Group 1 Automotive (GPI) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-13461
Entity Registrant Name	Group 1 Automotive, Inc
Entity Central Index Key	0001031203
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0506313
Entity Address, Address Line One	800 Gessner,
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	647-5700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GPI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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		18,571,275

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 37,740	$ 15,932
Contracts-in-transit and vehicle receivables, net	252,529	265,660
Accounts and notes receivable, net of allowance of $3.1 million and $3.2 million, respectively	188,489	193,981
Inventories, net	1,793,671	1,844,059
Prepaid expenses and other current assets	89,705	82,734
TOTAL CURRENT ASSETS	2,362,134	2,402,366
Property and equipment, net of accumulated depreciation of $369.1 million and $347.3 million, respectively	1,422,986	1,347,835
Operating lease assets	202,719
Goodwill	963,502	963,925
Intangible franchise rights	259,540	259,630
Other assets	14,880	27,319
TOTAL ASSETS	5,225,761	5,001,075
CURRENT LIABILITIES
Floorplan notes payable — credit facility and other, net of offset account of $69.3 million and $33.6 million, respectively	1,129,877	1,258,815
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.2 million and $0.1 million, respectively	426,486	417,824
Current maturities of long-term debt	71,548	92,967
Current operating lease liabilities	23,504
Accounts payable	485,908	419,350
Accrued expenses and other current liabilities	198,017	197,609
TOTAL CURRENT LIABILITIES	2,335,340	2,386,565
Long-term debt, net of current maturities	1,295,720	1,281,489
Operating lease liabilities, net of current portion	193,421
Deferred income taxes	134,649	134,683
Other liabilities	102,566	102,644
Commitments and Contingencies (Note 10)	0	0
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, 50,000 shares authorized; 25,510 and 25,494 issued, respectively	255	255
Additional paid-in capital	288,197	292,774
Retained earnings	1,466,963	1,394,817
Accumulated other comprehensive income (loss)	(152,530)	(137,772)
Treasury stock, at cost; 6,927 and 7,172 shares, respectively	(438,820)	(454,380)
TOTAL STOCKHOLDERS’ EQUITY	1,164,065	1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 5,225,761	$ 5,001,075

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Allowance for accounts and notes receivable	$ 3.1	$ 3.2
Accumulated depreciation	369.1	347.3
Offset account related to floorplan notes payable - credit facility	(69.3)	(33.6)
Offset account related to floorplan notes payable - manufacturer affiliates	$ (0.2)	$ (0.1)
Common stock, $0.01 par value, 50,000 shares authorized; 25,510 and 25,494 issued, respectively
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000,000	50,000,000,000
Shares issued (in shares)	25,510,281,000	25,494,408,000
Treasury stock (in shares)	6,926,995,000	7,171,661,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES	$ 3,005,689	$ 2,943,462	$ 5,814,065	$ 5,803,488
COST OF SALES	2,551,436	2,505,299	4,928,309	4,945,562
GROSS PROFIT	454,253	438,163	885,756	857,926
Selling, general and administrative expenses	338,715	308,092	666,423	632,439
Depreciation and amortization expense	17,864	16,638	34,861	32,980
Asset impairments	537	4,268	537	4,268
INCOME (LOSS) FROM OPERATIONS	97,137	109,165	183,935	188,239
OTHER INCOME (EXPENSE)
Floorplan interest expense	(15,943)	(14,563)	(31,646)	(28,650)
Other interest expense, net	(17,961)	(19,414)	(36,880)	(38,234)
INCOME (LOSS) BEFORE INCOME TAXES	63,233	75,188	115,409	121,355
Benefit (provision) for income taxes	(14,008)	(18,725)	(27,536)	(29,078)
NET INCOME (LOSS)	$ 49,225	$ 56,463	$ 87,873	$ 92,277
BASIC EARNINGS (LOSS) PER SHARE	$ 2.65	$ 2.72	$ 4.74	$ 4.42
Weighted average common shares outstanding (in shares)	17,908	20,036	17,853	20,167
DILUTED EARNINGS (LOSS) PER SHARE	$ 2.64	$ 2.72	$ 4.73	$ 4.42
Weighted average common shares outstanding (in shares)	17,930	20,046	17,878	20,176
New vehicle retail sales
REVENUES	$ 1,565,375	$ 1,555,570	$ 2,979,860	$ 3,069,160
COST OF SALES	1,495,671	1,478,988	2,838,765	2,917,151
Used vehicle retail sales
REVENUES	838,896	821,853	1,658,099	1,602,423
COST OF SALES	785,604	770,639	1,556,998	1,507,714
Used vehicle wholesale sales
REVENUES	95,996	92,854	188,134	196,883
COST OF SALES	96,089	92,613	187,776	194,987
Parts and service sales
REVENUES	378,167	358,129	747,341	707,644
COST OF SALES	174,072	163,059	344,770	325,710
Finance, insurance and other, net
REVENUES	$ 127,255	$ 115,056	$ 240,631	$ 227,378

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
NET INCOME (LOSS)	$ 49,225	$ 56,463	$ 87,873	$ 92,277
Other comprehensive income (loss):
Foreign currency translation adjustment	(4,020)	(24,186)	(413)	(16,315)
Unrealized gain (loss) arising during the period, net of tax benefit (provision) of $2,937, ($1,078), $4,253, and ($3,570), respectively	(9,454)	3,414	(13,691)	11,305
Reclassification adjustment for (gain) loss included in interest expense, net of tax benefit (provision) of ($95), $336, ($203), and $813, respectively	(307)	1,062	(654)	2,576
Unrealized gain (loss) on interest rate risk management activities, net of tax	(9,761)	3,778	(14,345)	13,183
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(13,781)	(20,408)	(14,758)	(3,132)
COMPREHENSIVE INCOME (LOSS)	35,444	36,055	73,115	89,145
SG&A
Other comprehensive income (loss):
Reclassification adjustment for (gain) loss included in interest expense, net of tax benefit (provision) of ($95), $336, ($203), and $813, respectively	$ 0	$ (698)	$ 0	$ (698)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Tax (benefit) provision of unrealized gain (loss) on interest rate swap	$ (2,937)		$ (4,253)
Tax (benefit) provision of unrealized gain (loss) on interest rate swap		$ 1,078		$ 3,570
SG&A
Tax benefit (provision) of reclassification adjustment	0		0
Tax benefit (provision) of reclassification adjustment		220		220
Interest Expense
Tax benefit (provision) of reclassification adjustment	$ 95		$ 203
Tax benefit (provision) of reclassification adjustment		$ (336)		$ (813)

Condensed Consolidated Statem_4

Condensed 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)	92,277
Other comprehensive income (loss), net of taxes	(3,132)				(3,132)
Purchases of treasury stock	(51,276)					(51,276)
Net issuance of treasury shares to employee stock compensation plans (in shares)		(3)
Net issuance of treasury shares to employee stock compensation plans	12		(12,833)			12,845
Stock-based compensation	9,864		9,864
Dividends paid, net of estimated forfeitures relative to participating securities	(10,812)			(10,812)
BALANCE (in shares) at Jun. 30, 2018		25,512
BALANCE at Jun. 30, 2018	1,172,612	$ 255	288,492	1,339,185	(126,358)	(328,962)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,463
Other comprehensive income (loss), net of taxes	(20,408)				(20,408)
Purchases of treasury stock	(42,077)					(42,077)
Net issuance of treasury shares to employee stock compensation plans (in shares)		(15)
Net issuance of treasury shares to employee stock compensation plans	1,650		(1,987)			3,637
Stock-based compensation	4,235		4,235
Dividends paid, net of estimated forfeitures relative to participating securities	(5,330)			(5,330)
BALANCE (in shares) at Jun. 30, 2018		25,512
BALANCE at Jun. 30, 2018	1,172,612	$ 255	288,492	1,339,185	(126,358)	(328,962)
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)	87,873
Other comprehensive income (loss), net of taxes	(14,758)				(14,758)
Net issuance of treasury shares to employee stock compensation plans (in shares)		16
Net issuance of treasury shares to employee stock compensation plans	1,006		(14,554)			15,560
Stock-based compensation	9,977		9,977
Dividends paid, net of estimated forfeitures relative to participating securities	(9,666)			(9,666)
BALANCE (in shares) at Jun. 30, 2019		25,510
BALANCE at Jun. 30, 2019	1,164,065	$ 255	288,197	1,466,963	(152,530)	(438,820)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,225
Other comprehensive income (loss), net of taxes	(13,781)				(13,781)
Net issuance of treasury shares to employee stock compensation plans (in shares)		(12)
Net issuance of treasury shares to employee stock compensation plans	1,836		(2,828)			4,664
Stock-based compensation	3,910		3,910
Dividends paid, net of estimated forfeitures relative to participating securities	(4,838)			(4,838)
BALANCE (in shares) at Jun. 30, 2019		25,510
BALANCE at Jun. 30, 2019	$ 1,164,065	$ 255	$ 288,197	$ 1,466,963	$ (152,530)	$ (438,820)

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.26	$ 0.26	$ 0.52	$ 0.52

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 87,873	$ 92,277
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	34,861	32,980
Change in operating lease assets	14,404	0
Deferred income taxes	5,138	5,591
Asset impairments	537	4,268
Stock-based compensation	10,003	9,891
Amortization of debt discount and issue costs	2,063	1,526
(Gain) loss on disposition of assets	(5,985)	(20,686)
Other	503	65
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts payable and accrued expenses	77,347	26,121
Accounts and notes receivable	4,600	21,185
Inventories	31,688	47,272
Contracts-in-transit and vehicle receivables	12,428	56,725
Prepaid expenses and other assets	(16,500)	(9,842)
Floorplan notes payable - manufacturer affiliates	8,839	(3,535)
Deferred revenues	(302)	(732)
Operating lease liabilities	(14,549)	0
Net cash provided by (used in) operating activities	252,948	263,106
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for acquisitions, net of cash received	0	(74,865)
Proceeds from disposition of franchises, property and equipment	37,938	75,923
Purchases of property and equipment, including real estate	(109,238)	(88,230)
Other	(305)	(655)
Net cash provided by (used in) investing activities	(71,605)	(87,827)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on credit facility - floorplan line and other	3,306,530	3,323,798
Repayments on credit facility - floorplan line and other	(3,425,359)	(3,461,494)
Borrowings on credit facility - acquisition line	124,159	98,596
Repayments on credit facility - acquisition line	(117,934)	(84,884)
Debt issue costs	(3,056)
Borrowings on other debt	76,868	111,142
Principal payments on other debt	(90,187)	(75,784)
Borrowings on debt related to real estate, net of debt issue costs	33,184	54,711
Principal payments on debt related to real estate	(53,287)	(63,368)
Employee stock purchase plan purchases, net of employee tax withholdings	1,005	11
Proceeds from termination of mortgage swap	0	918
Repurchases of common stock, amounts based on settlement date	0	(51,276)
Dividends paid	(9,691)	(10,836)
Net cash provided by (used in) financing activities	(157,768)	(158,466)
Effect of exchange rate changes on cash	(755)	(2,812)
Net increase (decrease) in cash, cash equivalents and restricted cash	22,820	14,001
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	18,720	29,631
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 41,540	$ 43,632

Interim Financial Information

Interim Financial Information	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL INFORMATION	INTERIM FINANCIAL INFORMATION Business Group 1 Automotive, Inc., a Delaware corporation, (“Group 1” and together with its subsidiaries, the “Company”) 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 three states in Brazil. The Company, through its three 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 June 30, 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 overseeing the market directors and dealership general managers. In addition, as of June 30, 2019 , the Company had two international regions: (i) the U.K., which consisted of 45 dealerships and (ii) Brazil, which consisted of 17 dealerships. The operations of the Company’s international regions are structured similarly to the U.S. region. The Company’s operating results are generally subject to seasonal variations, as well as changes in the economic environment. In the U.S., we generally experience higher volumes of vehicle sales and service in the second and third calendar quarters of each year. In addition, in some regions of the U.S., vehicle purchases decline during the winter months due to inclement weather. As a result, our U.S. revenues and operating income are typically lower in the first and fourth quarters and higher in the second and third quarters. In the U.K., the first and third quarters tend to be stronger, driven by the vehicle license plate change months of March and September. In Brazil, the first quarter is generally the weakest, driven by more consumer vacations and activities associated with Carnival, while the third and fourth quarters tend to be stronger. 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 Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year, and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s most recent Annual Report on Form 10-K. Certain reclassifications have been made to prior periods to conform with current period presentation with no effect on the Company’s previously reported consolidated financial position, results of operations or cash flows. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory market adjustments, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, certain assumptions related to goodwill and intangible franchise rights, and reserves for potential legal or similar proceedings related to the Company’s business. Recent Accounting Pronouncements Accounting for Leases 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 leases with an initial term of 12 months or less 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 our dealership operating leases, the Company elected to separate lease and non-lease components and have allocated the consideration between the lease and non-lease components based on the estimated fair value of the leased component. 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 $222.6 million of operating ROU assets and $236.7 million of operating lease liabilities as of January 1, 2019. The difference between ROU assets and lease liabilities is primarily the result of prepaid rent, favorable lease assets and net unfavorable lease liabilities. Additionally, the Company recognized a $6.1 million cumulative-effect adjustment, net of deferred tax impact, to retained earnings as of January 1, 2019 resulting from the impairment of certain operating ROU assets upon 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 condensed consolidated statements of operations or consolidated statements of cash flows. For further details, see Note 11 , “Leases” . Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 tables present the Company’s revenues disaggregated by revenue source and geographical segments (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. U.K. Brazil Total U.S. U.K. Brazil Total REVENUES New vehicle retail sales $ 1,188,792 $ 302,224 $ 74,359 $ 1,565,375 $ 2,220,534 $ 620,795 $ 138,531 $ 2,979,860 Used vehicle retail sales 625,452 194,007 19,437 838,896 1,219,870 397,568 40,661 1,658,099 Used vehicle wholesale sales 44,285 46,882 4,829 95,996 87,112 92,143 8,879 188,134 Total new and used vehicle sales 1,858,529 543,113 98,625 2,500,267 3,527,516 1,110,506 188,071 4,826,093 Parts and service sales (1) 309,645 56,360 12,162 378,167 607,247 115,926 24,168 747,341 Finance, insurance and other, net (2) 110,506 14,961 1,788 127,255 206,699 30,160 3,772 240,631 Total revenues $ 2,278,680 $ 614,434 $ 112,575 $ 3,005,689 $ 4,341,462 $ 1,256,592 $ 216,011 $ 5,814,065 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. U.K. Brazil Total U.S. U.K. Brazil Total REVENUES New vehicle retail sales $ 1,146,882 $ 338,635 $ 70,053 $ 1,555,570 $ 2,236,835 $ 693,039 $ 139,286 $ 3,069,160 Used vehicle retail sales 592,007 208,108 21,738 821,853 1,155,837 400,657 45,929 1,602,423 Used vehicle wholesale sales 42,781 46,527 3,546 92,854 96,783 92,712 7,388 196,883 Total new and used vehicle sales 1,781,670 593,270 95,337 2,470,277 3,489,455 1,186,408 192,603 4,868,466 Parts and service sales (1) 288,889 57,996 11,244 358,129 573,403 111,137 23,104 707,644 Finance, insurance and other, net (2) 97,442 15,617 1,997 115,056 193,629 29,880 3,869 227,378 Total revenues $ 2,168,001 $ 666,883 $ 108,578 $ 2,943,462 $ 4,256,487 $ 1,327,425 $ 219,576 $ 5,803,488 (1) The Company has applied the optional exemption not to disclose revenue related to remaining performance obligations on our maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $9.0 million and $2.2 million during the three months ended June 30, 2019 and 2018 , and $12.2 million and $5.7 million during the six months ended June 30, 2019 and 2018 , respectively, relating to performance obligations satisfied in previous periods on our retrospective commission income contracts. Contract assets associated with revenue from the arrangement of financing and sale of service and insurance contracts totaled $20.3 million and $14.6 million as of June 30, 2019 and December 31, 2018, respectively, and are reflected in Prepaid expenses and other current assets within the Unaudited Condensed Consolidated Balance Sheets.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the six months ended June 30, 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 six months ended June 30, 2018 , the Company acquired five dealerships in the U.K., inclusive of eight franchises, and added one franchise. The Company also acquired one dealership in Brazil, representing one franchise. Additionally, the Company acquired two dealerships in the U.S., inclusive of two franchises. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, totaled $80.0 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 six months ended June 30, 2019 , the Company disposed of three dealerships representing six franchises in the U.S., three dealerships representing four franchises in the U.K, and one dealership representing one franchise in Brazil. The Company recorded a net pre-tax gain totaling $5.4 million related to these dispositions. During the six months ended June 30, 2018 , the Company disposed of one dealership in the U.S., representing two franchises, as well as one franchise in the U.K. The Company recorded a net pre-tax gain totaling $20.1 million

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
EQUITY	EQUITY Performance Awards During the six months ended June 30, 2019 under the 2014 Long-Term 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 June 30, 2019 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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. 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 and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average basic common shares outstanding 17,908 20,036 17,853 20,167 Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock 22 10 25 9 Weighted average dilutive common shares 17,930 20,046 17,878 20,176 Basic Net income (loss) $ 49,225 $ 56,463 $ 87,873 $ 92,277 Less: Earnings (loss) allocated to participating securities 1,844 1,916 3,303 3,123 Net income (loss) available to basic common shares $ 47,381 $ 54,547 $ 84,570 $ 89,154 Basic earnings (loss) per common share $ 2.65 $ 2.72 $ 4.74 $ 4.42 Diluted Net income (loss) $ 49,225 $ 56,463 $ 87,873 $ 92,277 Less: Earnings (loss) allocated to participating securities 1,842 1,916 3,299 3,123 Net income (loss) available to diluted common shares $ 47,383 $ 54,547 $ 84,574 $ 89,154 Diluted earnings (loss) per common share $ 2.64 $ 2.72 $ 4.73 $ 4.42

Cash Flow Information

Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION 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 Unaudited Condensed 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 7 , “Floorplan Notes Payable” ) are presented within Cash Flows from Operating Activities on the Unaudited Condensed 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, Cash Equivalents, and Restricted Cash The total amounts presented on the Company’s Unaudited Condensed Consolidated Statements of Cash Flows include cash, cash equivalents, and restricted cash. Restricted cash includes certain unsecured investment obligations with manufacturer-affiliated finance companies, which bear interest at a variable rate and are redeemable on demand by the Company. The following table reconciles cash and cash equivalents reported on the Company’s Unaudited Condensed Consolidated Balances Sheets to the total amounts reported on the Company’s Unaudited Condensed Consolidated Statements of Cash flows (in thousands): June 30, 2019 December 31, 2018 Cash and cash equivalents $ 37,740 $ 15,932 Restricted cash, included in Prepaid expenses and other current assets and Other assets 3,800 2,788 Total cash, cash equivalents, and restricted cash $ 41,540 $ 18,720 Non-cash Investing and Financing Activities The Company accrued for purchases of property and equipment, including real estate of $5.8 million and $8.6 million at June 30, 2019 and 2018, respectively. Additionally, the Company obtained right-of-use assets in exchange for lease obligations during the six months ended June 30, 2019. See Note 11 , “Leases” , for supplemental information on lease liabilities. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate derivatives, was $64.4 million and $62.9 million for the six months ended June 30, 2019 and 2018 , respectively. Cash paid for taxes, net of refunds, was $19.4 million and $12.8 million for the six months ended June 30, 2019 and 2018, respectively.

Floorplan Notes Payable

Floorplan Notes Payable	6 Months Ended
	Jun. 30, 2019
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in thousands): June 30, 2019 December 31, 2018 Revolving credit facility - floorplan notes payable $ 1,168,243 $ 1,251,402 Revolving credit facility - floorplan notes payable offset account (69,307 ) (33,637 ) Revolving credit facility - floorplan notes payable, net 1,098,936 1,217,765 Other non-manufacturer facilities 30,941 41,050 Floorplan notes payable - credit facility and other $ 1,129,877 $ 1,258,815 FMCC facility $ 177,673 $ 160,786 FMCC facility offset account (150 ) (100 ) FMCC facility, net 177,523 160,686 Other manufacturer affiliate facilities 248,963 257,138 Floorplan notes payable - manufacturer affiliates $ 426,486 $ 417,824 Floorplan Notes Payable - Credit Facility Revolving Credit Facility In the U.S., the Company has a $1.8 billion revolving syndicated credit arrangement that matures on June 27, 2024 (“Revolving Credit Facility”). The Revolving Credit Facility consists of two tranches: (i) a $1.75 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“Floorplan Line”), which had an outstanding balance of $1.1 billion as of June 30, 2019 reported in Floorplan notes payable - credit facility and other ; and (ii) a $360.0 million maximum capacity and $50.0 million minimum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified as long-term debt in Long-term debt, net of current maturities - see Note 8 , “Debt” , for additional discussion. The capacity under these two tranches can be re-designated within the overall $1.8 billion commitment, subject to the aforementioned limits. The weighted average interest rate on the Floorplan Line was 3.5% as of June 30, 2019 , excluding the impact of the Company’s interest rate derivative instruments. On June 27, 2019, the Company amended the Revolving Credit Facility to extend the maturity date to June 27, 2024 and reduce the number of participating financial institutions to 23 . Additionally, following the amendment, the Floorplan Line bears interest at rates equal to the London Interbank Offered Rate (“LIBOR”) plus 110 basis points for new vehicle inventory and the LIBOR plus 140 basis points for used vehicle inventory. The Acquisition Line bears interest at LIBOR or a LIBOR equivalent plus 100 to 200 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in U.S. dollars, Euros or British pound sterling. The Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed, and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company has $5.2 million of related unamortized costs as of June 30, 2019, which are included in Prepaid expenses and other current assets and Other assets on the accompanying Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable - Manufacturer Affiliates Ford Motor Credit Company Facility The Company has a $300.0 million floorplan financing arrangement with Ford Motor Credit Company for financing of new Ford vehicles in the U.S. (“FMCC Facility”). This facility bears interest at a rate of Prime plus 150 basis points minus certain incentives. The interest rate on the FMCC Facility was 7.0% before considering the applicable incentives as of June 30, 2019 . Other Manufacturer Facilities The Company has other credit facilities in the U.S., U.K., and Brazil with financial institutions affiliated with manufacturers for financing of new, used, and rental vehicle inventories. As of June 30, 2019 , borrowings outstanding under these facilities totaled $249.0 million , comprised of $116.2 million in the U.S. with interest rates that vary up to 7.0% , $116.6 million in the U.K. with annual interest rates ranging from 1.4% to 4.3% , and $16.2 million in Brazil with annual interest rates ranging from 10.8% to 14.7%

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 5.00% Senior Notes due June 1, 2022 (aggregate principal of $550,000) (1) $ 544,591 $ 543,730 5.25% Senior Notes due December 15, 2023 (aggregate principal of $300,000) (1) 297,035 296,735 Acquisition Line 38,113 31,842 Real estate related 402,828 420,022 Finance leases (2) 54,363 48,612 Other 30,338 33,515 Total debt 1,367,268 1,374,456 Less: current maturities of long-term debt and short-term financing 71,548 92,967 Long-term debt, net of current maturities $ 1,295,720 $ 1,281,489 (1) See Note 9 , “Financial Instruments and Fair Value Measurements” , for further discussion of the fair value. (2) 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 11 , “Leases” for further information. Acquisition Line The proceeds of the Acquisition Line is used for working capital, general corporate, and acquisition purposes. As of June 30, 2019 , borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as described in Note 7 , “Floorplan Notes Payable” ), totaled $38.1 million . The interest rate on this facility was 1.95% as of June 30, 2019 , representing the applicable rate for borrowings in British pound sterling. Real Estate Related The Company has mortgage loans in the U.S., U.K., and Brazil that are paid in monthly installments. As of June 30, 2019 , borrowings outstanding under these facilities totaled $402.8 million , comprised of $330.7 million in the U.S. maturing between August 2019 and November 2032 , $70.0 million in the U.K. maturing between August 2023 and September 2034 , and $2.1 million in Brazil maturing in April 2025 . The U.S. loans bear interest at fixed rates between 3.25% and 4.69% and at variable indexed rates plus a spread between 1.50% and 2.25% per annum. The U.K. and Brazil loans bear interest at variable indexed rates.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities The Company’s financial instruments consist 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. Other than the Company’s fixed rate long-term debt, the carrying amount of all significant financial instruments approximates fair value due to either the length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, and Credit Facilities The fair values of these financial instruments approximate their carrying values due to the short-term nature of these instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company’s fixed rate long-term debt primarily consists of amounts outstanding under its senior unsecured notes and mortgage facilities. The Company estimates the fair value of its senior unsecured notes using quoted prices for the identical liability (Level 1), and estimates the fair value of its mortgage facilities using a present value technique based on current market interest rates for similar type of financial instruments (Level 2). The carrying value and fair value of the Company’s fixed rate long-term debt were as follows at the dates indicated (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 5.00% Senior Notes $ 544,591 $ 556,930 $ 543,730 $ 521,626 5.25% Senior Notes 297,035 307,518 296,735 286,500 Real estate related 71,933 72,477 79,537 76,156 Total $ 913,559 $ 936,925 $ 920,002 $ 884,282 Investments 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 and Other assets in its Unaudited Condensed 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 (Level 2). See Note 6 , “Cash Flow Information” for further details regarding the Company’s investment balances. Derivative financial instruments 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 Unaudited Condensed Consolidated Statements of Operations. The Company had no gains or losses related to ineffectiveness recognized in the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 or 2018 , respectively. The Company held 26 interest rate derivative instruments in effect as of June 30, 2019 of $901.6 million in notional value that fixed its underlying one-month LIBOR at a weighted average rate of 2.3% . For the three months ended June 30, 2019 and 2018 , the Company’s interest rate hedges in effect decreased interest expense by $0.4 million and increased interest expense by $1.4 million , respectively. For the six months ended June 30, 2019 and 2018 , the Company’s interest rate hedges in effect decreased interest expense by $0.9 million and increased interest expense by $3.4 million , respectively. In addition to the $901.6 million of swaps in effect as of June 30, 2019 , the Company held five additional interest rate derivative instruments with forward start dates between December 2020 and December 2021 and expiration dates between January 2024 and December 2030 . The aggregate notional value of these five forward-starting swaps was $325.0 million , and the weighted average interest rate was 1.9% . 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 $901.6 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, within Level 2 of the hierarchy framework, as reflected in the accompanying balance sheets were as follows (in thousands): June 30, 2019 December 31, 2018 Assets from interest rate risk management activities Prepaid expenses and other current assets $ — $ 444 Other assets 1,006 13,132 Total $ 1,006 $ 13,576 Liabilities from interest rate risk management activities Accrued expenses and other current liabilities $ 748 $ 115 Other liabilities 7,294 1,696 Total $ 8,042 $ 1,811 Included in Accumulated other comprehensive income (loss) at June 30, 2019 and 2018 , were accumulated unrealized gains, net of income taxes, totaling $5.4 million and $12.5 million , respectively, related to these interest rate derivative instruments. The following tables present the impact of the Company’s interest rate derivative instruments (in thousands): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2019 2018 Interest rate derivative instruments $ (13,691 ) $ 11,305 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 Six Months Ended June 30, 2019 2018 Floorplan interest expense, net $ 618 $ (2,999 ) Other interest expense, net $ 239 $ (390 ) The net amount of loss 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 $0.7 million .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. 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. 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. Legal Proceedings As of June 30, 2019 , the Company was 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 sold a number of dealerships to third parties, and as a condition to certain of those dispositions, remains liable for the remaining lease payments of such dealerships in the event of non-payment by the purchaser. Although the Company has no reason to believe that it will be called upon to perform under any such assigned leases, the Company estimates that lessee remaining rental obligations were $41.5 million as of June 30, 2019

Leases Leases

Leases Leases	6 Months Ended
	Jun. 30, 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 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. For such leases, 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 rates 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. Additional information of the Company’s operating and finance leases are as follows (in thousands, except for lease term and discount rate information): Leases Balance Sheet Classification June 30, 2019 Assets Operating Operating lease assets $ 202,719 Finance Property and equipment, net 48,461 Total $ 251,180 Liabilities Current Operating Current operating lease liabilities $ 23,504 Finance Current maturities of long-term debt 6,225 Noncurrent Operating Operating lease liabilities, net of current portion 193,421 Finance Long-term debt, net of current maturities 48,138 Total $ 271,288 Lease Expense Income Statement Classification Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Selling, general and administrative expenses $ 10,249 $ 21,094 Variable Selling, general and administrative expenses 449 1,045 Sublease income Selling, general and administrative expenses (321 ) (641 ) Finance Amortization of lease assets Depreciation and amortization expense 1,263 2,386 Interest on lease liabilities Other interest expense, net 1,050 2,022 Net lease expense $ 12,690 $ 25,906 June 30, 2019 Maturities of Lease Liabilities Operating Leases Finance Leases 2019 (excluding the six months ended June 30, 2019) $ 16,297 $ 6,290 2020 37,710 7,630 2021 35,772 7,659 2022 31,370 7,553 2023 28,386 6,391 Thereafter 161,190 48,337 Total lease payments 310,725 83,860 Less: Interest (93,800 ) (29,497 ) Present value of lease liabilities $ 216,925 $ 54,363 Weighted-Average Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease terms Operating 11.3 years Financing 12.4 years Weighted-average discount rates Operating 6.0 % Financing 8.8 % Other Information Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 21,166 Operating cash flows from finance leases $ 2,022 Financing cash flows from finance leases $ 1,996 Right-of-use assets obtained in exchange for lease obligations Operating leases, initial recognition $ 5,280 Operating leases, modifications and remeasurements $ (10,673 ) Finance leases, initial recognition $ 436 Finance leases, modifications and remeasurements $ 8,257
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 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. For such leases, 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 rates 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. Additional information of the Company’s operating and finance leases are as follows (in thousands, except for lease term and discount rate information): Leases Balance Sheet Classification June 30, 2019 Assets Operating Operating lease assets $ 202,719 Finance Property and equipment, net 48,461 Total $ 251,180 Liabilities Current Operating Current operating lease liabilities $ 23,504 Finance Current maturities of long-term debt 6,225 Noncurrent Operating Operating lease liabilities, net of current portion 193,421 Finance Long-term debt, net of current maturities 48,138 Total $ 271,288 Lease Expense Income Statement Classification Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Selling, general and administrative expenses $ 10,249 $ 21,094 Variable Selling, general and administrative expenses 449 1,045 Sublease income Selling, general and administrative expenses (321 ) (641 ) Finance Amortization of lease assets Depreciation and amortization expense 1,263 2,386 Interest on lease liabilities Other interest expense, net 1,050 2,022 Net lease expense $ 12,690 $ 25,906 June 30, 2019 Maturities of Lease Liabilities Operating Leases Finance Leases 2019 (excluding the six months ended June 30, 2019) $ 16,297 $ 6,290 2020 37,710 7,630 2021 35,772 7,659 2022 31,370 7,553 2023 28,386 6,391 Thereafter 161,190 48,337 Total lease payments 310,725 83,860 Less: Interest (93,800 ) (29,497 ) Present value of lease liabilities $ 216,925 $ 54,363 Weighted-Average Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease terms Operating 11.3 years Financing 12.4 years Weighted-average discount rates Operating 6.0 % Financing 8.8 % Other Information Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 21,166 Operating cash flows from finance leases $ 2,022 Financing cash flows from finance leases $ 1,996 Right-of-use assets obtained in exchange for lease obligations Operating leases, initial recognition $ 5,280 Operating leases, modifications and remeasurements $ (10,673 ) Finance leases, initial recognition $ 436 Finance leases, modifications and remeasurements $ 8,257

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2019 and 2018 were as follows (in thousands): Six Months Ended June 30, 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 (413 ) (17,944 ) (18,357 ) Tax effect — 4,253 4,253 Amounts reclassified from accumulated other comprehensive income (loss) Floorplan interest expense (pre-tax) — (618 ) (618 ) Other interest expense, net (pre-tax) — (239 ) (239 ) Tax effect — 203 203 Net current period other comprehensive income (loss) (413 ) (14,345 ) (14,758 ) Balance, June 30, 2019 $ (147,121 ) $ (5,409 ) $ (152,530 ) Six Months Ended June 30, 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 (16,315 ) 14,875 (1,440 ) Tax effect — (3,570 ) (3,570 ) Amounts reclassified from accumulated other comprehensive income (loss) to Floorplan interest expense (pre-tax) — 2,999 2,999 Other interest expense (pre-tax) — 390 390 Realized gain on swap termination (pre-tax) — (918 ) (918 ) Tax effect — (593 ) (593 ) Net current period other comprehensive income (loss) (16,315 ) 13,183 (3,132 ) Balance, June 30, 2018 $ (138,867 ) $ 12,509 $ (126,358 )

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of June 30, 2019 , the Company had three reportable segments: the U.S., 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 (“CODM”) to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer. 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. reportable segment and, therefore, the corporate financial results are included within the U.S. reportable segment. Reportable segment revenues and income (loss) before income taxes were as follows for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,278,680 $ 614,434 $ 112,575 $ 3,005,689 $ 4,341,462 $ 1,256,592 $ 216,011 $ 5,814,065 Income (loss) before income taxes $ 63,843 $ (1,540 ) $ 930 $ 63,233 $ 110,210 $ 4,704 $ 495 $ 115,409 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,168,001 $ 666,883 $ 108,578 $ 2,943,462 $ 4,256,487 $ 1,327,425 $ 219,576 $ 5,803,488 Income (loss) before income taxes $ 68,942 $ 6,016 $ 230 $ 75,188 $ 109,452 $ 11,753 $ 150 $ 121,355

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATED FINANCIAL INFORMATION	CONDENSED CONSOLIDATING FINANCIAL INFORMATION The following tables include condensed consolidating financial information as of June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 and 2018 , respectively, 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 June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS Cash and cash equivalents $ — $ 8,933 $ 28,807 $ — $ 37,740 Contracts-in-transit and vehicle receivables, net — 189,490 63,039 — 252,529 Accounts and notes receivable, net — 144,432 44,057 — 188,489 Intercompany accounts receivable 38,113 15,165 — (53,278 ) — Inventories, net — 1,458,762 334,909 — 1,793,671 Prepaid expenses and other current assets 207 28,110 61,388 — 89,705 TOTAL CURRENT ASSETS 38,320 1,844,892 532,200 (53,278 ) 2,362,134 Property and equipment, net — 1,195,512 227,474 — 1,422,986 Operating lease assets — 122,336 80,383 — 202,719 Goodwill — 861,655 101,847 — 963,502 Intangible franchise rights — 224,392 35,148 — 259,540 Investment in subsidiaries 3,231,068 — — (3,231,068 ) — Other assets — 5,948 8,932 — 14,880 TOTAL ASSETS $ 3,269,388 $ 4,254,735 $ 985,984 $ (3,284,346 ) $ 5,225,761 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Floorplan notes payable — credit facility and other, net of offset account $ — $ 1,098,936 $ 30,941 $ — $ 1,129,877 Floorplan notes payable — manufacturer affiliates, net of offset account — 293,731 132,755 — 426,486 Current maturities of long-term debt — 48,754 22,794 — 71,548 Current operating lease liabilities — 17,098 6,406 — 23,504 Accounts payable — 223,755 262,153 — 485,908 Intercompany accounts payable 1,224,502 — 63,364 (1,287,866 ) — Accrued expenses and other current liabilities 165,118 32,899 — 198,017 TOTAL CURRENT LIABILITIES 1,224,502 1,847,392 551,312 (1,287,866 ) 2,335,340 Long-term debt, net of current maturities 879,739 313,092 102,889 — 1,295,720 Operating lease liabilities, net of current portion — 113,068 80,353 — 193,421 Deferred income taxes and other liabilities 1,082 229,932 6,201 — 237,215 STOCKHOLDERS’ EQUITY Group 1 stockholders’ equity 1,164,065 2,985,839 245,229 (3,231,068 ) 1,164,065 Intercompany note receivable — (1,234,588 ) — 1,234,588 — TOTAL STOCKHOLDERS’ EQUITY 1,164,065 1,751,251 245,229 (1,996,480 ) 1,164,065 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,269,388 $ 4,254,735 $ 985,984 $ (3,284,346 ) $ 5,225,761 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, net of offset account $ — $ 1,217,765 $ 41,050 $ — $ 1,258,815 Floorplan notes payable — manufacturer affiliates, net of offset account — 276,762 141,062 — 417,824 Current maturities of long-term debt — 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 and other current liabilities — 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 Deferred income taxes and other liabilities 815 224,718 11,794 — 237,327 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,278,681 $ 727,008 $ — $ 3,005,689 Cost of sales — 1,901,972 649,464 — 2,551,436 Gross profit — 376,709 77,544 — 454,253 Selling, general and administrative expenses 1,158 265,584 71,973 — 338,715 Depreciation and amortization expense — 14,178 3,686 — 17,864 Asset impairments — — 537 — 537 Income (loss) from operations (1,158 ) 96,947 1,348 — 97,137 Other income (expense) Floorplan interest expense — (14,000 ) (1,943 ) — (15,943 ) Other interest income (expense), net — (16,611 ) (1,350 ) — (17,961 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,158 ) 66,336 (1,945 ) — 63,233 Benefit (provision) for income taxes 239 (15,314 ) 1,067 — (14,008 ) Equity in earnings of subsidiaries 50,144 — — (50,144 ) — Net income (loss) $ 49,225 $ 51,022 $ (878 ) $ (50,144 ) $ 49,225 Comprehensive income (loss) (13,781 ) (9,761 ) (4,020 ) 13,781 (13,781 ) Comprehensive income (loss) attributable to parent $ 35,444 $ 41,261 $ (4,898 ) $ (36,363 ) $ 35,444 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 4,341,463 $ 1,472,602 $ — $ 5,814,065 Cost of sales — 3,617,837 1,310,472 — 4,928,309 Gross profit — 723,626 162,130 — 885,756 Selling, general and administrative expenses 3,049 517,628 145,746 — 666,423 Depreciation and amortization expense — 27,412 7,449 — 34,861 Asset impairments — — 537 — 537 Income (loss) from operations (3,049 ) 178,586 8,398 — 183,935 Other income (expense) Floorplan interest expense — (27,989 ) (3,657 ) — (31,646 ) Other interest income (expense), net — (33,786 ) (3,094 ) — (36,880 ) Income (loss) before income taxes and equity in earnings of subsidiaries (3,049 ) 116,811 1,647 — 115,409 Benefit (provision) for income taxes 729 (28,216 ) (49 ) — (27,536 ) Equity in earnings of subsidiaries 90,193 — — (90,193 ) — Net income (loss) $ 87,873 $ 88,595 $ 1,598 $ (90,193 ) $ 87,873 Comprehensive income (loss) (14,758 ) (14,345 ) (413 ) 14,758 (14,758 ) Comprehensive income (loss) attributable to parent $ 73,115 $ 74,250 $ 1,185 $ (75,435 ) $ 73,115 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,168,001 $ 775,461 $ — $ 2,943,462 Cost of sales — 1,817,331 687,968 — 2,505,299 Gross profit — 350,670 87,493 — 438,163 Selling, general and administrative expenses 635 231,923 75,534 — 308,092 Depreciation and amortization expense — 13,040 3,598 — 16,638 Asset impairments — 4,268 — — 4,268 Income (loss) from operations (635 ) 101,439 8,361 — 109,165 Other income (expense) Floorplan interest expense — (12,810 ) (1,753 ) — (14,563 ) Other interest income (expense), net — (17,331 ) (2,083 ) — (19,414 ) Income (loss) before income taxes and equity in earnings of subsidiaries (635 ) 71,298 4,525 — 75,188 Benefit (provision) for income taxes 153 (17,556 ) (1,322 ) — (18,725 ) Equity in earnings of subsidiaries 56,945 — — (56,945 ) — Net income (loss) $ 56,463 $ 53,742 $ 3,203 $ (56,945 ) $ 56,463 Comprehensive income (loss) — 3,778 (24,186 ) — (20,408 ) Comprehensive income (loss) attributable to parent $ 56,463 $ 57,520 $ (20,983 ) $ (56,945 ) $ 36,055 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 4,256,488 $ 1,547,000 $ — $ 5,803,488 Cost of sales — 3,570,133 1,375,429 — 4,945,562 Gross profit — 686,355 171,571 — 857,926 Selling, general and administrative expenses 2,403 481,088 148,948 — 632,439 Depreciation and amortization expense — 25,921 7,059 — 32,980 Asset impairments — 4,268 — — 4,268 Income (loss) from operations (2,403 ) 175,078 15,564 — 188,239 Other income (expense) Floorplan interest expense — (25,147 ) (3,503 ) — (28,650 ) Other interest income (expense), net — (34,348 ) (3,886 ) — (38,234 ) Income (loss) before income taxes and equity in earnings of subsidiaries (2,403 ) 115,583 8,175 — 121,355 Benefit (provision) for income taxes 577 (27,336 ) (2,319 ) — (29,078 ) Equity in earnings of subsidiaries 94,103 — — (94,103 ) — Net income (loss) $ 92,277 $ 88,247 $ 5,856 $ (94,103 ) $ 92,277 Comprehensive income (loss) — 13,183 (16,315 ) — (3,132 ) Comprehensive income (loss) attributable to parent $ 92,277 $ 101,430 $ (10,459 ) $ (94,103 ) $ 89,145 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 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 $ 87,873 $ 126,869 $ 38,206 $ 252,948 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposition of franchises, property and equipment — 30,935 7,003 37,938 Purchases of property and equipment, including real estate — (91,528 ) (17,710 ) (109,238 ) Other (305 ) — — (305 ) Net cash provided by (used in) investing activities (305 ) (60,593 ) (10,707 ) (71,605 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on credit facility - floorplan line and other — 3,288,391 18,139 3,306,530 Repayments on credit facility - floorplan line and other — (3,396,863 ) (28,496 ) (3,425,359 ) Borrowings on credit facility - acquisition line 124,159 — — 124,159 Repayments on credit facility - acquisition line (117,934 ) — — (117,934 ) Debt issue costs — (3,056 ) — (3,056 ) Borrowings on other debt — 18,139 58,729 76,868 Principal payments on other debt — (28,834 ) (61,353 ) (90,187 ) Borrowings on debt related to real estate — 33,184 — 33,184 Principal payments on debt related to real estate, net of debt issue costs (47,938 ) (5,349 ) (53,287 ) Employee stock purchase plan purchases, net of employee tax withholdings 1,005 — — 1,005 Dividends paid (9,691 ) — — (9,691 ) Borrowings (repayments) with subsidiaries 65,852 (75,773 ) 9,921 — Investment in subsidiaries (150,959 ) 150,794 165 — Net cash provided by (used in) financing activities (87,568 ) (61,956 ) (8,244 ) (157,768 ) Effect of exchange rate changes on cash — — (755 ) (755 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 4,320 18,500 22,820 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 4,613 14,107 18,720 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,933 $ 32,607 $ 41,540 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 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 $ 92,277 $ 155,215 $ 15,614 $ 263,106 CASH FLOWS FROM INVESTING ACTIVITIES Cash paid in acquisitions, net of cash received — (31,144 ) (43,721 ) (74,865 ) Proceeds from disposition of franchises, property and equipment — 73,785 2,138 75,923 Purchases of property and equipment, including real estate — (56,116 ) (32,114 ) (88,230 ) Other (400 ) (255 ) — (655 ) Net cash provided by (used in) investing activities (400 ) (13,730 ) (73,697 ) (87,827 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on credit facility - floorplan line and other — 3,261,353 62,445 3,323,798 Repayments on credit facility - floorplan line and other — (3,412,939 ) (48,555 ) (3,461,494 ) Borrowings on credit facility - acquisition line 98,596 — — 98,596 Repayments on credit facility - acquisition line (84,884 ) — — (84,884 ) Borrowings on other debt — 60,081 51,061 111,142 Principal payments on other debt (24,741 ) (24,209 ) (26,834 ) (75,784 ) Borrowings on debt related to real estate — 42,656 12,055 54,711 Principal payments on debt related to real estate, net of debt issue costs — (54,144 ) (9,224 ) (63,368 ) Employee stock purchase plan purchases, net of employee tax withholdings 11 — — 11 Repurchases of common stock, amounts based on settlement date (51,276 ) — — (51,276 ) Proceeds from termination of mortgage swap — 918 — 918 Dividends paid (10,836 ) — — (10,836 ) Borrowings (repayments) with subsidiaries (35,703 ) 18,141 17,562 — Investment in subsidiaries 16,956 (34,762 ) 17,806 — Net cash provided by (used in) financing activities (91,877 ) (142,905 ) 76,316 (158,466 ) Effect of exchange rate changes on cash — — (2,812 ) (2,812 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (1,420 ) 15,421 14,001 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 10,096 19,535 29,631 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,676 $ 34,956 $ 43,632

Interim Financial Information (

Interim Financial Information (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year, and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s most recent Annual Report on Form 10-K. Certain reclassifications have been made to prior periods to conform with current period presentation with no effect on the Company’s previously reported consolidated financial position, results of operations or cash flows. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory market adjustments, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, certain assumptions related to goodwill and intangible franchise rights, and reserves for potential legal or similar proceedings related to the Company’s business.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements Accounting for Leases 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 leases with an initial term of 12 months or less 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 our dealership operating leases, the Company elected to separate lease and non-lease components and have allocated the consideration between the lease and non-lease components based on the estimated fair value of the leased component. 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 $222.6 million of operating ROU assets and $236.7 million of operating lease liabilities as of January 1, 2019. The difference between ROU assets and lease liabilities is primarily the result of prepaid rent, favorable lease assets and net unfavorable lease liabilities. Additionally, the Company recognized a $6.1 million cumulative-effect adjustment, net of deferred tax impact, to retained earnings as of January 1, 2019 resulting from the impairment of certain operating ROU assets upon 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 condensed consolidated statements of operations or consolidated statements of cash flows. For further details, see Note 11 , “Leases” . Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
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	Derivative financial instruments 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,
Fair Value Measurements	Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities The Company’s financial instruments consist 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. Other than the Company’s fixed rate long-term debt, the carrying amount of all significant financial instruments approximates fair value due to either the length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, and Credit Facilities The fair values of these financial instruments approximate their carrying values due to the short-term nature of these instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company’s fixed rate long-term debt primarily consists of amounts outstanding under its senior unsecured notes and mortgage facilities. The Company estimates the fair value of its senior unsecured notes using quoted prices for the identical liability (Level 1), and estimates the fair value of its mortgage facilities using a present value technique based on current market interest rates for similar type of financial instruments (Level 2). The carrying value and fair value of the Company’s fixed rate long-term debt were as follows at the dates indicated (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 5.00% Senior Notes $ 544,591 $ 556,930 $ 543,730 $ 521,626 5.25% Senior Notes 297,035 307,518 296,735 286,500 Real estate related 71,933 72,477 79,537 76,156 Total $ 913,559 $ 936,925 $ 920,002 $ 884,282 Investments 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 and Other assets in its Unaudited Condensed 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 (Level 2). See Note 6 , “Cash Flow Information”

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues disaggregated by revenue source and geographical segment	The following tables present the Company’s revenues disaggregated by revenue source and geographical segments (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. U.K. Brazil Total U.S. U.K. Brazil Total REVENUES New vehicle retail sales $ 1,188,792 $ 302,224 $ 74,359 $ 1,565,375 $ 2,220,534 $ 620,795 $ 138,531 $ 2,979,860 Used vehicle retail sales 625,452 194,007 19,437 838,896 1,219,870 397,568 40,661 1,658,099 Used vehicle wholesale sales 44,285 46,882 4,829 95,996 87,112 92,143 8,879 188,134 Total new and used vehicle sales 1,858,529 543,113 98,625 2,500,267 3,527,516 1,110,506 188,071 4,826,093 Parts and service sales (1) 309,645 56,360 12,162 378,167 607,247 115,926 24,168 747,341 Finance, insurance and other, net (2) 110,506 14,961 1,788 127,255 206,699 30,160 3,772 240,631 Total revenues $ 2,278,680 $ 614,434 $ 112,575 $ 3,005,689 $ 4,341,462 $ 1,256,592 $ 216,011 $ 5,814,065 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. U.K. Brazil Total U.S. U.K. Brazil Total REVENUES New vehicle retail sales $ 1,146,882 $ 338,635 $ 70,053 $ 1,555,570 $ 2,236,835 $ 693,039 $ 139,286 $ 3,069,160 Used vehicle retail sales 592,007 208,108 21,738 821,853 1,155,837 400,657 45,929 1,602,423 Used vehicle wholesale sales 42,781 46,527 3,546 92,854 96,783 92,712 7,388 196,883 Total new and used vehicle sales 1,781,670 593,270 95,337 2,470,277 3,489,455 1,186,408 192,603 4,868,466 Parts and service sales (1) 288,889 57,996 11,244 358,129 573,403 111,137 23,104 707,644 Finance, insurance and other, net (2) 97,442 15,617 1,997 115,056 193,629 29,880 3,869 227,378 Total revenues $ 2,168,001 $ 666,883 $ 108,578 $ 2,943,462 $ 4,256,487 $ 1,327,425 $ 219,576 $ 5,803,488 (1) The Company has applied the optional exemption not to disclose revenue related to remaining performance obligations on our maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $9.0 million and $2.2 million during the three months ended June 30, 2019 and 2018 , and $12.2 million and $5.7 million during the six months ended June 30, 2019 and 2018 , respectively, relating to performance obligations satisfied in previous periods on our retrospective commission income contracts.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Calculation of EPS	The following table sets forth the calculation of EPS for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average basic common shares outstanding 17,908 20,036 17,853 20,167 Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock 22 10 25 9 Weighted average dilutive common shares 17,930 20,046 17,878 20,176 Basic Net income (loss) $ 49,225 $ 56,463 $ 87,873 $ 92,277 Less: Earnings (loss) allocated to participating securities 1,844 1,916 3,303 3,123 Net income (loss) available to basic common shares $ 47,381 $ 54,547 $ 84,570 $ 89,154 Basic earnings (loss) per common share $ 2.65 $ 2.72 $ 4.74 $ 4.42 Diluted Net income (loss) $ 49,225 $ 56,463 $ 87,873 $ 92,277 Less: Earnings (loss) allocated to participating securities 1,842 1,916 3,299 3,123 Net income (loss) available to diluted common shares $ 47,383 $ 54,547 $ 84,574 $ 89,154 Diluted earnings (loss) per common share $ 2.64 $ 2.72 $ 4.73 $ 4.42

Cash Flow Information (Tables)

Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Reconciliation of cash, cash equivalents, and restricted cash	The following table reconciles cash and cash equivalents reported on the Company’s Unaudited Condensed Consolidated Balances Sheets to the total amounts reported on the Company’s Unaudited Condensed Consolidated Statements of Cash flows (in thousands): June 30, 2019 December 31, 2018 Cash and cash equivalents $ 37,740 $ 15,932 Restricted cash, included in Prepaid expenses and other current assets and Other assets 3,800 2,788 Total cash, cash equivalents, and restricted cash $ 41,540 $ 18,720

Floorplan Notes Payable (Tables

Floorplan Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Line of Credit Facility [Abstract]
Schedule of Floorplan Notes Payable	The Company’s floorplan notes payable consisted of the following (in thousands): June 30, 2019 December 31, 2018 Revolving credit facility - floorplan notes payable $ 1,168,243 $ 1,251,402 Revolving credit facility - floorplan notes payable offset account (69,307 ) (33,637 ) Revolving credit facility - floorplan notes payable, net 1,098,936 1,217,765 Other non-manufacturer facilities 30,941 41,050 Floorplan notes payable - credit facility and other $ 1,129,877 $ 1,258,815 FMCC facility $ 177,673 $ 160,786 FMCC facility offset account (150 ) (100 ) FMCC facility, net 177,523 160,686 Other manufacturer affiliate facilities 248,963 257,138 Floorplan notes payable - manufacturer affiliates $ 426,486 $ 417,824

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of long-term debt	Long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 5.00% Senior Notes due June 1, 2022 (aggregate principal of $550,000) (1) $ 544,591 $ 543,730 5.25% Senior Notes due December 15, 2023 (aggregate principal of $300,000) (1) 297,035 296,735 Acquisition Line 38,113 31,842 Real estate related 402,828 420,022 Finance leases (2) 54,363 48,612 Other 30,338 33,515 Total debt 1,367,268 1,374,456 Less: current maturities of long-term debt and short-term financing 71,548 92,967 Long-term debt, net of current maturities $ 1,295,720 $ 1,281,489 (1) See Note 9 , “Financial Instruments and Fair Value Measurements” , for further discussion of the fair value. (2) 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 11 , “Leases” for further information.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of carrying value and fair value of the Company’s fixed rate long-term debt	The carrying value and fair value of the Company’s fixed rate long-term debt were as follows at the dates indicated (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 5.00% Senior Notes $ 544,591 $ 556,930 $ 543,730 $ 521,626 5.25% Senior Notes 297,035 307,518 296,735 286,500 Real estate related 71,933 72,477 79,537 76,156 Total $ 913,559 $ 936,925 $ 920,002 $ 884,282
Asset and liabilities recorded at fair value	Assets and liabilities associated with interest rate derivative instruments, within Level 2 of the hierarchy framework, as reflected in the accompanying balance sheets were as follows (in thousands): June 30, 2019 December 31, 2018 Assets from interest rate risk management activities Prepaid expenses and other current assets $ — $ 444 Other assets 1,006 13,132 Total $ 1,006 $ 13,576 Liabilities from interest rate risk management activities Accrued expenses and other current liabilities $ 748 $ 115 Other liabilities 7,294 1,696 Total $ 8,042 $ 1,811
Impact of interest rate derivative instruments	The following tables present the impact of the Company’s interest rate derivative instruments (in thousands): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2019 2018 Interest rate derivative instruments $ (13,691 ) $ 11,305 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 Six Months Ended June 30, 2019 2018 Floorplan interest expense, net $ 618 $ (2,999 ) Other interest expense, net $ 239 $ (390 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Components of operating and finance leases	Additional information of the Company’s operating and finance leases are as follows (in thousands, except for lease term and discount rate information): Leases Balance Sheet Classification June 30, 2019 Assets Operating Operating lease assets $ 202,719 Finance Property and equipment, net 48,461 Total $ 251,180 Liabilities Current Operating Current operating lease liabilities $ 23,504 Finance Current maturities of long-term debt 6,225 Noncurrent Operating Operating lease liabilities, net of current portion 193,421 Finance Long-term debt, net of current maturities 48,138 Total $ 271,288
Components of lease expense	Weighted-Average Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease terms Operating 11.3 years Financing 12.4 years Weighted-average discount rates Operating 6.0 % Financing 8.8 % Lease Expense Income Statement Classification Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Selling, general and administrative expenses $ 10,249 $ 21,094 Variable Selling, general and administrative expenses 449 1,045 Sublease income Selling, general and administrative expenses (321 ) (641 ) Finance Amortization of lease assets Depreciation and amortization expense 1,263 2,386 Interest on lease liabilities Other interest expense, net 1,050 2,022 Net lease expense $ 12,690 $ 25,906 June 30, 2019 Maturities of Lease Liabilities Operating Leases Finance Leases 2019 (excluding the six months ended June 30, 2019) $ 16,297 $ 6,290 2020 37,710 7,630 2021 35,772 7,659 2022 31,370 7,553 2023 28,386 6,391 Thereafter 161,190 48,337 Total lease payments 310,725 83,860 Less: Interest (93,800 ) (29,497 ) Present value of lease liabilities $ 216,925 $ 54,363
Maturities of operating lease liabilities	June 30, 2019 Maturities of Lease Liabilities Operating Leases Finance Leases 2019 (excluding the six months ended June 30, 2019) $ 16,297 $ 6,290 2020 37,710 7,630 2021 35,772 7,659 2022 31,370 7,553 2023 28,386 6,391 Thereafter 161,190 48,337 Total lease payments 310,725 83,860 Less: Interest (93,800 ) (29,497 ) Present value of lease liabilities $ 216,925 $ 54,363
Maturities of finance lease liabilities	June 30, 2019 Maturities of Lease Liabilities Operating Leases Finance Leases 2019 (excluding the six months ended June 30, 2019) $ 16,297 $ 6,290 2020 37,710 7,630 2021 35,772 7,659 2022 31,370 7,553 2023 28,386 6,391 Thereafter 161,190 48,337 Total lease payments 310,725 83,860 Less: Interest (93,800 ) (29,497 ) Present value of lease liabilities $ 216,925 $ 54,363
Supplemental cash flow information related to leases	Other Information Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 21,166 Operating cash flows from finance leases $ 2,022 Financing cash flows from finance leases $ 1,996 Right-of-use assets obtained in exchange for lease obligations Operating leases, initial recognition $ 5,280 Operating leases, modifications and remeasurements $ (10,673 ) Finance leases, initial recognition $ 436 Finance leases, modifications and remeasurements $ 8,257

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2019 and 2018 were as follows (in thousands): Six Months Ended June 30, 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 (413 ) (17,944 ) (18,357 ) Tax effect — 4,253 4,253 Amounts reclassified from accumulated other comprehensive income (loss) Floorplan interest expense (pre-tax) — (618 ) (618 ) Other interest expense, net (pre-tax) — (239 ) (239 ) Tax effect — 203 203 Net current period other comprehensive income (loss) (413 ) (14,345 ) (14,758 ) Balance, June 30, 2019 $ (147,121 ) $ (5,409 ) $ (152,530 ) Six Months Ended June 30, 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 (16,315 ) 14,875 (1,440 ) Tax effect — (3,570 ) (3,570 ) Amounts reclassified from accumulated other comprehensive income (loss) to Floorplan interest expense (pre-tax) — 2,999 2,999 Other interest expense (pre-tax) — 390 390 Realized gain on swap termination (pre-tax) — (918 ) (918 ) Tax effect — (593 ) (593 ) Net current period other comprehensive income (loss) (16,315 ) 13,183 (3,132 ) Balance, June 30, 2018 $ (138,867 ) $ 12,509 $ (126,358 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Reportable segment information	Reportable segment revenues and income (loss) before income taxes were as follows for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,278,680 $ 614,434 $ 112,575 $ 3,005,689 $ 4,341,462 $ 1,256,592 $ 216,011 $ 5,814,065 Income (loss) before income taxes $ 63,843 $ (1,540 ) $ 930 $ 63,233 $ 110,210 $ 4,704 $ 495 $ 115,409 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,168,001 $ 666,883 $ 108,578 $ 2,943,462 $ 4,256,487 $ 1,327,425 $ 219,576 $ 5,803,488 Income (loss) before income taxes $ 68,942 $ 6,016 $ 230 $ 75,188 $ 109,452 $ 11,753 $ 150 $ 121,355

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed consolidating balance sheet	CONDENSED CONSOLIDATED BALANCE SHEET As of June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company ASSETS CURRENT ASSETS Cash and cash equivalents $ — $ 8,933 $ 28,807 $ — $ 37,740 Contracts-in-transit and vehicle receivables, net — 189,490 63,039 — 252,529 Accounts and notes receivable, net — 144,432 44,057 — 188,489 Intercompany accounts receivable 38,113 15,165 — (53,278 ) — Inventories, net — 1,458,762 334,909 — 1,793,671 Prepaid expenses and other current assets 207 28,110 61,388 — 89,705 TOTAL CURRENT ASSETS 38,320 1,844,892 532,200 (53,278 ) 2,362,134 Property and equipment, net — 1,195,512 227,474 — 1,422,986 Operating lease assets — 122,336 80,383 — 202,719 Goodwill — 861,655 101,847 — 963,502 Intangible franchise rights — 224,392 35,148 — 259,540 Investment in subsidiaries 3,231,068 — — (3,231,068 ) — Other assets — 5,948 8,932 — 14,880 TOTAL ASSETS $ 3,269,388 $ 4,254,735 $ 985,984 $ (3,284,346 ) $ 5,225,761 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Floorplan notes payable — credit facility and other, net of offset account $ — $ 1,098,936 $ 30,941 $ — $ 1,129,877 Floorplan notes payable — manufacturer affiliates, net of offset account — 293,731 132,755 — 426,486 Current maturities of long-term debt — 48,754 22,794 — 71,548 Current operating lease liabilities — 17,098 6,406 — 23,504 Accounts payable — 223,755 262,153 — 485,908 Intercompany accounts payable 1,224,502 — 63,364 (1,287,866 ) — Accrued expenses and other current liabilities 165,118 32,899 — 198,017 TOTAL CURRENT LIABILITIES 1,224,502 1,847,392 551,312 (1,287,866 ) 2,335,340 Long-term debt, net of current maturities 879,739 313,092 102,889 — 1,295,720 Operating lease liabilities, net of current portion — 113,068 80,353 — 193,421 Deferred income taxes and other liabilities 1,082 229,932 6,201 — 237,215 STOCKHOLDERS’ EQUITY Group 1 stockholders’ equity 1,164,065 2,985,839 245,229 (3,231,068 ) 1,164,065 Intercompany note receivable — (1,234,588 ) — 1,234,588 — TOTAL STOCKHOLDERS’ EQUITY 1,164,065 1,751,251 245,229 (1,996,480 ) 1,164,065 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,269,388 $ 4,254,735 $ 985,984 $ (3,284,346 ) $ 5,225,761 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, net of offset account $ — $ 1,217,765 $ 41,050 $ — $ 1,258,815 Floorplan notes payable — manufacturer affiliates, net of offset account — 276,762 141,062 — 417,824 Current maturities of long-term debt — 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 and other current liabilities — 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 Deferred income taxes and other liabilities 815 224,718 11,794 — 237,327 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,278,681 $ 727,008 $ — $ 3,005,689 Cost of sales — 1,901,972 649,464 — 2,551,436 Gross profit — 376,709 77,544 — 454,253 Selling, general and administrative expenses 1,158 265,584 71,973 — 338,715 Depreciation and amortization expense — 14,178 3,686 — 17,864 Asset impairments — — 537 — 537 Income (loss) from operations (1,158 ) 96,947 1,348 — 97,137 Other income (expense) Floorplan interest expense — (14,000 ) (1,943 ) — (15,943 ) Other interest income (expense), net — (16,611 ) (1,350 ) — (17,961 ) Income (loss) before income taxes and equity in earnings of subsidiaries (1,158 ) 66,336 (1,945 ) — 63,233 Benefit (provision) for income taxes 239 (15,314 ) 1,067 — (14,008 ) Equity in earnings of subsidiaries 50,144 — — (50,144 ) — Net income (loss) $ 49,225 $ 51,022 $ (878 ) $ (50,144 ) $ 49,225 Comprehensive income (loss) (13,781 ) (9,761 ) (4,020 ) 13,781 (13,781 ) Comprehensive income (loss) attributable to parent $ 35,444 $ 41,261 $ (4,898 ) $ (36,363 ) $ 35,444 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 4,341,463 $ 1,472,602 $ — $ 5,814,065 Cost of sales — 3,617,837 1,310,472 — 4,928,309 Gross profit — 723,626 162,130 — 885,756 Selling, general and administrative expenses 3,049 517,628 145,746 — 666,423 Depreciation and amortization expense — 27,412 7,449 — 34,861 Asset impairments — — 537 — 537 Income (loss) from operations (3,049 ) 178,586 8,398 — 183,935 Other income (expense) Floorplan interest expense — (27,989 ) (3,657 ) — (31,646 ) Other interest income (expense), net — (33,786 ) (3,094 ) — (36,880 ) Income (loss) before income taxes and equity in earnings of subsidiaries (3,049 ) 116,811 1,647 — 115,409 Benefit (provision) for income taxes 729 (28,216 ) (49 ) — (27,536 ) Equity in earnings of subsidiaries 90,193 — — (90,193 ) — Net income (loss) $ 87,873 $ 88,595 $ 1,598 $ (90,193 ) $ 87,873 Comprehensive income (loss) (14,758 ) (14,345 ) (413 ) 14,758 (14,758 ) Comprehensive income (loss) attributable to parent $ 73,115 $ 74,250 $ 1,185 $ (75,435 ) $ 73,115 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 2,168,001 $ 775,461 $ — $ 2,943,462 Cost of sales — 1,817,331 687,968 — 2,505,299 Gross profit — 350,670 87,493 — 438,163 Selling, general and administrative expenses 635 231,923 75,534 — 308,092 Depreciation and amortization expense — 13,040 3,598 — 16,638 Asset impairments — 4,268 — — 4,268 Income (loss) from operations (635 ) 101,439 8,361 — 109,165 Other income (expense) Floorplan interest expense — (12,810 ) (1,753 ) — (14,563 ) Other interest income (expense), net — (17,331 ) (2,083 ) — (19,414 ) Income (loss) before income taxes and equity in earnings of subsidiaries (635 ) 71,298 4,525 — 75,188 Benefit (provision) for income taxes 153 (17,556 ) (1,322 ) — (18,725 ) Equity in earnings of subsidiaries 56,945 — — (56,945 ) — Net income (loss) $ 56,463 $ 53,742 $ 3,203 $ (56,945 ) $ 56,463 Comprehensive income (loss) — 3,778 (24,186 ) — (20,408 ) Comprehensive income (loss) attributable to parent $ 56,463 $ 57,520 $ (20,983 ) $ (56,945 ) $ 36,055 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 (Unaudited, in thousands) Group 1 Automotive, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elimination Total Company Revenues $ — $ 4,256,488 $ 1,547,000 $ — $ 5,803,488 Cost of sales — 3,570,133 1,375,429 — 4,945,562 Gross profit — 686,355 171,571 — 857,926 Selling, general and administrative expenses 2,403 481,088 148,948 — 632,439 Depreciation and amortization expense — 25,921 7,059 — 32,980 Asset impairments — 4,268 — — 4,268 Income (loss) from operations (2,403 ) 175,078 15,564 — 188,239 Other income (expense) Floorplan interest expense — (25,147 ) (3,503 ) — (28,650 ) Other interest income (expense), net — (34,348 ) (3,886 ) — (38,234 ) Income (loss) before income taxes and equity in earnings of subsidiaries (2,403 ) 115,583 8,175 — 121,355 Benefit (provision) for income taxes 577 (27,336 ) (2,319 ) — (29,078 ) Equity in earnings of subsidiaries 94,103 — — (94,103 ) — Net income (loss) $ 92,277 $ 88,247 $ 5,856 $ (94,103 ) $ 92,277 Comprehensive income (loss) — 13,183 (16,315 ) — (3,132 ) Comprehensive income (loss) attributable to parent $ 92,277 $ 101,430 $ (10,459 ) $ (94,103 ) $ 89,145
Condensed consolidating statement of cash flows	CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 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 $ 87,873 $ 126,869 $ 38,206 $ 252,948 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposition of franchises, property and equipment — 30,935 7,003 37,938 Purchases of property and equipment, including real estate — (91,528 ) (17,710 ) (109,238 ) Other (305 ) — — (305 ) Net cash provided by (used in) investing activities (305 ) (60,593 ) (10,707 ) (71,605 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on credit facility - floorplan line and other — 3,288,391 18,139 3,306,530 Repayments on credit facility - floorplan line and other — (3,396,863 ) (28,496 ) (3,425,359 ) Borrowings on credit facility - acquisition line 124,159 — — 124,159 Repayments on credit facility - acquisition line (117,934 ) — — (117,934 ) Debt issue costs — (3,056 ) — (3,056 ) Borrowings on other debt — 18,139 58,729 76,868 Principal payments on other debt — (28,834 ) (61,353 ) (90,187 ) Borrowings on debt related to real estate — 33,184 — 33,184 Principal payments on debt related to real estate, net of debt issue costs (47,938 ) (5,349 ) (53,287 ) Employee stock purchase plan purchases, net of employee tax withholdings 1,005 — — 1,005 Dividends paid (9,691 ) — — (9,691 ) Borrowings (repayments) with subsidiaries 65,852 (75,773 ) 9,921 — Investment in subsidiaries (150,959 ) 150,794 165 — Net cash provided by (used in) financing activities (87,568 ) (61,956 ) (8,244 ) (157,768 ) Effect of exchange rate changes on cash — — (755 ) (755 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 4,320 18,500 22,820 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 4,613 14,107 18,720 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,933 $ 32,607 $ 41,540 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 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 $ 92,277 $ 155,215 $ 15,614 $ 263,106 CASH FLOWS FROM INVESTING ACTIVITIES Cash paid in acquisitions, net of cash received — (31,144 ) (43,721 ) (74,865 ) Proceeds from disposition of franchises, property and equipment — 73,785 2,138 75,923 Purchases of property and equipment, including real estate — (56,116 ) (32,114 ) (88,230 ) Other (400 ) (255 ) — (655 ) Net cash provided by (used in) investing activities (400 ) (13,730 ) (73,697 ) (87,827 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on credit facility - floorplan line and other — 3,261,353 62,445 3,323,798 Repayments on credit facility - floorplan line and other — (3,412,939 ) (48,555 ) (3,461,494 ) Borrowings on credit facility - acquisition line 98,596 — — 98,596 Repayments on credit facility - acquisition line (84,884 ) — — (84,884 ) Borrowings on other debt — 60,081 51,061 111,142 Principal payments on other debt (24,741 ) (24,209 ) (26,834 ) (75,784 ) Borrowings on debt related to real estate — 42,656 12,055 54,711 Principal payments on debt related to real estate, net of debt issue costs — (54,144 ) (9,224 ) (63,368 ) Employee stock purchase plan purchases, net of employee tax withholdings 11 — — 11 Repurchases of common stock, amounts based on settlement date (51,276 ) — — (51,276 ) Proceeds from termination of mortgage swap — 918 — 918 Dividends paid (10,836 ) — — (10,836 ) Borrowings (repayments) with subsidiaries (35,703 ) 18,141 17,562 — Investment in subsidiaries 16,956 (34,762 ) 17,806 — Net cash provided by (used in) financing activities (91,877 ) (142,905 ) 76,316 (158,466 ) Effect of exchange rate changes on cash — — (2,812 ) (2,812 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (1,420 ) 15,421 14,001 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 10,096 19,535 29,631 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 8,676 $ 34,956 $ 43,632

Interim Financial Information -

Interim Financial Information - Business and Organization (Details)	Jun. 30, 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	45
Brazil
Business And Organization [Line Items]
Number of states in which the entity operates | states	3
Number of dealerships	17

Interim Financial Information_2

Interim Financial Information - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability	$ 216,925
Operating lease assets	$ 202,719
Topic 842
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability		$ 236,700
Operating lease assets		222,600
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 3,005,689	$ 2,943,462	$ 5,814,065	$ 5,803,488
U.S.
Disaggregation of Revenue [Line Items]
Revenues	2,278,680	2,168,001	4,341,462	4,256,487
U.K.
Disaggregation of Revenue [Line Items]
Revenues	614,434	666,883	1,256,592	1,327,425
Brazil
Disaggregation of Revenue [Line Items]
Revenues	112,575	108,578	216,011	219,576
Total new and used vehicle sales
Disaggregation of Revenue [Line Items]
Revenues	2,500,267	2,470,277	4,826,093	4,868,466
Total new and used vehicle sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	1,858,529	1,781,670	3,527,516	3,489,455
Total new and used vehicle sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	543,113	593,270	1,110,506	1,186,408
Total new and used vehicle sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	98,625	95,337	188,071	192,603
New vehicle retail sales
Disaggregation of Revenue [Line Items]
Revenues	1,565,375	1,555,570	2,979,860	3,069,160
New vehicle retail sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	1,188,792	1,146,882	2,220,534	2,236,835
New vehicle retail sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	302,224	338,635	620,795	693,039
New vehicle retail sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	74,359	70,053	138,531	139,286
Used vehicle retail sales
Disaggregation of Revenue [Line Items]
Revenues	838,896	821,853	1,658,099	1,602,423
Used vehicle retail sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	625,452	592,007	1,219,870	1,155,837
Used vehicle retail sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	194,007	208,108	397,568	400,657
Used vehicle retail sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	19,437	21,738	40,661	45,929
Used vehicle wholesale sales
Disaggregation of Revenue [Line Items]
Revenues	95,996	92,854	188,134	196,883
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	44,285	42,781	87,112	96,783
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	46,882	46,527	92,143	92,712
Used vehicle wholesale sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	4,829	3,546	8,879	7,388
Parts and service sales
Disaggregation of Revenue [Line Items]
Revenues	378,167	358,129	747,341	707,644
Parts and service sales | U.S.
Disaggregation of Revenue [Line Items]
Revenues	309,645	288,889	607,247	573,403
Parts and service sales | U.K.
Disaggregation of Revenue [Line Items]
Revenues	56,360	57,996	115,926	111,137
Parts and service sales | Brazil
Disaggregation of Revenue [Line Items]
Revenues	12,162	11,244	24,168	23,104
Finance, insurance and other, net
Disaggregation of Revenue [Line Items]
Revenues	127,255	115,056	240,631	227,378
Variable consideration recognized relating to performance obligations satisfied in previous period	9,000	2,200	12,200	5,700
Finance, insurance and other, net | U.S.
Disaggregation of Revenue [Line Items]
Revenues	110,506	97,442	206,699	193,629
Finance, insurance and other, net | U.K.
Disaggregation of Revenue [Line Items]
Revenues	14,961	15,617	30,160	29,880
Finance, insurance and other, net | Brazil
Disaggregation of Revenue [Line Items]
Revenues	$ 1,788	$ 1,997	$ 3,772	$ 3,869

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Service and Insurance Contracts | Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Contract assets associated with revenue	$ 20.3	$ 14.6

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)franchisedealership	Jun. 30, 2018USD ($)franchisedealership
Acquisitions and Dispositions (Textual) [Abstract]
Aggregate consideration paid | $		$ 80
Cash received in acquisition | $		5.1
Number of dealerships disposed | dealership	1
Number of franchises disposed	1
Net gain on dispositions | $	$ 5.4	$ 20.1
U.S.
Acquisitions and Dispositions (Textual) [Abstract]
Number of dealerships opened | dealership	1	1
Number of franchises awarded	1
Number of dealerships acquired | dealership		2
Number of franchises acquired		2
Number of dealerships disposed | dealership	3
Number of franchises disposed	6	2
U.K.
Acquisitions and Dispositions (Textual) [Abstract]
Number of franchises awarded	1	8
Number of dealerships acquired | dealership	1	5
Number of franchises added		1
Number of dealerships disposed	3	1
Number of franchises disposed	4
Brazil
Acquisitions and Dispositions (Textual) [Abstract]
Number of dealerships acquired | dealership		1
Number of franchises acquired		1

Equity - Narrative (Details)

Equity - Narrative (Details) - Performance Award - Long Term Incentive Plan	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Stock-based Compensation Plans (Textual) [Abstract]
Awards granted to employees (in shares) | shares	30,555
Weighted average grant fair value of awards granted to employees (in dollars per share) | $ / shares	$ 67.17
Performance period (in years)	2 years
Vesting period (in years)	3 years
Percent of granted shares that may be earned (up to)	200.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic and Diluted Earnings per share
Weighted average basic common shares outstanding (in shares)	17,908	20,036	17,853	20,167
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock (in shares)	22	10	25	9
Weighted average dilutive common shares (in shares)	17,930	20,046	17,878	20,176
Basic
Net income (loss)	$ 49,225	$ 56,463	$ 87,873	$ 92,277
Less: Earnings (loss) allocated to participating securities	1,844	1,916	3,303	3,123
Net income (loss) available to basic common shares	$ 47,381	$ 54,547	$ 84,570	$ 89,154
Basic earnings (loss) per common share (in dollars per share)	$ 2.65	$ 2.72	$ 4.74	$ 4.42
Diluted
Net income (loss)	$ 49,225	$ 56,463	$ 87,873	$ 92,277
Less: Earnings (loss) allocated to participating securities	1,842	1,916	3,299	3,123
Net income (loss) available to diluted common shares	$ 47,383	$ 54,547	$ 84,574	$ 89,154
Diluted earnings (loss) per common share (in dollars per share)	$ 2.64	$ 2.72	$ 4.73	$ 4.42

Cash Flow Information (Details)

Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Finance percentage (up to)	85.00%
Cash and cash equivalents	$ 37,740		$ 15,932
Restricted cash, included in Prepaid expenses and other current assets and Other assets	3,800		2,788
Total cash, cash equivalents, and restricted cash	41,540	$ 43,632	$ 18,720	$ 29,631
Accrued purchase of property and equipment, including real estate	5,800	8,600
Cash paid for interest	64,400	62,900
Cash paid for taxes, net of refunds	$ 19,400	$ 12,800

Floorplan Notes Payable - Sched

Floorplan Notes Payable - Schedule of Floorplan Notes Payable (Details) - Line of credit - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revolving credit facility - floorplan notes payable
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 1,168,243	$ 1,251,402
Long-term debt, offset	(69,307)	(33,637)
Long-term debt	1,098,936	1,217,765
Other non-manufacturer facilities
Line of Credit Facility [Line Items]
Long-term debt	30,941	41,050
Floorplan notes payable - credit facility and other
Line of Credit Facility [Line Items]
Long-term debt	1,129,877	1,258,815
FMCC facility
Line of Credit Facility [Line Items]
Long-term debt, gross	177,673	160,786
Long-term debt, offset	(150)	(100)
Long-term debt	177,523	160,686
Other manufacturer affiliate facilities
Line of Credit Facility [Line Items]
Long-term debt	248,963	257,138
Floorplan notes payable - manufacturer affiliates
Line of Credit Facility [Line Items]
Long-term debt	$ 426,486	$ 417,824

Floorplan Notes Payable (Detail

Floorplan Notes Payable (Details)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 27, 2019financial_institution	Dec. 31, 2018USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,800,000,000
Unamortized discount	5,200,000
FMCC facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000
Interest rate (as a percentage)	7.00%
Basis spread on variable rate (as a percentage)	1.50%
Other Credit Facilities
Line of Credit Facility [Line Items]
Outstanding balance	$ 249,000,000
Floorplan Line
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,750,000,000
Outstanding balance	$ 1,100,000,000
Number of financial institutions | financial_institution		23
Weighted average interest rate (as a percentage)	3.50%
Commitment fee (as a percentage)	0.15%
Acquisition Line
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 360,000,000
Outstanding balance	38,113,000		$ 31,842,000
Minimum borrowing capacity	$ 50,000,000
Interest rate (as a percentage)	1.95%
Acquisition Line | Minimum
Line of Credit Facility [Line Items]
Commitment fee (as a percentage)	0.15%
Acquisition Line | Maximum
Line of Credit Facility [Line Items]
Commitment fee (as a percentage)	0.40%
UK Credit Facilities
Line of Credit Facility [Line Items]
Outstanding balance	$ 116,600,000
UK Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Interest rate (as a percentage)	1.40%
UK Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Interest rate (as a percentage)	4.30%
Brazilian Credit Facilities
Line of Credit Facility [Line Items]
Outstanding balance	$ 16,200,000
Brazilian Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Interest rate (as a percentage)	10.80%
Brazilian Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Interest rate (as a percentage)	14.70%
Rental Vehicles Financed through Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	$ 116,200,000
Rental Vehicles Financed through Credit Facility | Maximum
Line of Credit Facility [Line Items]
Interest rate (as a percentage)	7.00%
LIBOR | New Vehicles
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percentage)	1.10%
LIBOR | Used Vehicles
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percentage)	1.40%
LIBOR | Acquisition Line | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percentage)	1.00%
LIBOR | Acquisition Line | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percentage)	2.00%

Debt - Composition of Long-Term

Debt - Composition of Long-Term Debt (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Real estate related and other long-term debt	$ 30,338,000	$ 33,515,000
Finance leases	54,363,000
Finance leases		48,612,000
Long-term debt	1,367,268,000	1,374,456,000
Less: current maturities of long-term debt	71,548,000	92,967,000
Long-term debt, net of current maturities	1,295,720,000	1,281,489,000
Acquisition Line
Debt Instrument [Line Items]
Acquisition line	38,113,000	31,842,000
5.00% Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 544,591,000	543,730,000
Interest rate (as a percentage)	5.00%
Aggregate principal amount	$ 550,000,000	550,000,000
5.25% Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 297,035,000	296,735,000
Interest rate (as a percentage)	5.25%
Aggregate principal amount	$ 300,000,000	300,000,000
Real estate related
Debt Instrument [Line Items]
Real estate related and other long-term debt	$ 402,828,000	$ 420,022,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Real estate related
Debt Instrument [Line Items]
Borrowings outstanding	$ 402,800
U.S. Notes
Debt Instrument [Line Items]
Borrowings outstanding	330,700
U.K. Notes
Debt Instrument [Line Items]
Borrowings outstanding	70,000
Brazil Note
Debt Instrument [Line Items]
Borrowings outstanding	$ 2,100
5.00% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.00%
5.25% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.25%
Acquisition Line
Debt Instrument [Line Items]
Acquisition line	$ 38,113	$ 31,842
Interest rate (as a percentage)	1.95%
Minimum | U.S. Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	3.25%
Basis spread on variable rate (as a percentage)	1.50%
Maximum | U.S. Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.69%
Basis spread on variable rate (as a percentage)	2.25%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Long-term Debt Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Value
Debt Instrument [Line Items]
Debt, fair value	$ 913,559	$ 920,002
Carrying Value | 5.00% Senior Notes
Debt Instrument [Line Items]
Debt, fair value	544,591	543,730
Carrying Value | 5.25% Senior Notes
Debt Instrument [Line Items]
Debt, fair value	297,035	296,735
Carrying Value | Real estate related
Debt Instrument [Line Items]
Debt, fair value	71,933	79,537
Fair Value
Debt Instrument [Line Items]
Debt, fair value	936,925	884,282
Fair Value | 5.00% Senior Notes
Debt Instrument [Line Items]
Debt, fair value	556,930	521,626
Fair Value | 5.25% Senior Notes
Debt Instrument [Line Items]
Debt, fair value	307,518	286,500
Fair Value | Real estate related
Debt Instrument [Line Items]
Debt, fair value	$ 72,477	$ 76,156

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)swap	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)swap	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) related to hedge ineffectiveness	$ 0	$ 0	$ 0	$ 0
Increase (decrease) in floor plan interest expense due to impact of interest rate hedges	(400,000)	$ 1,400,000	(900,000)	$ 3,400,000
Maximum notional value of derivatives in effect at any time	901,600,000		901,600,000
Accumulated unrealized gains (losses), net of income taxes	5,400,000		5,400,000
Accumulated unrealized gains (losses), net of income taxes					$ 12,500,000
Amount expected to be reclassified from other comprehensive loss into earnings	$ 700,000		$ 700,000
Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional forward interest rate swaps | swap	26		26
Notional value	$ 901,600,000		$ 901,600,000
Weighted average interest rate	2.30%		2.30%
Forward Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional forward interest rate swaps | swap	5		5
Notional value	$ 325,000,000		$ 325,000,000
Weighted average interest rate	1.90%		1.90%

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Prepaid expenses and other current assets	$ 0	$ 444
Other assets	1,006	13,132
Total	1,006	13,576
Accrued expenses and other current liabilities	748	115
Other liabilities	7,294	1,696
Total	$ 8,042	$ 1,811

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income	$ (9,454)	$ 3,414	$ (13,691)	$ 11,305
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	$ 307	$ (1,062)	654	(2,576)
Floorplan interest expense, net
Derivative [Line Items]
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations			618
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations				(2,999)
Other interest expense, net
Derivative [Line Items]
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations			$ 239
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations				$ (390)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2019USD ($)
Lease Guarantee
Loss Contingencies [Line Items]
Lessee rental payment obligations	$ 41.5

Leases - Components of Operatin

Leases - Components of Operating and Finance Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Assets
Operating	$ 202,719
Finance	48,461
Total	251,180
Current
Operating	23,504
Finance	6,225
Noncurrent
Operating	193,421
Finance	48,138
Total	$ 271,288

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lease Expense
Operating	$ 10,249	$ 21,094
Variable	449	1,045
Sublease income	(321)	(641)
Finance:
Amortization of lease assets	1,263	2,386
Interest on lease liabilities	1,050	2,022
Net lease expense	$ 12,690	$ 25,906

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
2019 (excluding the six months ended June 30, 2019)	$ 16,297
2020	37,710
2021	35,772
2022	31,370
2023	28,386
Thereafter	161,190
Total lease payments	310,725
Less: Interest	(93,800)
Present value of lease liabilities	216,925
Finance Leases
2019 (excluding the six months ended June 30, 2019)	6,290
2020	7,630
2021	7,659
2022	7,553
2023	6,391
Thereafter	48,337
Total lease payments	83,860
Less: Interest	(29,497)
Present value of lease liabilities	$ 54,363

Leases - Weighted-Average Lease

Leases - Weighted-Average Lease Term and Discount Rate (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted-average remaining lease terms for operating leases	11 years 3 months 18 days
Weighted-average remaining lease terms for finance leases	12 years 4 months 24 days
Weighted-average discount rates used to determine operating lease liabilities	6.00%
Weighted-average discount rates used to determine finance lease liabilities	8.80%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 21,166
Operating cash flows from finance leases	2,022
Financing cash flows from finance leases	1,996
Right-of-use assets obtained in exchange for lease obligations
Operating leases, initial recognition	5,280
Operating leases, modifications and remeasurements	(10,673)
Finance leases, initial recognition	436
Finance leases, modifications and remeasurements	$ 8,257

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	$ 1,127,713	$ 1,178,079	$ 1,095,694	$ 1,124,282
Other comprehensive income (loss) before reclassifications
Pre-tax			(18,357)	(1,440)
Tax effect			4,253	(3,570)
Amounts reclassified from accumulated other comprehensive income (loss)
Tax effect			203	(593)
Net current period other comprehensive income (loss)	(13,781)	(20,408)	(14,758)	(3,132)
BALANCE	1,164,065	1,172,612	1,164,065	1,172,612
Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax			(618)	2,999
Other interest expense, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax			(239)	390
Realized gain on swap termination (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax				(918)
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
BALANCE	(138,749)	(105,950)	(137,772)	(123,226)
Amounts reclassified from accumulated other comprehensive income (loss)
Net current period other comprehensive income (loss)	(13,781)	(20,408)	(14,758)	(3,132)
BALANCE	(152,530)	(126,358)	(152,530)	(126,358)
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			(413)	(16,315)
Tax effect			0	0
Amounts reclassified from accumulated other comprehensive income (loss)
Tax effect			0	0
Net current period other comprehensive income (loss)			(413)	(16,315)
BALANCE	(147,121)	(138,867)	(147,121)	(138,867)
Accumulated income (loss) on foreign currency translation | Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
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)
Pre-tax			0	0
Accumulated income (loss) on foreign currency translation | Realized gain on swap termination (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax				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			(17,944)	14,875
Tax effect			4,253	(3,570)
Amounts reclassified from accumulated other comprehensive income (loss)
Tax effect			203	(593)
Net current period other comprehensive income (loss)			(14,345)	13,183
BALANCE	$ (5,409)	$ 12,509	(5,409)	12,509
Accumulated income (loss) on interest rate swaps | Floorplan interest expense (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax			(618)	2,999
Accumulated income (loss) on interest rate swaps | Other interest expense, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax			$ (239)	390
Accumulated income (loss) on interest rate swaps | Realized gain on swap termination (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss)
Pre-tax				$ (918)

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 3,005,689	$ 2,943,462	$ 5,814,065	$ 5,803,488
Income (loss) before income taxes	63,233	75,188	115,409	121,355
U.S.
Segment Reporting Information [Line Items]
Revenues	2,278,680	2,168,001	4,341,462	4,256,487
Income (loss) before income taxes	63,843	68,942	110,210	109,452
U.K.
Segment Reporting Information [Line Items]
Revenues	614,434	666,883	1,256,592	1,327,425
Income (loss) before income taxes	(1,540)	6,016	4,704	11,753
Brazil
Segment Reporting Information [Line Items]
Revenues	112,575	108,578	216,011	219,576
Income (loss) before income taxes	$ 930	$ 230	$ 495	$ 150

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Narrative (Details)	Jun. 30, 2019
5.00% Senior Notes
Condensed Financial Statements, Captions [Line Items]
Interest rate (as a percentage)	5.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 37,740		$ 15,932
Contracts-in-transit and vehicle receivables, net	252,529		265,660
Accounts and notes receivable, net of allowance	188,489		193,981
Intercompany accounts receivable	0		0
Inventories, net	1,793,671		1,844,059
Prepaid expenses and other current assets	89,705		82,734
TOTAL CURRENT ASSETS	2,362,134		2,402,366
Property and equipment, net of accumulated depreciation	1,422,986		1,347,835
Operating lease assets	202,719
Goodwill	963,502		963,925
Intangible franchise rights	259,540		259,630
Investment in subsidiaries	0		0
Other assets	14,880		27,319
TOTAL ASSETS	5,225,761		5,001,075
CURRENT LIABILITIES
Floorplan notes payable - credit facility and other, net of offset account	1,129,877		1,258,815
Floorplan notes payable — manufacturer affiliates, net of offset account	426,486		417,824
Current maturities of long-term debt	71,548		92,967
Current operating lease liabilities	23,504
Accounts payable	485,908		419,350
Intercompany accounts payable	0		0
Accrued expenses and other current liabilities	198,017		197,609
TOTAL CURRENT LIABILITIES	2,335,340		2,386,565
Long-term debt, net of current maturities	1,295,720		1,281,489
Operating lease liabilities, net of current portion	193,421
Deferred income taxes and other liabilities	237,215		237,327
STOCKHOLDERS’ EQUITY
Group 1 stockholders’ equity	1,164,065	$ 1,127,713	1,095,694	$ 1,172,612	$ 1,178,079	$ 1,124,282
Intercompany note receivable	0		0
TOTAL STOCKHOLDERS’ EQUITY	1,164,065		1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	5,225,761		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 of allowance	0		0
Intercompany accounts receivable	(53,278)		(53,478)
Inventories, net	0		0
Prepaid expenses and other current assets	0		0
TOTAL CURRENT ASSETS	(53,278)		(53,478)
Property and equipment, net of accumulated depreciation	0		0
Operating lease assets	0
Goodwill	0		0
Intangible franchise rights	0		0
Investment in subsidiaries	(3,231,068)		(3,100,931)
Other assets	0		0
TOTAL ASSETS	(3,284,346)		(3,154,409)
CURRENT LIABILITIES
Floorplan notes payable - credit facility and other, net of offset account	0		0
Floorplan notes payable — manufacturer affiliates, net of offset account	0		0
Current maturities of long-term debt	0		0
Current operating lease liabilities	0
Accounts payable	0		0
Intercompany accounts payable	(1,287,866)		(1,218,427)
Accrued expenses and other current liabilities	0		0
TOTAL CURRENT LIABILITIES	(1,287,866)		(1,218,427)
Long-term debt, net of current maturities	0		0
Operating lease liabilities, net of current portion	0
Deferred income taxes and other liabilities	0		0
STOCKHOLDERS’ EQUITY
Group 1 stockholders’ equity	(3,231,068)		(3,100,931)
Intercompany note receivable	1,234,588		1,164,949
TOTAL STOCKHOLDERS’ EQUITY	(1,996,480)		(1,935,982)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	(3,284,346)		(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 of allowance	0		0
Intercompany accounts receivable	38,113		31,842
Inventories, net	0		0
Prepaid expenses and other current assets	207		992
TOTAL CURRENT ASSETS	38,320		32,834
Property and equipment, net of accumulated depreciation	0		0
Operating lease assets	0
Goodwill	0		0
Intangible franchise rights	0		0
Investment in subsidiaries	3,231,068		3,100,931
Other assets	0		0
TOTAL ASSETS	3,269,388		3,133,765
CURRENT LIABILITIES
Floorplan notes payable - credit facility and other, net of offset account	0		0
Floorplan notes payable — manufacturer affiliates, net of offset account	0		0
Current maturities of long-term debt	0		0
Current operating lease liabilities	0
Accounts payable	0		0
Intercompany accounts payable	1,224,502		1,164,949
Accrued expenses and other current liabilities			0
TOTAL CURRENT LIABILITIES	1,224,502		1,164,949
Long-term debt, net of current maturities	879,739		872,307
Operating lease liabilities, net of current portion	0
Deferred income taxes and other liabilities	1,082		815
STOCKHOLDERS’ EQUITY
Group 1 stockholders’ equity	1,164,065		1,095,694
Intercompany note receivable	0		0
TOTAL STOCKHOLDERS’ EQUITY	1,164,065		1,095,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	3,269,388		3,133,765
Guarantor Subsidiaries | Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	8,933		4,613
Contracts-in-transit and vehicle receivables, net	189,490		232,095
Accounts and notes receivable, net of allowance	144,432		153,871
Intercompany accounts receivable	15,165		21,636
Inventories, net	1,458,762		1,468,422
Prepaid expenses and other current assets	28,110		32,118
TOTAL CURRENT ASSETS	1,844,892		1,912,755
Property and equipment, net of accumulated depreciation	1,195,512		1,124,559
Operating lease assets	122,336
Goodwill	861,655		861,628
Intangible franchise rights	224,392		224,394
Investment in subsidiaries	0		0
Other assets	5,948		16,165
TOTAL ASSETS	4,254,735		4,139,501
CURRENT LIABILITIES
Floorplan notes payable - credit facility and other, net of offset account	1,098,936		1,217,765
Floorplan notes payable — manufacturer affiliates, net of offset account	293,731		276,762
Current maturities of long-term debt	48,754		73,834
Current operating lease liabilities	17,098
Accounts payable	223,755		200,912
Intercompany accounts payable	0		0
Accrued expenses and other current liabilities	165,118		164,998
TOTAL CURRENT LIABILITIES	1,847,392		1,934,271
Long-term debt, net of current maturities	313,092		294,388
Operating lease liabilities, net of current portion	113,068
Deferred income taxes and other liabilities	229,932		224,718
STOCKHOLDERS’ EQUITY
Group 1 stockholders’ equity	2,985,839		2,851,073
Intercompany note receivable	(1,234,588)		(1,164,949)
TOTAL STOCKHOLDERS’ EQUITY	1,751,251		1,686,124
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	4,254,735		4,139,501
Non-Guarantor Subsidiaries | Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	28,807		11,319
Contracts-in-transit and vehicle receivables, net	63,039		33,565
Accounts and notes receivable, net of allowance	44,057		40,110
Intercompany accounts receivable	0		0
Inventories, net	334,909		375,637
Prepaid expenses and other current assets	61,388		49,624
TOTAL CURRENT ASSETS	532,200		510,255
Property and equipment, net of accumulated depreciation	227,474		223,276
Operating lease assets	80,383
Goodwill	101,847		102,297
Intangible franchise rights	35,148		35,236
Investment in subsidiaries	0		0
Other assets	8,932		11,154
TOTAL ASSETS	985,984		882,218
CURRENT LIABILITIES
Floorplan notes payable - credit facility and other, net of offset account	30,941		41,050
Floorplan notes payable — manufacturer affiliates, net of offset account	132,755		141,062
Current maturities of long-term debt	22,794		19,133
Current operating lease liabilities	6,406
Accounts payable	262,153		218,438
Intercompany accounts payable	63,364		53,478
Accrued expenses and other current liabilities	32,899		32,611
TOTAL CURRENT LIABILITIES	551,312		505,772
Long-term debt, net of current maturities	102,889		114,794
Operating lease liabilities, net of current portion	80,353
Deferred income taxes and other liabilities	6,201		11,794
STOCKHOLDERS’ EQUITY
Group 1 stockholders’ equity	245,229		249,858
Intercompany note receivable	0		0
TOTAL STOCKHOLDERS’ EQUITY	245,229		249,858
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 985,984		$ 882,218

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Revenues	$ 3,005,689	$ 2,943,462	$ 5,814,065	$ 5,803,488
Cost of sales	2,551,436	2,505,299	4,928,309	4,945,562
GROSS PROFIT	454,253	438,163	885,756	857,926
Selling, general and administrative expenses	338,715	308,092	666,423	632,439
Depreciation and amortization expense	17,864	16,638	34,861	32,980
Asset impairments	537	4,268	537	4,268
INCOME (LOSS) FROM OPERATIONS	97,137	109,165	183,935	188,239
Floorplan interest expense	(15,943)	(14,563)	(31,646)	(28,650)
Other interest income (expense), net	(17,961)	(19,414)	(36,880)	(38,234)
INCOME (LOSS) BEFORE INCOME TAXES	63,233	75,188	115,409	121,355
Benefit (provision) for income taxes	(14,008)	(18,725)	(27,536)	(29,078)
Equity in earnings of subsidiaries	0	0	0	0
NET INCOME (LOSS)	49,225	56,463	87,873	92,277
Comprehensive income (loss)	(13,781)	(20,408)	(14,758)	(3,132)
Comprehensive income (loss) attributable to parent	35,444	36,055	73,115	89,145
Elimination
Condensed Income Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost of sales	0	0	0	0
GROSS PROFIT	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Asset impairments	0	0	0	0
INCOME (LOSS) FROM OPERATIONS	0	0	0	0
Floorplan interest expense	0	0	0	0
Other interest income (expense), net	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings of subsidiaries	(50,144)	(56,945)	(90,193)	(94,103)
NET INCOME (LOSS)	(50,144)	(56,945)	(90,193)	(94,103)
Comprehensive income (loss)	13,781	0	14,758	0
Comprehensive income (loss) attributable to parent	(36,363)	(56,945)	(75,435)	(94,103)
Group 1 Automotive, Inc.
Condensed Income Statements, Captions [Line Items]
Revenues			0	0
Cost of sales			0	0
GROSS PROFIT			0	0
Selling, general and administrative expenses			3,049	2,403
Depreciation and amortization expense			0	0
Asset impairments			0	0
INCOME (LOSS) FROM OPERATIONS			(3,049)	(2,403)
Floorplan interest expense			0	0
Other interest income (expense), net			0	0
INCOME (LOSS) BEFORE INCOME TAXES			(3,049)	(2,403)
Benefit (provision) for income taxes			729	577
Equity in earnings of subsidiaries			90,193	94,103
NET INCOME (LOSS)			87,873	92,277
Comprehensive income (loss)			(14,758)	0
Comprehensive income (loss) attributable to parent			73,115	92,277
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	1,158	635
Depreciation and amortization expense	0	0
Asset impairments	0	0
INCOME (LOSS) FROM OPERATIONS	(1,158)	(635)
Floorplan interest expense	0	0
Other interest income (expense), net	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(1,158)	(635)
Benefit (provision) for income taxes	239	153
Equity in earnings of subsidiaries	50,144	56,945
NET INCOME (LOSS)	49,225	56,463
Comprehensive income (loss)	(13,781)	0
Comprehensive income (loss) attributable to parent	35,444	56,463
Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues			4,341,463	4,256,488
Cost of sales			3,617,837	3,570,133
GROSS PROFIT			723,626	686,355
Selling, general and administrative expenses			517,628	481,088
Depreciation and amortization expense			27,412	25,921
Asset impairments			0	4,268
INCOME (LOSS) FROM OPERATIONS			178,586	175,078
Floorplan interest expense			(27,989)	(25,147)
Other interest income (expense), net			(33,786)	(34,348)
INCOME (LOSS) BEFORE INCOME TAXES			116,811	115,583
Benefit (provision) for income taxes			(28,216)	(27,336)
Equity in earnings of subsidiaries			0	0
NET INCOME (LOSS)			88,595	88,247
Comprehensive income (loss)			(14,345)	13,183
Comprehensive income (loss) attributable to parent			74,250	101,430
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	2,278,681	2,168,001
Cost of sales	1,901,972	1,817,331
GROSS PROFIT	376,709	350,670
Selling, general and administrative expenses	265,584	231,923
Depreciation and amortization expense	14,178	13,040
Asset impairments	0	4,268
INCOME (LOSS) FROM OPERATIONS	96,947	101,439
Floorplan interest expense	(14,000)	(12,810)
Other interest income (expense), net	(16,611)	(17,331)
INCOME (LOSS) BEFORE INCOME TAXES	66,336	71,298
Benefit (provision) for income taxes	(15,314)	(17,556)
Equity in earnings of subsidiaries	0	0
NET INCOME (LOSS)	51,022	53,742
Comprehensive income (loss)	(9,761)	3,778
Comprehensive income (loss) attributable to parent	41,261	57,520
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues			1,472,602	1,547,000
Cost of sales			1,310,472	1,375,429
GROSS PROFIT			162,130	171,571
Selling, general and administrative expenses			145,746	148,948
Depreciation and amortization expense			7,449	7,059
Asset impairments			537	0
INCOME (LOSS) FROM OPERATIONS			8,398	15,564
Floorplan interest expense			(3,657)	(3,503)
Other interest income (expense), net			(3,094)	(3,886)
INCOME (LOSS) BEFORE INCOME TAXES			1,647	8,175
Benefit (provision) for income taxes			(49)	(2,319)
Equity in earnings of subsidiaries			0	0
NET INCOME (LOSS)			1,598	5,856
Comprehensive income (loss)			(413)	(16,315)
Comprehensive income (loss) attributable to parent			$ 1,185	$ (10,459)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	727,008	775,461
Cost of sales	649,464	687,968
GROSS PROFIT	77,544	87,493
Selling, general and administrative expenses	71,973	75,534
Depreciation and amortization expense	3,686	3,598
Asset impairments	537	0
INCOME (LOSS) FROM OPERATIONS	1,348	8,361
Floorplan interest expense	(1,943)	(1,753)
Other interest income (expense), net	(1,350)	(2,083)
INCOME (LOSS) BEFORE INCOME TAXES	(1,945)	4,525
Benefit (provision) for income taxes	1,067	(1,322)
Equity in earnings of subsidiaries	0	0
NET INCOME (LOSS)	(878)	3,203
Comprehensive income (loss)	(4,020)	(24,186)
Comprehensive income (loss) attributable to parent	$ (4,898)	$ (20,983)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$ 252,948	$ 263,106
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid in acquisitions, net of cash received	0	(74,865)
Proceeds from disposition of franchises, property and equipment	37,938	75,923
Purchases of property and equipment, including real estate	(109,238)	(88,230)
Other		(655)
Other	(305)	(655)
Net cash provided by (used in) investing activities	(71,605)	(87,827)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on credit facility - floorplan line and other	3,306,530	3,323,798
Repayments on credit facility - floorplan line and other	(3,425,359)	(3,461,494)
Borrowings on credit facility - acquisition line	124,159	98,596
Repayments on credit facility - acquisition line	(117,934)	(84,884)
Debt issue costs	(3,056)		$ 0
Borrowings on other debt	76,868	111,142
Principal payments on other debt	(90,187)	(75,784)
Borrowings on debt related to real estate, net of debt issue costs	33,184	54,711
Principal payments on debt related to real estate	(53,287)	(63,368)
Employee stock purchase plan purchases, net of employee tax withholdings	1,005	11
Repurchases of common stock, amounts based on settlement date	0	(51,276)
Proceeds from termination of mortgage swap	0	918
Dividends paid	(9,691)	(10,836)
Borrowings (repayments) with subsidiaries	0	0
Investment in subsidiaries	0	0
Net cash provided by (used in) financing activities	(157,768)	(158,466)
Effect of exchange rate changes on cash	(755)	(2,812)
Net increase (decrease) in cash, cash equivalents and restricted cash	22,820	14,001
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	18,720	29,631
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	41,540	43,632
Group 1 Automotive, Inc. | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	87,873	92,277
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		(400)
Other	(305)
Net cash provided by (used in) investing activities	(305)	(400)
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	124,159	98,596
Repayments on credit facility - acquisition line	(117,934)	(84,884)
Debt issue costs	0
Borrowings on other debt	0	0
Principal payments on other debt	0	(24,741)
Borrowings on debt related to real estate, net of debt issue costs	0	0
Principal payments on debt related to real estate		0
Employee stock purchase plan purchases, net of employee tax withholdings	1,005	11
Repurchases of common stock, amounts based on settlement date		(51,276)
Proceeds from termination of mortgage swap		0
Dividends paid	(9,691)	(10,836)
Borrowings (repayments) with subsidiaries	65,852	(35,703)
Investment in subsidiaries	(150,959)	16,956
Net cash provided by (used in) financing activities	(87,568)	(91,877)
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	126,869	155,215
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid in acquisitions, net of cash received		(31,144)
Proceeds from disposition of franchises, property and equipment	30,935	73,785
Purchases of property and equipment, including real estate	(91,528)	(56,116)
Other		(255)
Other	0
Net cash provided by (used in) investing activities	(60,593)	(13,730)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on credit facility - floorplan line and other	3,288,391	3,261,353
Repayments on credit facility - floorplan line and other	(3,396,863)	(3,412,939)
Borrowings on credit facility - acquisition line	0	0
Repayments on credit facility - acquisition line	0	0
Debt issue costs	(3,056)
Borrowings on other debt	18,139	60,081
Principal payments on other debt	(28,834)	(24,209)
Borrowings on debt related to real estate, net of debt issue costs	33,184	42,656
Principal payments on debt related to real estate	(47,938)	(54,144)
Employee stock purchase plan purchases, net of employee tax withholdings	0	0
Repurchases of common stock, amounts based on settlement date		0
Proceeds from termination of mortgage swap		918
Dividends paid	0	0
Borrowings (repayments) with subsidiaries	(75,773)	18,141
Investment in subsidiaries	150,794	(34,762)
Net cash provided by (used in) financing activities	(61,956)	(142,905)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	4,320	(1,420)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	4,613	10,096
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	8,933	8,676
Non-Guarantor Subsidiaries | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	38,206	15,614
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid in acquisitions, net of cash received		(43,721)
Proceeds from disposition of franchises, property and equipment	7,003	2,138
Purchases of property and equipment, including real estate	(17,710)	(32,114)
Other		0
Other	0
Net cash provided by (used in) investing activities	(10,707)	(73,697)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on credit facility - floorplan line and other	18,139	62,445
Repayments on credit facility - floorplan line and other	(28,496)	(48,555)
Borrowings on credit facility - acquisition line	0	0
Repayments on credit facility - acquisition line	0	0
Debt issue costs	0
Borrowings on other debt	58,729	51,061
Principal payments on other debt	(61,353)	(26,834)
Borrowings on debt related to real estate, net of debt issue costs	0	12,055
Principal payments on debt related to real estate	(5,349)	(9,224)
Employee stock purchase plan purchases, net of employee tax withholdings	0	0
Repurchases of common stock, amounts based on settlement date		0
Proceeds from termination of mortgage swap		0
Dividends paid	0	0
Borrowings (repayments) with subsidiaries	9,921	17,562
Investment in subsidiaries	165	17,806
Net cash provided by (used in) financing activities	(8,244)	76,316
Effect of exchange rate changes on cash	(755)	(2,812)
Net increase (decrease) in cash, cash equivalents and restricted cash	18,500	15,421
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	14,107	19,535
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 32,607	$ 34,956

Uncategorized Items - a2019q2fo

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