ) (1,412 ) — Investment in subsidiaries (92,949 ) 92,790 159 — Net cash provided by (used in) financing activities (32,401 ) (59,495 ) (10,603 ) (102,499 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (519 ) (519 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 8,864 9,271 18,135 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 4,613 14,107 18,720 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 13,477 $ 23,378 $ 36,855 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Company CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 35,814 $ 114,862 $ (1,894 ) $ 148,782 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid in acquisitions, net of cash received — (31,414 ) (40,085 ) (71,499 ) Proceeds from disposition of franchises, property and equipment — 918 2,022 2,940 Purchases of property and equipment, including real estate — (34,101 ) (13,847 ) (47,948 ) Other — 140 — 140 Net cash provided by (used in) investing activities — (64,457 ) (51,910 ) (116,367 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facility - floorplan line and other — 1,612,866 43,326 1,656,192 Repayments on credit facility - floorplan line and other — (1,675,917 ) (26,530 ) (1,702,447 ) Borrowings on credit facility - acquisition line 66,945 — — 66,945 Repayments on credit facility - acquisition line (66,444 ) — — (66,444 ) Borrowings on other debt — 43,326 22,288 65,614 Principal payments on other debt (24,742 ) (1,987 ) (13,349 ) (40,078 ) Borrowings on debt related to real estate — 34,817 12,018 46,835 Principal payments on debt related to real estate — (31,000 ) (6,819 ) (37,819 ) Employee stock purchase plan purchases, net of employee tax withholdings (1,638 ) — — (1,638 ) Repurchases of common stock, amounts based on settlement date (9,199 ) — — (9,199 ) Dividends paid (5,495 ) — — (5,495 ) Borrowings (repayments) with subsidiaries 22,730 (50,554 ) 27,824 — Investment in subsidiaries (17,971 ) 16,822 1,149 — Net cash provided by (used in) financing activities (35,814 ) (51,627 ) 59,907 (27,534 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 47 47 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (1,222 ) 6,150 4,928 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 10,096 19,535 29,631 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,874 $ 25,685 $ 34,559

Interim Financial Information (

Interim Financial Information (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements and footnotes thereto that include financial information as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying unaudited condensed Consolidated Financial Statements. All business acquisitions completed during the periods presented have been accounted by applying the acquisition method of accounting, and their results of operations are included from the effective dates of the closings of the acquisitions. The allocations of purchase price to the assets acquired and liabilities assumed are assigned and recorded based on estimates of fair value and are subject to change within the purchase price allocation period (generally one year from the respective acquisition date). All intercompany balances and transactions have been eliminated in consolidation.
Business Segment Information	Business Segment Information The Company has three reportable segments: the U.S., which includes the activities of the Company’s corporate office, the U.K. and Brazil. The reportable segments are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by its chief operating decision maker to allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer.
Statements of Cash Flows	Statements of Cash Flows The Company utilizes various credit facilities to finance the purchase of its new and used vehicle inventory. With respect to all new vehicle floorplan borrowings, the manufacturers of the vehicles draft the Company’s credit facilities directly with no cash flow to or from the Company. With respect to borrowings for used vehicle financing in the U.S., the Company finances up to 85% of the value of the used vehicle inventory and the funds flow directly between the Company and the lender. In the U.K. and Brazil, the Company chooses which used vehicles to finance and the borrowings flow directly to the Company from the lender. The Company categorizes the cash flows associated with borrowings and repayments on these various credit facilities as Operating or Financing Activities in its Consolidated Statements of Cash Flows. All borrowings from, and repayments to, lenders affiliated with the vehicle manufacturers (excluding the cash flows from or to manufacturer affiliated lenders participating in the Company’s syndicated lending group under the Revolving Credit Facility (as defined in Note 9 , “Credit Facilities”) are presented within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. All borrowings from, and repayments to, the syndicated lending group under the Revolving Credit Facility (including the cash flows from or to manufacturer affiliated lenders participating in the facility), as well as borrowings from, and repayments to, the Company’s other credit facilities, are presented within Cash Flows from Financing Activities.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendment in this update replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The standard will be effective for fiscal years beginning after December 15, 2019, with early adoption permitted for periods after December 15, 2018. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements, but does not expect the impact of the amendment, if any, in this ASU to be significant. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The amendment in this update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This standard should be applied prospectively and is effective for interim and annual periods beginning after December 15, 2019. Earlier application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the impact of the adoption of the ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The amendment modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. The amendment will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Certain disclosures in this standard, are required to be applied on a retrospective basis and others on a prospective basis. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (“Topic 842”), that amends the accounting guidance on leases. The standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company adopted this ASU and all subsequent amendments on January 1, 2019, using the optional transition method applied to leases existing at January 1, 2019, with no restatement of comparative periods. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting policies under Accounting Standards Codification (“ASC”) Topic 840, Leases (“ASC 840”). The Company elected the package of practical expedients available under the transition guidance within Topic 842, which among other things, permits the Company to carry forward its historical lease classification. The Company also elected other practical expedients under the transition guidance to (i) not record short-term leases on the balance sheet for all asset classes; (ii) not apply hindsight when determining its lease terms or assessing impairment of its ROU assets during transition; and (iii) combine and account for both lease and non-lease components as a single component for all asset classes, except dealership operating assets. For the Company’s dealership operating asset leases, the allocation of the consideration between the lease and non-lease components was based on the estimated fair value of the leased component as of the adoption date. The Company expenses short-term leases, defined as leases with an initial term of 12 months or less, on a straight-line basis over the lease term. Upon adoption of Topic 842, the Company recognized ROU assets and lease liabilities based on the present value of its remaining minimum rental payments for existing operating leases as of the adoption date, utilizing the Company’s applicable incremental borrowing rate also as of the adoption date. The adoption of Topic 842 resulted in the Company recognizing approximately $236.7 million of incremental operating ROU asset with corresponding lease liabilities as of January 1, 2019. Such incremental amounts exclude prepaid rent, favorable lease assets and net unfavorable lease liabilities that were reflected in the Company’s Consolidated Balance Sheets as of December 31, 2018. Additionally, the Company recognized a $6.1 million cumulative-effect adjustment, net of deferred tax impact, to retained earnings as of January 1, 2019. The adjustment to retained earnings resulted from the impairment of certain operating ROU assets subjected to impairment testing under existing accounting guidance for which indicators of impairment existed at the time of the adoption of Topic 842. The Company’s accounting for its finance leases, previously termed as capital leases under ASC 840 remained substantially unchanged. The adoption of Topic 842 had no material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. For further details, see Note 13 , “Leases” . In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The amendments to cash flow and net investment hedge relationships should be applied using a modified retrospective approach while the presentation and disclosure requirements are applied prospectively, effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2017-12 during the first quarter of 2019. The adoption of this ASU did not impact its consolidated financial statements.
Adoption of ASC Topic 606 - Revenue from Contracts with Customers	The Company’s material revenue streams are the sale of new and used vehicles; arrangement of associated vehicle financing and the sale of service and other insurance contracts; the performance of vehicle maintenance and repair services (including collision restoration); and the sale of vehicle parts.
Derivative Instruments and Risk Management Activities	All of the Company’s interest rate derivative instruments are designated as cash flow hedges. The related gains or losses on these interest rate derivative instruments are deferred in stockholders’ equity as a component of accumulated other comprehensive income (loss). These deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of these swap positions are recognized as “ Floorplan interest expense or Other interest expense, net”, in the Company’s accompanying Consolidated Statements of Operations. To the extent that the change in value of a derivative contract does not perfectly offset the change in the value of the items being hedged, that ineffective portion is immediately recognized in other income or expense.
Fair Value Measurements	ASC 820 defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; requires disclosure of the extent to which fair value is used to measure financial and non-financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date; and establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date: • Level 1 — unadjusted, quoted prices for identical assets or liabilities in active markets; • Level 2 — quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and • Level 3 — unobservable inputs based upon the reporting entity’s internally developed assumptions that market participants would use in pricing the asset or liability. The Company’s financial instruments consist primarily of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, investments in debt and equity securities, accounts payable, credit facilities, long-term debt, and interest rate derivative instruments. The fair values of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, accounts payable, and credit facilities approximate their carrying values due to the short-term nature of these instruments and/or the existence of variable interest rates. The Company evaluated its assets and liabilities for those that met the criteria of the disclosure requirements and fair value framework of ASC 820 and identified demand obligations, interest rate derivative instruments, and investment balances in certain financial institutions as having met such criteria. See Note 10 , “Long-Term Debt” , for details regarding the fair value of the Company’s long-term debt. The Company periodically invests in unsecured, corporate demand obligations with manufacturer-affiliated finance companies, which bear interest at a variable rate and are redeemable on demand by the Company. Therefore, the Company has classified these demand obligations as C ash and cash equivalents in the accompanying Consolidated Balance Sheets. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices, that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework. In addition, the Company maintains an investment balance with certain of the financial institutions in Brazil that provide credit facilities for the financing of new, used, and rental vehicle inventories. The investment balances bear interest at a variable rate and are redeemable by the Company in the future under certain conditions. The Company has classified these investment balances as restricted cash within Prepaid expenses and other current assets within its Consolidated Balance Sheets. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework. The Company’s derivative financial instruments are recorded at fair market value.

Interim Financial Information_2

Interim Financial Information (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reconciliation of cash, cash equivalents, and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows. See Note 11 , “Fair Value Measurements” , for additional details regarding the Company’s restricted cash balances (in thousands). March 31, 2019 December 31, 2018 Cash and cash equivalents $ 33,623 $ 15,932 Restricted cash, included in Prepaid expenses and other current assets 3,232 2,788 Total cash, cash equivalents, and restricted cash $ 36,855 $ 18,720
Reconciliation of cash, cash equivalents, and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows. See Note 11 , “Fair Value Measurements” , for additional details regarding the Company’s restricted cash balances (in thousands). March 31, 2019 December 31, 2018 Cash and cash equivalents $ 33,623 $ 15,932 Restricted cash, included in Prepaid expenses and other current assets 3,232 2,788 Total cash, cash equivalents, and restricted cash $ 36,855 $ 18,720

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues disaggregated by revenue source and geographical segment	The following table presents the Company’s revenues disaggregated by revenue source (in thousands): Three Months Ended March 31, 2019 2018 REVENUES: New vehicle retail sales $ 1,414,485 $ 1,513,590 Used vehicle retail sales 819,203 780,570 Used vehicle wholesale sales 92,138 104,029 Total new and used vehicle sales 2,325,826 2,398,189 Vehicle parts sales 86,661 85,196 Maintenance and repair sales 282,513 264,319 Total parts and service sales 369,174 349,515 Finance, insurance and other, net 113,376 112,322 Total revenues $ 2,808,376 $ 2,860,026 The following tables present the Company’s revenues disaggregated by its geographical segments (in thousands): Three Months Ended March 31, 2019 U.S. U.K. Brazil Total REVENUES: New vehicle retail sales $ 1,031,742 $ 318,571 $ 64,172 $ 1,414,485 Used vehicle retail sales 594,418 203,561 21,224 819,203 Used vehicle wholesale sales 42,827 45,261 4,050 92,138 Total new and used vehicle sales 1,668,987 567,393 89,446 2,325,826 Vehicle parts sales 74,478 10,602 1,581 86,661 Maintenance and repair sales 223,124 48,964 10,425 282,513 Total parts and service sales 297,602 59,566 12,006 369,174 Finance, insurance and other, net 96,193 15,199 1,984 113,376 Total revenues $ 2,062,782 $ 642,158 $ 103,436 $ 2,808,376 Three Months Ended March 31, 2018 U.S. U.K. Brazil Total REVENUES: New vehicle retail sales $ 1,089,953 $ 354,404 $ 69,233 $ 1,513,590 Used vehicle retail sales 563,830 192,549 24,191 780,570 Used vehicle wholesale sales 54,002 46,185 3,842 104,029 Total new and used vehicle sales 1,707,785 593,138 97,266 2,398,189 Vehicle parts sales 74,355 9,515 1,326 85,196 Maintenance and repair sales 210,159 43,626 10,534 264,319 Total parts and service sales 284,514 53,141 11,860 349,515 Finance, insurance and other, net 96,187 14,263 1,872 112,322 Total revenues $ 2,088,486 $ 660,542 $ 110,998 $ 2,860,026

Derivative Instruments and Ri_2

Derivative Instruments and Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assets and liabilities associated with interest rate derivative instruments	Assets and liabilities associated with interest rate derivative instruments as reflected in the accompanying balance sheets were as follows (in thousands): March 31, 2019 December 31, 2018 Assets from interest rate risk management activities: Prepaid expenses and other current assets $ 189 $ 444 Other assets 8,251 13,132 Total $ 8,440 $ 13,576 Liabilities from interest rate risk management activities: Accrued expenses and other current liabilities $ 254 $ 115 Liabilities from interest rate risk management activities 2,430 1,696 Total $ 2,684 $ 1,811
Impact of interest rate derivative instruments	The following table presents the impact during the current and comparative prior year periods for the Company’s interest rate derivative instruments on its Consolidated Statements of Operations and Consolidated Balance Sheets (in thousands): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationship 2019 2018 Interest rate derivative instruments $ (4,238 ) $ 7,892 Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Three Months Ended March 31, 2019 2018 Floorplan interest expense, net $ 344 $ (1,737 ) Other interest expense, net 110 (254 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Awards	A summary of the restricted stock awards as of March 31, 2019 , along with the changes during the three months then ended, is as follows: Awards Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 681,800 $ 71.60 Granted 202,831 60.84 Vested (172,775 ) 68.99 Forfeited (2,000 ) 75.97 Nonvested at March 31, 2019 709,856 $ 69.17

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Calculation of EPS	The following table sets forth the calculation of EPS for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Weighted average basic common shares outstanding 17,797 20,298 Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock 52 9 Weighted average dilutive common shares outstanding 17,849 20,307 Basic: Net income (loss) $ 38,648 $ 35,814 Less: Earnings (loss) allocated to participating securities 1,458 1,209 Net income (loss) available to basic common shares $ 37,190 $ 34,605 Basic earnings (loss) per common share $ 2.09 $ 1.70 Diluted: Net income (loss) $ 38,648 $ 35,814 Less: Earnings (loss) allocated to participating securities 1,455 1,208 Net income (loss) available to basic common shares $ 37,193 $ 34,606 Diluted earnings (loss) per common share $ 2.08 $ 1.70

Detail of Certain Balance She_2

Detail of Certain Balance Sheet Accounts (Tables)	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Accounts and notes receivable	Accounts and notes receivable consisted of the following (in thousands): March 31, 2019 December 31, 2018 Amounts due from manufacturers $ 101,797 $ 105,140 Parts and service receivables 54,267 51,922 Finance and insurance receivables 22,441 26,446 Other 9,880 13,673 Total accounts and notes receivable 188,385 197,181 Less: allowance for doubtful accounts 3,074 3,200 Accounts and notes receivable, net $ 185,311 $ 193,981
Inventories	Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 New vehicles $ 1,303,397 $ 1,278,863 Used vehicles 343,033 350,219 Rental vehicles 143,372 142,926 Parts, accessories and other 79,629 80,556 Total inventories 1,869,431 1,852,564 Less: lower of cost or net realizable value allowance 8,524 8,505 Inventories, net $ 1,860,907 $ 1,844,059
Property and equipment	Property and equipment consisted of the following (in thousands): Estimated Useful Lives in Years March 31, 2019 December 31, 2018 Land — $ 499,272 $ 487,618 Buildings 25 to 50 739,702 727,826 Leasehold improvements Varies 186,382 189,248 Machinery and equipment 7 to 20 128,347 125,919 Furniture and fixtures 3 to 10 112,909 109,274 Company vehicles 3 to 5 14,871 12,333 Construction in progress — 48,372 42,959 Total 1,729,855 1,695,177 Less: accumulated depreciation and amortization 359,112 347,342 Property and equipment, net $ 1,370,743 $ 1,347,835

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of long-term debt	The Company carries its long-term debt at face value, net of applicable discounts and capitalized debt issuance costs. Long-term debt consisted of the following (in thousands): March 31, 2019 December 31, 2018 5.00% Senior Notes (aggregate principal of $550,000) $ 544,158 $ 543,730 5.25% Senior Notes (aggregate principal of $300,000) 296,884 296,735 Acquisition Line 29,342 31,842 Real estate related and other long-term debt 422,396 445,248 Finance leases related to real estate (1) 47,339 48,612 Total debt 1,340,119 1,366,167 Less: current maturities of long-term debt 77,537 84,678 Long-term debt, net of current maturities $ 1,262,582 $ 1,281,489 (1) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1 , “Interim Financial Information” and Note 13 , “Leases” for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Asset and liabilities recorded at fair value	Assets and liabilities recorded at fair value, within Level 2 of the hierarchy framework, in the accompanying balance sheets as of March 31, 2019 and December 31, 2018 , respectively, were as follows (in thousands): March 31, 2019 December 31, 2018 Assets: Investments $ 3,232 $ 2,788 Demand obligations 13 13 Interest rate derivative financial instruments 8,440 13,576 Total $ 11,685 $ 16,377 Liabilities: Interest rate derivative financial instruments $ 2,684 $ 1,811 Total $ 2,684 $ 1,811

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of operating and finance leases	The components of operating and finance leases included in the Company’s Consolidated Balance Sheet as of March 31, 2019 were as follows (in thousands): Leases Balance Sheet Classification March 31, 2019 Assets: Operating Operating lease assets $ 214,776 Finance Property and equipment, net 41,634 Total $ 256,410 Liabilities: Current Operating Current operating lease liabilities $ 23,907 Finance Current maturities of long-term debt and short-term financing 6,025 Noncurrent Operating Operating lease liabilities, net of current portion 204,331 Finance Long-term debt, net of current maturities 41,314 Total $ 275,577
Maturities of operating lease liabilities	Maturities of the Company’s lease liabilities as of March 31, 2019 were as follows (in thousands): March 31, 2019 Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 26,054 $ 7,771 2020 37,710 7,765 2021 34,646 7,758 2022 30,893 5,378 2023 27,869 5,637 Thereafter 164,742 40,416 Total lease payments 321,914 74,725 Less: Interest (93,676 ) (27,386 ) Present value of lease liabilities $ 228,238 $ 47,339
Maturities of finance lease liabilities	Maturities of the Company’s lease liabilities as of March 31, 2019 were as follows (in thousands): March 31, 2019 Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 26,054 $ 7,771 2020 37,710 7,765 2021 34,646 7,758 2022 30,893 5,378 2023 27,869 5,637 Thereafter 164,742 40,416 Total lease payments 321,914 74,725 Less: Interest (93,676 ) (27,386 ) Present value of lease liabilities $ 228,238 $ 47,339
Components of lease expense	The components of lease expense included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2019 are as follows (in thousands): Lease Expense Income Statement Classification Three Months Ended March 31, 2019 Operating (1) Selling, general and administrative expenses $ 10,950 Finance: Amortization of lease assets Depreciation and amortization expense 1,123 Interest on lease liabilities Other interest expense, net 972 Sublease income (2) Selling, general and administrative expenses (320 ) Net lease expense $ 12,725 (1) Includes short-term lease and variable lease expenses, which are immaterial. (2) Excludes rental income from owned properties of $0.1 million for the three months ended March 31, 2019 , which is included in Finance, insurance and other, net.
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases for the three months ended March 31, 2019 are as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,664 Operating cash flows from finance leases 972 Financing cash flows from finance leases 969 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,032

Intangible Franchise Rights a_2

Intangible Franchise Rights and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible franchise rights and goodwill accounts by reportable segment	The following is a roll-forward of the Company’s intangible franchise rights and goodwill accounts by reportable segment (in thousands): Intangible Franchise Rights U.S. U.K. Brazil Total Balance, December 31, 2018 $ 224,394 $ 35,092 $ 144 $ 259,630 Currency translation — 837 (2 ) 835 Balance, March 31, 2019 $ 224,394 $ 35,929 $ 142 $ 260,465 Goodwill U.S. U.K. Brazil Total Balance, December 31, 2018 $ 861,628 $ 87,587 $ 14,710 $ 963,925 Disposals and purchase price allocation adjustments 33 — — 33 Currency translation — 2,090 (166 ) 1,924 Balance, March 31, 2019 $ 861,661 $ 89,677 $ 14,544 $ 965,882

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Changes in the balances of each component of accumulated other comprehensive loss	Changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows (in thousands): Three Months Ended March 31, 2019 Accumulated income (loss) on foreign currency translation Accumulated income (loss) on interest rate swaps Total Balance, December 31, 2018 $ (146,708 ) $ 8,936 $ (137,772 ) Other comprehensive income (loss) before reclassifications: Pre-tax 3,607 (5,554 ) (1,947 ) Tax effect — 1,316 1,316 Amounts reclassified from accumulated other comprehensive income (loss) to: Floorplan interest expense (pre-tax) — (344 ) (344 ) Other interest expense, net (pre-tax) — (110 ) (110 ) Tax effect — 108 108 Net current period other comprehensive income (loss) 3,607 (4,584 ) (977 ) Balance, March 31, 2019 $ (143,101 ) $ 4,352 $ (138,749 ) Three Months Ended March 31, 2018 Accumulated income (loss) on foreign currency translation Accumulated income (loss) on interest rate swaps Total Balance, December 31, 2017 $ (122,552 ) $ (674 ) $ (123,226 ) Other comprehensive income (loss) before reclassifications: Pre-tax 7,871 10,384 18,255 Tax effect — (2,492 ) (2,492 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Floorplan interest expense (pre-tax) — 1,737 1,737 Other interest expense, net (pre-tax) — 254 254 Tax effect — (478 ) (478 ) Net current period other comprehensive income (loss) 7,871 9,405 17,276 Balance, March 31, 2018 $ (114,681 ) $ 8,731 $ (105,950 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Reportable segment information	Reportable segment revenue, income (loss) before income taxes, benefit (provision) for income taxes and net income (loss) were as follows for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 U.S. U.K. Brazil Total Total revenues $ 2,062,782 $ 642,158 $ 103,436 $ 2,808,376 Income (loss) before income taxes 46,367 6,244 (435 ) 52,176 Benefit (provision) for income taxes (12,413 ) (1,096 ) (19 ) (13,528 ) Net income (loss) (1) 33,954 5,148 (454 ) 38,648 Three Months Ended March 31, 2018 U.S. U.K. Brazil Total Total revenues $ 2,088,486 $ 660,542 $ 110,998 $ 2,860,026 Income (loss) before income taxes 40,510 5,737 (80 ) 46,167 Benefit (provision) for income taxes (9,357 ) (862 ) (134 ) (10,353 ) Net income (loss) 31,153 4,875 (214 ) 35,814 (1) Includes the following, net of tax: gain of $3.8 million on real estate and dealership transactions in the U.S. segment; loss of $1.5 million due to catastrophic events in the U.S. segment; and loss of $1.9 million for legal claim settlements in the U.S. and Brazil segment for the three months ended March 31, 2019 . Reportable segment total assets as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): As of March 31, 2019 U.S. U.K. Brazil Total Total assets $ 4,213,916 $ 917,655 $ 131,920 $ 5,263,491 As of December 31, 2018 U.S. U.K. Brazil Total Total assets (1) $ 4,113,049 $ 756,350 $ 131,676 $ 5,001,075 (1) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1, “Interim Financial Information” and Note 13, “Leases” for further information.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed consolidating balance sheet	CONDENSED CONSOLIDATED BALANCE SHEET As of March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS: Cash and cash equivalents $ — $ 10,245 $ 23,378 $ — $ 33,623 Contracts-in-transit and vehicle receivables, net — 183,894 77,300 — 261,194 Accounts and notes receivable, net — 137,168 48,143 — 185,311 Intercompany accounts receivable 29,338 14,433 — (43,771 ) — Inventories, net — 1,499,284 361,623 — 1,860,907 Prepaid expenses and other current assets 643 21,541 69,852 — 92,036 TOTAL CURRENT ASSETS 29,981 1,866,565 580,296 (43,771 ) 2,433,071 Property and equipment, net — 1,143,606 227,137 — 1,370,743 Operating lease assets — 127,140 87,636 — 214,776 Goodwill — 861,661 104,221 — 965,882 Intangible franchise rights — 224,393 36,072 — 260,465 Investment in subsidiaries 3,192,888 — — (3,192,888 ) — Other assets — 10,363 8,191 — 18,554 TOTAL ASSETS $ 3,222,869 $ 4,233,728 $ 1,043,553 $ (3,236,659 ) $ 5,263,491 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Floorplan notes payable — credit facility and other $ — $ 1,224,583 $ 31,201 $ — $ 1,255,784 Offset account related to floorplan notes payable - credit facility — (72,728 ) — — (72,728 ) Floorplan notes payable — manufacturer affiliates — 297,788 146,215 — 444,003 Offset account related to floorplan notes payable - manufacturer affiliates — (26,000 ) — — (26,000 ) Current maturities of long-term debt and short-term financing — 66,542 29,817 — 96,359 Current operating lease liabilities — 17,751 6,156 — 23,907 Accounts payable — 218,615 288,733 — 507,348 Intercompany accounts payable 1,223,548 — 53,171 (1,276,719 ) — Accrued expenses and other current liabilities 172,288 35,781 — 208,069 TOTAL CURRENT LIABILITIES 1,223,548 1,898,839 591,074 (1,276,719 ) 2,436,742 Long-term debt, net of current maturities 870,384 283,850 108,348 — 1,262,582 Operating lease liabilities, net of current portion — 117,067 87,264 — 204,331 Liabilities from interest rate risk management activities — 2,430 — — 2,430 Deferred income taxes 1,224 221,726 6,743 — 229,693 STOCKHOLDERS’ EQUITY: Group 1 stockholders’ equity 1,127,713 2,942,764 250,124 (3,192,888 ) 1,127,713 Intercompany note receivable — (1,232,948 ) — 1,232,948 — TOTAL STOCKHOLDERS’ EQUITY 1,127,713 1,709,816 250,124 (1,959,940 ) 1,127,713 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,222,869 $ 4,233,728 $ 1,043,553 $ (3,236,659 ) $ 5,263,491 CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 2018 (In thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS: Cash and cash equivalents $ — $ 4,613 $ 11,319 $ — $ 15,932 Contracts-in-transit and vehicle receivables, net — 232,095 33,565 — 265,660 Accounts and notes receivable, net — 153,871 40,110 — 193,981 Intercompany accounts receivable 31,842 21,636 — (53,478 ) — Inventories, net — 1,468,422 375,637 — 1,844,059 Prepaid expenses and other current assets 992 32,118 49,624 — 82,734 TOTAL CURRENT ASSETS 32,834 1,912,755 510,255 (53,478 ) 2,402,366 Property and equipment, net — 1,124,559 223,276 — 1,347,835 Goodwill — 861,628 102,297 — 963,925 Intangible franchise rights — 224,394 35,236 — 259,630 Investment in subsidiaries 3,100,931 — — (3,100,931 ) — Other assets — 16,165 11,154 — 27,319 TOTAL ASSETS $ 3,133,765 $ 4,139,501 $ 882,218 $ (3,154,409 ) $ 5,001,075 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Floorplan notes payable — credit facility and other $ — $ 1,251,402 $ 41,050 $ — $ 1,292,452 Offset account related to floorplan notes payable - credit facility — (33,637 ) — — (33,637 ) Floorplan notes payable — manufacturer affiliates — 276,862 141,062 — 417,924 Offset account related to floorplan notes payable - manufacturer affiliates — (100 ) — — (100 ) Current maturities of long-term debt and short-term financing — 73,834 19,133 — 92,967 Accounts payable — 200,912 218,438 — 419,350 Intercompany accounts payable 1,164,949 — 53,478 (1,218,427 ) — Accrued expenses — 164,998 32,611 — 197,609 TOTAL CURRENT LIABILITIES 1,164,949 1,934,271 505,772 (1,218,427 ) 2,386,565 Long-term debt, net of current maturities 872,307 294,388 114,794 — 1,281,489 Liabilities from interest rate risk management activities — 1,696 — — 1,696 Deferred income taxes and other liabilities 815 223,022 11,794 — 235,631 STOCKHOLDERS’ EQUITY: Group 1 stockholders’ equity 1,095,694 2,851,073 249,858 (3,100,931 ) 1,095,694 Intercompany note receivable — (1,164,949 ) — 1,164,949 — TOTAL STOCKHOLDERS’ EQUITY 1,095,694 1,686,124 249,858 (1,935,982 ) 1,095,694 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,133,765 $ 4,139,501 $ 882,218 $ (3,154,409 ) $ 5,001,075
Condensed consolidating statements of income	CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,062,782 $ 745,594 $ — $ 2,808,376 Cost of Sales — 1,715,865 661,008 — 2,376,873 Gross Profit — 346,917 84,586 — 431,503 Selling, General and Administrative Expenses 1,891 252,044 73,773 — 327,708 Depreciation and Amortization Expense — 13,234 3,763 — 16,997 Income (loss) from operations (1,891 ) 81,639 7,050 — 86,798 Other expense: Floorplan interest expense — (13,989 ) (1,714 ) — (15,703 ) Other interest income (expense), net — (17,175 ) (1,744 ) — (18,919 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,891 ) 50,475 3,592 — 52,176 Benefit (provision) for income taxes 490 (12,902 ) (1,116 ) — (13,528 ) Equity in earnings of subsidiaries 40,049 — — (40,049 ) — Net income (loss) $ 38,648 $ 37,573 $ 2,476 $ (40,049 ) $ 38,648 Comprehensive income (loss) (977 ) (4,584 ) 3,607 977 (977 ) Comprehensive income (loss) attributable to parent $ 37,671 $ 32,989 $ 6,083 $ (39,072 ) $ 37,671 Three Months Ended March 31, 2019 REVENUES COST OF SALES GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES DEPRECIATION AND AMORTIZATION EXPENSE ASSET IMPAIRMENTS (LOSS) INCOME FROM OPERATIONS OTHER EXPENSE: Floorplan interest expense Other interest expense, net (LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES BENEFIT (PROVISION) FOR INCOME TAXES EQUITY IN EARNINGS OF SUBSIDIARIES NET INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,088,487 $ 771,539 $ — $ 2,860,026 Cost of Sales — 1,752,802 687,461 — 2,440,263 Gross Profit — 335,685 84,078 — 419,763 Selling, General and Administrative Expenses 1,768 249,165 73,414 — 324,347 Depreciation and Amortization Expense — 12,881 3,461 — 16,342 Income (loss) from operations (1,768 ) 73,639 7,203 — 79,074 Other expense: Floorplan interest expense — (12,337 ) (1,750 ) — (14,087 ) Other interest income (expense), net — (17,017 ) (1,803 ) — (18,820 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,768 ) 44,285 3,650 — 46,167 Benefit (provision) for income taxes 424 (9,780 ) (997 ) — (10,353 ) Equity in earnings of subsidiaries 37,158 — — (37,158 ) — Net income (loss) $ 35,814 $ 34,505 $ 2,653 $ (37,158 ) $ 35,814 Comprehensive income (loss) — 9,405 7,871 — 17,276 Comprehensive income (loss) attributable to parent $ 35,814 $ 43,910 $ 10,524 $ (37,158 ) $ 53,090 Three Months Ended March 31, 2018 REVENUES COST OF SALES GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES DEPRECIATION AND AMORTIZATION EXPENSE ASSET IMPAIRMENTS (LOSS) INCOME FROM OPERATIONS OTHER EXPENSE: Floorplan interest expense Other interest expense, net (LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES BENEFIT (PROVISION) FOR INCOME TAXES EQUITY IN EARNINGS OF SUBSIDIARIES NET INCOME (LOSS) OTHER COMPREHENSIVE INCOME, NET OF TAXES COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT
Condensed consolidating statement of cash flows	CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Company CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 32,601 $ 71,795 $ 23,543 $ 127,939 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposition of franchises, property and equipment — 33,178 1,947 35,125 Purchases of property and equipment, including real estate — (36,614 ) (5,097 ) (41,711 ) Other (200 ) — — (200 ) Net cash provided by (used in) investing activities (200 ) (3,436 ) (3,150 ) (6,786 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facility - floorplan line and other — 1,624,256 7,288 1,631,544 Repayments on credit facility - floorplan line and other — (1,679,425 ) (18,030 ) (1,697,455 ) Borrowings on credit facility - acquisition line 107,777 — — 107,777 Repayments on credit facility - acquisition line (111,466 ) — — (111,466 ) Borrowings on other debt — 7,288 13,041 20,329 Principal payments on other debt — (18,206 ) (8,487 ) (26,693 ) Principal payments on debt related to real estate — (17,702 ) (3,162 ) (20,864 ) Employee stock purchase plan purchases, net of employee tax withholdings (830 ) — — (830 ) Dividends paid (4,841 ) — — (4,841 ) Borrowings (repayments) with subsidiaries 69,908 (68,496 ) (1,412 ) — Investment in subsidiaries (92,949 ) 92,790 159 — Net cash provided by (used in) financing activities (32,401 ) (59,495 ) (10,603 ) (102,499 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (519 ) (519 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 8,864 9,271 18,135 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 4,613 14,107 18,720 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 13,477 $ 23,378 $ 36,855 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Company CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 35,814 $ 114,862 $ (1,894 ) $ 148,782 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid in acquisitions, net of cash received — (31,414 ) (40,085 ) (71,499 ) Proceeds from disposition of franchises, property and equipment — 918 2,022 2,940 Purchases of property and equipment, including real estate — (34,101 ) (13,847 ) (47,948 ) Other — 140 — 140 Net cash provided by (used in) investing activities — (64,457 ) (51,910 ) (116,367 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facility - floorplan line and other — 1,612,866 43,326 1,656,192 Repayments on credit facility - floorplan line and other — (1,675,917 ) (26,530 ) (1,702,447 ) Borrowings on credit facility - acquisition line 66,945 — — 66,945 Repayments on credit facility - acquisition line (66,444 ) — — (66,444 ) Borrowings on other debt — 43,326 22,288 65,614 Principal payments on other debt (24,742 ) (1,987 ) (13,349 ) (40,078 ) Borrowings on debt related to real estate — 34,817 12,018 46,835 Principal payments on debt related to real estate — (31,000 ) (6,819 ) (37,819 ) Employee stock purchase plan purchases, net of employee tax withholdings (1,638 ) — — (1,638 ) Repurchases of common stock, amounts based on settlement date (9,199 ) — — (9,199 ) Dividends paid (5,495 ) — — (5,495 ) Borrowings (repayments) with subsidiaries 22,730 (50,554 ) 27,824 — Investment in subsidiaries (17,971 ) 16,822 1,149 — Net cash provided by (used in) financing activities (35,814 ) (51,627 ) 59,907 (27,534 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 47 47 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (1,222 ) 6,150 4,928 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 10,096 19,535 29,631 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,874 $ 25,685 $ 34,559

Interim Financial Information -

Interim Financial Information - Business and Organization (Details)	Mar. 31, 2019townstatesinternational_regionstatedealership
Business And Organization [Line Items]
Number of international regions | international_region	2
U.S.
Business And Organization [Line Items]
Number of states in which the entity operates | state	15
Number of dealerships	116
United Kingdom
Business And Organization [Line Items]
Number of towns in which the entity operates | town	32
Number of dealerships	47
Brazil
Business And Organization [Line Items]
Number of states in which the entity operates | states	4
Number of dealerships	18

Interim Financial Information_3

Interim Financial Information - Business Segment Information (Details)	3 Months Ended
	Mar. 31, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Interim Financial Information_4

Interim Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum value of vehicle inventory financed	85.00%
Cash paid for interest	$ 21.9	$ 20.3
Cash paid for taxes, net of refunds	$ 1.2	$ 0.4

Interim Financial Information_5

Interim Financial Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 33,623	$ 15,932
Restricted cash, included in Prepaid expenses and other current assets	3,232	2,788
Total cash, cash equivalents, and restricted cash	$ 36,855	$ 18,720	$ 34,559	$ 29,631

Interim Financial Information_6

Interim Financial Information - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability	$ 228,238
Operating lease assets	$ 214,776
Topic 842
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability		$ 236,700
Operating lease assets		236,700
Cumulative-effect adjustment		(6,061)
Topic 842 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment		$ (6,061)

Revenue - Revenues Disaggregate

Revenue - Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 2,808,376	$ 2,860,026
U.S.
Disaggregation of Revenue [Line Items]
Revenues	2,062,782	2,088,486
U.K.
Disaggregation of Revenue [Line Items]
Revenues	642,158	660,542
Brazil
Disaggregation of Revenue [Line Items]
Revenues	103,436	110,998
Total new and used vehicle sales
Disaggregation of Revenue [Line Items]
Revenues	2,325,826	2,398,189
Total new and used vehicle sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	1,668,987	1,707,785
Total new and used vehicle sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	567,393	593,138
Total new and used vehicle sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	89,446	97,266
New vehicle retail sales
Disaggregation of Revenue [Line Items]
Revenues	1,414,485	1,513,590
New vehicle retail sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	1,031,742	1,089,953
New vehicle retail sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	318,571	354,404
New vehicle retail sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	64,172	69,233
Used vehicle retail sales
Disaggregation of Revenue [Line Items]
Revenues	819,203	780,570
Used vehicle retail sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	594,418	563,830
Used vehicle retail sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	203,561	192,549
Used vehicle retail sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	21,224	24,191
Used vehicle wholesale sales
Disaggregation of Revenue [Line Items]
Revenues	92,138	104,029
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	42,827	54,002
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	45,261	46,185
Used vehicle wholesale sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	4,050	3,842
Parts and service sales
Disaggregation of Revenue [Line Items]
Revenues	369,174	349,515
Parts and service sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	297,602	284,514
Parts and service sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	59,566	53,141
Parts and service sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	12,006	11,860
Vehicle parts sales
Disaggregation of Revenue [Line Items]
Revenues	86,661	85,196
Vehicle parts sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	74,478	74,355
Vehicle parts sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	10,602	9,515
Vehicle parts sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	1,581	1,326
Maintenance and repair sales
Disaggregation of Revenue [Line Items]
Revenues	282,513	264,319
Maintenance and repair sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	223,124	210,159
Maintenance and repair sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	48,964	43,626
Maintenance and repair sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	10,425	10,534
Finance, insurance and other, net
Disaggregation of Revenue [Line Items]
Revenues	113,376	112,322
Finance, insurance and other, net | U.S.
Disaggregation of Revenue [Line Items]
Revenues	96,193	96,187
Finance, insurance and other, net | U.K.
Disaggregation of Revenue [Line Items]
Revenues	15,199	14,263
Finance, insurance and other, net | Brazil
Disaggregation of Revenue [Line Items]
Revenues	$ 1,984	$ 1,872

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Service and Insurance Contracts | Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Contract assets associated with revenue	$ 14.7	$ 14.6

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)franchisedealership	Mar. 31, 2018USD ($)franchisedealership
Acquisitions and Dispositions (Textual) [Abstract]
Aggregate consideration paid | $		$ 76.6
Cash received in acquisition | $		$ 5.1
Net gain on dispositions | $	$ 5.2
U.S.
Acquisitions and Dispositions (Textual) [Abstract]
Number of dealerships opened	1
Number of franchises awarded	1
Number of dealerships acquired		2
Number of franchises acquired | franchise		2
Number of dealerships disposed	3
Number of franchises disposed | franchise	6
U.K.
Acquisitions and Dispositions (Textual) [Abstract]
Number of dealerships opened	1	1
Number of franchises awarded	1	1
Number of dealerships acquired		5
Number of franchises acquired | franchise		8
Number of dealerships disposed	1
Number of franchises disposed | franchise	1

Derivative Instruments and Ri_3

Derivative Instruments and Risk Management Activities - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)swap	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Derivative [Line Items]
Gain (loss) related to hedge ineffectiveness	$ 0	$ 0
Increase (decrease) in floor plan interest expense due to impact of interest rate hedges	(300,000)	1,700,000
Floor plan interest expense	15,703,000	$ 14,087,000
Maximum notional value of derivatives in effect at any time	902,400,000
Accumulated unrealized gains (losses), net of income taxes	4,400,000		$ 8,700,000
Amount expected to be reclassified from other comprehensive loss into earnings	$ 2,400,000
Interest Rate Swaps
Derivative [Line Items]
Number of additional forward interest rate swaps | swap	26
Notional value	$ 902,400,000
Weighted average interest rate	2.30%
Forward Interest Rate Swaps
Derivative [Line Items]
Number of additional forward interest rate swaps | swap	2
Notional value	$ 125,000,000
Weighted average interest rate	1.80%

Derivative Instruments and Ri_4

Derivative Instruments and Risk Management Activities - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets from interest rate risk management activities:
Prepaid expenses and other current assets	$ 189	$ 444
Other assets	8,251	13,132
Total	8,440	13,576
Liabilities from interest rate risk management activities:
Accrued expenses and other current liabilities	254	115
Liabilities from interest rate risk management activities	2,430	1,696
Total	$ 2,684	$ 1,811

Derivative Instruments and Ri_5

Derivative Instruments and Risk Management Activities - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income	$ (4,238)	$ 7,892
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	346
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations		(1,513)
Floorplan interest expense, net
Derivative [Line Items]
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	344
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations		(1,737)
Other interest expense, net
Derivative [Line Items]
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	110
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations		(254)
Interest rate derivative instruments
Derivative [Line Items]
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income	$ (4,238)
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income		$ 7,892

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based Compensation Plans (Textual) [Abstract]
Stock-based compensation cost	$ 6,080	$ 5,642
Cash received from purchase plan purchases	$ 2,100	$ 2,000
Long Term Incentive Plan
Stock-based Compensation Plans (Textual) [Abstract]
Shares available for grant under the incentive plan (in shares)	631,013
Restricted Stock Awards
Stock-based Compensation Plans (Textual) [Abstract]
Awards granted to employees (in shares)	202,831
Weighted average grant fair value of awards granted to employees (in dollars per share)	$ 60.84
Restricted Stock Awards | Maximum
Stock-based Compensation Plans (Textual) [Abstract]
Vesting period (up to)	5 years
Employee Stock Purchase Plan
Stock-based Compensation Plans (Textual) [Abstract]
Shares available for grant under the incentive plan (in shares)	945,882
Shares authorized for issuance (in shares)	4,500,000
Percent of fair market value which employees may purchase common stock	85.00%
Shares issued to employee under purchase plan (in shares)	45,229	36,270
Weighted average fair value of employee stock purchase rights issued (in dollars per share)	$ 12.52	$ 16.22
Performance Award | Long Term Incentive Plan
Stock-based Compensation Plans (Textual) [Abstract]
Awards granted to employees (in shares)	30,555
Weighted average grant fair value of awards granted to employees (in dollars per share)	$ 67.17
Performance period	2 years
Vesting period	3 years
Percent of granted shares that may be earned (up to)	200.00%

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Awards
Nonvested (in shares) | shares	681,800
Granted (in shares) | shares	202,831
Vested (in shares) | shares	(172,775)
Forfeited (in shares) | shares	(2,000)
Nonvested (in shares) | shares	709,856
Weighted Average Grant Date Fair Value
Nonvested (in dollars per share) | $ / shares	$ 71.60
Granted (in dollars per share) | $ / shares	60.84
Vested (in dollars per share) | $ / shares	68.99
Forfeited (in dollars per share) | $ / shares	75.97
Nonvested (in dollars per share) | $ / shares	$ 69.17

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and Diluted Earnings per share
Weighted average basic common shares outstanding (in shares)	17,797	20,298
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock (in shares)	52	9
Weighted average dilutive common shares outstanding (in shares)	17,849	20,307
Basic:
Net income (loss)	$ 38,648	$ 35,814
Less: Earnings (loss) allocated to participating securities	1,458	1,209
Net income (loss) available to basic common shares	$ 37,190	$ 34,605
Basic earnings (loss) per common share (in dollars per share)	$ 2.09	$ 1.70
Diluted:
Net income (loss)	$ 38,648	$ 35,814
Less: Earnings (loss) allocated to participating securities	1,455	1,208
Net income (loss) available to basic common shares	$ 37,193	$ 34,606
Diluted earnings (loss) per common share (in dollars per share)	$ 2.08	$ 1.70

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Effective tax rate	25.90%	22.40%
U.S. federal corporate tax rate	21.00%
Unrecognized tax benefits	$ 1,700,000
Impact of unrecognized tax benefits on tax liability	$ 1,400,000
United Kingdom
Segment Reporting Information [Line Items]
U.S. federal corporate tax rate	19.00%

Detail of Certain Balance She_3

Detail of Certain Balance Sheet Accounts - Accounts and Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts and notes receivable
Accounts and notes receivable	$ 188,385	$ 197,181
Less: allowance for doubtful accounts	3,074	3,200
Accounts and notes receivable, net	185,311	193,981
Amounts due from manufacturers
Accounts and notes receivable
Accounts and notes receivable	101,797	105,140
Parts and service receivables
Accounts and notes receivable
Accounts and notes receivable	54,267	51,922
Finance and insurance receivables
Accounts and notes receivable
Accounts and notes receivable	22,441	26,446
Other
Accounts and notes receivable
Accounts and notes receivable	$ 9,880	$ 13,673

Detail of Certain Balance She_4

Detail of Certain Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary of inventories
New vehicles	$ 1,303,397	$ 1,278,863
Used vehicles	343,033	350,219
Rental vehicles	143,372	142,926
Parts, accessories and other	79,629	80,556
Total inventories	1,869,431	1,852,564
Less: lower of cost or net realizable value allowance	8,524	8,505
Inventories, net	$ 1,860,907	$ 1,844,059

Detail of Certain Balance She_5

Detail of Certain Balance Sheet Accounts - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,729,855	$ 1,695,177
Less: accumulated depreciation and amortization	359,112	347,342
Property and equipment, net	1,370,743	1,347,835
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	499,272	487,618
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 739,702	727,826
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 186,382	189,248
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 128,347	125,919
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 112,909	109,274
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Company vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,871	12,333
Company vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Company vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,372	$ 42,959

Detail of Certain Balance She_6

Detail of Certain Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Capital expenditures incurred for purchase and construction of assets	$ 23,400
Accrued capital expenditures	5,094	$ 6,066	$ 9,200
Real Estate and Other Property and Equipment
Property, Plant and Equipment [Line Items]
Fixed assets acquired	$ 14,100

Credit Facilities (Details)

Credit Facilities (Details)	3 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Funds immediately available under facility	$ 72,728,000	$ 33,637,000
Immediately available funds under facility	26,000,000	$ 100,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,800,000,000
Number of financial institutions | loan	24
Number of manufacturer-affiliated finance companies | loan	6
Maximum restricted payments	$ 208,500,000
Restricted payment	83,200,000
FMCC Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Available amount under borrowing capacity	$ 145,800,000
Interest rate	7.00%
Outstanding balance	$ 154,200,000
Basis spread on variable rate	1.50%
Floorplan Line
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,750,000,000
Outstanding balance	1,200,000,000
Available amount under borrowing capacity	288,100,000
Funds immediately available under facility	$ 72,700,000
Weighted average interest rate	3.70%	3.70%
Acquisition Line
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 360,000,000
Minimum borrowing capacity	50,000,000
Outstanding balance	29,342,000	$ 31,842,000
Available amount under borrowing capacity	$ 305,100,000
Interest rate	2.45%	2.47%
Letters of credit outstanding	$ 25,400,000
UK Credit Facilities
Line of Credit Facility [Line Items]
Outstanding balance	$ 161,700,000
UK Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Interest rate	1.22%
UK Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Interest rate	4.32%
Brazilian Credit Facilities
Line of Credit Facility [Line Items]
Outstanding balance	$ 15,800,000
Brazilian Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Interest rate	10.81%
Grace period	0 days
Brazilian Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Interest rate	15.12%
Grace period	90 days
Rental Vehicles Financed through Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	$ 117,600,000
Rental Vehicles Financed through Credit Facility | Maximum
Line of Credit Facility [Line Items]
Interest rate	7.00%

Long-Term Debt - Composition of

Long-Term Debt - Composition of Long-Term Debt (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Finance leases related to real estate	$ 47,339,000
Finance leases related to real estate		$ 48,612,000
Long-term debt	1,340,119,000	1,366,167,000
Less: current maturities of long-term debt	77,537,000	84,678,000
Long-term debt, net of current maturities	1,262,582,000	1,281,489,000
Acquisition Line
Debt Instrument [Line Items]
Acquisition line	29,342,000	31,842,000
5.00% Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 544,158,000	543,730,000
Interest rate	5.00%
Aggregate principal amount	$ 550,000,000	550,000,000
5.25% Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 296,884,000	296,735,000
Interest rate	5.25%
Aggregate principal amount	$ 300,000,000	300,000,000
Real estate related and other long-term debt
Debt Instrument [Line Items]
Real estate related and other long-term debt	$ 422,396,000	$ 445,248,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)
U.K. Working Capital Loans
Debt Instrument [Line Items]
Borrowings outstanding	$ 18,600,000	$ 18,500,000
Current maturities of long-term debt	2,000,000	2,000,000
Additional borrowings	0
Principal payments	$ 300,000
U.S. Notes
Debt Instrument [Line Items]
Number of loans as per loan agreements | loan	57
Aggregate principal amount	$ 402,800,000
Borrowings outstanding	326,900,000	343,800,000
Current maturities of long-term debt	60,700,000	67,900,000
Additional borrowings	0
Repayment of mortgage	16,900,000
Principal payments	0
Mortgage Loans
Debt Instrument [Line Items]
Fixed interest rate borrowings	74,300,000	79,500,000
Fair value of fixed interest rate borrowings	$ 73,800,000	76,200,000
U.K. Notes
Debt Instrument [Line Items]
Number of loans as per loan agreements | loan	18
Borrowings outstanding	$ 73,800,000	73,800,000
Current maturities of long-term debt	7,800,000	7,600,000
Additional borrowings	0
Principal payments	2,000,000
Brazil Note
Debt Instrument [Line Items]
Borrowings outstanding	2,400,000	2,500,000
Current maturities of long-term debt	400,000	300,000
Additional borrowings	0
Principal payments	100,000
Brazilian Third Party Loan
Debt Instrument [Line Items]
Borrowings outstanding	5,600,000	5,700,000
Additional borrowings	0
5.00% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000	550,000,000
Interest rate	5.00%
Fair value of long-term debt	$ 556,000,000	521,600,000
5.25% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 300,000,000	300,000,000
Interest rate	5.25%
Fair value of long-term debt	$ 303,000,000	286,500,000
Revolving Credit Facility | Brazilian Short-Term Financing Arrangement
Debt Instrument [Line Items]
Short-term loan	200,000	700,000
Principal payments under short-term debt agreement	500,000
Revolving Credit Facility | U.K. Working Capital Loans
Debt Instrument [Line Items]
Short-term loan	13,000,000	$ 7,600,000
Principal payments under short-term debt agreement	7,600,000
Borrowings made under short-term debt agreement	$ 13,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Interest rate derivative financial instruments	$ 8,440	$ 13,576
Total	11,685	16,377
Liabilities:
Interest rate derivative financial instruments	2,684	1,811
Total	2,684	1,811
Investments
Assets:
Investments	3,232	2,788
Demand obligations
Assets:
Investments	$ 13	$ 13

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2019USD ($)
Lease Guarantee
Loss Contingencies [Line Items]
Lessee rental payment obligations	$ 43.4

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms for operating leases	11 years 7 months 6 days
Weighted-average remaining lease terms for finance leases	12 years 3 months 18 days
Weighted-average discount rates used to determine operating lease liabilities	5.60%
Weighted-average discount rates used to determine finance lease liabilities	9.40%
United States
Lessee, Lease, Description [Line Items]
Initial lease terms	15 years
United Kingdom
Lessee, Lease, Description [Line Items]
Initial lease terms	20 years
Brazil
Lessee, Lease, Description [Line Items]
Initial lease terms	5 years

Leases - Components of Operatin

Leases - Components of Operating and Finance Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Assets:
Operating	$ 214,776
Finance	41,634
Total	256,410
Current
Operating	23,907
Finance	6,025
Noncurrent
Operating	204,331
Finance	41,314
Total	$ 275,577

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
2019 (excluding the three months ended March 31, 2019)	$ 26,054
2020	37,710
2021	34,646
2022	30,893
2023	27,869
Thereafter	164,742
Total lease payments	321,914
Less: Interest	(93,676)
Present value of lease liabilities	228,238
Finance Leases
2019 (excluding the three months ended March 31, 2019)	7,771
2020	7,765
2021	7,758
2022	5,378
2023	5,637
Thereafter	40,416
Total lease payments	74,725
Less: Interest	(27,386)
Present value of lease liabilities	$ 47,339

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease Expense
Operating	$ 10,950
Finance:
Amortization of lease assets	1,123
Interest on lease liabilities	972
Sublease income	(320)
Net lease expense	12,725
Rental income from owned properties	$ 100

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 11,664
Operating cash flows from finance leases	972
Financing cash flows from finance leases	969
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 5,032

Intangible Franchise Rights a_3

Intangible Franchise Rights and Goodwill - Intangible Franchise Rights by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Intangible Franchise Rights [Roll Forward]
Balance	$ 259,630
Currency translation	835
Balance	260,465
U.S.
Intangible Franchise Rights [Roll Forward]
Balance	224,394
Currency translation	0
Balance	224,394
U.K.
Intangible Franchise Rights [Roll Forward]
Balance	35,092
Currency translation	837
Balance	35,929
Brazil
Intangible Franchise Rights [Roll Forward]
Balance	144
Currency translation	(2)
Balance	$ 142

Intangible Franchise Rights a_4

Intangible Franchise Rights and Goodwill - Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Roll Forward]
Balance	$ 963,925
Disposals and purchase price allocation adjustments	33
Currency translation	1,924
Balance	965,882
U.S.
Goodwill [Roll Forward]
Balance	861,628
Disposals and purchase price allocation adjustments	33
Currency translation	0
Balance	861,661
U.K.
Goodwill [Roll Forward]
Balance	87,587
Disposals and purchase price allocation adjustments	0
Currency translation	2,090
Balance	89,677
Brazil
Goodwill [Roll Forward]
Balance	14,710
Disposals and purchase price allocation adjustments	0
Currency translation	(166)
Balance	$ 14,544

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	$ 1,095,694	$ 1,124,282
Other comprehensive income (loss) before reclassifications:
Pre-tax	(1,947)	18,255
Tax effect	(1,316)	2,492
Amounts reclassified from accumulated other comprehensive income (loss) to:
Tax effect	108	(478)
Net current period other comprehensive income (loss)	(977)	17,276
BALANCE	1,127,713	1,178,079
Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	344	(1,737)
Other interest expense, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	110	(254)
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	(137,772)	(123,226)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income (loss)	(977)	17,276
BALANCE	(138,749)	(105,950)
Accumulated income (loss) on foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	(146,708)	(122,552)
Other comprehensive income (loss) before reclassifications:
Pre-tax	3,607	7,871
Tax effect	0	0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Tax effect	0	0
Net current period other comprehensive income (loss)	3,607	7,871
BALANCE	(143,101)	(114,681)
Accumulated income (loss) on foreign currency translation | Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	0	0
Accumulated income (loss) on foreign currency translation | Other interest expense, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	0	0
Accumulated income (loss) on interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	8,936	(674)
Other comprehensive income (loss) before reclassifications:
Pre-tax	(5,554)	10,384
Tax effect	(1,316)	2,492
Amounts reclassified from accumulated other comprehensive income (loss) to:
Tax effect	108	(478)
Net current period other comprehensive income (loss)	(4,584)	9,405
BALANCE	4,352	8,731
Accumulated income (loss) on interest rate swaps | Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	344	(1,737)
Accumulated income (loss) on interest rate swaps | Other interest expense, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Pre-tax	$ 110	$ (254)

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Reportabl

Segment Information - Reportable Segment Revenue, Income (Loss) Before Income Taxes, (Provision) Benefit for Income Taxes and Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 2,808,376	$ 2,860,026
Income (loss) before income taxes	52,176	46,167
Provision for income taxes	(13,528)	(10,353)
NET INCOME (LOSS)	38,648	35,814
U.S.
Segment Reporting Information [Line Items]
Revenues	2,062,782	2,088,486
Income (loss) before income taxes	46,367	40,510
Provision for income taxes	(12,413)	(9,357)
NET INCOME (LOSS)	33,954	31,153
Gain on real estate and dealership transactions	3,800
Loss for non-cash asset impairments	1,500
U.K.
Segment Reporting Information [Line Items]
Revenues	642,158	660,542
Income (loss) before income taxes	6,244	5,737
Provision for income taxes	(1,096)	(862)
NET INCOME (LOSS)	5,148	4,875
Brazil
Segment Reporting Information [Line Items]
Revenues	103,436	110,998
Income (loss) before income taxes	(435)	(80)
Provision for income taxes	(19)	(134)
NET INCOME (LOSS)	(454)	$ (214)
U.S. and Brazil
Segment Reporting Information [Line Items]
Loss for litigation settlements	$ 1,900

Segment Information - Reporta_2

Segment Information - Reportable Segment Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 5,263,491	$ 5,001,075
U.S.
Segment Reporting Information [Line Items]
Total assets	4,213,916	4,113,049
U.K.
Segment Reporting Information [Line Items]
Total assets	917,655	756,350
Brazil
Segment Reporting Information [Line Items]
Total assets	$ 131,920	$ 131,676

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Narrative (Details)	Mar. 31, 2019
5.00% Senior Notes
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 33,623	$ 15,932
Contracts-in-transit and vehicle receivables, net	261,194	265,660
Accounts and notes receivable, net	185,311	193,981
Intercompany accounts receivable	0	0
Inventories, net	1,860,907	1,844,059
Prepaid expenses and other current assets	92,036	82,734
TOTAL CURRENT ASSETS	2,433,071	2,402,366
Property and equipment, net	1,370,743	1,347,835
Operating lease assets	214,776
Goodwill	965,882	963,925
Intangible franchise rights	260,465	259,630
Investment in subsidiaries	0	0
Other assets	18,554	27,319
TOTAL ASSETS	5,263,491	5,001,075
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	1,255,784	1,292,452
Offset account related to floorplan notes payable - credit facility	(72,728)	(33,637)
Floorplan notes payable — manufacturer affiliates	444,003	417,924
Offset account related to floorplan notes payable - manufacturer affiliates	(26,000)	(100)
Current maturities of long-term debt and short-term financing	96,359	92,967
Current operating lease liabilities	23,907
Accounts payable	507,348	419,350
Intercompany accounts payable	0	0
Accrued expenses and other current liabilities	208,069	197,609
TOTAL CURRENT LIABILITIES	2,436,742	2,386,565
Long-term debt, net of current maturities	1,262,582	1,281,489
Operating lease liabilities, net of current portion	204,331
Liabilities from interest rate risk management activities	2,430	1,696
Deferred income taxes	229,693	235,631
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,127,713	1,095,694	$ 1,178,079	$ 1,124,282
Intercompany note receivable	0	0
TOTAL STOCKHOLDERS’ EQUITY	1,127,713	1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	5,263,491	5,001,075
Elimination
CURRENT ASSETS:
Cash and cash equivalents	0	0
Contracts-in-transit and vehicle receivables, net	0	0
Accounts and notes receivable, net	0	0
Intercompany accounts receivable	(43,771)	(53,478)
Inventories, net	0	0
Prepaid expenses and other current assets	0	0
TOTAL CURRENT ASSETS	(43,771)	(53,478)
Property and equipment, net	0	0
Operating lease assets	0
Goodwill	0	0
Intangible franchise rights	0	0
Investment in subsidiaries	(3,192,888)	(3,100,931)
Other assets	0	0
TOTAL ASSETS	(3,236,659)	(3,154,409)
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	0	0
Offset account related to floorplan notes payable - credit facility	0	0
Floorplan notes payable — manufacturer affiliates	0	0
Offset account related to floorplan notes payable - manufacturer affiliates	0	0
Current maturities of long-term debt and short-term financing	0	0
Current operating lease liabilities	0
Accounts payable	0	0
Intercompany accounts payable	(1,276,719)	(1,218,427)
Accrued expenses and other current liabilities	0	0
TOTAL CURRENT LIABILITIES	(1,276,719)	(1,218,427)
Long-term debt, net of current maturities	0	0
Operating lease liabilities, net of current portion	0
Liabilities from interest rate risk management activities	0	0
Deferred income taxes	0	0
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	(3,192,888)	(3,100,931)
Intercompany note receivable	1,232,948	1,164,949
TOTAL STOCKHOLDERS’ EQUITY	(1,959,940)	(1,935,982)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	(3,236,659)	(3,154,409)
Group 1 Automotive, Inc. | Reportable Legal Entities
CURRENT ASSETS:
Cash and cash equivalents	0	0
Contracts-in-transit and vehicle receivables, net	0	0
Accounts and notes receivable, net	0	0
Intercompany accounts receivable	29,338	31,842
Inventories, net	0	0
Prepaid expenses and other current assets	643	992
TOTAL CURRENT ASSETS	29,981	32,834
Property and equipment, net	0	0
Operating lease assets	0
Goodwill	0	0
Intangible franchise rights	0	0
Investment in subsidiaries	3,192,888	3,100,931
Other assets	0	0
TOTAL ASSETS	3,222,869	3,133,765
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	0	0
Offset account related to floorplan notes payable - credit facility	0	0
Floorplan notes payable — manufacturer affiliates	0	0
Offset account related to floorplan notes payable - manufacturer affiliates	0	0
Current maturities of long-term debt and short-term financing	0	0
Current operating lease liabilities	0
Accounts payable	0	0
Intercompany accounts payable	1,223,548	1,164,949
Accrued expenses and other current liabilities		0
TOTAL CURRENT LIABILITIES	1,223,548	1,164,949
Long-term debt, net of current maturities	870,384	872,307
Operating lease liabilities, net of current portion	0
Liabilities from interest rate risk management activities	0	0
Deferred income taxes	1,224	815
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,127,713	1,095,694
Intercompany note receivable	0	0
TOTAL STOCKHOLDERS’ EQUITY	1,127,713	1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	3,222,869	3,133,765
Guarantor Subsidiaries | Reportable Legal Entities
CURRENT ASSETS:
Cash and cash equivalents	10,245	4,613
Contracts-in-transit and vehicle receivables, net	183,894	232,095
Accounts and notes receivable, net	137,168	153,871
Intercompany accounts receivable	14,433	21,636
Inventories, net	1,499,284	1,468,422
Prepaid expenses and other current assets	21,541	32,118
TOTAL CURRENT ASSETS	1,866,565	1,912,755
Property and equipment, net	1,143,606	1,124,559
Operating lease assets	127,140
Goodwill	861,661	861,628
Intangible franchise rights	224,393	224,394
Investment in subsidiaries	0	0
Other assets	10,363	16,165
TOTAL ASSETS	4,233,728	4,139,501
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	1,224,583	1,251,402
Offset account related to floorplan notes payable - credit facility	(72,728)	(33,637)
Floorplan notes payable — manufacturer affiliates	297,788	276,862
Offset account related to floorplan notes payable - manufacturer affiliates	(26,000)	(100)
Current maturities of long-term debt and short-term financing	66,542	73,834
Current operating lease liabilities	17,751
Accounts payable	218,615	200,912
Intercompany accounts payable	0	0
Accrued expenses and other current liabilities	172,288	164,998
TOTAL CURRENT LIABILITIES	1,898,839	1,934,271
Long-term debt, net of current maturities	283,850	294,388
Operating lease liabilities, net of current portion	117,067
Liabilities from interest rate risk management activities	2,430	1,696
Deferred income taxes	221,726	223,022
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	2,942,764	2,851,073
Intercompany note receivable	(1,232,948)	(1,164,949)
TOTAL STOCKHOLDERS’ EQUITY	1,709,816	1,686,124
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	4,233,728	4,139,501
Non-Guarantor Subsidiaries | Reportable Legal Entities
CURRENT ASSETS:
Cash and cash equivalents	23,378	11,319
Contracts-in-transit and vehicle receivables, net	77,300	33,565
Accounts and notes receivable, net	48,143	40,110
Intercompany accounts receivable	0	0
Inventories, net	361,623	375,637
Prepaid expenses and other current assets	69,852	49,624
TOTAL CURRENT ASSETS	580,296	510,255
Property and equipment, net	227,137	223,276
Operating lease assets	87,636
Goodwill	104,221	102,297
Intangible franchise rights	36,072	35,236
Investment in subsidiaries	0	0
Other assets	8,191	11,154
TOTAL ASSETS	1,043,553	882,218
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	31,201	41,050
Offset account related to floorplan notes payable - credit facility	0	0
Floorplan notes payable — manufacturer affiliates	146,215	141,062
Offset account related to floorplan notes payable - manufacturer affiliates	0	0
Current maturities of long-term debt and short-term financing	29,817	19,133
Current operating lease liabilities	6,156
Accounts payable	288,733	218,438
Intercompany accounts payable	53,171	53,478
Accrued expenses and other current liabilities	35,781	32,611
TOTAL CURRENT LIABILITIES	591,074	505,772
Long-term debt, net of current maturities	108,348	114,794
Operating lease liabilities, net of current portion	87,264
Liabilities from interest rate risk management activities	0	0
Deferred income taxes	6,743	11,794
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	250,124	249,858
Intercompany note receivable	0	0
TOTAL STOCKHOLDERS’ EQUITY	250,124	249,858
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,043,553	$ 882,218

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]
Revenues	$ 2,808,376	$ 2,860,026
Cost of Sales	2,376,873	2,440,263
GROSS PROFIT	431,503	419,763
Selling, general and administrative expenses	327,708	324,347
Depreciation and amortization expense	16,997	16,342
INCOME (LOSS) FROM OPERATIONS	86,798	79,074
Floorplan interest expense	(15,703)	(14,087)
Other interest income (expense), net	(18,919)	(18,820)
INCOME (LOSS) BEFORE INCOME TAXES	52,176	46,167
Benefit (provision) for income taxes	(13,528)	(10,353)
Equity in earnings of subsidiaries	0	0
NET INCOME (LOSS)	38,648	35,814
Comprehensive income (loss)	(977)	17,276
Comprehensive income (loss) attributable to parent	37,671	53,090
Elimination
Condensed Income Statements, Captions [Line Items]
Revenues	0	0
Cost of Sales	0	0
GROSS PROFIT	0	0
Selling, general and administrative expenses	0	0
Depreciation and amortization expense	0	0
INCOME (LOSS) FROM OPERATIONS	0	0
Floorplan interest expense	0	0
Other interest income (expense), net	0	0
INCOME (LOSS) BEFORE INCOME TAXES	0	0
Benefit (provision) for income taxes	0	0
Equity in earnings of subsidiaries	(40,049)	(37,158)
NET INCOME (LOSS)	(40,049)	(37,158)
Comprehensive income (loss)	977	0
Comprehensive income (loss) attributable to parent	(39,072)	(37,158)
Group 1 Automotive, Inc. | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	0	0
Cost of Sales	0	0
GROSS PROFIT	0	0
Selling, general and administrative expenses	1,891	1,768
Depreciation and amortization expense	0	0
INCOME (LOSS) FROM OPERATIONS	(1,891)	(1,768)
Floorplan interest expense	0	0
Other interest income (expense), net	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(1,891)	(1,768)
Benefit (provision) for income taxes	490	424
Equity in earnings of subsidiaries	40,049	37,158
NET INCOME (LOSS)	38,648	35,814
Comprehensive income (loss)	(977)	0
Comprehensive income (loss) attributable to parent	37,671	35,814
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	2,062,782	2,088,487
Cost of Sales	1,715,865	1,752,802
GROSS PROFIT	346,917	335,685
Selling, general and administrative expenses	252,044	249,165
Depreciation and amortization expense	13,234	12,881
INCOME (LOSS) FROM OPERATIONS	81,639	73,639
Floorplan interest expense	(13,989)	(12,337)
Other interest income (expense), net	(17,175)	(17,017)
INCOME (LOSS) BEFORE INCOME TAXES	50,475	44,285
Benefit (provision) for income taxes	(12,902)	(9,780)
Equity in earnings of subsidiaries	0	0
NET INCOME (LOSS)	37,573	34,505
Comprehensive income (loss)	(4,584)	9,405
Comprehensive income (loss) attributable to parent	32,989	43,910
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	745,594	771,539
Cost of Sales	661,008	687,461
GROSS PROFIT	84,586	84,078
Selling, general and administrative expenses	73,773	73,414
Depreciation and amortization expense	3,763	3,461
INCOME (LOSS) FROM OPERATIONS	7,050	7,203
Floorplan interest expense	(1,714)	(1,750)
Other interest income (expense), net	(1,744)	(1,803)
INCOME (LOSS) BEFORE INCOME TAXES	3,592	3,650
Benefit (provision) for income taxes	(1,116)	(997)
Equity in earnings of subsidiaries	0	0
NET INCOME (LOSS)	2,476	2,653
Comprehensive income (loss)	3,607	7,871
Comprehensive income (loss) attributable to parent	$ 6,083	$ 10,524

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 127,939	$ 148,782
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	0	(71,499)
Proceeds from disposition of franchises, property and equipment	35,125	2,940
Purchases of property and equipment, including real estate	(41,711)	(47,948)
Other	(200)	140
Net cash provided by (used in) investing activities	(6,786)	(116,367)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	1,631,544	1,656,192
Repayments on credit facility - floorplan line and other	(1,697,455)	(1,702,447)
Borrowings on credit facility - acquisition line	107,777	66,945
Repayments on credit facility - acquisition line	(111,466)	(66,444)
Borrowings on other debt	20,329	65,614
Principal payments on other debt	(26,693)	(40,078)
Borrowings on debt related to real estate, net of debt issue costs	0	46,835
Principal payments on debt related to real estate	(20,864)	(37,819)
Employee stock purchase plan purchases, net of employee tax withholdings	(830)	(1,638)
Repurchases of common stock, amounts based on settlement date	0	(9,199)
Dividends paid	(4,841)	(5,495)
Borrowings (repayments) with subsidiaries	0	0
Investment in subsidiaries	0	0
Net cash provided by (used in) financing activities	(102,499)	(27,534)
Effect of exchange rate changes on cash	(519)	47
Net increase (decrease) in cash, cash equivalents and restricted cash	18,135	4,928
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	18,720	29,631
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	36,855	34,559
Group 1 Automotive, Inc. | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	32,601	35,814
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received		0
Proceeds from disposition of franchises, property and equipment	0	0
Purchases of property and equipment, including real estate	0	0
Other	(200)	0
Net cash provided by (used in) investing activities	(200)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	0	0
Repayments on credit facility - floorplan line and other	0	0
Borrowings on credit facility - acquisition line	107,777	66,945
Repayments on credit facility - acquisition line	(111,466)	(66,444)
Borrowings on other debt	0	0
Principal payments on other debt	0	(24,742)
Borrowings on debt related to real estate, net of debt issue costs		0
Principal payments on debt related to real estate	0	0
Employee stock purchase plan purchases, net of employee tax withholdings	(830)	(1,638)
Repurchases of common stock, amounts based on settlement date		(9,199)
Dividends paid	(4,841)	(5,495)
Borrowings (repayments) with subsidiaries	69,908	22,730
Investment in subsidiaries	(92,949)	(17,971)
Net cash provided by (used in) financing activities	(32,401)	(35,814)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	0	0
Guarantor Subsidiaries | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	71,795	114,862
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received		(31,414)
Proceeds from disposition of franchises, property and equipment	33,178	918
Purchases of property and equipment, including real estate	(36,614)	(34,101)
Other	0	140
Net cash provided by (used in) investing activities	(3,436)	(64,457)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	1,624,256	1,612,866
Repayments on credit facility - floorplan line and other	(1,679,425)	(1,675,917)
Borrowings on credit facility - acquisition line	0	0
Repayments on credit facility - acquisition line	0	0
Borrowings on other debt	7,288	43,326
Principal payments on other debt	(18,206)	(1,987)
Borrowings on debt related to real estate, net of debt issue costs		34,817
Principal payments on debt related to real estate	(17,702)	(31,000)
Employee stock purchase plan purchases, net of employee tax withholdings	0	0
Repurchases of common stock, amounts based on settlement date		0
Dividends paid	0	0
Borrowings (repayments) with subsidiaries	(68,496)	(50,554)
Investment in subsidiaries	92,790	16,822
Net cash provided by (used in) financing activities	(59,495)	(51,627)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	8,864	(1,222)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	4,613	10,096
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	13,477	8,874
Non-Guarantor Subsidiaries | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	23,543	(1,894)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received		(40,085)
Proceeds from disposition of franchises, property and equipment	1,947	2,022
Purchases of property and equipment, including real estate	(5,097)	(13,847)
Other	0	0
Net cash provided by (used in) investing activities	(3,150)	(51,910)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	7,288	43,326
Repayments on credit facility - floorplan line and other	(18,030)	(26,530)
Borrowings on credit facility - acquisition line	0	0
Repayments on credit facility - acquisition line	0	0
Borrowings on other debt	13,041	22,288
Principal payments on other debt	(8,487)	(13,349)
Borrowings on debt related to real estate, net of debt issue costs		12,018
Principal payments on debt related to real estate	(3,162)	(6,819)
Employee stock purchase plan purchases, net of employee tax withholdings	0	0
Repurchases of common stock, amounts based on settlement date		0
Dividends paid	0	0
Borrowings (repayments) with subsidiaries	(1,412)	27,824
Investment in subsidiaries	159	1,149
Net cash provided by (used in) financing activities	(10,603)	59,907
Effect of exchange rate changes on cash	(519)	47
Net increase (decrease) in cash, cash equivalents and restricted cash	9,271	6,150
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	14,107	19,535
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 23,378	$ 25,685

Uncategorized Items - gpi-20190

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 11,397,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 11,397,000