Group 1 Automotive (GPI) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-13461
Entity Registrant Name	Group 1 Automotive, Inc
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 Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,074,057
Entity Central Index Key	0001031203
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 198.7	$ 87.3
Contracts-in-transit and vehicle receivables, net	222.5	211.2
Accounts and notes receivable, net	196.8	200
Inventories	1,030.2	1,468
Prepaid expenses	22.3	19.4
Other current assets	19.4	18.4
TOTAL CURRENT ASSETS	1,689.8	2,004.2
Property and equipment, net of accumulated depreciation of $491.1 and $460.2, respectively	1,645.9	1,608.2
Operating lease assets	213.2	209.9
Goodwill	1,018.7	997.1
Intangible franchise rights	236.4	232.8
Other long-term assets	51.7	37.2
TOTAL ASSETS	4,855.9	5,089.4
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $326.1 and $160.4, respectively	224.5	767.6
Floorplan notes payable — manufacturer affiliates, net of offset account of $— and $16.0, respectively	274	327.5
Current maturities of long-term debt	59.4	56.7
Current operating lease liabilities	22	21.5
Accounts payable	424.4	442.6
Accrued expenses and other current liabilities	267.8	226.9
TOTAL CURRENT LIABILITIES	1,272	1,842.7
Long-term debt	1,322	1,294.7
Long-term operating lease liabilities	208.1	207.6
Deferred income taxes	156.4	141
Other long-term liabilities	143.4	153.8
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,357,677 and 25,433,048 shares issued, respectively	0.3	0.3
Additional paid-in capital	313.6	308.3
Retained earnings	2,099.1	1,817.9
Accumulated other comprehensive income (loss)	(155.9)	(184)
Treasury stock, at cost; 7,282,827 and 7,342,546 shares, respectively	(503.1)	(492.8)
TOTAL STOCKHOLDERS’ EQUITY	1,754	1,449.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 4,855.9	$ 5,089.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Accumulated depreciation	$ 491.1	$ 460.2
Offset account related to floorplan notes payable - credit facility	326.1	160.4
Offset account related to floorplan notes payable - manufacturer affiliates	$ 0	$ 16
STOCKHOLDERS’ EQUITY:
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	25,357,677	25,433,048
Treasury stock (in shares)	7,282,827	7,342,546

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES	$ 3,700.4	$ 2,131.2	$ 6,710.5	$ 4,822
COST OF SALES	3,039.2	1,772.4	5,558.5	4,046.7
GROSS PROFIT	661.3	358.8	1,151.9	775.3
Selling, general and administrative expenses	376.7	237.2	695.2	565.1
Depreciation and amortization expense	18.8	18.8	38.3	37.4
Asset impairments	0	23.8	0	23.8
INCOME FROM OPERATIONS	265.8	79	418.5	148.9
Floorplan interest expense	8.8	10.1	16.4	23
Other interest expense, net	13.7	16.2	27.5	34.3
Loss on extinguishment of debt	0	10.4	0	10.4
INCOME BEFORE INCOME TAXES	243.2	42.3	374.6	81.2
Provision for income taxes	52.3	12.2	81.7	21.3
NET INCOME	$ 191	$ 30.2	$ 292.9	$ 60
BASIC EARNINGS PER SHARE (in dollars per share)	$ 10.40	$ 1.64	$ 15.94	$ 3.25
Weighted average common shares outstanding (in shares)	17,747,518	17,771,447	17,752,577	17,767,449
DILUTED EARNINGS PER SHARE (in dollars per share)	$ 10.35	$ 1.63	$ 15.88	$ 3.25
Weighted average dilutive common shares outstanding (in shares)	17,829,470	17,811,613	17,826,794	17,809,937
New vehicle retail sales
REVENUES	$ 1,855.3	$ 1,062.7	$ 3,398.7	$ 2,404.8
COST OF SALES	1,690	998.9	3,134.4	2,278.3
Used vehicle retail sales
REVENUES	1,195.6	641.2	2,094.4	1,420.3
COST OF SALES	1,086.5	594.9	1,925.7	1,331.8
Used vehicle wholesale sales
REVENUES	96.4	48.7	176.6	135.2
COST OF SALES	87.2	46.6	163.5	132.1
Parts and service sales
REVENUES	392.1	282	752.8	652.6
COST OF SALES	175.4	132	335	304.5
Finance, insurance and other, net
REVENUES	$ 161	$ 96.7	$ 288	$ 209.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 191	$ 30.2	$ 292.9	$ 60
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment	7.2	(2.5)	4.9	(30.4)
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain (loss) arising during the period, net of tax benefit (provision) of $3.4, $1.5, $(5.1) and $11.2, respectively	(11.1)	(7)	16.7	(38.6)
Reclassification adjustment for loss included in interest expense, net of tax benefit of $0.6, $0.7, $1.3 and $0.9, respectively	1.9	2.1	4.2	2.7
Reclassification related to de-designated interest rate swaps net of tax benefit of $0.7, $—, $0.7 and $—, respectively	2.4	0	2.4	0
Unrealized gain (loss) on interest rate risk management activities, net of tax	(6.9)	(4.9)	23.3	(36)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	0.3	(7.3)	28.1	(66.4)
COMPREHENSIVE INCOME (LOSS)	$ 191.2	$ 22.8	$ 321	$ (6.4)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain (loss) arising during the period, tax (benefit) provision	$ 3.4	$ 1.5	$ (5.1)	$ 11.2
Tax provision of reclassification adjustment	0.6	0.7	1.3	0.9
Reclassification of de-designated interest rate swaps net of tax benefit (provision)	$ 0.7	$ 0	$ 0.7	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2019	$ 1,255.7	$ 0.3	$ 295.3	$ 1,542.4	$ (147)	$ (435.3)
BALANCE (in shares) at Dec. 31, 2019		25,486,711
Increase (Decrease) in Stockholders' Equity
Net income	60			60
Other comprehensive income (loss), net of taxes	(66.4)				(66.4)
Purchases of treasury stock	(48.9)					(48.9)
Net issuance of treasury shares to stock compensation plans	(0.7)		(17)			16.3
Net issuance of treasury shares to stock compensation plans (in shares)		(47,129)
Stock-based compensation	21.7		21.7
Dividends declared	(5.5)			(5.5)
Ending balance at Jun. 30, 2020	$ 1,215.9	$ 0.3	300	1,596.9	(213.3)	(467.9)
BALANCE (in shares) at Jun. 30, 2020		25,439,581
Increase (Decrease) in Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.30
Beginning balance at Mar. 31, 2020	$ 1,174.6	$ 0.3	287.8	1,566.7	(206)	(474.1)
BALANCE (in shares) at Mar. 31, 2020		25,448,275
Increase (Decrease) in Stockholders' Equity
Net income	30.2			30.2
Other comprehensive income (loss), net of taxes	(7.3)				(7.3)
Net issuance of treasury shares to stock compensation plans	1.8		(4.4)			6.2
Net issuance of treasury shares to stock compensation plans (in shares)		(8,693)
Stock-based compensation	16.6		16.6
Ending balance at Jun. 30, 2020	1,215.9	$ 0.3	300	1,596.9	(213.3)	(467.9)
BALANCE (in shares) at Jun. 30, 2020		25,439,581
Beginning balance at Dec. 31, 2020	1,449.6	$ 0.3	308.3	1,817.9	(184)	(492.8)
BALANCE (in shares) at Dec. 31, 2020		25,433,048
Increase (Decrease) in Stockholders' Equity
Net income	292.9			292.9
Other comprehensive income (loss), net of taxes	28.1				28.1
Purchases of treasury stock	(18.6)					(18.6)
Net issuance of treasury shares to stock compensation plans	0.5		(7.9)			8.4
Net issuance of treasury shares to stock compensation plans (in shares)		(75,371)
Stock-based compensation	13.2		13.2			0
Dividends declared	(11.7)			(11.7)
Ending balance at Jun. 30, 2021	$ 1,754	$ 0.3	313.6	2,099.1	(155.9)	(503.1)
BALANCE (in shares) at Jun. 30, 2021		25,357,677
Increase (Decrease) in Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.64
Beginning balance at Mar. 31, 2021	$ 1,576.6	$ 0.3	305.7	1,914.2	(156.2)	(487.3)
BALANCE (in shares) at Mar. 31, 2021		25,367,736
Increase (Decrease) in Stockholders' Equity
Net income	191			191
Other comprehensive income (loss), net of taxes	0.3				0.3
Purchases of treasury stock	(18.6)					(18.6)
Net issuance of treasury shares to stock compensation plans	4		1.1			2.9
Net issuance of treasury shares to stock compensation plans (in shares)		(10,059)
Stock-based compensation	6.8		6.8
Dividends declared	(6)			(6)
Ending balance at Jun. 30, 2021	$ 1,754	$ 0.3	$ 313.6	$ 2,099.1	$ (155.9)	$ (503.1)
BALANCE (in shares) at Jun. 30, 2021		25,357,677
Increase (Decrease) in Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.33

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.33	$ 0.64	$ 0.30

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 292,900	$ 60,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,300	37,400
Change in operating lease assets	11,800	12,900
Deferred income taxes	4,400	(3,000)
Asset impairments	0	23,800
Stock-based compensation	13,200	21,700
Amortization of debt discount and issuance costs	1,200	1,900
Gain on disposition of assets	(2,100)	0
Loss on extinguishment of debt	0	10,400
Unrealized loss on derivative instruments	2,300	0
Other	300	1,700
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	28,900	(48,000)
Accounts and notes receivable	3,700	64,800
Inventories	444,400	536,700
Contracts-in-transit and vehicle receivables	(10,700)	77,200
Prepaid expenses and other assets	(7,200)	(4,800)
Floorplan notes payable — manufacturer affiliates	(56,600)	(90,300)
Deferred revenues	(1,000)	(300)
Operating lease liabilities	(11,800)	(13,800)
Net cash provided by operating activities	752,100	688,200
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received	(49,900)	(1,300)
Proceeds from disposition of franchises, property and equipment	19,800	600
Purchases of property and equipment	(63,800)	(60,500)
Other	100	0
Net cash used in investing activities	(93,800)	(61,200)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	4,207,300	2,946,300
Repayments on credit facility — floorplan line and other	(4,750,800)	(3,381,400)
Borrowings on credit facility — acquisition line	60,400	284,000
Repayments on credit facility — acquisition line	(32,200)	(215,200)
Debt issuance costs	0	(1,200)
Repayments of senior notes	0	(307,900)
Borrowings on other debt	89,900	229,800
Principal payments on other debt	(91,900)	(78,200)
Proceeds from employee stock purchase plan	8,000	4,500
Payments of tax withholding for stock-based awards	(7,500)	(5,100)
Repurchases of common stock, amounts based on settlement date	(18,600)	(48,900)
Dividends paid	(11,700)	(5,500)
Net cash used in financing activities	(547,100)	(579,000)
Effect of exchange rate changes on cash	200	(3,400)
Net increase in cash and cash equivalents	111,400	44,600
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	87,300	28,100
CASH AND CASH EQUIVALENTS, end of period	$ 198,700	$ 72,700

INTERIM FINANCIAL INFORMATION

INTERIM FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL INFORMATION	INTERIM FINANCIAL INFORMATION Business Group 1 Automotive, Inc., a Delaware corporation, is a leading operator in the automotive retailing industry with business activities in 15 states in the U.S., 33 towns in the U.K. and three states in Brazil. Group 1 Automotive, Inc. and its subsidiaries are collectively referred to as the “Company” in these Notes to Condensed Consolidated Financial Statements. Through its dealerships, the Company 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, 2021, the Company’s retail network consisted of 117 dealerships i n the U.S., 48 deale rships in the U.K. and 16 dealerships in Brazil. The U.S. and Brazil are led by the President, U.S. and Brazilian Operations, and the U.K. is led by an Operations Director, each reporting directly to the Company's Chief Executive Officer. The President, U.S. and Brazilian Operations, and the U.K. Operations Director are responsible for the overall performance of their respective regions, as well as for overseeing field level management. The Company’s operating results are generally subject to seasonal variations, as well as changes in the economic environment. In the U.S., the Company generally experiences 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. 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 the COVID-19 pandemic, 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. Basis of Presentation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the 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 Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc., and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. During the three months ended June 30, 2020, the Company recorded an out-of-period adjustment of $10.6 million resulting in an increase to Selling, general and administrative expenses and Additional paid-in capital to correct stock-based compensation for awards granted in prior years to retirement eligible employees not recognized timely due to the incorrect treatment of a non-substantive service condition. The impact to the three months ended June 30, 2020 was a decrease to net income of $9.7 million resulting in a decrease to diluted earnings per common share of $0.53. The effect of this adjustment on any previously reported periods was not material based on a quantitative and qualitative evaluation. Certain prior-period amounts have been reclassified to conform to current-period presentation. Specifically, the long-term liabilities associated with the Company’s interest rate swaps have been combined into the caption Other long-term liabilities in the Condensed Consolidated Balance Sheets. The reclassification within the Condensed Consolidated Balance Sheets had no effect on any subtotal in the statements. Additionally, repayments and borrowings on the Company’s real estate related and other debt have been combined within the captions Repayments on other debt and Borrowings on other debt , respectively, in the Condensed Consolidated Statements of Cash Flows. The reclassification within the Condensed Consolidated Statements of Cash Flows had no effect on any subtotal in the statements. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. 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. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances, however, actual results could differ materially from such estimates. The significant estimates made by management in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation. Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 U.S. U.K. Brazil Total U.S. U.K. Brazil Total New vehicle retail sales $ 1,504.4 $ 301.2 $ 49.8 $ 1,855.3 $ 2,750.4 $ 564.3 $ 83.9 $ 3,398.7 Used vehicle retail sales 882.9 300.9 11.8 1,195.6 1,579.4 492.5 22.5 2,094.4 Used vehicle wholesale sales 61.2 32.5 2.6 96.4 111.6 60.4 4.6 176.6 Total new and used vehicle sales 2,448.4 634.6 64.3 3,147.3 4,441.4 1,117.2 111.1 5,669.7 Parts and service sales (1) 332.6 50.3 9.2 392.1 628.9 106.8 17.1 752.8 Finance, insurance and other, net (2) 143.9 15.7 1.4 161.0 259.0 26.3 2.8 288.0 Total revenues $ 2,924.9 $ 700.7 $ 74.8 $ 3,700.4 $ 5,329.3 $ 1,250.3 $ 130.9 $ 6,710.5 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 U.S. U.K. Brazil Total U.S. U.K. Brazil Total New vehicle retail sales $ 915.7 $ 127.2 $ 19.8 $ 1,062.7 $ 1,904.1 $ 423.5 $ 77.3 $ 2,404.8 Used vehicle retail sales 540.9 92.8 7.5 641.2 1,111.2 281.6 27.4 1,420.3 Used vehicle wholesale sales 30.5 15.3 2.9 48.7 77.3 51.1 6.7 135.2 Total new and used vehicle sales 1,487.1 235.3 30.1 1,752.5 3,092.6 756.2 111.4 3,960.3 Parts and service sales (1) 254.2 21.8 5.9 282.0 558.9 78.3 15.5 652.6 Finance, insurance and other, net (2) 89.8 6.4 0.6 96.7 187.2 19.7 2.3 209.2 Total revenues $ 1,831.1 $ 263.5 $ 36.6 $ 2,131.2 $ 3,838.7 $ 854.2 $ 129.1 $ 4,822.0 (1) The Company has applied the optional exemption not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $7.7 million and $5.4 million during the three months ended June 30, 2021 and 2020, respectively, and $13.7 million and $9.3 million during the six months ended June 30, 2021 and 2020, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 7. Receivables, Net and Contract Assets for additional information on the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets and liabilities assumed based on an estimate of fair value. During the six months ended June 30, 2021, the Company acquired two dealerships representing two franchises in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, totaled $49.9 million. Goodwill associated with these acquisitions totaled $22.6 million and is deductible for U.S. income tax purposes. During the six months ended June 30, 2020, the Company acquired a collision center in the U.S., which was integrated into an existing dealership. Aggregate consideration paid was $1.3 million. Goodwill associated with this acquisition was not material. In July 2021, the Company announced the acquisition of seven dealerships representing nine franchises in the U.K. Aggregate consideration paid was approximately $36 million. Dispositions The Company’s dispositions generally consist of dealership assets and related real estate. Gains and losses on dispositions are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2021, the Company’s dispositions included two dealerships representing two franchises and one franchise disposition within an existing dealership in the U.S. The Company recorded a net pre-tax gain totaling $1.8 million related to these dispositions. The dispositions reduced goodwill by $2.2 million. The Company also terminated one franchise representing one dealership in the U.K.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of June 30, 2021 and 2020, the Company had three reportable segments: the U.S., U.K. and Brazil. The U.S. and Brazil segments are led by the President, U.S. and Brazilian Operations, and the U.K. segment is led by an Operations Director, each reporting directly to the Company's Chief Executive Officer, who is the CODM. The President, U.S. and Brazilian Operations, and the U.K. Operations Director are responsible for the overall performance of their respective regions, as well as for overseeing field level management. Each region engages in business activities and their respective operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the region and to assess performance. Each segment is comprised of retail automotive franchises that 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. Selected reportable segment data is as follows for the three and six months ended June 30, 2021 and 2020 (in millions): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,924.9 $ 700.7 $ 74.8 $ 3,700.4 $ 5,329.3 $ 1,250.3 $ 130.9 $ 6,710.5 Income before income taxes (1) $ 215.1 $ 25.2 $ 3.0 $ 243.2 $ 336.6 $ 33.6 $ 4.3 $ 374.6 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 1,831.1 $ 263.5 $ 36.6 $ 2,131.2 $ 3,838.7 $ 854.2 $ 129.1 $ 4,822.0 Income (loss) before income taxes (2) $ 74.8 $ (19.7) $ (12.8) $ 42.3 $ 117.0 $ (22.3) $ (13.4) $ 81.2 (1) For the three months ended June 30, 2021, income before income taxes includes the following: in the U.S. segment, $2.3 million non-cash loss associated with certain interest rate swaps and $0.8 million net gain on dealership and real estate transactions. For the six months ended June 30, 2021, income before income taxes includes the following: in the U.S. segment, $2.3 million non-cash loss associated with certain interest rate swaps, $2.2 million in expenses related to a winter storm, $1.7 million net gain on dealership and real estate transactions and $1.0 million net gain on legal matters; and in the U.K. segment, $0.6 million net loss on dealership and real estate transactions.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s 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 that are paid in cash. The Company’s RSAs 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, 2021 and 2020 (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average basic common shares outstanding 17,747,518 17,771,447 17,752,577 17,767,449 Dilutive effect of stock-based awards and employee stock purchases 81,952 40,166 74,217 42,488 Weighted average dilutive common shares outstanding 17,829,470 17,811,613 17,826,794 17,809,937 Basic: Net income $ 191.0 $ 30.2 $ 292.9 $ 60.0 Less: Earnings allocated to participating securities 6.4 1.1 9.9 2.2 Net income available to basic common shares $ 184.5 $ 29.1 $ 283.0 $ 57.8 Basic earnings per common share $ 10.40 $ 1.64 $ 15.94 $ 3.25 Diluted: Net income $ 191.0 $ 30.2 $ 292.9 $ 60.0 Less: Earnings allocated to participating securities 6.4 1.1 9.9 2.1 Net income available to diluted common shares $ 184.5 $ 29.1 $ 283.0 $ 57.8 Diluted earnings per common share $ 10.35 $ 1.63 $ 15.88 $ 3.25

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
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. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates. Demand Notes The Company periodically invests in demand notes with manufacturer-affiliated finance companies that bear interest at variable rates determined by the manufacturers and represent unsecured, unsubordinated and unguaranteed debt obligations of the manufacturers. The instruments are redeemable on demand by the Company and therefore the Company has classified these instruments as Cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the carrying value of these instruments was $100.1 million and $60.0 million, respectively. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices, that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework. Fixed Rate Long-Term Debt The Company’s fixed rate long-term debt primarily consists of amounts outstanding under its senior unsecured notes and certain mortgage facilities. In August 2020, the Company issued $550.0 million in aggregate principal of 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”). The Company estimates the fair value of its 4.00% Senior Notes using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 8. Debt for further discussion of the Company’s long-term debt arrangements. The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2021 December 31, 2020 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 550.0 $ 559.3 $ 550.0 $ 567.0 Real estate related 81.0 73.9 84.3 77.0 Total $ 631.0 $ 633.2 $ 634.3 $ 644.0 (1) Carrying value excludes unamortized debt issuance costs. Derivative Financial Instruments The Company holds interest rate swaps to hedge against variability of interest payments indexed to LIBOR. The Company’s interest rate swaps are measured at fair value utilizing a one-month LIBOR forward yield curve matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation technique incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value of the interest rate swaps also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated using the spread between the one-month LIBOR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 inputs. Assets and liabilities associated with the Company’s interest rate swaps as reflected gross in the Condensed Consolidated Balance Sheets were as follows (in millions): June 30, 2021 December 31, 2020 Assets: Other current assets $ — $ 1.9 Other long-term assets 10.8 0.3 Total assets $ 10.8 $ 2.3 Liabilities: Accrued expenses and other current liabilities (1) $ 2.1 $ 4.2 Other long-term liabilities 23.0 40.6 Total liabilities $ 25.1 $ 44.8 (1) As of June 30, 2021, the entire balance consisted of the gross fair value of the de-designated swaps as described below. Interest Rate Swaps De-designated as Cash Flow Hedges All interest rate swaps had previously been designated as cash flow hedges. During the three months ended June 30, 2021, the Company de-designated five interest rate swaps due to the continued decline in the net floorplan liability balance as a result of decreased vehicle inventory levels as the Company’s manufacturers’ production is currently at reduced levels as a result of a global semiconductor chip shortage. The realized and unrealized gains or losses on the de-designated swaps for each period after de-designation are recognized within income as Floorplan interest expense in the Company’s Condensed Consolidated Statements of Operations. The Company reclassified the entire previously deferred loss associated with the de-designated swaps of $2.4 million, net of tax of $0.7 million, from Accumulated other comprehensive income (loss) into income as an adjustment to Floorplan interest expense as the remaining forecasted hedged transactions associated with these swaps were probable of not occurring due to the reduced inventory levels described above. Additionally, the Company recorded an unrealized mark-to-market gain of $1.0 million and a realized $1.0 million loss associated with these swaps within Floorplan interest expense during the three months ended June 30, 2021. As of June 30, 2021, the aggregate notional amount of these de-designated interest rate swaps was $250.0 million that fixed the underlying one-month LIBOR at a weighted average rate of 1.76%. These interest rate swaps will mature on December 31, 2021. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of Accumulated other comprehensive income (loss) . The 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 the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from Accumulated other comprehensive income (loss) into income. Amounts reclassified related to the portion of forecasted transactions deemed probable of not occurring were immaterial for the three and six months ended June 30, 2021. As of June 30, 2021, the Company held 34 interest rate swaps designated as cash flow hedges with a total notional value of $700.4 million that fixed the underlying one-month LIBOR at a weighted average rate of 1.38%. The Company also held 8 additional interest rate swaps designated as cash flow hedges with forward start dates beginning December 2021, that had an aggregate notional value of $425.0 million and a weighted average interest rate of 1.20% as of June 30, 2021. The maturity dates of the Company’s designated interest rate swaps with forward start dates range between January 2025 and December 2031. The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2021 2020 2021 2020 Interest rate swaps $ (11.1) $ (7.0) $ 16.7 $ (38.6) Amount of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Income Statement Classification Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Floorplan interest expense $ (1.4) $ (2.1) $ (3.7) $ (2.7) Other interest expense, net $ (1.0) $ (0.7) $ (1.9) $ (0.8) The amount of loss expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $9.8 million.

RECEIVABLES, NET AND CONTRACT A

RECEIVABLES, NET AND CONTRACT ASSETS	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
RECEIVABLES, NET AND CONTRACT ASSETS	RECEIVABLES, NET AND CONTRACT ASSETS The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2021 December 31, 2020 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 141.6 $ 147.1 Vehicle receivables 81.2 64.5 Total contracts-in-transit and vehicle receivables 222.8 211.5 Less: allowance for doubtful accounts 0.3 0.3 Total contracts-in-transit and vehicle receivables, net $ 222.5 $ 211.2 Accounts and notes receivable, net: Manufacturer receivables $ 94.5 $ 108.7 Parts and service receivables 59.7 53.2 F&I receivables 30.1 27.4 Other 15.3 13.8 Total accounts and notes receivable 199.6 203.1 Less: allowance for doubtful accounts 2.8 3.2 Total accounts and notes receivable, net $ 196.8 $ 200.0 Within Other current assets and Other long-term assets: Total contract assets (1) $ 39.1 $ 35.3 (1) Refer to Note 2. Revenues for further discussion of the Company’s contract asset balance. No allowance for doubtful accounts was recorded for Contract assets

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following (in millions): June 30, 2021 December 31, 2020 4.00% Senior Notes due August 15, 2028 $ 550.0 $ 550.0 Acquisition Line 76.1 47.8 Other Debt: Real estate related 623.9 619.8 Finance leases 122.4 124.8 Other 19.3 20.0 Total other debt 765.6 764.6 Total debt 1,391.7 1,362.4 Less: unamortized debt issuance costs 10.4 11.0 Less: current maturities 59.4 56.7 Total long-term debt $ 1,322.0 $ 1,294.7 Acquisition Line The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of June 30, 2021, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $76.1 million. The average interest rate on this facility was 1.05% during the three months ended June 30, 2021. Real Estate Related The Company has mortgage loans in the U.S., U.K. and Brazil that are paid in installments. As of June 30, 2021, borrowings outstanding under these facilities totaled $623.9 million, gross of debt issuance costs, comprised of $513.0 million in the U.S., $98.4 million in the U.K. and $12.6 million in Brazil.

FLOORPLAN NOTES PAYABLE

FLOORPLAN NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2021 December 31, 2020 Revolving credit facility — floorplan notes payable $ 511.5 $ 901.6 Revolving credit facility — floorplan notes payable offset account (326.1) (160.4) Revolving credit facility — floorplan notes payable, net 185.4 741.2 Other non-manufacturer facilities 39.1 26.4 Floorplan notes payable — credit facility and other, net $ 224.5 $ 767.6 FMCC Facility $ 26.8 $ 111.2 FMCC Facility offset account — (16.0) FMCC Facility, net 26.8 95.2 Other manufacturer affiliate facilities 247.2 232.3 Floorplan notes payable — manufacturer affiliates, net $ 274.0 $ 327.5 Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a $1.75 billion revolving syndicated credit arrangement with 22 participating financial institutions that matures on June 27, 2024 (“Revolving Credit Facility”). The Revolving Credit Facility consists of two tranches: (i) a $1.70 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net ; and (ii) a $349.0 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 in Long-term debt — refer to Note 8. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $1.75 billion commitment, subject to the aforementioned limits. The Acquisition Line includes a $100 million sub-limit for letters of credit. As of June 30, 2021 and December 31, 2020, the Company had $17.8 million in outstanding letters of credit. The U.S. Floorplan Line bears interest at rates equal to LIBOR plus 110 basis points for new vehicle inventory and LIBOR plus 140 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 1.18% as of June 30, 2021, excluding the impact of the Company’s interest rate derivative instruments. 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 USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. 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 had $3.1 million and $3.6 million of related unamortized debt issuance costs as of June 30, 2021 and December 31, 2020, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). This facility bears interest at the higher of the actual U.S. Prime rate or a Prime floor of 4.00%, plus 150 basis points minus certain incentives. The interest rate on the FMCC Facility was 5.50% before considering the applicable incentives as of June 30, 2021. 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, 2021, borrowings outstanding under these facilities totaled $247.2 million, comprised of $91.7 million in the U.S., with annual interest rates ranging from less than 1% to approximately 5%, $131.2 million in the U.K., with annual interest rates ranging from approximately 1% to 4%, and $24.3 million in Brazil, with annual interest rates ranging from approximately 4% to 12%. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures increased $1.4 million and decreased $2.7 million from fiscal year-end for the six months ended June 30, 2021 and 2020, respectively. Interest and Income Taxes Paid

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
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, 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, 2021, 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 From time to time, the Company sells its dealerships to third parties. In those instances where the Company did not own the real estate and was a tenant, it assigned the lease to the purchaser but remained liable as a guarantor for the remaining lease payments 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 $26.4 million as of June 30, 2021. In certain instances, the Company obtains collateral support for the rental obligations that the Company remains obligated for upon sale of a dealership to a lessee. Total associated letters of credit issued on behalf of the lessee where the Company is the beneficiary was $4.7 million as of June 30, 2021.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2021
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) were as follows (in millions): Six Months Ended June 30, 2021 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2020 $ (151.6) $ (32.5) $ (184.0) Other comprehensive income (loss) before reclassifications: Pre-tax 4.9 21.8 26.6 Tax effect — (5.1) (5.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 3.7 3.7 Other interest expense, net (pre-tax) — 1.9 1.9 Reclassification related to de-designated interest rate swaps (pre-tax) — 3.1 3.1 Benefit for income taxes — (2.0) (2.0) Net current period other comprehensive income 4.9 23.3 28.1 Balance, June 30, 2021 $ (146.7) $ (9.2) $ (155.9) Six Months Ended June 30, 2020 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2019 $ (142.9) $ (4.1) $ (147.0) Other comprehensive income (loss) before reclassifications: Pre-tax (30.4) (49.8) (80.2) Tax effect — 11.2 11.2 Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 2.7 2.7 Other interest expense (pre-tax) — 0.8 0.8 Benefit for income taxes — (0.8) (0.8) Net current period other comprehensive loss (30.4) (36.0) (66.4) Balance, June 30, 2020 $ (173.2) $ (40.1) $ (213.3)

INTERIM FINANCIAL INFORMATION (

INTERIM FINANCIAL INFORMATION (Policies)	6 Months Ended
	Jun. 30, 2021
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. GAAP for interim financial information and in accordance with the rules and regulations of the 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 Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc., and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. During the three months ended June 30, 2020, the Company recorded an out-of-period adjustment of $10.6 million resulting in an increase to Selling, general and administrative expenses and Additional paid-in capital to correct stock-based compensation for awards granted in prior years to retirement eligible employees not recognized timely due to the incorrect treatment of a non-substantive service condition. The impact to the three months ended June 30, 2020 was a decrease to net income of $9.7 million resulting in a decrease to diluted earnings per common share of $0.53. The effect of this adjustment on any previously reported periods was not material based on a quantitative and qualitative evaluation. Certain prior-period amounts have been reclassified to conform to current-period presentation. Specifically, the long-term liabilities associated with the Company’s interest rate swaps have been combined into the caption Other long-term liabilities in the Condensed Consolidated Balance Sheets. The reclassification within the Condensed Consolidated Balance Sheets had no effect on any subtotal in the statements. Additionally, repayments and borrowings on the Company’s real estate related and other debt have been combined within the captions Repayments on other debt and Borrowings on other debt , respectively, in the Condensed Consolidated Statements of Cash Flows. The reclassification within the Condensed Consolidated Statements of Cash Flows had no effect on any subtotal in the statements.
Use of Estimates	Use of EstimatesThe preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances, however, actual results could differ materially from such estimates. The significant estimates made by management in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Fair Value Measurement	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.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of revenues disaggregated by revenue source and geographical segment	The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 U.S. U.K. Brazil Total U.S. U.K. Brazil Total New vehicle retail sales $ 1,504.4 $ 301.2 $ 49.8 $ 1,855.3 $ 2,750.4 $ 564.3 $ 83.9 $ 3,398.7 Used vehicle retail sales 882.9 300.9 11.8 1,195.6 1,579.4 492.5 22.5 2,094.4 Used vehicle wholesale sales 61.2 32.5 2.6 96.4 111.6 60.4 4.6 176.6 Total new and used vehicle sales 2,448.4 634.6 64.3 3,147.3 4,441.4 1,117.2 111.1 5,669.7 Parts and service sales (1) 332.6 50.3 9.2 392.1 628.9 106.8 17.1 752.8 Finance, insurance and other, net (2) 143.9 15.7 1.4 161.0 259.0 26.3 2.8 288.0 Total revenues $ 2,924.9 $ 700.7 $ 74.8 $ 3,700.4 $ 5,329.3 $ 1,250.3 $ 130.9 $ 6,710.5 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 U.S. U.K. Brazil Total U.S. U.K. Brazil Total New vehicle retail sales $ 915.7 $ 127.2 $ 19.8 $ 1,062.7 $ 1,904.1 $ 423.5 $ 77.3 $ 2,404.8 Used vehicle retail sales 540.9 92.8 7.5 641.2 1,111.2 281.6 27.4 1,420.3 Used vehicle wholesale sales 30.5 15.3 2.9 48.7 77.3 51.1 6.7 135.2 Total new and used vehicle sales 1,487.1 235.3 30.1 1,752.5 3,092.6 756.2 111.4 3,960.3 Parts and service sales (1) 254.2 21.8 5.9 282.0 558.9 78.3 15.5 652.6 Finance, insurance and other, net (2) 89.8 6.4 0.6 96.7 187.2 19.7 2.3 209.2 Total revenues $ 1,831.1 $ 263.5 $ 36.6 $ 2,131.2 $ 3,838.7 $ 854.2 $ 129.1 $ 4,822.0 (1) The Company has applied the optional exemption not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $7.7 million and $5.4 million during the three months ended June 30, 2021 and 2020, respectively, and $13.7 million and $9.3 million during the six months ended June 30, 2021 and 2020, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 7. Receivables, Net and Contract Assets for additional information on the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of reportable segment information	Selected reportable segment data is as follows for the three and six months ended June 30, 2021 and 2020 (in millions): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 2,924.9 $ 700.7 $ 74.8 $ 3,700.4 $ 5,329.3 $ 1,250.3 $ 130.9 $ 6,710.5 Income before income taxes (1) $ 215.1 $ 25.2 $ 3.0 $ 243.2 $ 336.6 $ 33.6 $ 4.3 $ 374.6 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 U.S. U.K. Brazil Total U.S. U.K. Brazil Total Total revenues $ 1,831.1 $ 263.5 $ 36.6 $ 2,131.2 $ 3,838.7 $ 854.2 $ 129.1 $ 4,822.0 Income (loss) before income taxes (2) $ 74.8 $ (19.7) $ (12.8) $ 42.3 $ 117.0 $ (22.3) $ (13.4) $ 81.2 (1) For the three months ended June 30, 2021, income before income taxes includes the following: in the U.S. segment, $2.3 million non-cash loss associated with certain interest rate swaps and $0.8 million net gain on dealership and real estate transactions. For the six months ended June 30, 2021, income before income taxes includes the following: in the U.S. segment, $2.3 million non-cash loss associated with certain interest rate swaps, $2.2 million in expenses related to a winter storm, $1.7 million net gain on dealership and real estate transactions and $1.0 million net gain on legal matters; and in the U.K. segment, $0.6 million net loss on dealership and real estate transactions.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of calculation of EPS	The following table sets forth the calculation of EPS for the three and six months ended June 30, 2021 and 2020 (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average basic common shares outstanding 17,747,518 17,771,447 17,752,577 17,767,449 Dilutive effect of stock-based awards and employee stock purchases 81,952 40,166 74,217 42,488 Weighted average dilutive common shares outstanding 17,829,470 17,811,613 17,826,794 17,809,937 Basic: Net income $ 191.0 $ 30.2 $ 292.9 $ 60.0 Less: Earnings allocated to participating securities 6.4 1.1 9.9 2.2 Net income available to basic common shares $ 184.5 $ 29.1 $ 283.0 $ 57.8 Basic earnings per common share $ 10.40 $ 1.64 $ 15.94 $ 3.25 Diluted: Net income $ 191.0 $ 30.2 $ 292.9 $ 60.0 Less: Earnings allocated to participating securities 6.4 1.1 9.9 2.1 Net income available to diluted common shares $ 184.5 $ 29.1 $ 283.0 $ 57.8 Diluted earnings per common share $ 10.35 $ 1.63 $ 15.88 $ 3.25

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2021 December 31, 2020 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 550.0 $ 559.3 $ 550.0 $ 567.0 Real estate related 81.0 73.9 84.3 77.0 Total $ 631.0 $ 633.2 $ 634.3 $ 644.0 (1) Carrying value excludes unamortized debt issuance costs.
Schedule of assets and liabilities associated with interest rate derivative instruments	Assets and liabilities associated with the Company’s interest rate swaps as reflected gross in the Condensed Consolidated Balance Sheets were as follows (in millions): June 30, 2021 December 31, 2020 Assets: Other current assets $ — $ 1.9 Other long-term assets 10.8 0.3 Total assets $ 10.8 $ 2.3 Liabilities: Accrued expenses and other current liabilities (1) $ 2.1 $ 4.2 Other long-term liabilities 23.0 40.6 Total liabilities $ 25.1 $ 44.8 (1) As of June 30, 2021, the entire balance consisted of the gross fair value of the de-designated swaps as described below.
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2021 2020 2021 2020 Interest rate swaps $ (11.1) $ (7.0) $ 16.7 $ (38.6) Amount of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Income Statement Classification Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Floorplan interest expense $ (1.4) $ (2.1) $ (3.7) $ (2.7) Other interest expense, net $ (1.0) $ (0.7) $ (1.9) $ (0.8)

RECEIVABLES, NET AND CONTRACT_2

RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of accounts and notes receivable	The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2021 December 31, 2020 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 141.6 $ 147.1 Vehicle receivables 81.2 64.5 Total contracts-in-transit and vehicle receivables 222.8 211.5 Less: allowance for doubtful accounts 0.3 0.3 Total contracts-in-transit and vehicle receivables, net $ 222.5 $ 211.2 Accounts and notes receivable, net: Manufacturer receivables $ 94.5 $ 108.7 Parts and service receivables 59.7 53.2 F&I receivables 30.1 27.4 Other 15.3 13.8 Total accounts and notes receivable 199.6 203.1 Less: allowance for doubtful accounts 2.8 3.2 Total accounts and notes receivable, net $ 196.8 $ 200.0 Within Other current assets and Other long-term assets: Total contract assets (1) $ 39.1 $ 35.3 (1) Refer to Note 2. Revenues for further discussion of the Company’s contract asset balance. No allowance for doubtful accounts was recorded for Contract assets

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of long-term debt	Long-term debt consisted of the following (in millions): June 30, 2021 December 31, 2020 4.00% Senior Notes due August 15, 2028 $ 550.0 $ 550.0 Acquisition Line 76.1 47.8 Other Debt: Real estate related 623.9 619.8 Finance leases 122.4 124.8 Other 19.3 20.0 Total other debt 765.6 764.6 Total debt 1,391.7 1,362.4 Less: unamortized debt issuance costs 10.4 11.0 Less: current maturities 59.4 56.7 Total long-term debt $ 1,322.0 $ 1,294.7

FLOORPLAN NOTES PAYABLE (Tables

FLOORPLAN NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Line of Credit Facility [Abstract]
Schedule of floorplan notes payable	The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2021 December 31, 2020 Revolving credit facility — floorplan notes payable $ 511.5 $ 901.6 Revolving credit facility — floorplan notes payable offset account (326.1) (160.4) Revolving credit facility — floorplan notes payable, net 185.4 741.2 Other non-manufacturer facilities 39.1 26.4 Floorplan notes payable — credit facility and other, net $ 224.5 $ 767.6 FMCC Facility $ 26.8 $ 111.2 FMCC Facility offset account — (16.0) FMCC Facility, net 26.8 95.2 Other manufacturer affiliate facilities 247.2 232.3 Floorplan notes payable — manufacturer affiliates, net $ 274.0 $ 327.5

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2021
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) were as follows (in millions): Six Months Ended June 30, 2021 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2020 $ (151.6) $ (32.5) $ (184.0) Other comprehensive income (loss) before reclassifications: Pre-tax 4.9 21.8 26.6 Tax effect — (5.1) (5.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 3.7 3.7 Other interest expense, net (pre-tax) — 1.9 1.9 Reclassification related to de-designated interest rate swaps (pre-tax) — 3.1 3.1 Benefit for income taxes — (2.0) (2.0) Net current period other comprehensive income 4.9 23.3 28.1 Balance, June 30, 2021 $ (146.7) $ (9.2) $ (155.9) Six Months Ended June 30, 2020 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2019 $ (142.9) $ (4.1) $ (147.0) Other comprehensive income (loss) before reclassifications: Pre-tax (30.4) (49.8) (80.2) Tax effect — 11.2 11.2 Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 2.7 2.7 Other interest expense (pre-tax) — 0.8 0.8 Benefit for income taxes — (0.8) (0.8) Net current period other comprehensive loss (30.4) (36.0) (66.4) Balance, June 30, 2020 $ (173.2) $ (40.1) $ (213.3)

INTERIM FINANCIAL INFORMATION -

INTERIM FINANCIAL INFORMATION - Business (Details)	Jun. 30, 2021townstatedealership
U.S.
Business And Organization
Number of states in which the entity operates | state	15
Number of dealerships	117
U.K.
Business And Organization
Number of towns in which the entity operates | town	33
Number of dealerships	48
Brazil
Business And Organization
Number of states in which the entity operates | state	3
Number of dealerships	16

INTERIM FINANCIAL INFORMATION_2

INTERIM FINANCIAL INFORMATION - Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business And Organization
Selling, general and administrative expenses	$ 376.7	$ 237.2	$ 695.2	$ 565.1
Additional paid-in capital	313.6		313.6		$ 308.3
Net income (loss)	$ 191	$ 30.2	$ 292.9	$ 60
Decrease to diluted earnings per common share (in dollars per share)	$ (10.35)	$ (1.63)	$ (15.88)	$ (3.25)
Restatement Adjustment
Business And Organization
Selling, general and administrative expenses	$ 10.6
Additional paid-in capital		$ 10.6		$ 10.6
Net income (loss)	$ (9.7)
Decrease to diluted earnings per common share (in dollars per share)	$ 0.53

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue from contract with customer	$ 3,700.4	$ 2,131.2	$ 6,710.5	$ 4,822
U.S.
Disaggregation of Revenue
Revenue from contract with customer	2,924.9	1,831.1	5,329.3	3,838.7
U.K.
Disaggregation of Revenue
Revenue from contract with customer	700.7	263.5	1,250.3	854.2
Brazil
Disaggregation of Revenue
Revenue from contract with customer	74.8	36.6	130.9	129.1
Total new and used vehicle sales
Disaggregation of Revenue
Revenue from contract with customer	3,147.3	1,752.5	5,669.7	3,960.3
Total new and used vehicle sales | U.S.
Disaggregation of Revenue
Revenue from contract with customer	2,448.4	1,487.1	4,441.4	3,092.6
Total new and used vehicle sales | U.K.
Disaggregation of Revenue
Revenue from contract with customer	634.6	235.3	1,117.2	756.2
Total new and used vehicle sales | Brazil
Disaggregation of Revenue
Revenue from contract with customer	64.3	30.1	111.1	111.4
New vehicle retail sales
Disaggregation of Revenue
Revenue from contract with customer	1,855.3	1,062.7	3,398.7	2,404.8
New vehicle retail sales | U.S.
Disaggregation of Revenue
Revenue from contract with customer	1,504.4	915.7	2,750.4	1,904.1
New vehicle retail sales | U.K.
Disaggregation of Revenue
Revenue from contract with customer	301.2	127.2	564.3	423.5
New vehicle retail sales | Brazil
Disaggregation of Revenue
Revenue from contract with customer	49.8	19.8	83.9	77.3
Used vehicle retail sales
Disaggregation of Revenue
Revenue from contract with customer	1,195.6	641.2	2,094.4	1,420.3
Used vehicle retail sales | U.S.
Disaggregation of Revenue
Revenue from contract with customer	882.9	540.9	1,579.4	1,111.2
Used vehicle retail sales | U.K.
Disaggregation of Revenue
Revenue from contract with customer	300.9	92.8	492.5	281.6
Used vehicle retail sales | Brazil
Disaggregation of Revenue
Revenue from contract with customer	11.8	7.5	22.5	27.4
Used vehicle wholesale sales
Disaggregation of Revenue
Revenue from contract with customer	96.4	48.7	176.6	135.2
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue
Revenue from contract with customer	61.2	30.5	111.6	77.3
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue
Revenue from contract with customer	32.5	15.3	60.4	51.1
Used vehicle wholesale sales | Brazil
Disaggregation of Revenue
Revenue from contract with customer	2.6	2.9	4.6	6.7
Parts and service sales
Disaggregation of Revenue
Revenue from contract with customer	392.1	282	752.8	652.6
Parts and service sales | U.S.
Disaggregation of Revenue
Revenue from contract with customer	332.6	254.2	628.9	558.9
Parts and service sales | U.K.
Disaggregation of Revenue
Revenue from contract with customer	50.3	21.8	106.8	78.3
Parts and service sales | Brazil
Disaggregation of Revenue
Revenue from contract with customer	9.2	5.9	17.1	15.5
Finance, insurance and other, net
Disaggregation of Revenue
Revenue from contract with customer	161	96.7	288	209.2
Variable consideration recognized relating to performance obligations satisfied in previous period	7.7	5.4	13.7	9.3
Finance, insurance and other, net | U.S.
Disaggregation of Revenue
Revenue from contract with customer	143.9	89.8	259	187.2
Finance, insurance and other, net | U.K.
Disaggregation of Revenue
Revenue from contract with customer	15.7	6.4	26.3	19.7
Finance, insurance and other, net | Brazil
Disaggregation of Revenue
Revenue from contract with customer	$ 1.4	$ 0.6	$ 2.8	$ 2.3

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2021USD ($)dealershipfranchise	Jun. 30, 2021dealership	Jun. 30, 2021franchise	Jun. 30, 2021USD ($)	Jun. 30, 2021dealerships	Jun. 30, 2020USD ($)
U.S.
Acquisitions and Dispositions
Number of dealerships disposed | dealership		2
Number of franchises disposed			2		1
Net pre-tax gain (loss) on dealership dispositions				$ 1.8
U.S. | Two Franchises
Acquisitions and Dispositions
Number of dealerships acquired | dealership		2
Number of franchises acquired | franchise			2
Aggregate consideration paid for dealerships				49.9
Goodwill				22.6
U.S. | Collision Center
Acquisitions and Dispositions
Aggregate consideration paid for dealerships						$ 1.3
United Kingdom
Acquisitions and Dispositions
Goodwill				2.2
Number of dealerships disposed | dealership		1
Number of franchises disposed | franchise			1
Net pre-tax gain (loss) on dealership dispositions				$ (0.6)
United Kingdom | Forecast | Subsequent Event
Acquisitions and Dispositions
Number of dealerships acquired | dealership	7
Aggregate consideration paid for dealerships	$ 36
United Kingdom | Seven Franchises | Forecast | Subsequent Event
Acquisitions and Dispositions
Number of franchises acquired | franchise	9

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)segment
Segment Reporting Information
Number of reportable segments | segment			3	3
Asset impairments	$ 0	$ 23.8	$ 0	$ 23.8
Loss on extinguishment of debt	0	10.4	0	10.4
U.S.
Segment Reporting Information
Net pre-tax gain (loss) on dealership dispositions			1.8
Asset impairments			2.2
Gain (loss) on legal matters			1
Share-based Payment Arrangement, Expense		10.6		10.6
Loss on extinguishment of debt		10.4		10.4
U.S. | Interest Rate Swaps
Segment Reporting Information
Loss of derivative instruments	2.3		2.3
U.S. | Dealership
Segment Reporting Information
Net pre-tax gain (loss) on dealership dispositions	$ 0.8		1.7
U.K.
Segment Reporting Information
Net pre-tax gain (loss) on dealership dispositions			$ (0.6)
Asset impairments		12.8		12.8
Severance expense		1.2		1.2
Brazil
Segment Reporting Information
Asset impairments		$ 11.1		11.1
Severance expense				$ 0.9

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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Revenue from contract with customer	$ 3,700.4	$ 2,131.2	$ 6,710.5	$ 4,822
Income (loss) before income taxes	243.2	42.3	374.6	81.2
U.S.
Segment Reporting Information
Revenue from contract with customer	2,924.9	1,831.1	5,329.3	3,838.7
Income (loss) before income taxes	215.1	74.8	336.6	117
U.K.
Segment Reporting Information
Revenue from contract with customer	700.7	263.5	1,250.3	854.2
Income (loss) before income taxes	25.2	(19.7)	33.6	(22.3)
Brazil
Segment Reporting Information
Revenue from contract with customer	74.8	36.6	130.9	129.1
Income (loss) before income taxes	$ 3	$ (12.8)	$ 4.3	$ (13.4)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic and Diluted Earnings per share
Weighted average basic common shares outstanding (in shares)	17,747,518	17,771,447	17,752,577	17,767,449
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock (in shares)	81,952	40,166	74,217	42,488
Weighted average dilutive common shares outstanding (in shares)	17,829,470	17,811,613	17,826,794	17,809,937
Basic:
Net income	$ 191	$ 30.2	$ 292.9	$ 60
Less: Earnings allocated to participating securities	6.4	1.1	9.9	2.2
Net income available to basic common shares	$ 184.5	$ 29.1	$ 283	$ 57.8
Basic earnings per common share (in dollars per share)	$ 10.40	$ 1.64	$ 15.94	$ 3.25
Diluted:
Net income	$ 191	$ 30.2	$ 292.9	$ 60
Less: Earnings allocated to participating securities	6.4	1.1	9.9	$ 2.1
Net income available to diluted common shares	$ 184.5	$ 29.1	$ 283
Diluted earnings per common share (in dollars per share)	$ 10.35	$ 1.63	$ 15.88	$ 3.25

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)dealershipsswap	Jun. 30, 2021USD ($)dealershipsswap	Dec. 31, 2020USD ($)	Aug. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other deferred costs, net	$ 2,400,000	$ 2,400,000
Amount expected to be reclassified from other comprehensive loss into earnings	(9,800,000)	(9,800,000)
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notional value	250,000,000	250,000,000
Accumulated Other Comprehensive Income (Loss) | Floorplan interest expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Tax portion of reclassification out of AOCI		$ 700,000
Accumulated Other Comprehensive Income (Loss) | Floorplan interest expense | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Expense	$ 1,000,000
Interest Rate Swaps | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)	1.76%	1.76%
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)	1.38%	1.38%
Interest Rate Swaps | Floorplan interest expense | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of additional forward interest rate swaps | dealerships	5	5
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of additional forward interest rate swaps | swap	34	34
Notional value	$ 700,400,000	$ 700,400,000
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of additional forward interest rate swaps | swap	8	8
Notional value	$ 425,000,000	$ 425,000,000
Weighted average interest rate (as a percentage)	1.20%	1.20%
Senior Notes | 4.00% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt issued				$ 550,000,000
Interest rate (as a percentage)	4.00%	4.00%
Demand notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying value	$ 100,100,000	$ 100,100,000	$ 60,000,000

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Long-term Debt Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Debt Instrument
Debt, fair value	$ 631	$ 634.3
Carrying Value | Real estate related
Debt Instrument
Debt, fair value	81	84.3
Fair Value
Debt Instrument
Debt, fair value	633.2	644
Fair Value | Real estate related
Debt Instrument
Debt, fair value	$ 73.9	77
Senior Notes | 4.00% Senior Notes
Debt Instrument
Interest rate (as a percentage)	4.00%
Senior Notes | Carrying Value | 4.00% Senior Notes
Debt Instrument
Debt, fair value	$ 550	550
Senior Notes | Fair Value | 4.00% Senior Notes
Debt Instrument
Debt, fair value	$ 559.3	$ 567

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Other current assets	$ 0	$ 1.9
Other long-term assets	10.8	0.3
Total assets	10.8	2.3
Liabilities:
Accrued expenses and other current liabilities	2.1	4.2
Other long-term liabilities	23	40.6
Total liabilities	$ 25.1	$ 44.8

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income	$ (11.1)	$ (7)	$ 16.7	$ (38.6)
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	(1.9)	(2.1)	(4.2)	(2.7)
Floorplan interest expense
Derivative
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	(1.4)	(2.1)	(3.7)	(2.7)
Other interest expense, net
Derivative
Amount of income (loss) reclassified from other comprehensive (loss) income into statements of operations	$ (1)	$ (0.7)	$ (1.9)	$ (0.8)

RECEIVABLES, NET AND CONTRACT_3

RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Contracts-in-transit	$ 141.6	$ 147.1
Vehicle receivables	81.2	64.5
Total contracts-in-transit and vehicle receivables	222.8	211.5
Less: allowance for doubtful accounts	0.3	0.3
Total contracts-in-transit and vehicle receivables, net	222.5	211.2
Accounts and notes receivable
Accounts and notes receivable, net:	199.6	203.1
Less: allowance for doubtful accounts	2.8	3.2
Total accounts and notes receivable, net	196.8	200
Total contract assets, net	39.1	35.3
Manufacturer receivables
Accounts and notes receivable
Accounts and notes receivable, net:	94.5	108.7
Parts and service receivables
Accounts and notes receivable
Accounts and notes receivable, net:	59.7	53.2
F&I receivables
Accounts and notes receivable
Accounts and notes receivable, net:	30.1	27.4
Other
Accounts and notes receivable
Accounts and notes receivable, net:	$ 15.3	$ 13.8

RECEIVABLES, NET AND CONTRACT_4

RECEIVABLES, NET AND CONTRACT ASSETS - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Contract with customer, asset, allowance for credit loss	$ 0	$ 0

DEBT - Composition of Long-Term

DEBT - Composition of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Total debt	$ 1,391.7	$ 1,362.4
Less: unamortized debt issuance costs	10.4	11
Less: current maturities	59.4	56.7
Total long-term debt	1,322	1,294.7
Other Debt
Debt Instrument
Real estate related and other long-term debt	19.3	20
Finance leases	122.4	124.8
Total other debt	$ 765.6	764.6
4.00% Senior Notes | Senior Notes
Debt Instrument
Interest rate (as a percentage)	4.00%
Senior notes	$ 550	550
Acquisition Line | Line of credit
Debt Instrument
Acquisition Line	76.1	47.8
Real estate related | Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 623.9	$ 619.8

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Debt
Debt Instrument
Real estate related debt	$ 19.3	$ 20
Real estate related | Other Debt
Debt Instrument
Real estate related debt	623.9	619.8
U.S. Notes | Other Debt
Debt Instrument
Borrowings outstanding	513
U.K. Notes | Other Debt
Debt Instrument
Borrowings outstanding	98.4
Brazil Note | Other Debt
Debt Instrument
Borrowings outstanding	12.6
Line of credit | Acquisition Line
Debt Instrument
Acquisition line	$ 76.1	$ 47.8
Interest rate (as a percentage)	1.05%

FLOORPLAN NOTES PAYABLE - Sched

FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of credit - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revolving credit facility — floorplan notes payable
Line of Credit Facility
Long-term debt, gross	$ 511.5	$ 901.6
Long-term debt, offset	(326.1)	(160.4)
Long-term debt	185.4	741.2
Other non-manufacturer facilities
Line of Credit Facility
Long-term debt	39.1	26.4
Floorplan notes payable — credit facility and other, net
Line of Credit Facility
Long-term debt	224.5	767.6
FMCC Facility
Line of Credit Facility
Long-term debt, gross	26.8	111.2
Long-term debt, offset	0	(16)
Long-term debt	26.8	95.2
Other manufacturer affiliate facilities
Line of Credit Facility
Long-term debt	247.2	232.3
Floorplan notes payable — manufacturer affiliates, net
Line of Credit Facility
Long-term debt	$ 274	$ 327.5

FLOORPLAN NOTES PAYABLE (Detail

FLOORPLAN NOTES PAYABLE (Details)	6 Months Ended
	Jun. 30, 2021USD ($)institutiontranche	Dec. 31, 2020USD ($)
Revolving Credit Facility
Line of Credit Facility
Unamortized discount	$ 3,100,000	$ 3,600,000
Line of credit
Line of Credit Facility
Outstanding letters of credit	17,800,000	$ 17,800,000
Line of credit | Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity	$ 1,750,000,000
Participating financial institutions (institution) | institution	22
Number 0f tranches (tranche) | tranche	2
Line of credit | Floorplan Line
Line of Credit Facility
Maximum borrowing capacity	$ 1,700,000,000
Weighted average interest rate (as a percentage)	1.18%
Commitment fee (as a percentage)	0.15%
Line of credit | Other Credit Facilities
Line of Credit Facility
Outstanding balance	$ 247,200,000
Line of credit | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Outstanding balance	$ 91,700,000
Line of credit | Rental Vehicles Financed through Credit Facility | Minimum
Line of Credit Facility
Interest rate (as a percentage)	1.00%
Line of credit | Rental Vehicles Financed through Credit Facility | Maximum
Line of Credit Facility
Interest rate (as a percentage)	5.00%
Line of credit | UK Credit Facilities
Line of Credit Facility
Outstanding balance	$ 131,200,000
Line of credit | UK Credit Facilities | Minimum
Line of Credit Facility
Interest rate (as a percentage)	1.00%
Line of credit | UK Credit Facilities | Maximum
Line of Credit Facility
Interest rate (as a percentage)	4.00%
Line of credit | Brazilian Credit Facilities
Line of Credit Facility
Outstanding balance	$ 24,300,000
Line of credit | Brazilian Credit Facilities | Minimum
Line of Credit Facility
Interest rate (as a percentage)	4.00%
Line of credit | Brazilian Credit Facilities | Maximum
Line of Credit Facility
Interest rate (as a percentage)	12.00%
Line of credit | FMCC Facility
Line of Credit Facility
Maximum borrowing capacity	$ 300,000,000
Interest rate (as a percentage)	5.50%
Line of credit | FMCC Facility | Prime Floor
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.50%
Interest rate (as a percentage)	4.00%
Line of credit | Acquisition Line
Line of Credit Facility
Maximum borrowing capacity	$ 349,000,000
Minimum borrowing capacity	50,000,000
Sub-limit for letters of credit	$ 100,000,000
Line of credit | Acquisition Line | Minimum
Line of Credit Facility
Commitment fee (as a percentage)	0.15%
Line of credit | Acquisition Line | Maximum
Line of Credit Facility
Commitment fee (as a percentage)	0.40%
Line of credit | Acquisition Line | LIBOR | Minimum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.00%
Line of credit | Acquisition Line | LIBOR | Maximum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	2.00%
Line of credit | New Vehicles | LIBOR
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.10%
Line of credit | Used Vehicles | LIBOR
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.40%

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Increase (decrease) in accrual for capital expenditures	$ 1.4	$ (2.7)
Cash paid for interest	38.6	57
Cash paid for taxes, net of refunds	$ 53.5	$ 6.8

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee rental payment obligations during remaining terms of leases under guarantee agreement	$ 26.4
Letters of credit issued on behalf of lessee	$ 4.7

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in AOCI
Beginning balance	$ 1,576.6	$ 1,174.6	$ 1,449.6	$ 1,255.7
Other comprehensive income (loss) before reclassifications:
Pre-tax			26.6	(80.2)
Tax effect			(5.1)	11.2
Amount reclassified from accumulated other comprehensive income (loss):
Benefit for income taxes			(2)	(0.8)
Net current period other comprehensive income	0.3	(7.3)	28.1	(66.4)
Ending balance	1,754	1,215.9	1,754	1,215.9
Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			3.1
Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			3.7	2.7
Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			1.9	0.8
Accumulated other comprehensive income (loss)
Increase (Decrease) in AOCI
Beginning balance	(156.2)	(206)	(184)	(147)
Amount reclassified from accumulated other comprehensive income (loss):
Net current period other comprehensive income	0.3	(7.3)	28.1	(66.4)
Ending balance	(155.9)	(213.3)	(155.9)	(213.3)
Accumulated Income (Loss) On Foreign Currency Translation
Increase (Decrease) in AOCI
Beginning balance			(151.6)	(142.9)
Other comprehensive income (loss) before reclassifications:
Pre-tax			4.9	(30.4)
Tax effect			0	0
Amount reclassified from accumulated other comprehensive income (loss):
Benefit for income taxes			0	0
Net current period other comprehensive income			4.9	(30.4)
Ending balance	(146.7)	(173.2)	(146.7)	(173.2)
Accumulated Income (Loss) On Foreign Currency Translation | Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0
Accumulated Income (Loss) On Foreign Currency Translation | Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Foreign Currency Translation | Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Interest Rate Swaps
Increase (Decrease) in AOCI
Beginning balance			(32.5)	(4.1)
Other comprehensive income (loss) before reclassifications:
Pre-tax			21.8	(49.8)
Tax effect			(5.1)	11.2
Amount reclassified from accumulated other comprehensive income (loss):
Benefit for income taxes			(2)	(0.8)
Net current period other comprehensive income			23.3	(36)
Ending balance	$ (9.2)	$ (40.1)	(9.2)	(40.1)
Accumulated Income (Loss) On Interest Rate Swaps | Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			3.1
Accumulated Income (Loss) On Interest Rate Swaps | Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			3.7	2.7
Accumulated Income (Loss) On Interest Rate Swaps | Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			$ 1.9	$ 0.8