Group 1 Automotive (GPI) 10-Q 28 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		14,580,748
Entity Central Index Key	0001031203
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 20.5	$ 14.9
Contracts-in-transit and vehicle receivables, net	222.2	218.9
Accounts and notes receivable, net	184.4	177.9
Inventories	1,185.6	1,073.1
Prepaid expenses	24.8	30.6
Other current assets	18.9	50.4
Current assets classified as held for sale	38.6	100.3
TOTAL CURRENT ASSETS	1,695.1	1,666.2
Property and equipment, net of accumulated depreciation of $534.4 and $513.5, respectively	2,037.6	1,957.8
Operating lease assets	246.9	267.8
Goodwill	1,612.2	1,420.2
Intangible franchise rights	482.1	392.3
Other long-term assets	177.6	45
TOTAL ASSETS	6,251.5	5,749.4
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $206.1 and $268.6, respectively	542	295
Floorplan notes payable — manufacturer affiliates, net of offset account of $12.4 and $3.3, respectively	203.9	236
Current maturities of long-term debt	141.5	220.4
Current operating lease liabilities	22.8	25.9
Accounts payable	468	457.8
Accrued expenses and other current liabilities	263.7	258.6
Current liabilities classified as held for sale	5.2	49.9
TOTAL CURRENT LIABILITIES	1,647.1	1,543.6
Long-term debt	1,800.9	1,815.3
Long-term operating lease liabilities	236.5	256.6
Deferred income taxes	227.7	180.9
Other long-term liabilities	125.2	127.7
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,239,507 and 25,336,054 shares issued, respectively	0.3	0.3
Additional paid-in capital	336.8	325.8
Retained earnings	2,922.3	2,345.9
Accumulated other comprehensive income (loss)	(4.7)	(156.2)
Treasury stock, at cost; 10,020,687 and 8,160,228 shares, respectively	(1,040.5)	(690.4)
TOTAL STOCKHOLDERS’ EQUITY	2,214.1	1,825.2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 6,251.5	$ 5,749.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 534.4	$ 513.5
Offset account related to floorplan notes payable	206.1	268.6
FMCC offset	$ 12.4	$ 3.3
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	25,239,507	25,336,054
Treasury stock
Treasury stock (in shares)	10,020,687	8,160,228

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES	$ 4,163.4	$ 3,412.8	$ 12,153.1	$ 9,992.3
COST OF SALES	3,410.8	2,774.1	9,907.4	8,222.9
GROSS PROFIT	752.6	638.7	2,245.8	1,769.5
Selling, general and administrative expenses	450.9	376.3	1,329.6	1,056.2
Depreciation and amortization expense	21.8	19.2	65.9	56.8
Asset impairments	0	1.7	0.8	1.7
INCOME FROM OPERATIONS	279.9	241.5	849.4	654.7
Floorplan interest expense	6.5	4.3	17.7	20.5
Other interest expense, net	19.6	13.1	55.5	39.8
Other income	(3.4)	0	(3.4)	0
INCOME BEFORE INCOME TAXES	257.2	224.1	779.6	594.4
Provision for income taxes	60.2	51.6	182.1	132.2
Net income from continuing operations	197.1	172.5	597.5	462.2
Net (loss) income from discontinued operations	(1.3)	(0.4)	(2.9)	2.8
NET INCOME	$ 195.7	$ 172.1	$ 594.6	$ 465
BASIC EARNINGS PER SHARE:
Basic earnings per share continuing operations (in dollars per shares)	$ 12.61	$ 9.40	$ 36.55	$ 25.16
Basic earnings per share discontinuing operations (in dollars per shares)	(0.09)	(0.02)	(0.18)	0.15
Basic earnings per share (in dollars per shares)	12.53	9.37	36.38	25.31
DILUTED EARNINGS PER SHARE:
Diluted earnings per share continuing operations (in dollars per shares)	12.57	9.35	36.43	25.05
Diluted earnings per share discontinuing operations (in dollars per shares)	(0.09)	(0.02)	(0.18)	0.15
Diluted earnings per common share (in dollars per share)	$ 12.48	$ 9.33	$ 36.25	$ 25.21
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding, Basic (in shares)	15,189,333	17,753,957	15,886,739	17,753,042
Weighted average common shares outstanding, Diluted (in shares)	15,248,448	17,836,255	15,943,883	17,829,982
New vehicle retail sales
REVENUES	$ 1,883.3	$ 1,513.9	$ 5,479.8	$ 4,828.6
COST OF SALES	1,676.7	1,352.4	4,861.6	4,411.4
Used vehicle retail sales
REVENUES	1,488.6	1,230.4	4,353.9	3,302.3
COST OF SALES	1,412.6	1,133.3	4,100.6	3,038.6
Used vehicle wholesale sales
REVENUES	89.6	106	278.9	278
COST OF SALES	91.1	98.7	276.8	257.9
Parts and service sales
REVENUES	515.6	416.5	1,491.1	1,152.2
COST OF SALES	230.5	189.7	668.5	515
Finance, insurance and other, net
REVENUES	$ 186.3	$ 146	$ 549.5	$ 431.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 195.7	$ 172.1	$ 594.6	$ 465
Net foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	(31.2)	(11.5)	(59.3)	(6.7)
Reclassification of cumulative foreign currency translation adjustments associated with the Brazil Disposal	122.8	0	122.8	0
Reclassification of other cumulative foreign currency translation adjustments	1.5	0	1.5	0
Foreign currency translation adjustments, net of reclassifications	93.1	(11.5)	65.1	(6.7)
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain (loss) arising during the period, net of tax (provision) benefit of $(9.8), $0.2, $(26.1) and $(4.9), respectively	31.9	(0.6)	84.8	16.1
Reclassification adjustment for (gain) loss included in interest expense, net of tax (provision) benefit of $(0.4), $0.6, $0.5 and $1.9, respectively	(1.4)	1.8	1.6	6.1
Reclassification related to de-designated interest rate swaps, net of tax benefit of $—, $—, $— and $0.7, respectively	0	0	0	2.4
Unrealized gain on interest rate risk management activities, net of tax	30.4	1.3	86.4	24.5
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	123.5	(10.2)	151.5	17.9
COMPREHENSIVE INCOME	$ 319.3	$ 161.9	$ 746.1	$ 482.9

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax (provision) benefit of unrealized gain (loss) on interest rate swap	$ (9.8)	$ 0.2	$ (26.1)	$ (4.9)
Tax (provision) benefit of reclassification adjustment	(0.4)	0.6	0.5	1.9
Reclassification of de-designated interest rate swaps net of tax benefit (provision)	$ 0	$ 0	$ 0	$ 0.7

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, 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	465			465
Other comprehensive income (loss), net of taxes	17.9				17.9
Purchases of treasury stock	(18.6)					(18.6)
Net issuance of treasury shares to stock compensation plans and other	3.6		(7.1)			10.7
Net issuance of treasury shares to stock compensation plans and other (in shares)		(89,992)
Stock-based compensation	19		19
Dividends declared	(17.9)			(17.9)
Ending balance at Sep. 30, 2021	1,918.6	$ 0.3	320.2	2,265	(166.1)	(500.8)
Balance (in shares) at Sep. 30, 2021		25,343,056
Beginning 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
Net income	172.1			172.1
Other comprehensive income (loss), net of taxes	(10.2)				(10.2)
Net issuance of treasury shares to stock compensation plans and other	3.2		0.8			2.3
Net issuance of treasury shares to stock compensation plans and other (in shares)		(14,621)
Stock-based compensation	5.7		5.7
Dividends declared	(6.3)			(6.3)
Ending balance at Sep. 30, 2021	1,918.6	$ 0.3	320.2	2,265	(166.1)	(500.8)
Balance (in shares) at Sep. 30, 2021		25,343,056
Beginning balance at Dec. 31, 2021	1,825.2	$ 0.3	325.8	2,345.9	(156.2)	(690.4)
Balance (in shares) at Dec. 31, 2021		25,336,054
Increase (Decrease) in Stockholders' Equity
Net income	594.6			594.6
Other comprehensive income (loss), net of taxes	151.5				151.5
Purchases of treasury stock	(359.5)					(359.5)
Net issuance of treasury shares to stock compensation plans and other	(0.8)		(10.2)			9.4
Net issuance of treasury shares to stock compensation plans and other (in shares)		(96,547)
Stock-based compensation	21.2		21.2
Dividends declared	(18.2)			(18.2)
Ending balance at Sep. 30, 2022	2,214.1	$ 0.3	336.8	2,922.3	(4.7)	(1,040.5)
Balance (in shares) at Sep. 30, 2022		25,239,507
Beginning balance at Jun. 30, 2022	2,004.5	$ 0.3	331.8	2,732.5	(128.3)	(931.8)
Balance (in shares) at Jun. 30, 2022		25,258,744
Increase (Decrease) in Stockholders' Equity
Net income	195.7			195.7
Other comprehensive income (loss), net of taxes	123.5				123.5
Purchases of treasury stock	(105.4)					(105.4)
Net issuance of treasury shares to stock compensation plans and other	(4.5)		(1.2)			(3.3)
Net issuance of treasury shares to stock compensation plans and other (in shares)		(19,237)
Stock-based compensation	6.2		6.2
Dividends declared	(6)			(6)
Ending balance at Sep. 30, 2022	$ 2,214.1	$ 0.3	$ 336.8	$ 2,922.3	$ (4.7)	$ (1,040.5)
Balance (in shares) at Sep. 30, 2022		25,239,507

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.38	$ 0.34	$ 1.11	$ 0.98

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 594.6	$ 465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66.9	57.9
Change in operating lease assets	22.6	18.1
Deferred income taxes	17.4	7.7
Asset impairments	7.1	1.7
Stock-based compensation	21.2	19
Amortization of debt discount and issuance costs	2.3	1.8
Gain on disposition of assets	(40.8)	(2.1)
Loss on extinguishment of debt	0	3.8
Unrealized loss on derivative instruments	0	1.4
Other	1.3	2
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	51	(21.6)
Accounts and notes receivable	(7.3)	19.2
Inventories	(156.6)	643
Contracts-in-transit and vehicle receivables	(6.6)	43.1
Prepaid expenses and other assets	6.4	(10)
Floorplan notes payable — manufacturer affiliates	(23.9)	(112.5)
Deferred revenues	(0.3)	(1.1)
Operating lease liabilities	(21.9)	(18.9)
Net cash provided by operating activities	533.4	1,117.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $7.7 and $5.3, respectively	(424.2)	(74.6)
Proceeds from disposition of franchises, property and equipment	132.6	19.8
Purchases of property and equipment	(93.3)	(88.4)
Proceeds from sale of discontinued operations, net	59.4	0
Other	(0.5)	(20.4)
Net cash used in investing activities	(325.9)	(163.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	7,548.3	5,796.1
Repayments on credit facility — floorplan line and other	(7,294.2)	(6,479.2)
Borrowings on credit facility — acquisition line	286	67.3
Repayments on credit facility — acquisition line	(411.3)	(59.9)
Debt issuance costs	(4.6)	0
Borrowings on other debt	296	110
Principal payments on other debt	(246.5)	(143.7)
Proceeds from employee stock purchase plan	15.9	11.9
Payments of tax withholding for stock-based compensation	(9.1)	(8.3)
Repurchases of common stock, amounts based on settlement date	(359.5)	(18.6)
Dividends paid	(18.1)	(17.9)
Other	(1.2)	0
Net cash used in financing activities	(198.4)	(742.2)
Effect of exchange rate changes on cash	(7.2)	(2.1)
Net increase in cash and cash equivalents	1.9	209.7
CASH AND CASH EQUIVALENTS, beginning of period	18.7	87.3
CASH AND CASH EQUIVALENTS, end of period	$ 20.5	$ 296.9

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Floorplan notes payable
Condensed Cash Flow Statements, Captions [Line Items]
Repayment of sellers floorplan notes payable	$ 7.7	$ 5.3

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation and Consolidation 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 2021 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. (the “Company”), and its subsidiaries, all of which are wholly owned. On November 12, 2021, the Company entered into a Share Purchase Agreement (the “Brazil Agreement”) with Original Holdings S.A. (“Buyer”). Pursuant to the terms and conditions set forth in the Brazil Agreement, Buyer agreed to acquire 100% of the issued and outstanding equity interests of the Company’s Brazilian operations (the “Brazil Disposal Group”) for approximately BRL 510.0 million in cash (the “Brazil Disposal”). On July 1, 2022, the Company completed the Brazil Disposal. The Brazil Disposal Group met the criteria to be reported as held for sale and discontinued operations. Therefore, the related assets, liabilities and operating results of the Brazil Disposal Group are reported as discontinued operations (the “Brazil Discontinued Operations”) for all periods presented. The Brazil Disposal Group was previously included in the Brazil segment. Effective as of the fourth quarter of 2021, the Company is aligned into two reportable segments: U.S. and U.K. Refer to Note 5 . Segment Information for additional information on the Company’s segments. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain prior-period amounts, primarily related to the Brazil Discontinued Operations, have been reclassified in the Condensed Consolidated Financial Statements and accompanying notes to conform to current-period presentation. Refer to Note 4. Discontinued Operations and Other Divestitures for additional information. 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 not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and VSC 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.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Nine Months Ended September 30, 2022 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,586.9 $ 296.4 $ 1,883.3 $ 4,581.8 $ 898.0 $ 5,479.8 Used vehicle retail sales 1,212.1 276.5 1,488.6 3,447.6 906.3 4,353.9 Used vehicle wholesale sales 61.3 28.3 89.6 177.6 101.2 278.9 Total new and used vehicle sales 2,860.3 601.2 3,461.5 8,207.0 1,905.5 10,112.5 Parts and service sales (1) 453.8 61.8 515.6 1,307.7 183.4 1,491.1 Finance, insurance and other, net (2) 170.2 16.1 186.3 498.1 51.4 549.5 Total revenues $ 3,484.3 $ 679.1 $ 4,163.4 $ 10,012.8 $ 2,140.3 $ 12,153.1 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,208.5 $ 305.4 $ 1,513.9 $ 3,958.9 $ 869.7 $ 4,828.6 Used vehicle retail sales 902.3 328.0 1,230.4 2,481.7 820.5 3,302.3 Used vehicle wholesale sales 68.0 38.1 106.0 179.6 98.4 278.0 Total new and used vehicle sales 2,178.8 671.5 2,850.3 6,620.2 1,788.7 8,408.9 Parts and service sales (1) 353.1 63.4 416.5 982.0 170.2 1,152.2 Finance, insurance and other, net (2) 130.5 15.6 146.0 389.4 41.9 431.3 Total revenues $ 2,662.4 $ 750.4 $ 3,412.8 $ 7,991.6 $ 2,000.7 $ 9,992.3 (1) The Company has elected 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 $5.3 million and $5.1 million during the three months ended September 30, 2022 and 2021, respectively, and $22.2 million and $18.7 million during the nine months ended September 30, 2022 and 2021, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value. Prime Acquisition In November 2021, the Company completed the acquisition of the Prime Automotive Group (“Prime”), including 28 dealerships, certain real estate and three collision centers in the Northeastern U.S. (collectively referred to as the “Prime Acquisition”), for aggregate consideration of $934.2 million. The Company analyzed and assessed all available information related to property and equipment and property lease contracts, determining the preliminary fair values established in 2021,were appropriate and no material adjustments were recorded to these fair values in the nine months ended September 30, 2022. The Company previously recorded a $33.4 million deposit for the purchase of an additional dealership as part of the Prime Acquisition, which had not closed as of December 31, 2021. As of September 30, 2022, the Company is still waiting for distributor approval to obtain ownership of the additional dealership. Pursuant to the purchase agreement with the seller, the seller initiated legal action against the distributor to compel the approval of the sale of the dealership. In March 2022, upon the contractual release of funds from escrow to the seller related to the dealership, the deposit was recognized as additional consideration paid and reflected as additional goodwill, resulting in total consideration associated with the Prime Acquisition of $967.6 million. If such legal action is resolved within the 12-month measurement period following the acquisition date, the Company will make an adjustment to reflect the fair value of the acquisition of this dealership. The results of the Prime Acquisition are included in the U.S. segment. The goodwill is deductible for income tax purposes. The following table summarizes the consideration paid and aggregate amounts of assets acquired and liabilities assumed (in millions): Total consideration $ 967.6 Identifiable assets acquired and liabilities assumed Inventories 136.7 Property and equipment 266.8 Intangible franchise rights 135.3 Operating lease assets 58.3 Other assets (1) 62.2 Total assets acquired 659.3 Operating lease liabilities 56.6 Other liabilities (2) 38.3 Total liabilities assumed 94.9 Total identifiable net assets 564.4 Goodwill $ 403.2 (1) Other assets acquired in connection with the Prime Acquisition include $55.3 million of assets classified as held for sale as of the acquisition date. See the table below for additional details. (2) Other liabilities assumed in connection with the Prime Acquisition include $1.7 million of liabilities classified as held for sale as of the acquisition date. See the table below for additional details. Prime assets classified as held for sale as of the acquisition date (in millions) Inventories $ 10.4 Property and equipment 28.1 Operating lease assets 1.7 Goodwill 15.1 Total other assets classified as held for sale $ 55.3 Prime liabilities classified as held for sale as of the acquisition date (in millions) Operating lease liabilities $ 1.7 The Company’s Condensed Consolidated Statement of Operations included revenues attributable to Prime for the three and nine months ended September 30, 2022, of $448.0 million and $1.3 billion, respectively, and net income attributable to Prime for the three and nine months ended September 30, 2022 of $34.2 million and $89.0 million, respectively. These revenue and net income amounts attributable to Prime include amounts up to the date of disposal, from certain stores which have been disposed of since the date of the Prime Acquisition. Other Acquisitions During the nine months ended September 30, 2022, the Company acquired five dealerships and a collision center in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $393.0 million, net of cash acquired. Goodwill and franchise rights intangibles associated with these acquisitions totaled $194.0 million and $93.4 million, respectively . During the nine months ended September 30, 2022, the Company acquired a dealership and related collision center in the U.K. C onsideration paid, which was accounted for as a business combination, was $32.8 million, net of cash acquired. Goodwill associated with the acquisition totaled $9.2 million. The accounting for the U.K. acquisition is considered to be preliminary, as the acquisition was announced on September 6, 2022. The Company is continuing to analyze and assess relevant information related to the valuation of property, equipment and intangible assets. Due to the recent timing of the U.K. acquisition, the related amounts are provisional and subject to change as the Company’s fair value assessments are finalized. The Company will reflect any such adjustments in subsequent filings with the SEC. During the nine months ended September 30, 2021 , the Company acquired two dealerships in the U.S. and seven dealerships in the U.K. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $74.6 million, net of cash acquired. Goodwill associated with these acquisitions totaled $41.4 million.

DISCONTINUED OPERATIONS AND OTH

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Brazil Discontinued Operations On November 12, 2021, the Company entered into an agreement to effect the Brazil Disposal. The sale price of approximately BRL 510.0 million included a holdback amount as of the Brazil Disposition Date (as defined herein), for general representations and warranties, of BRL 115.0 million, to be held in escrow for a period of five years from the close of the transaction (the “Brazil Disposal Escrow”). At the conclusion of the five-year period, the remaining funds held in the Brazil Disposal Escrow will be released to the Company. This amount has been included in the proceeds received. On July 1, 2022 (“Brazil Disposition Date”), the Company closed on the Brazil Disposal. During the fourth quarter of 2021, the Company recognized a net loss of $77.5 million on the Brazil Disposal. During the three and nine months ended September 30, 2022, the Company recognized additional net losses of $3.7 million and $10.0 million on the disposal of the Brazil Disposal Group. Upon sale of a foreign entity, amounts recorded within Accumulated Other Comprehensive Income (loss) (“AOCI”) on the Condensed Consolidated Balance Sheets, are required to be reclassified into earnings on the date of disposition. For purposes of determining the net gain or loss on the Brazil Disposal, the Company included the currency translation adjustments recorded in AOCI as a loss of $122.8 million attributable to the Brazil Disposal Group. The loss on sale indicated an impairment of assets, however, the loss was entirely the result of the reclassification of the translation adjustment from AOCI . Prior to the Brazil Disposition Date, the Company recorded a valuation allowance against the assets held for sale for the Brazil Disposal to reflect the expected loss not attributable to a particular asset within the Brazil Disposal Group. On and following the Brazil Disposition Date, the Company reclassified into earnings the currency translation loss attributable to the Brazil Disposal Group. The currency translation loss was offset by the reversal of the previously recorded valuation allowance. In addition, the purchase price of the Brazil Disposal is denominated in BRL, which is subject to foreign currency exchange risk. In order to partially mitigate this risk, the Company entered into a foreign currency derivative for the conversion of BRL to USD in the form of a costless collar which protects the Company from significant downside exposure on $70.0 million of the expected purchase consideration. Losses associated with the foreign currency derivative are presented as estimated incremental costs to sell in the table above and are fully offset by corresponding foreign currency impacts to the estimated fair value of proceeds from the disposition. On June 30, 2022, the Company settled the foreign currency derivative for a loss of $8.4 million. During the three months ended September 30, 2022, the Company received additional proceeds for final working capital adjustments related to the Brazil Disposal of $4.1 million. The resulting gain was recognized within Discontinued Operations and included within the net loss recorded during the three months ended September 30, 2022, as described above. Additionally, during the three months ended September 30, 2022, the Buyer, with approval by the Company, entered into a tax settlement associated with the Brazil Disposal with the Brazilian tax authority for BRL 23.0 million or approximately $4.5 million. The settlement was accrued within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet and recorded as Provision for income taxes within Discontinued Operations and included within the net loss recorded during the three months ended September 30, 2022, as described above. The settlement will be paid out of the existing Brazil Disposal Escrow balance within one year. As of September 30, 2022, the Company had a remaining receivable balance of $21.8 million associated with the Brazil Disposal Escrow recorded in Other long-term assets on the Condensed Consolidated Balance Sheet, of which $7.5 million is expected to be paid to settle the Company’s portion of accrued liabilities retained subsequent to the Brazil Disposition Date, including the tax settlement described above. The following table summarizes the fair value of the proceeds received from the disposition and net carrying value of the assets disposed as of September 30, 2022 (in millions): Fair value of proceeds from disposition $ 92.5 Net assets disposed 48.8 Gain before currency translation adjustments 43.7 Amount of currency translation loss recorded in AOCI (122.8) Incremental costs to sell 8.4 Net loss on the Brazil Disposal $ (87.5) Results of the Brazil Discontinued Operations were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUES: New vehicle retail sales $ — $ 62.3 $ 109.0 $ 146.3 Used vehicle retail sales — 18.0 44.0 40.5 Used vehicle wholesale sales — 3.3 10.1 8.0 Parts and service sales — 11.1 23.8 28.2 Finance, insurance and other, net — 1.7 3.3 4.4 Total revenues — 96.4 190.2 227.3 COST OF SALES: New vehicle retail sales — 56.1 98.5 131.5 Used vehicle retail sales — 16.4 41.2 36.9 Used vehicle wholesale sales — 3.1 10.0 7.4 Parts and service sales — 6.2 14.5 15.9 Total cost of sales — 81.9 164.2 191.6 GROSS PROFIT — 14.5 26.1 35.7 Selling, general and administrative expenses (4.6) 8.8 14.8 24.0 Depreciation and amortization expense — 0.4 0.9 1.1 Asset impairments 0.1 — 6.3 — INCOME FROM OPERATIONS — DISCONTINUED OPERATIONS 4.5 5.3 4.0 10.6 Floorplan interest expense — 0.4 1.4 0.7 Other interest (income) expense, net (0.7) 0.1 (1.1) 0.8 Loss on extinguishment of debt — 3.8 — 3.8 Other expenses 1.5 — 1.5 — INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 3.7 0.9 2.2 5.2 Provision for income taxes 5.0 1.3 5.1 2.4 NET (LOSS) INCOME — DISCONTINUED OPERATIONS $ (1.3) $ (0.4) $ (2.9) $ 2.8 The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions): Nine Months Ended September 30, 2022 2021 Net cash provided by operating activities — discontinued operations $ 26.6 $ 8.1 Net cash provided by (used in) investing activities — discontinued operations $ 59.1 $ (1.4) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): September 30, 2022 December 31, 2021 Cash and cash equivalents $ — $ 3.7 Contracts-in-transit and vehicle receivables, net — 2.3 Accounts and notes receivable, net — 11.8 Inventories — 37.2 Prepaid expenses — 1.9 Other current assets 1.3 — Current assets of discontinued operations 1.3 56.9 Property and equipment, net — 22.3 Operating lease assets — 2.4 Other long-term assets 21.8 7.8 Non-current assets of discontinued operations 21.8 32.5 Total assets, before valuation allowance 23.2 89.5 Valuation allowance — (76.4) Total assets, net of valuation allowance $ 23.2 $ 13.0 Floorplan notes payable — credit facility and other $ — $ 3.3 Floorplan notes payable — manufacturer affiliates — 20.1 Current operating lease liabilities — 2.5 Accounts payable — 13.7 Accrued expenses and other current liabilities 7.5 8.7 Current liabilities of discontinued operations $ 7.5 $ 48.3 Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions): September 30, 2022 December 31, 2021 Current assets classified as held for sale Brazil Discontinued Operations $ — $ 13.0 Prime Acquisition (1) 7.4 52.3 Other (2) 31.2 34.9 Total current assets classified as held for sale $ 38.6 $ 100.3 Current liabilities classified as held for sale Brazil Discontinued Operations $ — $ 48.3 Prime Acquisition (1) 1.2 1.6 Other 4.0 — Total current liabilities classified as held for sale $ 5.2 $ 49.9 (1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition as of the acquisition date, refer to Note 3. Acquisitions. (2) Includes $11.3 million and $9.9 million of goodwill reclassified to assets held for sale as of September 30, 2022 and December 31, 2021, respectively. Other Divestitures 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 nine months ended September 30, 2022, the Company recorded a net pre-tax gain totaling $31.3 million related to the disposition of five dealerships representing five franchises in the U.S. The dispositions reduced goodwill by $36.9 million. The Company also terminated one franchise representing one dealership in the U.K.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of September 30, 2022, the Company had two reportable segments: the U.S. and the U.K. The Company defines its segments as those operations whose results the Company’s Chief Executive Officer, who is the chief operating decision maker, regularly reviews to analyze performance and allocate resources. 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 nine months ended September 30, 2022 and 2021 (in millions): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,484.3 $ 679.1 $ 4,163.4 $ 10,012.8 $ 2,140.3 $ 12,153.1 Income before income taxes $ 231.5 $ 25.7 $ 257.2 $ 703.8 $ 75.9 $ 779.6 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 U.S. U.K. Total U.S. U.K. Total Total revenues $ 2,662.4 $ 750.4 $ 3,412.8 $ 7,991.6 $ 2,000.7 $ 9,992.3 Income before income taxes $ 195.5 $ 28.7 $ 224.1 $ 532.1 $ 62.3 $ 594.4

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
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 on total net income for the three and nine months ended September 30, 2022 and 2021 (in millions, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average basic common shares outstanding 15,189,333 17,753,957 15,886,739 17,753,042 Dilutive effect of stock-based awards and employee stock purchases 59,115 82,298 57,145 76,940 Weighted average dilutive common shares outstanding 15,248,448 17,836,255 15,943,883 17,829,982 Basic: Net income $ 195.7 $ 172.1 $ 594.6 $ 465.0 Less: Earnings allocated to participating securities from continued operations 5.5 5.7 16.8 15.6 Less: (Loss) earnings allocated to participating securities from discontinued operations — — (0.1) 0.1 Net income available to basic common shares $ 190.3 $ 166.4 $ 577.9 $ 449.4 Basic earnings per common share $ 12.53 $ 9.37 $ 36.38 $ 25.31 Diluted: Net income $ 195.7 $ 172.1 $ 594.6 $ 465.0 Less: Earnings allocated to participating securities from continued operations 5.4 5.7 16.7 15.5 Less: (Loss) earnings allocated to participating securities from discontinued operations — — (0.1) 0.1 Net income available to diluted common shares $ 190.3 $ 166.4 $ 578.0 $ 449.4 Diluted earnings per common share $ 12.48 $ 9.33 $ 36.25 $ 25.21

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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. Fixed Rate Long-Term Debt The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“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 9. 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): September 30, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 603.5 $ 750.0 $ 748.4 Real estate related 101.2 90.8 81.3 78.7 Total $ 851.2 $ 694.3 $ 831.3 $ 827.1 (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 SOFR. The Company’s interest rate swaps are measured at fair value utilizing a SOFR 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 SOFR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 of the hierarchy framework. 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): September 30, 2022 December 31, 2021 Assets: Other current assets $ 0.2 $ — Other long-term assets 115.4 13.8 Total assets $ 115.6 $ 13.8 Liabilities: Accrued expenses and other current liabilities $ — $ 0.1 Other long-term liabilities — 11.1 Total liabilities $ — $ 11.2 Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s Condensed Consolidated Balance Sheets. 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 AOCI into income as Floorplan interest expense . As of September 30, 2022, the Company held 41 interest rate swaps designated as cash flow hedges with a total notional value of $949.1 million that fixed its underlying SOFR at a weighted average rate of 1.23%. The Company also held 2 additional interest rate swaps designated as cash flow hedges with forward start dates beginning in December 2023, that had an aggregate notional value of $100.0 million and a weighted average interest rate of 0.94% as of September 30, 2022. The maturity dates of the Company’s designated interest rate swaps with forward start dates range between December 2027 and December 2028. As of September 30, 2021, the Company held 33 interest rate swaps designated as cash flow hedges with a total notional value of $686.1 million that fixed the underlying one-month LIBOR at a weighted average rate of 1.37% . The Company transitioned from the use of LIBOR to SOFR subsequent to September 30, 2021. 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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationship 2022 2021 2022 2021 Interest rate swaps $ 31.9 $ (0.6) $ 84.8 $ 16.1 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Floorplan interest expense $ 0.7 $ (1.4) $ (1.4) $ (5.0) Other interest expense, net $ 1.2 $ (1.0) $ (0.7) $ (2.9) The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $24.0 million .

RECEIVABLES, NET AND CONTRACT A

RECEIVABLES, NET AND CONTRACT ASSETS	9 Months Ended
	Sep. 30, 2022
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): September 30, 2022 December 31, 2021 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 132.7 $ 143.8 Vehicle receivables 90.2 75.6 Total contracts-in-transit and vehicle receivables 222.9 219.4 Less: allowance for doubtful accounts 0.7 0.5 Total contracts-in-transit and vehicle receivables, net $ 222.2 $ 218.9 Accounts and notes receivable, net: Manufacturer receivables $ 86.4 $ 76.9 Parts and service receivables 65.8 58.6 F&I receivables 27.6 29.8 Other 10.6 17.0 Total accounts and notes receivable 190.3 182.2 Less: allowance for doubtful accounts 5.9 4.3 Total accounts and notes receivable, net $ 184.4 $ 177.9 Within Other current assets and Other long-term assets: Total contract assets (1) $ 44.7 $ 37.5

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in millions): September 30, 2022 December 31, 2021 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 200.0 329.3 Other Debt: Real estate related 807.7 627.7 Finance leases 174.5 172.7 Other 20.9 166.9 Total other debt 1,003.0 967.4 Total debt 1,953.0 2,046.7 Less: unamortized debt issuance costs 10.7 11.0 Less: current maturities 141.5 220.4 Total long-term debt $ 1,800.9 $ 1,815.3 Acquisition Line The proceeds of the Acquisition Line (as defined in Note 10. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of September 30, 2022, borrowings under the Acquisition Line, a component of the Revolvin g Credit Facility (as defined in Note 10. Floorplan Notes Payable), totaled $200.0 million. The average interest rate on this facility was 2.90% during the three months ended September 30, 2022. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of September 30, 2022, borrowings outstanding under these facilities totaled $807.7 million, gross of debt issuance costs, comprised of $718.7 million in the U.S. and $89.0 million in the U.K. Bridge Facility In connection with the Prime Acquisition, the Company entered into a commitment letter with Wells Fargo Bank (“Bridge Facility”) to provide a portion of the debt financing. As of December 31, 2021, borrowings outstanding under the Bridge Facility totaled $140.0 million, and is reflected within Other, under Other Debt in the table above, and reflected within current maturities. During the three months ended March 31, 2022, the Company paid off the total outstanding borrowings under the Bridge Facility of $140.0 million.

FLOORPLAN NOTES PAYABLE

FLOORPLAN NOTES PAYABLE	9 Months Ended
	Sep. 30, 2022
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions): September 30, 2022 December 31, 2021 Revolving Credit Facility — floorplan notes payable $ 702.3 $ 511.7 Revolving Credit Facility — floorplan notes payable offset account (206.1) (268.6) Revolving Credit Facility — floorplan notes payable, net 496.2 243.1 Other non-manufacturer facilities 45.8 51.9 Floorplan notes payable — credit facility and other, net $ 542.0 $ 295.0 FMCC Facility $ 31.4 $ 22.8 FMCC Facility offset account (12.4) (3.3) FMCC Facility, net 19.0 19.5 Other manufacturer affiliate facilities 184.9 216.5 Floorplan notes payable — manufacturer affiliates, net $ 203.9 $ 236.0 Floorplan Notes Payable — Credit Facility Revolving Credit Facility On March 9, 2022, in the U.S., the Company entered into an amended revolving syndicated credit arrangement with 21 participating financial institutions that matures on March 9, 2027 (“Revolving Credit Facility”). On August 18, 2022, the company entered into a first amendment on the twelfth amended Revolving Credit Facility. In addition to extending the term, the amendment increases the availability to $2.0 billion, with the ability to increase to $2.4 billion, as further described below. The Revolving Credit Facility currently consists of two tranches: (i ) a $1.2 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) an $800.0 million maximum capacit y tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets — refer to Note 9. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.0 billion commitment. Th e Acquisition Line includes a $100.0 million sub-limit for letters of credit and $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of both September 30, 2022 and December 31, 2021. The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 4.25% as of September 30, 2022, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 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 fr om 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 wit h the amendment to the Revolving Credit Facility described above, the Company incurred $3.7 million in additional debt issuance costs. The Company had $5.3 million and $2.6 million of related unamortized debt issuance costs as of September 30, 2022 and December 31, 2021, 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 U.S. prime rate which was 6.25% as of September 30, 2022. Other M anufacturer Facilities The Company has other credit facilities in the U.S. and the U.K. with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of September 30, 2022, borrowings outstanding under these facilities totaled $184.9 million, comprised of $104.4 million in the U.S., with annual interest rates ranging from less than 1% to approximately 7%, and $80.5 million in the U.K., with annual interest rates ranging from approximately 2% to 6%. 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	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures increased $0.4 million an d $2.1 million during the nine months ended September 30, 2022 and 2021, respectively. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $73.8 million and $59.9 million for the nine months ended September 30, 2022 and 2021, respectively. Refer to Note 7. Financial Instruments and Fair Value Measurements for further discussion of the Company’s interest rate swaps. Cash paid for income taxes, net of refunds, was $155.9 million and $100.7 million for the nine months ended September 30, 2022 and 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
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, vehicle related incidents 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 results of operations, financial condition or cash flows. 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 September 30, 2022, 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. However, the results of current or future matters cannot be predicted with certainty; 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 In connection with dealership dispositions 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 $38.0 million as of September 30, 2022. 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 $2.9 million as of September 30, 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2022
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): Nine Months Ended September 30, 2022 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2) Other comprehensive income (loss) before reclassifications: Pre-tax (59.3) 110.9 51.6 Tax effect — (26.1) (26.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 1.4 1.4 Other interest expense, net (pre-tax) — 0.7 0.7 Cumulative foreign currency translation adjustments associated with the Brazil Disposal 122.8 — 122.8 Other cumulative foreign currency translation adjustments 1.5 — 1.5 Benefit for income taxes — (0.5) (0.5) Net current period other comprehensive income 65.1 86.4 151.5 Balance, September 30, 2022 $ (93.1) $ 88.4 $ (4.7) Nine Months Ended September 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 (6.7) 21.0 14.4 Tax effect — (4.9) (4.9) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 5.0 5.0 Other interest expense (pre-tax) — 2.9 2.9 Reclassification related to de-designated interest rate swaps (pre-tax) — 3.1 3.1 Benefit for income taxes — (2.6) (2.6) Net current period other comprehensive (loss) income (6.7) 24.5 17.9 Balance, September 30, 2021 $ (158.2) $ (7.9) $ (166.1)

BASIS OF PRESENTATION AND CON_2

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation 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 2021 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. (the “Company”), and its subsidiaries, all of which are wholly owned.
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. 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 not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and VSC 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.
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)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
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 September 30, 2022 Nine Months Ended September 30, 2022 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,586.9 $ 296.4 $ 1,883.3 $ 4,581.8 $ 898.0 $ 5,479.8 Used vehicle retail sales 1,212.1 276.5 1,488.6 3,447.6 906.3 4,353.9 Used vehicle wholesale sales 61.3 28.3 89.6 177.6 101.2 278.9 Total new and used vehicle sales 2,860.3 601.2 3,461.5 8,207.0 1,905.5 10,112.5 Parts and service sales (1) 453.8 61.8 515.6 1,307.7 183.4 1,491.1 Finance, insurance and other, net (2) 170.2 16.1 186.3 498.1 51.4 549.5 Total revenues $ 3,484.3 $ 679.1 $ 4,163.4 $ 10,012.8 $ 2,140.3 $ 12,153.1 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,208.5 $ 305.4 $ 1,513.9 $ 3,958.9 $ 869.7 $ 4,828.6 Used vehicle retail sales 902.3 328.0 1,230.4 2,481.7 820.5 3,302.3 Used vehicle wholesale sales 68.0 38.1 106.0 179.6 98.4 278.0 Total new and used vehicle sales 2,178.8 671.5 2,850.3 6,620.2 1,788.7 8,408.9 Parts and service sales (1) 353.1 63.4 416.5 982.0 170.2 1,152.2 Finance, insurance and other, net (2) 130.5 15.6 146.0 389.4 41.9 431.3 Total revenues $ 2,662.4 $ 750.4 $ 3,412.8 $ 7,991.6 $ 2,000.7 $ 9,992.3 (1) The Company has elected 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 $5.3 million and $5.1 million during the three months ended September 30, 2022 and 2021, respectively, and $22.2 million and $18.7 million during the nine months ended September 30, 2022 and 2021, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The following table summarizes the consideration paid and aggregate amounts of assets acquired and liabilities assumed (in millions): Total consideration $ 967.6 Identifiable assets acquired and liabilities assumed Inventories 136.7 Property and equipment 266.8 Intangible franchise rights 135.3 Operating lease assets 58.3 Other assets (1) 62.2 Total assets acquired 659.3 Operating lease liabilities 56.6 Other liabilities (2) 38.3 Total liabilities assumed 94.9 Total identifiable net assets 564.4 Goodwill $ 403.2 (1) Other assets acquired in connection with the Prime Acquisition include $55.3 million of assets classified as held for sale as of the acquisition date. See the table below for additional details. (2) Other liabilities assumed in connection with the Prime Acquisition include $1.7 million of liabilities classified as held for sale as of the acquisition date. See the table below for additional details. Prime assets classified as held for sale as of the acquisition date (in millions) Inventories $ 10.4 Property and equipment 28.1 Operating lease assets 1.7 Goodwill 15.1 Total other assets classified as held for sale $ 55.3 Prime liabilities classified as held for sale as of the acquisition date (in millions) Operating lease liabilities $ 1.7

DISCONTINUED OPERATIONS AND O_2

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal groups, including discontinued operations	The following table summarizes the fair value of the proceeds received from the disposition and net carrying value of the assets disposed as of September 30, 2022 (in millions): Fair value of proceeds from disposition $ 92.5 Net assets disposed 48.8 Gain before currency translation adjustments 43.7 Amount of currency translation loss recorded in AOCI (122.8) Incremental costs to sell 8.4 Net loss on the Brazil Disposal $ (87.5) Results of the Brazil Discontinued Operations were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUES: New vehicle retail sales $ — $ 62.3 $ 109.0 $ 146.3 Used vehicle retail sales — 18.0 44.0 40.5 Used vehicle wholesale sales — 3.3 10.1 8.0 Parts and service sales — 11.1 23.8 28.2 Finance, insurance and other, net — 1.7 3.3 4.4 Total revenues — 96.4 190.2 227.3 COST OF SALES: New vehicle retail sales — 56.1 98.5 131.5 Used vehicle retail sales — 16.4 41.2 36.9 Used vehicle wholesale sales — 3.1 10.0 7.4 Parts and service sales — 6.2 14.5 15.9 Total cost of sales — 81.9 164.2 191.6 GROSS PROFIT — 14.5 26.1 35.7 Selling, general and administrative expenses (4.6) 8.8 14.8 24.0 Depreciation and amortization expense — 0.4 0.9 1.1 Asset impairments 0.1 — 6.3 — INCOME FROM OPERATIONS — DISCONTINUED OPERATIONS 4.5 5.3 4.0 10.6 Floorplan interest expense — 0.4 1.4 0.7 Other interest (income) expense, net (0.7) 0.1 (1.1) 0.8 Loss on extinguishment of debt — 3.8 — 3.8 Other expenses 1.5 — 1.5 — INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 3.7 0.9 2.2 5.2 Provision for income taxes 5.0 1.3 5.1 2.4 NET (LOSS) INCOME — DISCONTINUED OPERATIONS $ (1.3) $ (0.4) $ (2.9) $ 2.8 The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions): Nine Months Ended September 30, 2022 2021 Net cash provided by operating activities — discontinued operations $ 26.6 $ 8.1 Net cash provided by (used in) investing activities — discontinued operations $ 59.1 $ (1.4) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): September 30, 2022 December 31, 2021 Cash and cash equivalents $ — $ 3.7 Contracts-in-transit and vehicle receivables, net — 2.3 Accounts and notes receivable, net — 11.8 Inventories — 37.2 Prepaid expenses — 1.9 Other current assets 1.3 — Current assets of discontinued operations 1.3 56.9 Property and equipment, net — 22.3 Operating lease assets — 2.4 Other long-term assets 21.8 7.8 Non-current assets of discontinued operations 21.8 32.5 Total assets, before valuation allowance 23.2 89.5 Valuation allowance — (76.4) Total assets, net of valuation allowance $ 23.2 $ 13.0 Floorplan notes payable — credit facility and other $ — $ 3.3 Floorplan notes payable — manufacturer affiliates — 20.1 Current operating lease liabilities — 2.5 Accounts payable — 13.7 Accrued expenses and other current liabilities 7.5 8.7 Current liabilities of discontinued operations $ 7.5 $ 48.3 Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions): September 30, 2022 December 31, 2021 Current assets classified as held for sale Brazil Discontinued Operations $ — $ 13.0 Prime Acquisition (1) 7.4 52.3 Other (2) 31.2 34.9 Total current assets classified as held for sale $ 38.6 $ 100.3 Current liabilities classified as held for sale Brazil Discontinued Operations $ — $ 48.3 Prime Acquisition (1) 1.2 1.6 Other 4.0 — Total current liabilities classified as held for sale $ 5.2 $ 49.9 (1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition as of the acquisition date, refer to Note 3. Acquisitions.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Reportable segment information	Selected reportable segment data is as follows for the three and nine months ended September 30, 2022 and 2021 (in millions): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,484.3 $ 679.1 $ 4,163.4 $ 10,012.8 $ 2,140.3 $ 12,153.1 Income before income taxes $ 231.5 $ 25.7 $ 257.2 $ 703.8 $ 75.9 $ 779.6 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 U.S. U.K. Total U.S. U.K. Total Total revenues $ 2,662.4 $ 750.4 $ 3,412.8 $ 7,991.6 $ 2,000.7 $ 9,992.3 Income before income taxes $ 195.5 $ 28.7 $ 224.1 $ 532.1 $ 62.3 $ 594.4

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Calculation of earnings per share	The following table sets forth the calculation of EPS on total net income for the three and nine months ended September 30, 2022 and 2021 (in millions, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average basic common shares outstanding 15,189,333 17,753,957 15,886,739 17,753,042 Dilutive effect of stock-based awards and employee stock purchases 59,115 82,298 57,145 76,940 Weighted average dilutive common shares outstanding 15,248,448 17,836,255 15,943,883 17,829,982 Basic: Net income $ 195.7 $ 172.1 $ 594.6 $ 465.0 Less: Earnings allocated to participating securities from continued operations 5.5 5.7 16.8 15.6 Less: (Loss) earnings allocated to participating securities from discontinued operations — — (0.1) 0.1 Net income available to basic common shares $ 190.3 $ 166.4 $ 577.9 $ 449.4 Basic earnings per common share $ 12.53 $ 9.37 $ 36.38 $ 25.31 Diluted: Net income $ 195.7 $ 172.1 $ 594.6 $ 465.0 Less: Earnings allocated to participating securities from continued operations 5.4 5.7 16.7 15.5 Less: (Loss) earnings allocated to participating securities from discontinued operations — — (0.1) 0.1 Net income available to diluted common shares $ 190.3 $ 166.4 $ 578.0 $ 449.4 Diluted earnings per common share $ 12.48 $ 9.33 $ 36.25 $ 25.21

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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): September 30, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 603.5 $ 750.0 $ 748.4 Real estate related 101.2 90.8 81.3 78.7 Total $ 851.2 $ 694.3 $ 831.3 $ 827.1 (1) Carrying value excludes unamortized debt issuance costs.
Asset and liabilities recorded at fair value	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): September 30, 2022 December 31, 2021 Assets: Other current assets $ 0.2 $ — Other long-term assets 115.4 13.8 Total assets $ 115.6 $ 13.8 Liabilities: Accrued expenses and other current liabilities $ — $ 0.1 Other long-term liabilities — 11.1 Total liabilities $ — $ 11.2
Impact of interest rate derivative instruments	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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationship 2022 2021 2022 2021 Interest rate swaps $ 31.9 $ (0.6) $ 84.8 $ 16.1 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Floorplan interest expense $ 0.7 $ (1.4) $ (1.4) $ (5.0) Other interest expense, net $ 1.2 $ (1.0) $ (0.7) $ (2.9)

RECEIVABLES, NET AND CONTRACT_2

RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Accounts and notes receivable	The Company’s receivables, net and contract assets consisted of the following (in millions): September 30, 2022 December 31, 2021 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 132.7 $ 143.8 Vehicle receivables 90.2 75.6 Total contracts-in-transit and vehicle receivables 222.9 219.4 Less: allowance for doubtful accounts 0.7 0.5 Total contracts-in-transit and vehicle receivables, net $ 222.2 $ 218.9 Accounts and notes receivable, net: Manufacturer receivables $ 86.4 $ 76.9 Parts and service receivables 65.8 58.6 F&I receivables 27.6 29.8 Other 10.6 17.0 Total accounts and notes receivable 190.3 182.2 Less: allowance for doubtful accounts 5.9 4.3 Total accounts and notes receivable, net $ 184.4 $ 177.9 Within Other current assets and Other long-term assets: Total contract assets (1) $ 44.7 $ 37.5

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Composition of long-term debt	Debt consisted of the following (in millions): September 30, 2022 December 31, 2021 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 200.0 329.3 Other Debt: Real estate related 807.7 627.7 Finance leases 174.5 172.7 Other 20.9 166.9 Total other debt 1,003.0 967.4 Total debt 1,953.0 2,046.7 Less: unamortized debt issuance costs 10.7 11.0 Less: current maturities 141.5 220.4 Total long-term debt $ 1,800.9 $ 1,815.3

FLOORPLAN NOTES PAYABLE (Tables

FLOORPLAN NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2022
Line of Credit Facility [Abstract]
Schedule of floorplan notes payable	The Company’s floorplan notes payable consisted of the following (in millions): September 30, 2022 December 31, 2021 Revolving Credit Facility — floorplan notes payable $ 702.3 $ 511.7 Revolving Credit Facility — floorplan notes payable offset account (206.1) (268.6) Revolving Credit Facility — floorplan notes payable, net 496.2 243.1 Other non-manufacturer facilities 45.8 51.9 Floorplan notes payable — credit facility and other, net $ 542.0 $ 295.0 FMCC Facility $ 31.4 $ 22.8 FMCC Facility offset account (12.4) (3.3) FMCC Facility, net 19.0 19.5 Other manufacturer affiliate facilities 184.9 216.5 Floorplan notes payable — manufacturer affiliates, net $ 203.9 $ 236.0

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Changes in the balances of each component of accumulated other comprehensive income (loss)	Changes in the balances of each component of Accumulated other comprehensive income (loss) were as follows (in millions): Nine Months Ended September 30, 2022 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2) Other comprehensive income (loss) before reclassifications: Pre-tax (59.3) 110.9 51.6 Tax effect — (26.1) (26.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 1.4 1.4 Other interest expense, net (pre-tax) — 0.7 0.7 Cumulative foreign currency translation adjustments associated with the Brazil Disposal 122.8 — 122.8 Other cumulative foreign currency translation adjustments 1.5 — 1.5 Benefit for income taxes — (0.5) (0.5) Net current period other comprehensive income 65.1 86.4 151.5 Balance, September 30, 2022 $ (93.1) $ 88.4 $ (4.7) Nine Months Ended September 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 (6.7) 21.0 14.4 Tax effect — (4.9) (4.9) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 5.0 5.0 Other interest expense (pre-tax) — 2.9 2.9 Reclassification related to de-designated interest rate swaps (pre-tax) — 3.1 3.1 Benefit for income taxes — (2.6) (2.6) Net current period other comprehensive (loss) income (6.7) 24.5 17.9 Balance, September 30, 2021 $ (158.2) $ (7.9) $ (166.1)

BASIS OF PRESENTATION AND CON_3

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES -Basis of Presentation and Consolidation (Details) R$ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022 segment	Sep. 30, 2022 segment	Nov. 12, 2021 USD ($)	Nov. 12, 2021 BRL (R$)
Business And Organization
Number of reportable segments	2	2
Held-for-sale | Brazil
Business And Organization
Percentage of equity interest relinquished			100%	100%
Consideration for disposal			$ 510	R$ 510.0

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Total revenues	$ 4,163.4	$ 3,412.8	$ 12,153.1	$ 9,992.3
U.S.
Disaggregation of Revenue
Total revenues	3,484.3	2,662.4	10,012.8	7,991.6
U.K.
Disaggregation of Revenue
Total revenues	679.1	750.4	2,140.3	2,000.7
Total new and used vehicle sales
Disaggregation of Revenue
Total revenues	3,461.5	2,850.3	10,112.5	8,408.9
Total new and used vehicle sales | U.S.
Disaggregation of Revenue
Total revenues	2,860.3	2,178.8	8,207	6,620.2
Total new and used vehicle sales | U.K.
Disaggregation of Revenue
Total revenues	601.2	671.5	1,905.5	1,788.7
New vehicle retail sales
Disaggregation of Revenue
Total revenues	1,883.3	1,513.9	5,479.8	4,828.6
New vehicle retail sales | U.S.
Disaggregation of Revenue
Total revenues	1,586.9	1,208.5	4,581.8	3,958.9
New vehicle retail sales | U.K.
Disaggregation of Revenue
Total revenues	296.4	305.4	898	869.7
Used vehicle retail sales
Disaggregation of Revenue
Total revenues	1,488.6	1,230.4	4,353.9	3,302.3
Used vehicle retail sales | U.S.
Disaggregation of Revenue
Total revenues	1,212.1	902.3	3,447.6	2,481.7
Used vehicle retail sales | U.K.
Disaggregation of Revenue
Total revenues	276.5	328	906.3	820.5
Used vehicle wholesale sales
Disaggregation of Revenue
Total revenues	89.6	106	278.9	278
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue
Total revenues	61.3	68	177.6	179.6
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue
Total revenues	28.3	38.1	101.2	98.4
Parts and service sales
Disaggregation of Revenue
Total revenues	515.6	416.5	1,491.1	1,152.2
Parts and service sales | U.S.
Disaggregation of Revenue
Total revenues	453.8	353.1	1,307.7	982
Parts and service sales | U.K.
Disaggregation of Revenue
Total revenues	61.8	63.4	183.4	170.2
Finance, insurance and other, net
Disaggregation of Revenue
Total revenues	186.3	146	549.5	431.3
Variable consideration recognized relating to performance obligations satisfied in previous period	5.3	5.1	22.2	18.7
Finance, insurance and other, net | U.S.
Disaggregation of Revenue
Total revenues	170.2	130.5	498.1	389.4
Finance, insurance and other, net | U.K.
Disaggregation of Revenue
Total revenues	$ 16.1	$ 15.6	$ 51.4	$ 41.9

ACQUISITIONS - Prime Acquisitio

ACQUISITIONS - Prime Acquisition (Details) - Prime Automotive Group $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2021 USD ($) dealership center	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition
Number of dealerships acquired | dealership	28
Number of collision centers | center	3
Total consideration	$ 967.6
Deposit assets				$ 33.4
Revenues		$ 448	$ 1,300
Net income		$ 34.2	$ 89
Previously Reported
Business Acquisition
Total consideration	$ 934.2

ACQUISITIONS - Assets acquired

ACQUISITIONS - Assets acquired and liabilities assumed (Details) - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Identifiable assets acquired and liabilities assumed
Goodwill		$ 1,612.2	$ 1,420.2
Prime Automotive Group
Business Acquisition
Total consideration	$ 967.6
Identifiable assets acquired and liabilities assumed
Inventories	136.7
Property and equipment	266.8
Intangible franchise rights	135.3
Operating lease assets	58.3
Other assets	62.2
Total assets acquired	659.3
Operating lease liabilities	56.6
Other liabilities	38.3
Total liabilities assumed	94.9
Total identifiable net assets	564.4
Goodwill	403.2
Assets held for sale	55.3
Liabilities held for sale	$ 1.7

ACQUISITIONS - Asset And Liabil

ACQUISITIONS - Asset And Liabilities Held For Sale (Details) - Prime Acquisition $ in Millions	Nov. 30, 2021 USD ($)
Business Acquisition
Assets held for sale	$ 55.3
Liabilities held for sale	1.7
Inventories
Business Acquisition
Assets held for sale	10.4
Property and equipment
Business Acquisition
Assets held for sale	28.1
Operating lease assets
Business Acquisition
Assets held for sale	1.7
Goodwill
Business Acquisition
Assets held for sale	$ 15.1

ACQUISITIONS - Other Acquisitio

ACQUISITIONS - Other Acquisitions (Details) $ in Millions	1 Months Ended	9 Months Ended
	Nov. 30, 2021 USD ($) dealership	Sep. 30, 2022 USD ($) dealership	Sep. 30, 2021 USD ($) dealership	Dec. 31, 2021 USD ($)
Acquisitions and Dispositions
Cash paid		$ 424.2	$ 74.6
Goodwill acquired			$ 41.4
Goodwill		$ 1,612.2		$ 1,420.2
Prime Automotive Group
Acquisitions and Dispositions
Number of dealerships acquired | dealership	28
Aggregate consideration	$ 967.6
Goodwill	403.2
Intangible franchise rights	$ 135.3
U.S.
Acquisitions and Dispositions
Number of dealerships acquired | dealership		5	2
U.S. | Other Acquisitions
Acquisitions and Dispositions
Aggregate consideration		$ 393
Goodwill acquired		194
Intangible franchise rights		93.4
U.K.
Acquisitions and Dispositions
Number of dealerships acquired | dealership			7
U.K. | Other Acquisitions
Acquisitions and Dispositions
Aggregate consideration		32.8
Goodwill		$ 9.2

DISCONTINUED OPERATIONS AND O_3

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Narrative (Details) R$ in Millions, $ in Millions				3 Months Ended		9 Months Ended
	Jul. 01, 2022 USD ($)	Jun. 30, 2022 USD ($)	Nov. 12, 2021 USD ($)	Sep. 30, 2022 USD ($) dealership	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) dealership franchise	Sep. 30, 2021 USD ($) dealership franchise	Sep. 30, 2022 BRL (R$) dealership	Nov. 12, 2021 BRL (R$)
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Dispositions reduced goodwill						$ 36.9	$ 2.2
Disposed of by Sale | Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Consideration for disposal				$ 4.1		4.1
Net loss				(3.7)	$ (77.5)	(10)
Amount of currency translation loss recorded in AOCI	$ 122.8					122.8
Foreign exchange risk exposure				70		70
Foreign currency transaction loss, settled		$ 8.4
Tax settlement				$ 4.5		4.5		R$ 23.0
Held-for-sale | Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Consideration for disposal			$ 510						R$ 510.0
Holdback term (years)			5 years
Held-for-sale | Brazil | General Representations and Warranties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Holdback portion of consideration | R$									R$ 115.0
United States Segment | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Net pre-tax gain (loss) on dealership dispositions						$ 31.3	$ 1.8
Number of franchises disposed | dealership						5	2
Number of franchises terminated | franchise						1
Number of dealerships | dealership				5		5	2	5
U.K. | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of franchises terminated | franchise							1
Number of dealerships | dealership				1		1	1	1

DISCONTINUED OPERATIONS AND O_4

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Proceeds and Net Carrying Value of the Assets Disposed (Details) - Disposed of by Sale - Brazil - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Fair value of proceeds from disposition		$ 92.5
Net assets disposed		48.8
Gain before currency translation adjustments		43.7
Amount of currency translation loss recorded in AOCI	$ (122.8)	(122.8)
Incremental costs to sell		8.4
Net loss on the Brazil Disposal		$ (87.5)

DISCONTINUED OPERATIONS AND O_5

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Brazil Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
NET (LOSS) INCOME — DISCONTINUED OPERATIONS	$ (1.3)	$ (0.4)	$ (2.9)	$ 2.8
Brazil | Held-for-sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	96.4	190.2	227.3
COST OF SALES	0	81.9	164.2	191.6
GROSS PROFIT	0	14.5	26.1	35.7
Selling, general and administrative expenses	(4.6)	8.8	14.8	24
Depreciation and amortization expense	0	0.4	0.9	1.1
Asset impairments	0.1	0	6.3	0
INCOME FROM OPERATIONS — DISCONTINUED OPERATIONS	4.5	5.3	4	10.6
Floorplan interest expense	0	0.4	1.4	0.7
Other interest (income) expense, net	(0.7)	0.1	(1.1)	0.8
Loss on extinguishment of debt	0	3.8	0	3.8
Other expenses	1.5	0	1.5	0
INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS	3.7	0.9	2.2	5.2
Provision for income taxes	5	1.3	5.1	2.4
NET (LOSS) INCOME — DISCONTINUED OPERATIONS	(1.3)	(0.4)	(2.9)	2.8
Brazil | Held-for-sale | New vehicle retail sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	62.3	109	146.3
COST OF SALES	0	56.1	98.5	131.5
Brazil | Held-for-sale | Used vehicle retail sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	18	44	40.5
COST OF SALES	0	16.4	41.2	36.9
Brazil | Held-for-sale | Used vehicle wholesale sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	3.3	10.1	8
COST OF SALES	0	3.1	10	7.4
Brazil | Held-for-sale | Parts and service sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	11.1	23.8	28.2
COST OF SALES	0	6.2	14.5	15.9
Brazil | Held-for-sale | Finance, insurance and other, net
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	$ 0	$ 1.7	$ 3.3	$ 4.4

DISCONTINUED OPERATIONS AND O_6

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Cash Flows from Operating and Investing Activities for Discontinued Operations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided by operating activities — discontinued operations	$ 26.6	$ 8.1
Net cash provided by (used in) investing activities — discontinued operations	$ 59.1	$ (1.4)

DISCONTINUED OPERATIONS AND O_7

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets of discontinued operations	$ 38.6	$ 100.3
Current liabilities of discontinued operations	5.2	49.9
Discontinued Operations | Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Cash and cash equivalents	0	3.7
Contracts-in-transit and vehicle receivables, net	0	2.3
Accounts and notes receivable, net	0	11.8
Inventories	0	37.2
Prepaid expenses	0	1.9
Other current assets	1.3	0
Current assets of discontinued operations	1.3	56.9
Property and equipment, net	0	22.3
Operating lease assets	0	2.4
Other long-term assets	21.8	7.8
Non-current assets of discontinued operations	21.8	32.5
Total assets, before valuation allowance	23.2	89.5
Valuation allowance	0	(76.4)
Total assets, net of valuation allowance	23.2	13
Floorplan notes payable — credit facility and other	0	3.3
Floorplan notes payable — manufacturer affiliates	0	20.1
Current operating lease liabilities	0	2.5
Accounts payable	0	13.7
Accrued expenses and other current liabilities	7.5	8.7
Current liabilities of discontinued operations	7.5	48.3
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets of discontinued operations	38.6	100.3
Current liabilities of discontinued operations	5.2	49.9
Held-for-sale | Prime Automotive Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets of discontinued operations	7.4	52.3
Current liabilities of discontinued operations	1.2	1.6
Held-for-sale | Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets of discontinued operations	0	13
Current liabilities of discontinued operations	0	48.3
Held-for-sale | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets of discontinued operations	31.2	34.9
Current liabilities of discontinued operations	$ 4	$ 0

DISCONTINUED OPERATIONS AND O_8

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	$ 38.6	$ 100.3
Current liabilities classified as held for sale	5.2	49.9
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	38.6	100.3
Current liabilities classified as held for sale	5.2	49.9
Goodwill	11.3	9.9
Held-for-sale | Prime Automotive Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	7.4	52.3
Current liabilities classified as held for sale	1.2	1.6
Held-for-sale | Brazil Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	0	13
Current liabilities classified as held for sale	0	48.3
Held-for-sale | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	31.2	34.9
Current liabilities classified as held for sale	$ 4	$ 0

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) - segment	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022
Segment Reporting [Abstract]
Number of reportable segments	2	2

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Total revenues	$ 4,163.4	$ 3,412.8	$ 12,153.1	$ 9,992.3
Income before income taxes	257.2	224.1	779.6	594.4
U.S.
Segment Reporting Information
Total revenues	3,484.3	2,662.4	10,012.8	7,991.6
Income before income taxes	231.5	195.5	703.8	532.1
U.K.
Segment Reporting Information
Total revenues	679.1	750.4	2,140.3	2,000.7
Income before income taxes	$ 25.7	$ 28.7	$ 75.9	$ 62.3

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average basic common shares outstanding (in shares)	15,189,333	17,753,957	15,886,739	17,753,042
Dilutive effect of stock-based awards and employee stock purchases (in shares)	59,115	82,298	57,145	76,940
Weighted average dilutive common shares outstanding (in shares)	15,248,448	17,836,255	15,943,883	17,829,982
Basic:
Net income	$ 195.7	$ 172.1	$ 594.6	$ 465
Net income available to basic common shares	$ 190.3	$ 166.4	$ 577.9	$ 449.4
Basic earnings per common share (in dollars per shares)	$ 12.53	$ 9.37	$ 36.38	$ 25.31
Diluted:
Net income	$ 195.7	$ 172.1	$ 594.6	$ 465
Net income available to diluted common shares	$ 190.3	$ 166.4	$ 578	$ 449.4
Diluted earnings per common share (in dollars per share)	$ 12.48	$ 9.33	$ 36.25	$ 25.21
Continuing Operations
Basic:
Less: (Loss) earnings allocated to participating securities	$ 5.5	$ 5.7	$ 16.8	$ 15.6
Diluted:
Less: (Loss) earnings allocated to participating securities	5.4	5.7	16.7	15.5
Discontinued operations
Basic:
Less: (Loss) earnings allocated to participating securities	0	0	(0.1)	0.1
Diluted:
Less: (Loss) earnings allocated to participating securities	$ 0	$ 0	$ (0.1)	$ 0.1

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)	Sep. 30, 2022 USD ($) derivative	Sep. 30, 2021 USD ($) derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Amount expected to be reclassified from other comprehensive loss into earnings	$ 24,000,000
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 | derivative	41	33
Notional value	$ 949,100,000	$ 686,100,000
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging | SOFR equivalent plus
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)	1.23%
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging | LIBOR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)		1.37%
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 | derivative	2
Notional value	$ 100,000,000
Weighted average interest rate (as a percentage)	0.94%
Senior Notes | 4.00% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Aggregate principle amount	$ 750,000,000
Interest rate (as a percentage)	4%

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	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Debt Instrument
Debt, fair value	$ 851.2	$ 831.3
Fair Value
Debt Instrument
Debt, fair value	$ 694.3	827.1
4.00% Senior Notes | Senior Notes
Debt Instrument
Interest rate (as a percentage)	4%
4.00% Senior Notes | Carrying Value | Senior Notes
Debt Instrument
Debt, fair value	$ 750	750
4.00% Senior Notes | Fair Value | Senior Notes
Debt Instrument
Debt, fair value	603.5	748.4
Real estate related | Carrying Value
Debt Instrument
Debt, fair value	101.2	81.3
Real estate related | Fair Value
Debt Instrument
Debt, fair value	$ 90.8	$ 78.7

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Other current assets	$ 0.2	$ 0
Other long-term assets	115.4	13.8
Total assets	115.6	13.8
Liabilities:
Accrued expenses and other current liabilities	0	0.1
Other long-term liabilities	0	11.1
Total liabilities	$ 0	$ 11.2

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)	$ 31.9	$ (0.6)	$ 84.8	$ 16.1
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	1.4	(1.8)	(1.6)	(6.1)
Floorplan interest expense
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	0.7	(1.4)	(1.4)	(5)
Other interest expense, net
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	$ 1.2	$ (1)	$ (0.7)	$ (2.9)

RECEIVABLES, NET AND CONTRACT_3

RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Contracts-in-transit	$ 132,700,000	$ 143,800,000
Vehicle receivables	90,200,000	75,600,000
Total contracts-in-transit and vehicle receivables	222,900,000	219,400,000
Less: allowance for doubtful accounts	700,000	500,000
Total contracts-in-transit and vehicle receivables, net	222,200,000	218,900,000
Accounts and notes receivable, net
Accounts and notes receivables	190,300,000	182,200,000
Less: allowance for doubtful accounts	5,900,000	4,300,000
Total accounts and notes receivable, net	184,400,000	177,900,000
Total contract assets	44,700,000	37,500,000
Allowance for doubtful accounts	0	0
Manufacturer receivables
Accounts and notes receivable, net
Accounts and notes receivables	86,400,000	76,900,000
Parts and service receivables
Accounts and notes receivable, net
Accounts and notes receivables	65,800,000	58,600,000
F&I receivables
Accounts and notes receivable, net
Accounts and notes receivables	27,600,000	29,800,000
Other
Accounts and notes receivable, net
Accounts and notes receivables	$ 10,600,000	$ 17,000,000

DEBT - Composition of Long-Term

DEBT - Composition of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument
Total debt	$ 1,953	$ 2,046.7
Less: unamortized debt issuance costs	10.7	11
Less: current maturities	141.5	220.4
Total long-term debt	1,800.9	1,815.3
Other Debt
Debt Instrument
Real estate related and other long-term debt	20.9	166.9
Finance leases	174.5	172.7
Total other debt	$ 1,003	967.4
4.00% Senior Notes | Senior Notes
Debt Instrument
Interest rate (as a percentage)	4%
Senior notes	$ 750	750
Acquisition Line | Line of credit
Debt Instrument
Acquisition Line	200	329.3
Real estate related | Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 807.7	$ 627.7

DEBT - Acquisition Line and Rea

DEBT - Acquisition Line and Real Estate Related (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other Debt
Debt Instrument
Real estate related debt	$ 20.9	$ 166.9
Real estate related | Other Debt
Debt Instrument
Real estate related debt	807.7	627.7
U.S. Notes | Other Debt
Debt Instrument
Real estate related debt	718.7
U.K. Notes | Other Debt
Debt Instrument
Real estate related debt	89
Line of credit | Acquisition Line
Debt Instrument
Acquisition line	$ 200	$ 329.3
Interest rate (as a percentage)	2.90%

DEBT - Bridge Facility (Details

DEBT - Bridge Facility (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument
Principal payments on other debt		$ 246.5	$ 143.7
Bridge Loan | Bridge Facility
Debt Instrument
Real estate related and other long-term debt				$ 140
Principal payments on other debt	$ 140

FLOORPLAN NOTES PAYABLE - Sched

FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of credit - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revolving Credit Facility — floorplan notes payable
Line of Credit Facility
Long-term debt, gross	$ 702.3	$ 511.7
Long-term debt, offset	(206.1)	(268.6)
Long-term debt	496.2	243.1
Other non-manufacturer facilities
Line of Credit Facility
Long-term debt	45.8	51.9
Floorplan notes payable — credit facility and other, net
Line of Credit Facility
Long-term debt	542	295
FMCC Facility
Line of Credit Facility
Long-term debt, gross	31.4	22.8
Long-term debt, offset	(12.4)	(3.3)
Long-term debt	19	19.5
Other manufacturer affiliate facilities
Line of Credit Facility
Long-term debt	184.9	216.5
Floorplan notes payable — manufacturer affiliates, net
Line of Credit Facility
Long-term debt	$ 203.9	$ 236

FLOORPLAN NOTES PAYABLE - Narra

FLOORPLAN NOTES PAYABLE - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	Aug. 18, 2022 USD ($) tranche	Mar. 09, 2022 institution	Dec. 31, 2021 USD ($)
Revolving Credit Facility
Line of Credit Facility
Debt issuance costs		$ 3,700,000
Unamortized discount	$ 5,300,000			$ 2,600,000
Line of credit
Line of Credit Facility
Outstanding letters of credit	$ 12,200,000			$ 12,200,000
Line of credit | Revolving Credit Facility
Line of Credit Facility
Participating financial institutions (institution) | institution			21
Line of credit facility, maximum borrowing capacity		2,000,000,000
Line of credit facility, potential maximum borrowing capacity		$ 2,400,000,000
Number 0f tranches (tranche) | tranche		2
Line of credit | Floorplan Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 1,200,000,000
Weighted average interest rate (as a percentage)	4.25%
Commitment fee (as a percentage)	0.15%
Line of credit | Acquisition Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		800,000,000
Minimum borrowing capacity	$ 50,000,000	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 | SOFR equivalent plus | Minimum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.10%
Line of credit | Acquisition Line | SOFR equivalent plus | Maximum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	2.10%
Line of credit | New Vehicles | SOFR equivalent plus
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.20%
Line of credit | Used Vehicles | SOFR equivalent plus
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.50%
Line of credit | Other Credit Facilities
Line of Credit Facility
Outstanding balance	$ 184,900,000
Line of credit | FMCC Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 300,000,000
Interest rate (as a percentage)	6.25%
Line of credit | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Outstanding balance	$ 104,400,000
Line of credit | Rental Vehicles Financed through Credit Facility | Minimum
Line of Credit Facility
Interest rate (as a percentage)	1%
Line of credit | Rental Vehicles Financed through Credit Facility | Maximum
Line of Credit Facility
Interest rate (as a percentage)	7%
Line of credit | UK Credit Facilities
Line of Credit Facility
Outstanding balance	$ 80,500,000
Line of credit | UK Credit Facilities | Minimum
Line of Credit Facility
Interest rate (as a percentage)	2%
Line of credit | UK Credit Facilities | Maximum
Line of Credit Facility
Interest rate (as a percentage)	6%

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Increase in accrual for capital expenditures	$ 0.4	$ 2.1
Cash paid for interest	73.8	59.9
Cash paid for taxes, net of refunds	$ 155.9	$ 100.7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee rental payment obligations during remaining terms of leases under guarantee agreement	$ 38
Letters of credit issued on behalf of lessee	$ 2.9

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in AOCI
Beginning balance	$ 2,004.5	$ 1,754	$ 1,825.2	$ 1,449.6
Other comprehensive income (loss) before reclassifications:
Pre-tax			51.6	14.4
Tax effect			(26.1)	(4.9)
Amount reclassified from accumulated other comprehensive income (loss):
Cumulative foreign currency translation adjustments associated with the Brazil Disposal	122.8	0	122.8	0
Other cumulative foreign currency translation adjustments	1.5	0	1.5	0
Benefit for income taxes			(0.5)	(2.6)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	123.5	(10.2)	151.5	17.9
Ending balance	2,214.1	1,918.6	2,214.1	1,918.6
Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			1.4	5
Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0.7	2.9
Reclassification related to de-designated interest rate swaps (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax				3.1
Accumulated other comprehensive income (loss)
Increase (Decrease) in AOCI
Beginning balance	(128.3)	(155.9)	(156.2)	(184)
Amount reclassified from accumulated other comprehensive income (loss):
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	123.5	(10.2)	151.5	17.9
Ending balance	(4.7)	(166.1)	(4.7)	(166.1)
Accumulated Income (Loss) On Foreign Currency Translation
Increase (Decrease) in AOCI
Beginning balance			(158.2)	(151.6)
Other comprehensive income (loss) before reclassifications:
Pre-tax			(59.3)	(6.7)
Tax effect			0	0
Amount reclassified from accumulated other comprehensive income (loss):
Cumulative foreign currency translation adjustments associated with the Brazil Disposal			122.8
Other cumulative foreign currency translation adjustments			1.5
Benefit for income taxes			0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX			65.1	(6.7)
Ending balance	(93.1)	(158.2)	(93.1)	(158.2)
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 Foreign Currency Translation | Reclassification related to de-designated interest rate swaps (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax				0
Accumulated Income (Loss) On Interest Rate Swaps
Increase (Decrease) in AOCI
Beginning balance			2	(32.5)
Other comprehensive income (loss) before reclassifications:
Pre-tax			110.9	21
Tax effect			(26.1)	(4.9)
Amount reclassified from accumulated other comprehensive income (loss):
Cumulative foreign currency translation adjustments associated with the Brazil Disposal			0
Other cumulative foreign currency translation adjustments			0
Benefit for income taxes			(0.5)	(2.6)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX			86.4	24.5
Ending balance	$ 88.4	$ (7.9)	88.4	(7.9)
Accumulated Income (Loss) On Interest Rate Swaps | Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			1.4	5
Accumulated Income (Loss) On Interest Rate Swaps | Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			$ 0.7	2.9
Accumulated Income (Loss) On Interest Rate Swaps | Reclassification related to de-designated interest rate swaps (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax				$ 3.1