Group 1 Automotive (GPI) 10-K 14 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13461
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, Postal Zip Code	77024
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.5
Entity Common Stock, Shares Outstanding		13,685,854
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2023, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001031203
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Houston, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 57.2	$ 47.9
Contracts-in-transit and vehicle receivables, net	369.2	278.5
Accounts and notes receivables, net	238.4	199.2
Inventories	1,963.4	1,356.6
Prepaid expenses	38.9	30.5
Other current assets	25.1	19.1
Current assets classified as held for sale	99.1	53.6
TOTAL CURRENT ASSETS	2,791.3	1,985.3
Property and equipment, net	2,248.7	2,128.2
Operating lease assets	216.5	249.1
Goodwill	1,651.9	1,661.8
Intangible franchise rights	701.2	516.3
Other long-term assets	164.6	176.8
TOTAL ASSETS	7,774.1	6,717.5
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $236.7 and $140.2, respectively	1,153	762.1
Floorplan notes payable — manufacturer affiliates, net of offset account of $38.5 and $13.4, respectively	412.4	243.1
Current maturities of long-term debt	109.4	130.3
Current operating lease liabilities	20.9	21.8
Accounts payable	499.3	488
Accrued expenses and other current liabilities	303.4	271.5
Current liabilities classified as held for sale	7.2	4.8
TOTAL CURRENT LIABILITIES	2,505.7	1,921.4
Long-term debt	1,989.4	1,952.2
Long-term operating lease liabilities	209.4	238.4
Deferred income taxes	256.6	238.1
Other long-term liabilities	138.6	129.8
Commitments and Contingencies (Note 17)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,131,460 and 25,232,620 issued, respectively	0.3	0.3
Additional paid-in capital	349.1	338.7
Retained earnings	3,649.8	3,073.6
Accumulated other comprehensive income (loss)	28.1	22.5
Treasury stock, at cost; 11,447,422 and 10,940,298 shares, respectively	(1,352.8)	(1,197.5)
TOTAL STOCKHOLDERS’ EQUITY	2,674.4	2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 7,774.1	$ 6,717.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Offset account related to floorplan notes payable	$ 236.7	$ 140.2
FMCC offset	$ 38.5	$ 13.4
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	1,000,000	1,000,000
Shares issued (in shares)	0	0
Shares outstanding (in shares)	0	0
Common 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)	25,131,460	25,232,620
Treasury stock
Treasury stock (in shares)	11,447,422	10,940,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES	$ 17,873.7	$ 16,222.1	$ 13,481.9
COST OF SALES	14,853.4	13,256.9	11,041.2
GROSS PROFIT	3,020.3	2,965.2	2,440.7
Selling, general and administrative expenses	1,926.8	1,783.3	1,477.2
Depreciation and amortization expense	92	88.4	77.4
Asset impairments	32.9	2.1	1.7
INCOME FROM OPERATIONS	968.6	1,091.4	884.4
INTEREST EXPENSE:
Floorplan interest expense	64.1	27.3	27.6
Other interest expense, net	99.8	77.5	55.8
Other expense	4.5	1.2	0
INCOME BEFORE INCOME TAXES	800.2	985.3	800.9
Provision for income taxes	198.2	231.1	175.5
Net income from continuing operations	602	754.2	625.4
Net loss from discontinued operations	(0.4)	(2.7)	(73.3)
NET INCOME	$ 601.6	$ 751.5	$ 552.1
BASIC EARNINGS PER SHARE:
Basic earnings per share continuing operations (in dollars per shares)	$ 42.92	$ 47.46	$ 34.23
Basic earnings per share discontinuing operations (in dollars per shares)	(0.03)	(0.17)	(4.01)
Basic earnings per share (in dollars per shares)	42.89	47.29	30.22
DILUTED EARNINGS PER SHARE:
Diluted earnings per share continuing operations (in dollars per shares)	42.75	47.31	34.11
Diluted earnings per share discontinuing operations (in dollars per shares)	(0.03)	(0.17)	(4)
Diluted earnings per share (in dollars per shares)	$ 42.73	$ 47.14	$ 30.11
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding basic (in shares)	13,681,660	15,441,292	17,655,365
Weighted average common shares outstanding diluted (in shares)	13,734,799	15,493,616	17,722,212
New vehicle retail sales
REVENUES	$ 8,774.6	$ 7,452.5	$ 6,504.8
COST OF SALES	8,007.6	6,627	5,894
Used vehicle retail sales
REVENUES	5,693.5	5,673.3	4,438.8
COST OF SALES	5,392.6	5,359.6	4,084.6
Used vehicle wholesale sales
REVENUES	441.4	364.6	365.7
COST OF SALES	445.2	364.6	340.9
Parts and service sales
REVENUES	2,222.3	2,009.5	1,591.2
COST OF SALES	1,008	905.8	721.8
Finance, insurance and other, net
REVENUES	$ 741.9	$ 722.2	$ 581.4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 601.6	$ 751.5	$ 552.1
Net foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	23.7	(27.2)	(6.7)
Reclassification of cumulative foreign currency translation adjustments associated with the Brazil Disposal	0	122.8	0
Reclassification of other cumulative foreign currency translation adjustments	0	1.5	0
Foreign currency translation adjustments, net of reclassifications	23.7	97.1	(6.7)
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain arising during the period, net of tax provision of $(3.3), $(25.8) and $(6.9), respectively	10.4	84.1	22.6
Reclassification adjustment for (gain) loss included in interest expense, net of tax (provision) benefit of $(7.9), $(0.8) and $1.8, respectively	(25.4)	(2.5)	5.8
Reclassification related to de-designated interest rate swaps, net of tax (provision) benefit of $(1.0), $— and $1.9, respectively	(3.1)	0	6.1
Unrealized (loss) gain on interest rate risk management activities, net of tax	(18)	81.6	34.5
OTHER COMPREHENSIVE INCOME, NET OF TAX	5.7	178.7	27.8
COMPREHENSIVE INCOME	$ 607.3	$ 930.2	$ 579.9

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Tax benefit (provision) of unrealized gain (loss) on interest rate swap	$ (3.3)	$ (25.8)	$ (6.9)
Tax (provision) benefit of reclassification adjustment	(7.9)	(0.8)	1.8
Reclassification of de-designated interest rate swaps net of tax benefit (provision)	$ (1)	$ 0	$ 1.9

CONSOLIDATED STATEMENTS OF STOC

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)
Beginning balance (in shares) at Dec. 31, 2020		25,433,048
Increase (Decrease) in Stockholders' Equity
Net income	552.1			552.1
Other comprehensive (loss) income, net of taxes	27.8				27.8
Purchases of treasury stock, including excise tax	(210.6)					(210.6)
Net issuance of treasury shares to stock compensation plans	2.2		(10.8)			13
Net issuance of treasury shares to stock compensation plans (in shares)		(96,994)
Stock-based compensation	28.3		28.3
Dividends declared	(24.1)			(24.1)
Ending balance at Dec. 31, 2021	1,825.2	$ 0.3	325.8	2,345.9	(156.2)	(690.4)
Ending balance (in shares) at Dec. 31, 2021		25,336,054
Increase (Decrease) in Stockholders' Equity
Net income	751.5			751.5
Other comprehensive (loss) income, net of taxes	178.7				178.7
Purchases of treasury stock, including excise tax	(521.2)					(521.2)
Net issuance of treasury shares to stock compensation plans	0.1		(14.1)			14.2
Net issuance of treasury shares to stock compensation plans (in shares)		(103,434)
Stock-based compensation	27		27
Dividends declared	(23.9)			(23.9)
Ending balance at Dec. 31, 2022	2,237.5	$ 0.3	338.7	3,073.6	22.5	(1,197.5)
Ending balance (in shares) at Dec. 31, 2022		25,232,620
Increase (Decrease) in Stockholders' Equity
Net income	601.6			601.6
Other comprehensive (loss) income, net of taxes	5.7				5.7
Purchases of treasury stock, including excise tax	(174.2)					(174.2)
Net issuance of treasury shares to stock compensation plans	9.2		(9.7)			18.9
Net issuance of treasury shares to stock compensation plans (in shares)		(101,160)
Stock-based compensation	20.1		20.1
Dividends declared	(25.4)			(25.4)
Ending balance at Dec. 31, 2023	$ 2,674.4	$ 0.3	$ 349.1	$ 3,649.8	$ 28.1	$ (1,352.8)
Ending balance (in shares) at Dec. 31, 2023		25,131,460

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.80	$ 1.50	$ 1.33

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 601.6	$ 751.5	$ 552.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	92	89.3	78.9
Change in operating lease assets	25.3	29.5	25
Deferred income taxes	18.7	28	31
Asset impairments	32.9	8.5	79.2
Stock-based compensation	20.1	27	28.3
Amortization of debt discount and issue costs	3	3	2.5
Gain on disposition of assets	(23.3)	(41.1)	(6)
Loss on extinguishment of debt	0	0	3.8
Unrealized gain on derivative instruments	(3.7)	0	0
Other	(2.7)	0.5	2.6
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	39.2	66.5	48.1
Accounts and notes receivable	(37.4)	(17.4)	11.2
Inventories	(567.6)	(282.1)	529.8
Contracts-in-transit and vehicle receivables	(88.1)	(55.4)	(6.4)
Prepaid expenses and other assets	(21.2)	0.4	(2.1)
Floorplan notes payable — manufacturer affiliates	126.7	7.5	(90.7)
Deferred revenues	(0.9)	(0.4)	(1.5)
Operating lease liabilities	(24.4)	(29.4)	(25.9)
Net cash provided by operating activities	190.2	585.9	1,259.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $66.3, $25.3 and $65.2, respectively	(366.1)	(528.7)	(1,099.6)
Proceeds from disposition of franchises, property and equipment	193.8	141.4	24.8
Purchases of property and equipment	(185.4)	(155.5)	(143.6)
Proceeds from sale of discontinued operations, net	0	59.4	0
Other	(8.3)	(1.3)	(33.3)
Net cash used in investing activities	(366.1)	(484.6)	(1,251.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	11,366.2	10,236.1	8,333.2
Repayments on credit facility — floorplan line and other	(10,940.4)	(9,766.5)	(8,801.8)
Borrowings on credit facility — acquisition line	200	406.6	349.3
Repayments on credit facility — acquisition line	(178.2)	(429.6)	(66.6)
Debt issuance costs	(0.3)	(4.6)	(2.8)
Borrowings of senior notes	0	0	200
Borrowings on other debt	150.2	315.5	334.3
Principal payments on other debt	(223.6)	(286.4)	(187.3)
Proceeds from employee stock purchase plan	21.3	19.5	15.2
Payments of tax withholding for stock-based compensation	(12.1)	(11.8)	(13)
Repurchases of common stock, amounts based on settlement date	(172.8)	(521.2)	(210.6)
Dividends paid	(25.2)	(23.7)	(23.9)
Other	0	(1.2)	0
Net cash provided by (used in) financing activities	185.2	(67.3)	(74)
Effect of exchange rate changes on cash	0.1	(4.8)	(2.5)
Net increase (decrease) in cash and cash equivalents	9.4	29.2	(68.6)
CASH AND CASH EQUIVALENTS, beginning of period	47.9	18.7	87.3
CASH AND CASH EQUIVALENTS, end of period	$ 57.2	$ 47.9	$ 18.7

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Floorplan Notes Payable
Condensed Cash Flow Statements, Captions [Line Items]
Repayment of sellers floorplan notes payable	$ 66.3	$ 25.3	$ 65.2

BASIS OF PRESENTATION, CONSOLID

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES	BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP and reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc., and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. Group 1 Automotive, Inc. and its subsidiaries are collectively referred to as the “Company” in these Notes to Consolidated Financial Statements. 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 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. Unless otherwise specified, disclosures in these Consolidated Financial Statements reflect continuing operations only. Certain prior-period amounts related to the Brazil Discontinued Operations, have been reclassified in the Consolidated Financial Statements and accompanying notes to conform to current-period presentation. Refer to Note 4. Discontinued Operations and Other Divestitures for additional information on the Brazil Discontinued Operations. Certain amounts in the 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 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 Consolidated Financial Statements include, but are 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. Revenue Recognition Refer to the discussion of the Company’s revenue streams and accounting policies related to revenue recognition in Note 2. Revenues. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less at the date of purchase. Receivables Refer to Note 8. Receivables, Net and Contract Assets for further discussion of the Company’s receivable accounts and related accounting policies. Inventories New and used retail vehicles are carried at the lower of specific cost or net realizable value. Specific cost consists of the amount paid to acquire the vehicle, plus the cost of reconditioning, equipment addition and transportation. In determining the lower of specific cost or net realizable value of new and used vehicles, the Company considers historical loss experience and current market trends. Parts and accessories inventories are valued at the lower of cost or net realizable value and determined on a first-in, first-out basis. The Company incurs shipping costs in connection with selling parts to customers which is included in Cost of Sales in the Consolidated Statements of Operations. Certain manufacturers offer vehicle rebates, in the form of purchase discounts, once applicable incentive targets are met. Incentive targets typically consist of volume incentives to order and/or sell certain models and/or volumes of inventory over designated periods of time. The Company also receives dealer rebates and incentive payments on parts purchases from the automobile manufacturers on new vehicle retail sales. Additionally, the Company receives interest assistance from certain automobile manufacturers that is reflected as a vehicle purchase price discount. The rebates, interest assistance and other dealer incentives reduce inventory costs in the Consolidated Balance Sheets and are reflected as a reduction to Cost of Sales in the Consolidated Statements of Operations as the vehicles are sold. Refer to Note 9. Inventories for further discussion of the Company’s inventory accounts. Property and Equipment, Net Property and equipment, recorded at cost, is depreciated using the straight-line method over the estimated useful lives of the assets to estimated salvage values. Leasehold improvements are capitalized and amortized over the lesser of the estimated term of the lease or the estimated useful life of the asset. Property and equipment estimated useful lives are as follows: Estimated Buildings and leasehold improvements 25 to 50 Machinery and dealership equipment 7 to 20 Office equipment, furniture and fixtures 3 to 20 Company vehicles 3 to 5 Expenditures for major additions or improvements, which improve or extend the useful lives of the assets are capitalized. Minor replacements and routine maintenance and repairs, which do not improve or extend the lives of the assets, are expensed as incurred. Disposals are removed at cost less accumulated depreciation, and any resulting gain or loss is reflected in Selling, general and administrative expenses in the Consolidated Statements of Operations. The Company performs an impairment analysis on long-lived assets used in operations when events or circumstances indicate that the carrying value of such assets may not be recoverable. This review consists of comparing the carrying amount of the asset group with its expected future undiscounted cash flows. Estimates of expected future cash flows represent management’s best estimate based on currently available information and reasonable and supportable assumptions. If the asset group’s carrying amount exceeds its future undiscounted cash flows, an impairment charge is measured as the amount by which its carrying amount exceeds its fair value. Refer to Note 10. Property and Equipment, Net for further discussion . The fair value of property is typically based on a third-party appraisal which requires adjustments to market-based valuation inputs to reflect the different characteristics between the property being measured and comparable properties, which are considered level 3 inputs within the fair value hierarchy described further in Note 7. Financial Instruments and Fair Value Measurements. Business Combinations Business acquisitions are accounted for under the acquisition method of accounting, whereby the Company measures and recognizes the fair value of assets acquired and liabilities assumed at the date of acquisition. The operating results of entities acquired are included in the accompanying Consolidated Statements of Operations from the date of acquisition. For material acquisitions, the Company typically utilizes third-party experts to determine the fair values of property acquired. The fair values of assets acquired and liabilities assumed in business combinations are estimated using various assumptions. The most significant assumptions, and those requiring the most judgment, involve the estimated fair values of property and intangible franchise rights. If the initial accounting for a business combination has not been concluded by the end of the reporting period in which the acquisition occurs, an estimate will be recorded and disclosure of those open areas will be provided. The Company will record any material adjustments to the initial estimates based on new information obtained that would have existed as of the date of the acquisition within a year of the acquisition date. Refer to Note 3. Acquisitions for further discussion of the Company’s business combinations. Goodwill and Intangible Franchise Rights Goodwill represents the excess, at the date of acquisition, of the purchase price of an acquired business over the fair value of the net tangible and intangible assets acquired. The Company is organized into two geographic regions, the U.S. region and the U.K. region. The Company has determined that each region represents a reporting unit for the purpose of assessing goodwill for impairment. In addition to goodwill, the Company recognizes, at the dealership level, separately identifiable intangible assets for rights under franchise agreements with manufacturers. Most of the Company’s franchise agreements continue indefinitely. The Company believes that these agreements can be renewed without substantial cost based on the history with the manufacturer. As such, the Company’s intangible assets for rights under franchise agreements are considered non-amortizing indefinite lived intangible assets, expected to contribute to cash flows of the Company for an indefinite period of time. The Company evaluates goodwill and intangible franchise rights for impairment annually as of October 31, or more frequently if events or circumstances indicate possible impairment has occurred. Refer to Note 12. Intangible Franchise Rights and Goodwill for further discussion of the Company’s goodwill and intangibles, including results of its impairment testing. Income Taxes The Company is subject to income taxes at the federal level and in 17 states in the U.S., as well as in the U.K., each of which has unique tax calculations. As the amount of income generated in each jurisdiction varies from period to period, the Company’s effective tax rate can vary based on the proportion of taxable income generated in each jurisdiction. The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the underlying assets are realized or liabilities are settled. A valuation allowance reduces deferred tax assets when it is more-likely-than-not that some or all of the deferred tax assets will not be realized. The Company has recognized deferred tax assets, net of valuation allowances, that it believes will be realized, based primarily on the assumption of future taxable income. Refer to Note 15. Income Taxes for further discussion. Derivative Financial Instruments The Company holds derivative financial instruments consisting of interest rate swaps that are designated as cash flow hedges. Refer to the discussion of the Company’s accounting policies relating to its derivative financial instruments, including fair value measurements, in Note 7. Financial Instruments and Fair Value Measurements. Advertising The Company expenses the costs of advertising as incurred. Advertising expense is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and totaled $83.0 million , $76.5 million and $65.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company receives advertising assistance from certain automobile manufacturers, which the Company is required to spend on qualified advertising, and which is subject to audit and chargeback by the manufacturer. The assistance is accounted for as a reduction to SG&A expenses as earned and amounted t o $22.3 million, $17.4 million and $14.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Statements of Cash Flows With respect to all new vehicle floorplan borrowings, the vehicle manufacturers draft the funds directly from the Company’s credit facilities with no cash flow to or from the Company. With respect to borrowings for used vehicle financing in the U.S., the Company finances up to 85% of the value of the used vehicle inventory and the borrowed funds flow from the lender directly to the Company. In the U.K., the Company chooses which used vehicles to finance and the borrowings flow directly to the Company from the lender. Excluding the cash flows from or to manufacturer affiliated lenders participating in the Company’s syndicated lending group under the Revolving Credit Facility as defined in Note 13. Floorplan Notes Payable, all borrowings from, and repayments to, lenders affiliated with the vehicle manufacturers are presented within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. All borrowings from, and repayments to, the Company’s credit facilities (including the cash flows from or to manufacturer affiliated lenders participating in the Revolving Credit Facility) are presented within Cash Flows from Financing Activities. Leases Refer to the discussion of the Company’s leases and related accounting policies in Note 11. Leases. Foreign Currency Translation The functional currency for the Company’s U.K. subsidiaries is GBP. All assets and liabilities of foreign subsidiaries are translated into USD using period-end foreign currency exchange rates and all revenues and expenses are translated at average foreign currency exchange rates during the respective period. The gains and losses resulting from translation adjustments are recorded in Accumulated Other Comprehensive Income (loss) in the Consolidated Statements of Stockholders’ Equity. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures . The amendments require the disclosure of significant segment expenses as well as expanded interim disclosures, along with other changes to segment disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2023, and in terim periods beginning on or after January 1, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments require the disclosure of a reconciliation between income tax expense from continuing operations and the amount computed by multiplying income from continuing operations before income taxes by the applicable statutory rate as well as an annual disaggregation of the income tax rate reconciliation between certain specified categories by both percentage and reported amounts, along with other changes to income tax disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company derives its revenues primarily from the sale of new and used vehicles; sale of vehicle parts; performance of maintenance and repair services; and arrangement of vehicle financing and sale of service and other insurance contracts. Revenue recognition for each of these streams is discussed below. With respect to the cost of freight and shipping from the Company’s dealerships to its customers, the Company’s policy is to recognize such cost within Cost of Sale s in the Consolidated Statements of Operations. Taxes collected from customers and remitted to governmental authorities are reported on a net basis in the Company’s Consolidated Financial Statements, thus excluded from revenues. The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Year Ended December 31, 2023 U.S. U.K. Total New vehicle retail sales $ 7,433.6 $ 1,341.0 $ 8,774.6 Used vehicle retail sales 4,458.7 1,234.8 5,693.5 Used vehicle wholesale sales 314.4 127.1 441.4 Total new and used vehicle sales 12,206.6 2,702.9 14,909.5 Parts and service sales (1) 1,933.3 289.0 2,222.3 Finance, insurance and other, net (2) 674.3 67.6 741.9 Total revenues $ 14,814.2 $ 3,059.5 $ 17,873.7 Year Ended December 31, 2022 U.S. U.K. Total New vehicle retail sales $ 6,238.5 $ 1,214.0 $ 7,452.5 Used vehicle retail sales 4,531.5 1,141.8 5,673.3 Used vehicle wholesale sales 238.8 125.8 364.6 Total new and used vehicle sales 11,008.8 2,481.6 13,490.4 Parts and service sales (1) 1,761.4 248.2 2,009.5 Finance, insurance and other, net (2) 656.9 65.2 722.2 Total revenues $ 13,427.1 $ 2,795.1 $ 16,222.1 Year Ended December 31, 2021 U.S. U.K. Total New vehicle retail sales $ 5,371.4 $ 1,133.3 $ 6,504.8 Used vehicle retail sales 3,356.3 1,082.5 4,438.8 Used vehicle wholesale sales 232.2 133.6 365.7 Total new and used vehicle sales 8,959.9 2,349.4 11,309.3 Parts and service sales (1) 1,361.4 229.8 1,591.2 Finance, insurance and other, net (2) 525.0 56.4 581.4 Total revenues $ 10,846.3 $ 2,635.6 $ 13,481.9 (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 $24.1 million, $30.8 million and $22.3 million during the years ended December 31, 2023, 2022 and 2021, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Arrangement of Vehicle Financing and the Sale of Service and Other Insurance Contracts section within this Note for further discussion of these arrangements. 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. New and Used Retail Vehicle Sales Revenues from the sale of new and used vehicles is recognized upon delivery of the vehicle to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. In some cases, the Company uses a third-party transport company to facilitate delivery of used vehicles to the customer. The transaction price for new and used vehicle sales is the stand-alone sales price of each individual vehicle and is generally settled within 30 days of the satisfaction of the performance obligation. Used Vehicle Wholesale Sales When the Company uses a third-party auction to facilitate the delivery of used vehicles to the customer, the Company has determined that the auction acts as an agent under the arrangement. Therefore, the Company recognizes revenues and cost of sales on a gross basis upon delivery of the vehicle at the auction to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. The transaction price for wholesale vehicle sales is established by the winning bid under the auction process and is generally settled within 30 days of the satisfaction of the performance obligation. Parts Sales Revenues from the sale of vehicle parts is recognized upon delivery of the parts to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. The transaction price for vehicle parts sales is the stand-alone sales price of each individual part and is generally settled within 30 days of the satisfaction of the performance obligation. Service Sales The Company performs maintenance and repair services, including collision restoration. In certain jurisdictions, the Company has an enforceable right to payment for performance completed to date on open work orders and as such, the transfer of control of vehicle maintenance and repair services and satisfaction of the performance obligation to its customer occurs over time. For these contracts that qualify for revenue recognition over time, the Company uses the input method for the measurement of progress and recognition of revenues, utilizing labor cost incurred to estimate the services performed for which the Company has an enforceable right to payment. The Company believes this method is the most objective measure of progress and provides a faithful depiction of the Company’s transfer of services to the customer. The transaction price for maintenance and repair services is the total of the labor and, if applicable, vehicle parts used in the performance of the service, as well as the margin above cost charged to the customer. Arrangement of Vehicle Financing and the Sale of Service and Other Insurance Contracts The Company receives commissions from F&I providers for the arrangement of vehicle financing and the sale of service and other insurance products. Within the context of these contracts with the F&I providers, the Company has determined that it is an agent for the F&I providers. The Company has a single performance obligation associated with the F&I contracts, which is the facilitation of the financing of the vehicle or sale of the insurance product. Revenues from these contracts is recognized when the facilitated contract between the F&I provider and the customer is executed, which is when the performance obligation is satisfied. With regards to the upfront commission for these contracts, the transaction price is the amount earned for each individual contract executed and is generally collected within 30 days of the satisfaction of the performance. Charge Backs The Company may be charged back in the future for commissions received on F&I contract or VSC fees in the event of early termination of the contracts by customers. A reserve for future amounts estimated to be charged back, representing variable consideration, is recorded as a reduction to Finance, insurance and other, net in the Consolidated Statements of Operations. The reserve is estimated based on the Company’s historical charge back results and the termination provisions of the applicable contracts, and was $70.4 million and $65.1 million at December 31, 2023 and 2022, respectively. Retrospective Commissions and Associated Contract Assets In some cases, the Company also earns retrospective commission income by participating in the future profitability of the portfolio of product contracts sold by the Company. This contingent consideration is variable and is generally settled over five Other current assets and Other long-term assets in the Consolidated Balance Sheets until the right to such consideration becomes unconditional, at which time amounts due are reclassified to accounts receivable. Changes in the estimated amount of variable consideration are adjusted through revenues. The change in contract assets during the year ended December 31, 2023, is reflected in the table below (in millions): F&I, Net Contract Assets, January 1, 2023 $ 47.9 Changes related to revenue recognition during the period 24.1 Amounts invoiced during the period (17.0) Contract Assets, December 31, 2023 $ 55.0

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2023
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 year ended December 31, 2022 upon finalization of the purchase price allocation. 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. P ursuant 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. In October 2023, the Company closed on the acquisition of the remaining Prime dealership after settlement of legal action with the distributor which had opposed the acquisition. The previously recorded goodwill of $33.4 million was allocated to the identifiable assets and liabilities of the acquired dealership. The accounting for the acquisition is considered to be preliminary and subject to change as the Company’s fair value assessments are finalized. The Company is continuing to analyze and assess relevant information related to the valuation of equipment and intangible assets. The Company will reflect any required fair value adjustments in subsequent periods. 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 the assets acquired and liabilities assumed as of December 31, 2022 (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 (3) $ 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. (3) Goodwill as of December 31, 2022 has not been adjusted for the impact of the remaining Prime dealership acquired in October 2023 as described above. 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 recorded $12.9 million of acquisition related costs attributable to the Prime Acquisition during the year ended December 31, 2021. These costs are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. The Company’s Consolidated Statements of Operations included revenues and net income attributable to Prime for the year ended December 31, 2022, of $1.7 billion and $110.2 million, res pectively. 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. The Company’s Consolidated Statements of Operations included revenues and net income attributable to Prime from the acquisition date through December 31, 2021, of $199.9 million and $14.3 million, respectively. The following represents the unaudited pro forma financial information as if Prime had been included in the Company’s consolidated results since January 1, 2021 (in millions): Year Ended December 31, 2021 Revenues $ 15,243.5 Net income $ 594.7 Pro forma data may not be indicative of the results that would have been obtained had these events actually occurred at the beginning of the period presented and is not intended to be a projection of future results. Other Acquisitions During the year ended December 31, 2023 , the Company acquired six dealerships in the U.S., including the remaining Prime dealership described above. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $365.8 million , net of cash acquired. Goodwill associated with these acquisitions totaled $49.7 million. During the year ended December 31, 2022 , the Company acquired six dealerships and a collision center in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $507.5 million, net of cash acquired. Goodwill associated with these acquisitions totaled $236.1 million . During the year ended December 31, 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 $34.1 million, consisting of cash paid of $32.9 million and a payable of $1.2 million, net of cash acquired. Goodwill associated with the acquisition totaled $10.2 million. During the year ended December 31, 2021, the Company acquired five dealerships in the U.S., excluding the dealerships acquired in the Prime Acquisition, and seven dealerships in the U.K. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, totaled $166.8 million, net of cash acquired. Goodwill associated with these acquisitions totaled $70.1 million. In February 2024, the Company announced the acquisition of five dealerships and three collision centers in the U.S. Aggregate consideration paid for these dealerships, which will be accounted for as business combinations, was approximately $273.3 million.

DISCONTINUED OPERATIONS AND OTH

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	12 Months Ended
	Dec. 31, 2023
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 July 1, 2022 (the “Brazil Disposition Date”), 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 the Brazil Disposition Date, the Company closed on the Brazil Disposal. The Company recorded a total net loss of $87.5 million on the Brazil Disposal, of which $10.0 million was recognized during the year ended December 31, 2022 and $77.5 million was recognized during the year ended December 31, 2021 . The loss on sale is presented as part of the results within Discontinued Operations Upon sale of a foreign entity, amounts recorded within Accumulated other comprehensive income (loss) (“AOCI”) on the 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 incremental costs to sell in the table below and are fully offset by corresponding foreign currency impacts to the 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. Subsequent to the Brazil Disposition Date, the Company received additional proceeds for 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 for the year ended December 31, 2022 as described above. Additionally, the Buyer, with the Company’s approval, 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 Consolidated Balance Sheet and recorded as Provision for income taxes within Discontinued Operations and included within the net loss recorded for the year ended December 31, 2022 . The settlement will be paid out of the existing Brazil Disposal Escrow balance within one year. As of December 31, 2023 , the Company had a remaining receivable balance of $21.1 million associated with the Brazil Disposal Escrow recorded in Other long-term assets on the Consolidated Balance Sheet, of which $4.3 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 December 31, 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): Years Ended December 31, 2023 2022 2021 REVENUES: New vehicle retail sales $ — $ 109.0 $ 205.6 Used vehicle retail sales — 44.0 58.1 Used vehicle wholesale sales — 10.1 11.3 Parts and service sales — 23.8 38.7 Finance, insurance and other, net — 3.3 6.1 Total revenues — 190.2 319.8 COST OF SALES: New vehicle retail sales — 98.5 184.9 Used vehicle retail sales — 41.2 53.1 Used vehicle wholesale sales — 10.0 10.5 Parts and service sales — 14.5 22.0 Total cost of sales — 164.2 270.6 GROSS PROFIT — 26.1 49.2 Selling, general and administrative expenses 2.0 15.1 34.3 Depreciation and amortization expense — 0.9 1.5 Asset impairments — 6.3 77.5 (LOSS) INCOME FROM DISCONTINUED OPERATIONS (2.0) 3.7 (64.1) Floorplan interest expense — 1.4 1.1 Other interest (income) expense, net (2.6) (1.8) 0.9 Loss on extinguishment of debt — — 3.8 Other expenses — 1.5 — INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 0.6 2.6 (69.9) Provision for income taxes 1.0 5.3 3.4 NET LOSS — DISCONTINUED OPERATIONS $ (0.4) $ (2.7) $ (73.3) Cash flows from operating and investing activities for the Brazil Discontinued Operations were immaterial for the year ended December 31, 2023. Cash flows from operating and investing activities for the Brazil Discontinued Operations for the prior periods were as follows (in millions): Years Ended December 31, 2022 2021 Net cash provided by operating activities — discontinued operations $ 26.6 $ 5.2 Net cash provided by (used in) investing activities — discontinued operations $ 59.1 $ (1.5) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): As of December 31, 2023 2022 Prepaid expenses $ 0.7 $ — Other current assets — 1.3 Other long-term assets 21.1 22.8 Total assets of discontinued operations $ 21.8 $ 24.1 Accrued expenses and other current liabilities $ 4.3 $ 7.8 Total liabilities of discontinued operations $ 4.3 $ 7.8 Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions): As of December 31, 2023 2022 Current assets classified as held for sale Prime Acquisition (1) $ — $ 9.8 Other (2) 99.1 43.8 Total current assets classified as held for sale $ 99.1 $ 53.6 Current liabilities classified as held for sale Prime Acquisition (1) $ — $ 1.1 Other 7.2 3.7 Total current liabilities classified as held for sale $ 7.2 $ 4.8 (1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition, refer to Note 3. Acquisitions. (2) Includes $39.8 million and $13.4 million of goodwill reclassified to assets held for sale as of December 31, 2023 and December 31, 2022, 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 Consolidated Statements of Operations. During the year ended December 31, 2023, the Company recorded a net pre-tax gain totaling $16.3 million related to the disposition of eleven dealerships representing fifteen franchises in the U.S. The dispositions reduced goodwill by $52.9 million. The Company also terminated two franchises in the U.S. During the year ended December 31, 2022, the Company recorded a net pre-tax gain totaling $30.8 million related to the disposition of five dealerships, representing five franchises, as well as a collision center in the U.S. The dispositions reduced goodwill by $37.3 million. The Company also terminated one franchise representing one dealership in the U.K. During the year ended December 31, 2021 , the Company recorded a net pre-tax gain totaling $4.4 million related to the disposition of three dealerships, representing three franchises and one franchise within an existing dealership in the U.S. The dispositions reduced goodwill by $4.0 million. The Company terminated one franchise within an existing dealership in the U.S. The Company also terminated one dealership representing one franchise in the U.K. In February 2024, the Company disposed of six dealerships, representing ten franchises, as well as a collision center in the U.S. Assets and liabilities associated with this disposition were recorded within Current a ssets and current liabilities classified as held for sale in the Consolidated Balance Sheets as of December 31, 2023 and are included in the table above. The disposition will reduce goodwill by approximately $39.8 million .

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS Under the Company’s 2014 Long Term Incentive Plan (the “Incentive Plan”), the Company currently grants RSAs, RSUs and PSUs to Company employees and non-employee directors. The aggregate maximum number of shares that may be issued or transferred under the Incentive Plan is 2.2 million . The Incentive Plan expires on May 21, 2024. The terms of the awards (including vesting schedules) are established by the Compensation Committee of the Company’s Board of Directors. As of December 31, 2023, there were 1.1 million shares available for issuance under the Incentive Plan. Restricted Stock Awards The Company grants RSAs to employees and non-employee directors. RSAs qualify as participating securities as each award contains non-forfeitable rights to dividends. As such, the two-class method is required for the computation of EPS. RSAs contain voting rights and are considered outstanding at the date of grant. Refer to Note 6. Earnings Per Share for further details. RSAs are subject to vesting periods of up to five years. Compensation expense for RSAs is calculated based on the average market price of the Company’s common stock at the date of grant and recognized over the requisite vesting period on a straight-line basis. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate is adjusted annually based on the extent to which actual or expected forfeitures differ from the previous estimate. The Company issues new shares of common stock or treasury shares, if available, to settle vested RSAs. The following table summarizes RSA activity and related information for 2023: Awards Weighted Average Nonvested at January 1, 2023 420,115 $ 116.05 Granted 61,695 $ 222.77 Vested (151,010) $ 94.25 Forfeited (11,845) $ 144.16 Nonvested at December 31, 2023 318,955 $ 145.83 The total fair value of RSAs that vested during the years ended December 31, 2023, 2022 and 2021, was $14.2 million , $14.7 million and $13.6 million, respectively. As of December 31, 2023, there was $21.6 million of total unrecognized compensation cost related to RSAs which is expected to be recognized over a weighted-average period of 2.4 years. Restricted Stock Units The Company grants RSUs to non-employee directors. RSUs are vested 100% at the time of grant and settled on the date of the directors “separation of service,” as such term is defined in internal revenue service code §1.409A-1(h), and generally includes departure due to either death, disability, or retirement. RSUs convey no voting rights, and therefore are not considered outstanding when granted. Granted RSUs participate in dividends, however the dividends are not payable until a director’s separation of service with the Company. In the event a director terminates his or her directorship with the Company for reasons other than defined above, the RSUs granted and any accrued dividends will be forfeited. RSUs settle in a cash payment equal to the average of the Company’s high and low stock price on the separation of service date and therefore constitute liability instruments, which require remeasurements to fair value each reporting period. The changes in fair value as a result of the changes in the Company’s stock price are recognized in Selling, general and administrative expenses within the Consolidated Statements of Operations. As of December 31, 2023, the total liability for unsettled cash-settled RSUs, recorded at fair value, was $9.5 million . Performance Share Units The Company grants PSUs to certain key employees. PSUs are evaluated over a two-year performance period based on actual performance targets achieved, as well as the market-based return of the Company’s common stock relative to that of their peer group. PSU payout percentages can range between 0% and 200% and are subject to vesting over a three-year service period, which at the end of year three, will convert into shares of the Company’s common stock. Compensation cost for PSUs is based on the Company’s closing stock price on the date of grant, forecasted achievement of performance targets and the estimated grant date per share value of market-based performance utilizing a Monte Carlo simulation model. The following table summarizes PSU activity and related information for 2023: Awards Weighted Average Nonvested at January 1, 2023 43,536 $ 161.87 Granted 13,570 $ 230.21 Vested (10,695) $ 305.93 Performance adjustment 9,263 $ 305.93 Nonvested at December 31, 2023 55,674 $ 188.82 The total fair value of PSUs that vested during the years ended December 31, 2023, 2022 and 2021, was $3.3 million , $4.7 million and $9.3 million, respectively. The weighted average grant date fair value of PSUs granted during the years ended December 31, 2023, 2022 and 2021 , was $3.1 million , $5.0 million and $2.1 million, respectively. Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “Purchase Plan”) authorizes the issuance of up to 4.5 million shares of common stock and provides that no options to purchase shares may be granted under the Purchase Plan after May 19, 2025. The Purchase Plan is available to all employees of the Company and its participating subsidiaries and is a qualified plan as defined by Section 423 of the Internal Revenue Code. At the end of each fiscal quarter (the “Option Period”) during the term of the Purchase Plan, employees can acquire shares of common stock from the Company at 85% of the fair market value of the common stock on the first or the last day of the Option Period, whichever is lower. As of December 31, 2023, there were 270,833 sha res available for issuance under the Purchase Plan. During the years ended December 31, 2023, 2022 and 2021, the Company iss ued 112,189, 146,416 and 116,680 shares, respectively, of common stock to employees participating in the Purchase Plan. With respect to shares issued under the Purchase Plan, the Company’s Board of Directors has authorized specific share repurchases to fund the shares issuable under the Purchase Plan. The weighted average per share fair value of employee stock purchase rights issued pursuant to the Purchase Plan was $50.04, $39.45 an d $43.57 during the years ended December 31, 2023, 2022 and 2021, respectively. The fair value of stock purchase rights is calculated using the grant date stock price, the value of the embed ded call option and the value of the embedded put option. Employees can contribute a maximum of 10% of their compensation, up to a maximum of $25,000 annually under the Purchase Plan. Cash received from Purchase Plan purchase s was $21.3 million, $19.5 million and $15.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock-Based Compensation Total stock-based compensation includes expenses for both equity and cash-settled awards and is recognized in Selling, general and administrative expenses within the Consolidated Statements of Operations. Stock-based compensation related to equity-settled awards was $20.1 million , $27.0 million and $28.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock-based compensation related to cash-settled awar ds was $4.8 million, $0.5 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Tax benefits related to total stock-based compensation were $8.5 million,

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
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 years ended December 31, 2023, 2022 and 2021 (in millions, except share and per share data): Years Ended December 31, 2023 2022 2021 Weighted average basic common shares outstanding 13,681,660 15,441,292 17,655,365 Dilutive effect of stock-based awards and employee stock purchases 53,139 52,324 66,847 Weighted average dilutive common shares outstanding 13,734,799 15,493,616 17,722,212 Basic: Net income $ 601.6 $ 751.5 $ 552.1 Less: Earnings allocated to participating securities from continuing operations 14.8 21.3 21.1 Less: Loss allocated to participating securities from discontinued operations — (0.1) (2.5) Net income available to basic common shares $ 586.8 $ 730.3 $ 533.5 Basic earnings per common share $ 42.89 $ 47.29 $ 30.22 Diluted: Net income $ 601.6 $ 751.5 $ 552.1 Less: Earnings allocated to participating securities from continuing operations 14.8 21.3 21.0 Less: Loss allocated to participating securities from discontinued operations — (0.1) (2.5) Net income available to diluted common shares $ 586.9 $ 730.3 $ 533.6 Diluted earnings per common share $ 42.73 $ 47.14 $ 30.11

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
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 these 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 14. 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): December 31, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 697.5 $ 750.0 $ 633.9 Real estate related 90.9 83.1 99.2 90.5 Total $ 840.9 $ 780.6 $ 849.2 $ 724.4 (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 Consolidated Balance Sheets, were as follows (in millions): December 31, 2023 2022 Assets: Other current assets $ 1.2 $ 0.1 Other long-term assets (1) 88.1 109.2 Total assets $ 89.3 $ 109.3 Liabilities: Accrued expenses and other current liabilities $ — $ — Long-term interest rate swap liabilities — — Total liabilities $ — $ — (1) As of December 31, 2023, the balance included gross fair value of $3.7 million related to the de-designated swap as described below. Interest Rate Swaps De-designated as Cash Flow Hedges During the year ended December 31, 2023, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. As of December 31, 2023, the de-designated swap had an aggregate notional value of $29.7 million that fixed its underlying one-month SOFR at an annual interest rate of 0.60% and will mature on March 1, 203 0. The Company reclassified the entire previously deferred gain associated with the de-designated interest rate swap of $3.1 million , net of tax of $1.0 million , from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swap were probable of not occurring due to the settlement of the mortgages described above. As of December 31, 2023, the Company recorded unrealized mark-to-mark et losses of $0.3 million and realized gains of $1.0 million a ssociated with the de-designated interest rate swap within Other interest expense, net. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s 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 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 or Other interest expense, net. As of December 31, 2023, the Company held 36 interest rate swaps designated as cash flow hedges with a total notional value of $909.6 million that fixed its underlying SOFR at a weighted average rate of 1.25%. The Company also held one additional interest rate swap designated as cash flow hedges with forward start dates beginning in January 2024, that had a notional value of $50.0 million and a weighted average interest rate of 0.72% as of December 31, 2023. The Company’s designated interest rate swap with a forward start date has a maturity date of December 2028. As of December 31, 2022, the Company held 39 interest rate swaps designated as cash flow hedges with a total notional value of $931.1 million that fixed its underlying one-month SOFR at a weighted average rate of 1.22%. The Company completed the transition of interest rate swaps from London Interbank Offered Rate to SOFR during 2022. 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) Years Ended December 31, Derivatives in Cash Flow Hedging Relationship 2023 2022 2021 Interest rate swaps $ 10.4 $ 84.1 $ 22.6 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Years Ended December 31, 2023 2022 2021 Floorplan interest expense, net $ 15.4 $ 0.8 $ (3.7) Other interest expense, net $ 17.9 $ 2.4 $ (4.1) The amount of gain expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $18.8 million

RECEIVABLES, NET AND CONTRACT A

RECEIVABLES, NET AND CONTRACT ASSETS	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
RECEIVABLES, NET AND CONTRACT ASSETS	RECEIVABLES, NET AND CONTRACT ASSETS Contracts-in-Transit and Vehicle Receivables Contracts-in-transit and vehicle receivables consist primarily of amounts due from financing institutions on retail finance contracts from vehicle sales, and also includes receivables related to vehicle wholesale sales. Accounts and Notes Receivables Accounts and notes receivable consist primarily of amounts due from manufacturers related to dealer incentives, and also includes receivables related to parts and service sales. The Company maintains an allowance for doubtful accounts that is calculated under the current expected credit loss (“CECL”) model. The CECL model applies to financial assets measured at amortized cost, as shown in the following table, and requires the Company to reflect expected credit losses over the remaining contractual term of the asset. As the large majority of the Company’s receivables settle within 30 days, the forecast period under the CECL model is a relatively short horizon. The Company uses an aging method to estimate allowances for doubtful accounts under the CECL model as the Company has determined that the aging method adequately reflects expected credit losses, as corroborated by historical loss rates. The Company’s receivables, net and contract assets consisted of the following (in millions): December 31, 2023 2022 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 259.2 $ 188.2 Vehicle receivables 110.3 90.9 Total contracts-in-transit and vehicle receivables 369.5 279.0 Less: allowance for doubtful accounts 0.3 0.6 Total contracts-in-transit and vehicle receivables, net $ 369.2 $ 278.5 Accounts and notes receivables, net: Manufacturer receivables $ 128.3 $ 94.6 Parts and service receivables 64.3 68.0 F&I receivables 35.6 30.0 Other 14.4 12.1 Total accounts and notes receivables 242.5 204.7 Less: allowance for doubtful accounts 4.2 5.5 Total accounts and notes receivables, net $ 238.4 $ 199.2 Within Other current assets and Other long-term assets: Total contract assets (1) $ 55.0 $ 47.9 (1)

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The Company’s inventories consisted of the following (in millions): December 31, 2023 2022 New vehicles $ 1,061.0 $ 536.2 Used vehicles 549.0 537.3 Rental vehicles 217.2 155.0 Parts, accessories and other 136.2 128.0 Total inventories $ 1,963.4 $ 1,356.6 As described in Note 1. Basis of Presentation, Consolidation and Summary of Accounting Policies, inventories are valued at lower of cost or net realizable value. The lower of specific cost or net realizable value adjustments reduced total inventory cost by $9.2 million a nd $5.4 m illion at December 31, 2023 and 2022, respectively. Interest assistance reduced inventory costs by $7.0 million a nd $2.8 million at December 31, 2023 and 2022, respectively, and reduced cost of sal es by $71.2 million , $56.0 million and $54.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Impairments of inventory, net of insurance proceeds, related to catastrophic events are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $3.4 million , $0.3 million and $0.1 million of impairment charges, respectively. Refer to Note 1. Basis of Presentation, Consolidation and Summary of Accounting Policies for further discussion of the Company’s accounting policies for inventories.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET The Company’s property and equipment consisted of the following (in millions): December 31, 2023 2022 Land $ 888.8 $ 838.8 Buildings and leasehold improvements 1,516.6 1,459.8 Machinery and dealership equipment 181.6 173.0 Office equipment, furniture and fixtures 149.1 141.7 Company vehicles 14.6 17.3 Construction in progress 85.7 52.0 Total 2,836.4 2,682.6 Less: accumulated depreciation and amortization 587.7 554.4 Property and equipment, net $ 2,248.7 $ 2,128.2 For the years ended December 31, 2023, 2022 and 2021, the Company recognized $6.8 million, $0.8 million and $1.7 millio n, respectively, in asset impairment charges related to property and equipment in the Company’s U.S. segment. Property and equipment impairment charges are reflected in Asset impairments in the Consolidated Statements of Operations. Depreciation and amortization expense totaled $92.0 million , $88.4 million and $77.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalized $2.0 million , $1.1 million and $1.0 million of i nterest on construction projects for the years ended December 31, 2023, 2022 and 2021, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company leases real estate, office equipment and dealership operating assets under long-term lease agreements and subleases certain real estate to third parties. The Company recognizes ROU assets and lease liabilities at commencement based on the present value of lease payments over the lease term. For such leases, the aggregate present value of the Company’s lease payments may include options to purchase the leased property or lease terms with options to renew or terminate the lease, when the option is at the Company’s sole discretion, and it is reasonably certain that the Company will exercise such an option. The Company’s leases may also include rental payments adjusted periodically for inflation. Payments based on a change in an index or rates are not considered in the determination of lease payments for purposes of measuring the related lease liability. The Company discounts lease payments using its incremental borrowing rate based on information available as of the measurement date. Subsequent to the recognition of its ROU assets and lease liabilities, the Company recognizes lease expense related to its operating lease payments on a straight-line basis over the lease term. None of the Company’s lease agreements contain material residual value guarantees or material restrictive covenants. For the Company’s dealership operating leases, the Company has elected to separate lease and non-lease components and has allocated the consideration between the lease and non-lease components based on the estimated fair value of the leased component. For all other asset classes, the Company has elected to combine and account for both lease and non-lease components as a single component. The Company has elected not to record leases with an initial term of 12 months or less on the balance sheet for all asset classes. The Company reviews ROU assets for impairment at the lowest level of identifiable cash flows whenever evidence exists that the carrying value of an asset may not be recoverable (i.e., triggering events). This review consists of comparing the carrying amount of the asset group with its expected future undiscounted cash flows. Estimates of expected future cash flows represent management’s best estimate based on currently available information and reasonable and supportable assumptions. If the asset group’s carrying amount exceeds its future undiscounted cash flows, an impairment charge is measured as the amount by which its carrying amount exceeds its fair value. The fair value of the ROU asset is calculated based on the discounted market rent over the remaining lease period. The market rent reflects current lease rates on comparable properties and requires adjustments to reflect the different characteristics between the property being measured and the comparable property, which are considered level 3 inputs within the fair value hierarchy described further in Note 7. Financial Instruments and Fair Value Measurements. D uring the year ended December 31, 2023, the Company recorded $1.8 million of impairments of ROU assets related to the U.S. segment. No impairments of ROU assets were recorded during the years ended December 31, 2022 and 2021. The impairment charges were recognized within Asset impairments in the Company’s Consolidated Statements of Operations. Additional information regarding the Company’s operating and finance leases is as follows (in millions, except for lease term and discount rate information): December 31, Leases Balance Sheet Classification 2023 2022 Assets: Operating Operating lease assets $ 216.5 $ 249.1 Finance Property and equipment, net 271.3 221.4 Total $ 487.7 $ 470.5 Liabilities: Current: Operating Current operating lease liabilities $ 20.9 $ 21.8 Finance Current maturities of long-term debt 6.5 18.8 Noncurrent: Operating Operating lease liabilities, net of current portion 209.4 238.4 Finance Long-term debt, net of current maturities 266.1 201.6 Total $ 503.0 $ 480.6 Years Ended December 31, Lease Expense Income Statement Classification 2023 2022 2021 Operating Selling, general and administrative expenses $ 38.1 $ 42.4 $ 35.1 Operating Asset impairments 1.8 — — Variable Selling, general and administrative expenses 6.6 4.5 3.3 Sublease income Selling, general and administrative expenses (1.3) (2.3) (1.9) Finance: Amortization of lease assets Depreciation and amortization expense 9.9 9.1 7.3 Interest on lease liabilities Other interest expense, net 12.6 8.2 7.2 Net lease expense $ 67.6 $ 61.9 $ 50.9 December 31, 2023 Maturities of Lease Liabilities Operating Leases Finance Leases 2023 $ 31.8 $ 20.0 2024 33.1 59.6 2025 30.2 48.2 2026 28.5 52.3 2027 26.1 67.8 Thereafter 190.3 98.9 Total lease payments 339.9 346.9 Less: lease payments representing interest (109.6) (74.2) Present value of lease liabilities $ 230.3 $ 272.7 Years Ended December 31, Weighted-Average Lease Term and Discount Rate 2023 2022 2021 Weighted-average remaining lease terms: Operating 13.5 13.6 12.0 Finance 7.2 17.2 17.1 Weighted-average discount rates: Operating 5.2 % 5.1 % 4.8 % Finance 5.3 % 5.1 % 4.9 % Years Ended December 31, Other Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 36.6 $ 42.2 $ 36.2 Operating cash flows used in finance leases $ 12.6 $ 8.2 $ 7.2 Financing cash flows used in finance leases $ 26.4 $ 9.1 $ 10.9 ROU assets obtained in exchange for lease obligations: Operating leases, initial recognition $ 1.5 $ 12.9 $ 77.8 Operating leases, modifications and remeasurements $ (0.2) $ 25.0 $ 9.4 Finance leases, initial recognition $ 70.6 $ 39.3 $ 63.8 Finance leases, modifications and remeasurements $ (3.6) $ 23.1 $ (4.5)
LEASES	LEASES The Company leases real estate, office equipment and dealership operating assets under long-term lease agreements and subleases certain real estate to third parties. The Company recognizes ROU assets and lease liabilities at commencement based on the present value of lease payments over the lease term. For such leases, the aggregate present value of the Company’s lease payments may include options to purchase the leased property or lease terms with options to renew or terminate the lease, when the option is at the Company’s sole discretion, and it is reasonably certain that the Company will exercise such an option. The Company’s leases may also include rental payments adjusted periodically for inflation. Payments based on a change in an index or rates are not considered in the determination of lease payments for purposes of measuring the related lease liability. The Company discounts lease payments using its incremental borrowing rate based on information available as of the measurement date. Subsequent to the recognition of its ROU assets and lease liabilities, the Company recognizes lease expense related to its operating lease payments on a straight-line basis over the lease term. None of the Company’s lease agreements contain material residual value guarantees or material restrictive covenants. For the Company’s dealership operating leases, the Company has elected to separate lease and non-lease components and has allocated the consideration between the lease and non-lease components based on the estimated fair value of the leased component. For all other asset classes, the Company has elected to combine and account for both lease and non-lease components as a single component. The Company has elected not to record leases with an initial term of 12 months or less on the balance sheet for all asset classes. The Company reviews ROU assets for impairment at the lowest level of identifiable cash flows whenever evidence exists that the carrying value of an asset may not be recoverable (i.e., triggering events). This review consists of comparing the carrying amount of the asset group with its expected future undiscounted cash flows. Estimates of expected future cash flows represent management’s best estimate based on currently available information and reasonable and supportable assumptions. If the asset group’s carrying amount exceeds its future undiscounted cash flows, an impairment charge is measured as the amount by which its carrying amount exceeds its fair value. The fair value of the ROU asset is calculated based on the discounted market rent over the remaining lease period. The market rent reflects current lease rates on comparable properties and requires adjustments to reflect the different characteristics between the property being measured and the comparable property, which are considered level 3 inputs within the fair value hierarchy described further in Note 7. Financial Instruments and Fair Value Measurements. D uring the year ended December 31, 2023, the Company recorded $1.8 million of impairments of ROU assets related to the U.S. segment. No impairments of ROU assets were recorded during the years ended December 31, 2022 and 2021. The impairment charges were recognized within Asset impairments in the Company’s Consolidated Statements of Operations. Additional information regarding the Company’s operating and finance leases is as follows (in millions, except for lease term and discount rate information): December 31, Leases Balance Sheet Classification 2023 2022 Assets: Operating Operating lease assets $ 216.5 $ 249.1 Finance Property and equipment, net 271.3 221.4 Total $ 487.7 $ 470.5 Liabilities: Current: Operating Current operating lease liabilities $ 20.9 $ 21.8 Finance Current maturities of long-term debt 6.5 18.8 Noncurrent: Operating Operating lease liabilities, net of current portion 209.4 238.4 Finance Long-term debt, net of current maturities 266.1 201.6 Total $ 503.0 $ 480.6 Years Ended December 31, Lease Expense Income Statement Classification 2023 2022 2021 Operating Selling, general and administrative expenses $ 38.1 $ 42.4 $ 35.1 Operating Asset impairments 1.8 — — Variable Selling, general and administrative expenses 6.6 4.5 3.3 Sublease income Selling, general and administrative expenses (1.3) (2.3) (1.9) Finance: Amortization of lease assets Depreciation and amortization expense 9.9 9.1 7.3 Interest on lease liabilities Other interest expense, net 12.6 8.2 7.2 Net lease expense $ 67.6 $ 61.9 $ 50.9 December 31, 2023 Maturities of Lease Liabilities Operating Leases Finance Leases 2023 $ 31.8 $ 20.0 2024 33.1 59.6 2025 30.2 48.2 2026 28.5 52.3 2027 26.1 67.8 Thereafter 190.3 98.9 Total lease payments 339.9 346.9 Less: lease payments representing interest (109.6) (74.2) Present value of lease liabilities $ 230.3 $ 272.7 Years Ended December 31, Weighted-Average Lease Term and Discount Rate 2023 2022 2021 Weighted-average remaining lease terms: Operating 13.5 13.6 12.0 Finance 7.2 17.2 17.1 Weighted-average discount rates: Operating 5.2 % 5.1 % 4.8 % Finance 5.3 % 5.1 % 4.9 % Years Ended December 31, Other Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 36.6 $ 42.2 $ 36.2 Operating cash flows used in finance leases $ 12.6 $ 8.2 $ 7.2 Financing cash flows used in finance leases $ 26.4 $ 9.1 $ 10.9 ROU assets obtained in exchange for lease obligations: Operating leases, initial recognition $ 1.5 $ 12.9 $ 77.8 Operating leases, modifications and remeasurements $ (0.2) $ 25.0 $ 9.4 Finance leases, initial recognition $ 70.6 $ 39.3 $ 63.8 Finance leases, modifications and remeasurements $ (3.6) $ 23.1 $ (4.5)

INTANGIBLE FRANCHISE RIGHTS AND

INTANGIBLE FRANCHISE RIGHTS AND GOODWILL	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE FRANCHISE RIGHTS AND GOODWILL	INTANGIBLE FRANCHISE RIGHTS AND GOODWILL The Company evaluates its intangible assets, including goodwill, for impairment annually, or more frequently if events or circumstances indicate possible impairment. Refer to Note 1. Basis of Presentation, Consolidation and Summary of Accounting Policies for further discussion of the Company’s accounting policies relating to impairment testing. For the October 31, 2023 annual goodwill impairment testing, the Company elected to perfor m a quantitative assessment to determine whether the fair values of the Company’s reporting units were less than their carrying values. Based on the results of the quantitative assessment, the Company did not record a goodwill impairment charge. When a quantitative impairment assessment is performed, the Company estimates fair value of goodwill using a combination of the discoun ted cash flow, or income approach, and the market approach. The Company weights the income approach and market approach 50% and 50%, respe ctively, in the fair value model. For intangible franchise rights, the fair value of the respective franchise right is estimated using a discounted cash flow, or income approach. The income approach measures fair value by discounting expected future cash flows at a WACC that proportionately weights the cost of debt and equity. Significant assumptions in the model include revenue growth rates, future EBITDA margins, the WACC and terminal growth rates. The Company applies a five-year projection period which aligns with the Company’s strategic plan. Key considerations in the assumed growth rates include industry seasonally adjusted annual rate of vehicle sales (“SAAR”) projections, macroeconomic conditions including consumer confidence levels, unemployment rates and gross domestic product “GDP”) growth, and internal measures such as historical financial performance, cost control and planned capital expenditures. Beyond the five forecasted years, the terminal value is determined using a perpetuity growth rate based on long-term inflation projections for each reporting unit. Significant inputs to the WACC include the risk-free rate, an adjustment for stock market risk, an adjustment for company size risk and country risk adjustments for the U.K. For the market approach, the Company utilizes recent market multiples of guideline companies for both revenue and pre-tax net income weighted as appropriate by reporting unit. Each of the significant assumptions to the fair value model are considered level 3 inputs within the fair value hierarchy described further in Note 7. Financial Instruments and Fair Value Measurements. Developing these assumptions requires applying management’s knowledge of the industry, recent transactions and reasonable performance expectations for its operations. For the October 31, 2023 annual intangible franchise rights assessment, the Company elected to perform a qualitative assessment. Based on the results of the qualitative assessment, certain dealerships required a quantitative assessment based on their actual results through October 31, 2023 and an update of the annual budget in the fourth quarter of 2023. To perform the intangible franchise rights quantitative assessment, the Company estimated the fair values of the respective franchise rights using a discounted cash flow, or income approach, following the income approach as described for Goodwill. This resulted in franchise rights impairment charges of $25.1 million in the U.S. segment and none in the U.K. segment for the year ended December 31, 2023. The impairment charges were recognized within Asset impairments in the Company’s Consolidated Statements of Operations. During the year ended December 31, 2022, the Company recorded impairment charges of $1.3 million in the U.S. segment and none in the U.K. segment on inta ngible franchise rights. No impairment was recorded for intangible franchise rights during the year ended December 31, 2021. The impairment charges were recognized within Asset impairments in the Company’s Consolidated Statements of Operations. During the year ended December 31, 2023, the Company recorded additional indefinite-lived intangible franchise rights acquired through business combinations of $215.1 million in the U.S. segment and none in the U.K. segment. During the year ended December 31, 2022, the Company recorded additional intangible franchise rights acquire d through business combinations of $127.4 million in the U.S. segment and none in the U.K. segment. Refer to Note 3. Acquisitions for further discussion of the Company’s acquisitions. The following table presents the Company’s intangible franchise rights balances by segment as of December 31, 2023 and 2022 (in millions): Intangible Franchise Rights U.S. U.K. Total Balance, December 31, 2022 $ 498.0 $ 18.3 $ 516.3 Balance, December 31, 2023 $ 682.0 $ 19.2 $ 701.2 The following is a roll-forward of the Company’s goodwill accounts by reporting unit (in millions): Goodwill U.S. U.K. Total Balance, December 31, 2021 (1) $ 1,307.3 $ 112.9 $ 1,420.2 Additions through acquisitions 236.1 10.2 246.3 Purchase price allocation adjustments 35.0 — 35.0 Disposals (37.3) — (37.3) Reclassified from (to) assets held for sale, net 8.8 — 8.8 Currency translation — (11.2) (11.2) Balance, December 31, 2022 (1) $ 1,549.9 $ 111.9 $ 1,661.8 Additions through acquisitions 49.7 — 49.7 Purchase price allocation adjustments 9.1 1.9 11.0 Disposals (52.9) — (52.9) Reclassified from (to) assets held for sale, net (23.6) — (23.6) Currency translation — 6.0 6.0 Balance, December 31, 2023 (1) $ 1,532.1 $ 119.8 $ 1,651.9 (1) Net of accumulated impairments of $40.6 million in the U.S. reporting unit.

FLOORPLAN NOTES PAYABLE

FLOORPLAN NOTES PAYABLE	12 Months Ended
	Dec. 31, 2023
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s Floorplan Notes Payable consisted of the following (in millions): December 31, 2023 2022 Revolving Credit Facility — Floorplan notes payable $ 1,358.2 $ 833.5 Revolving Credit Facility — Floorplan notes payable offset account (236.7) (140.2) Revolving Credit Facility — Floorplan notes payable, net 1,121.6 693.3 Other non-manufacturer facilities 31.4 68.8 Floorplan notes payable — credit facility and other, net $ 1,153.0 $ 762.1 FMCC facility $ 156.6 $ 55.1 FMCC facility offset account (38.5) (13.4) FMCC facility, net 118.1 41.8 GM Financial Facility 37.9 — Other manufacturer affiliate facilities 256.4 201.3 Floorplan notes payable — manufacturer affiliates, net $ 412.4 $ 243.1 Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a $2.0 billion revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (“Revolving Credit Facility”). The Company has the option to increase the availability to $2.4 billion, under certain conditions. T he 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 capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Consolidated Balance Sheets — refer to Note 14. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.0 billion commitment. The Acquisition Line includes a $100 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 December 31, 2023 and 2022. 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 6.59% as of December 31, 2023, 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 from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $3.8 million and $5.0 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Consolidated Balance Sheets and amortized over the term of the facility. Under the Revolving Credit Facility, dividends are permitted to the extent that no event of default exists, and the Company is in compliance with the financial covenants contained therein. 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”). The FMCC Facility bears interest at the U.S. Prime rate which was 8.50% as of December 31, 2023. GM Financial Facility During December 2023, the Company entered into a master loan agreement with General Motors Financial (the “GM Financial Facility”). As of December 31, 2023, the GM Financial Facility had a total capacity of $84.5 million. The GM Financial Facility bears interest at the U.S. Prime rate less 100 basis points. Other Manufacturer 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 December 31, 2023, borrowings outstanding under these facilities totaled $256.4 million , comprised of $142.6 million in the U.S., with annual interest rates ranging from 1% to approximately 9% , and $113.8 million in the U.K., with annual interest rates ranging from approximat ely 5% to 9% . Offset Accounts

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following (in millions): December 31, 2023 2022 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 325.0 303.2 Other debt: Real estate related 751.0 796.9 Finance leases 272.7 220.4 Other 8.8 22.3 Total other debt 1,032.5 1,039.6 Total debt 2,107.5 2,092.7 Less: unamortized debt issuance costs 8.7 10.2 Less: current maturities 109.4 130.3 Total long-term debt $ 1,989.4 $ 1,952.2 The aggregate annual maturities of debt for the next five years, excluding debt issuance costs, are as follows (in millions): Total Years Ended December 31, 2024 $ 109.9 2025 123.9 2026 198.9 2027 517.7 2028 878.1 Thereafter 278.9 Total $ 2,107.5 Acquisition Line The proceeds of the Acquisition Line are used for working capital, general corporate and acquisition purposes. As of December 31, 2023, borrowings under the Acquisition Line, a component of the Revolving Credit Facility, totaled $325.0 million . The average interest rate on this facility was 5.66% as of December 31, 2023. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of December 31, 2023, borrowings outstanding under these facilities totaled $751.0 million , gross of debt issuance costs, comprised of $620.3 million in the U.S. and $130.7 million in the U.K. The Company’s mortgage loans are secured by real property owned by the Company. The carrying values of the related collateralized real estate as of December 31, 2023 and 2022 were $1,153.2 million and $1,215.7 million, respectively. In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”) with a maximum capacity of $250.0 million. The Wells Fargo Credit Agreement accrues interest at SOFR plus 175 basis points and matures on March 1, 2031. Finance Leases

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income from continuing operations before income taxes by geographic area was as follows (in millions): Years Ended December 31, 2023 2022 2021 Domestic $ 732.1 $ 897.4 $ 721.8 Foreign 68.1 87.9 79.2 Total income before income taxes $ 800.2 $ 985.3 $ 800.9 Federal, state and foreign income tax provisions from continuing operations were as follows (in millions): Years Ended December 31, 2023 2022 2021 Federal: Current $ 142.9 $ 160.7 $ 116.4 Deferred 11.8 24.6 30.7 State: Current 23.8 24.5 13.8 Deferred 4.6 5.9 1.6 Foreign: Current 12.8 18.0 14.8 Deferred 2.3 (2.6) (1.8) Provision for income taxes $ 198.2 $ 231.1 $ 175.5 A reconciliation of the statutory federal rate to the effective tax rate on income before income taxes from continuing operations, was as follows (in millions): Years Ended December 31, 2023 2022 2021 Provision at the U.S. federal statutory rate $ 168.0 $ 206.9 $ 168.1 Increase (decrease) resulting from: State income tax, net of benefit for federal deduction 25.2 22.3 15.3 Foreign income tax rate differential 0.6 (2.3) (1.0) Change in enacted tax rate — U.K. — — (1.9) Tax credits (0.5) (0.4) (0.8) Change in valuation allowance (2.6) (2.1) (2.9) Stock-based compensation (3.6) (1.6) (2.2) Deferred state tax effect (1.1) 4.3 — Gain on dispositions 5.5 — — Other 6.7 4.0 0.9 Provision for income taxes $ 198.2 $ 231.1 $ 175.5 The components of deferred tax assets and liabilities were as follows (in millions): December 31, 2023 2022 Deferred tax assets: Accrued liabilities $ 62.6 $ 56.4 Net operating losses 13.0 18.9 Operating lease liabilities 65.5 71.1 Other — 2.5 Deferred tax assets 141.1 148.9 Less: valuation allowance on deferred tax assets 7.6 10.2 Net deferred tax assets $ 133.5 $ 138.7 Deferred tax liabilities: Goodwill and intangible franchise rights $ 195.9 $ 171.2 Fixed asset basis differences 114.7 110.0 Interest rate swaps 21.3 26.1 Operating lease ROU assets 53.8 59.6 Other 0.3 1.7 Deferred tax liabilities 386.0 368.6 Net deferred tax liability $ 252.5 $ 229.9 The classification of the continued operations of the Company’s net deferred tax liability within the Consolidated Balance Sheets is as follows (in millions): December 31, 2023 2022 Deferred tax asset, included in Other long-term assets $ 4.1 $ 8.2 Deferred tax liability, included in Deferred income taxes 256.6 238.1 Net deferred tax liability $ 252.5 $ 229.9 As of December 31, 2023, the Company had state pre-tax NOL carryforwards in the U.S. of $247.9 million that will expire between 2024 and 2043 in certain states while some may be carried forward indefinitely. To the extent that the Company expects that net income will not be sufficient to realize these NOLs in certain jurisdictions, a valuation allowance has been established. The Company believes it is more-likely-than-not that its deferred tax assets, net of valuation allowances provided, will be realized, based primarily on its expectation of future taxable income and considering future reversals of existing taxable temporary differences. As of December 31, 2023, the Company maintains a permanent reinvestment assertion on the Company’s foreign subsidiaries. An immaterial amount of tax would be payable upon any distribution of unremitted earnings or a recognition of any outside basis difference. Based on the statutes of limitations in the applicable jurisdictions in which the Company operates, the Company is generally no longer subject to examinations by tax authorities in years prior to 2018. A reconciliation of the Company’s unrecognized tax benefits is as follows (in millions): 2023 2022 2021 Balance at January 1 $ 2.0 $ 2.0 $ 2.0 Additions for current tax 0.6 0.5 0.5 Additions based on tax positions in prior years — — — Reductions for tax positions — — — Settlements with tax authorities — — — Reductions due to lapse of statutes of limitations (0.4) (0.5) (0.5) Balance at December 31 $ 2.2 $ 2.0 $ 2.0 Included in the balance of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, are $1.9 million , $1.7 million and $1.6 million, respectively, of tax benefits that would affect the effective tax rate if recognized. For the years ended December 31, 2023, 2022 and 2021 the Company recorded approximately $0.3 million , $0.3 million and $0.3 million, respectively, of interest and penalty related to its uncertain tax positions. Consistent with prior practice, the Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Consolidated Statements of Operations.

EMPLOYEE SAVINGS PLANS

EMPLOYEE SAVINGS PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE SAVINGS PLANS	EMPLOYEE SAVINGS PLANS The Company has a deferred compensation plan to provide select employees with the opportunity to accumulate additional savings for retirement on a tax-deferred basis (the “Deferred Compensation Plan”). Participants in the Deferred Compensation Plan are allowed to defer receipt of a portion of their salary, compensation or bonus. Participants receive a rate of return as determined by management and approved by the Board of Directors. The balances due to participants of the Deferred Compensation Plan as of December 31, 2023 and 2022, were $108.4 million and $100.4 million, resp ectively, with $8.1 million and $3.9 million c lassified as current for each respective period. In the U.S., the Company offers a 401(k) plan to eligible employees and provides matching contribution to employees that participate in the plan. For the years ended December 31, 2023, 2022 and 2021, the matching contributions paid by the Company totaled $11.7 million, $10.9 million and $8.4 million, respectively. In the U.K., the Company offers private personal pension plans and provides matching contributions to eligible employees that participate in the plan. For the years ended December 31, 2023, 2022 and 2021, the matching contributions paid by the Company totaled $5.2 million, $4.5 million and $3.8 million, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company or its 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 December 31, 2023, 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 $35.0 million

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of Accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions): Year Ended December 31, 2023 Accumulated Income (Loss) on Foreign Currency Translation Accumulated Income (Loss) on Interest Rate Swaps Total Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Other comprehensive income (loss) before reclassifications: Pre-tax 23.7 13.7 37.3 Tax effect — (3.3) (3.3) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest income (pre-tax) — (15.4) (15.4) Other interest income, net (pre-tax) — (17.9) (17.9) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 8.9 8.9 Net current period other comprehensive income (loss) 23.7 (18.0) 5.7 Balance, December 31, 2023 $ (37.4) $ 65.6 $ 28.1 Year Ended December 31, 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 (27.2) 110.0 82.7 Tax effect — (25.8) (25.8) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (0.8) (0.8) Other interest expense (pre-tax) — (2.4) (2.4) Cumulative foreign currency translation adjustments associated with the Brazil Disposal 122.8 — 122.8 Other cumulative foreign currency translation adjustments 1.5 — 1.5 Provision for income taxes — 0.8 0.8 Net current period other comprehensive income 97.1 81.6 178.7 Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Year Ended December 31, 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) 29.5 22.8 Tax effect — (6.9) (6.9) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 3.7 3.7 Other interest expense (pre-tax) — 4.1 4.1 Reclassification related to de-designated interest rate swaps (pre-tax) — 7.9 7.9 Benefit for income taxes — (3.7) (3.7) Net current period other comprehensive (loss) income (6.7) 34.5 27.8 Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2)

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Non-cash Activities The accrual for capital expenditures increased $2.0 million, decreased $1.6 million , and increased $2.9 million for the years ended December 31, 2023, 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 $154.3 million , $92.9 million and $72.8 million for the years ended December 31, 2023, 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 $183.8 million , $202.2 million and $163.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of December 31, 2023, 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 for continuing operations as follows (in millions): Year Ended December 31, 2023 U.S. U.K. Total Total revenues $ 14,814.2 $ 3,059.5 $ 17,873.7 Gross profit $ 2,610.1 $ 410.1 $ 3,020.3 SG&A expenses $ 1,622.9 $ 303.9 $ 1,926.8 Depreciation and amortization expense $ 76.9 $ 15.1 $ 92.0 Floorplan interest expense $ 53.5 $ 10.6 $ 64.1 Other interest expense, net $ 91.4 $ 8.4 $ 99.8 Income before income taxes $ 732.1 $ 68.1 $ 800.2 Capital expenditures: Real estate related capital expenditures $ 41.5 $ 4.7 $ 46.3 Non-real estate related capital expenditures 114.6 24.5 139.2 Total capital expenditures $ 156.2 $ 29.3 $ 185.4 Year Ended December 31, 2022 U.S. U.K. Total Total revenues $ 13,427.1 $ 2,795.1 $ 16,222.1 Gross profit $ 2,582.3 $ 382.9 $ 2,965.2 SG&A expenses $ 1,516.9 $ 266.5 $ 1,783.3 Depreciation and amortization expense $ 73.1 $ 15.2 $ 88.4 Floorplan interest expense $ 21.4 $ 5.9 $ 27.3 Other interest expense, net $ 71.0 $ 6.6 $ 77.5 Income before income taxes $ 897.4 $ 87.9 $ 985.3 Capital expenditures: Real estate related capital expenditures $ 17.7 $ 22.0 $ 39.6 Non-real estate related capital expenditures 100.2 15.3 115.5 Total capital expenditures $ 117.8 $ 37.3 $ 155.1 Year Ended December 31, 2021 U.S. U.K. Total Total revenues $ 10,846.3 $ 2,635.6 $ 13,481.9 Gross profit $ 2,089.5 $ 351.2 $ 2,440.7 SG&A expenses $ 1,234.9 $ 242.2 $ 1,477.2 Depreciation and amortization expense $ 60.4 $ 17.0 $ 77.4 Floorplan interest expense $ 22.2 $ 5.4 $ 27.6 Other interest expense, net $ 48.5 $ 7.3 $ 55.8 Income before income taxes $ 721.8 $ 79.2 $ 800.9 Capital expenditures: Real estate related capital expenditures $ 18.9 $ 27.0 $ 45.9 Non-real estate related capital expenditures 82.3 13.9 96.2 Total capital expenditures $ 101.2 $ 40.9 $ 142.1 December 31, 2023 U.S. U.K. Total Property and equipment, net $ 1,915.2 $ 333.5 $ 2,248.7 Total assets $ 6,665.7 $ 1,086.6 $ 7,752.3 December 31, 2022 U.S. U.K. Total Property and equipment, net $ 1,824.1 $ 304.1 $ 2,128.2 Total assets $ 5,710.8 $ 983.8 $ 6,694.7

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 601.6	$ 751.5	$ 552.1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION, CONSOL_2

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP and reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc., and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. Group 1 Automotive, Inc. and its subsidiaries are collectively referred to as the “Company” in these Notes to Consolidated Financial Statements.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less at the date of purchase.
Inventories	Inventories New and used retail vehicles are carried at the lower of specific cost or net realizable value. Specific cost consists of the amount paid to acquire the vehicle, plus the cost of reconditioning, equipment addition and transportation. In determining the lower of specific cost or net realizable value of new and used vehicles, the Company considers historical loss experience and current market trends. Parts and accessories inventories are valued at the lower of cost or net realizable value and determined on a first-in, first-out basis. The Company incurs shipping costs in connection with selling parts to customers which is included in Cost of Sales in the Consolidated Statements of Operations. Certain manufacturers offer vehicle rebates, in the form of purchase discounts, once applicable incentive targets are met. Incentive targets typically consist of volume incentives to order and/or sell certain models and/or volumes of inventory over designated periods of time. The Company also receives dealer rebates and incentive payments on parts purchases from the automobile manufacturers on new vehicle retail sales. Additionally, the Company receives interest assistance from certain automobile manufacturers that is reflected as a vehicle purchase price discount. The rebates, interest assistance and other dealer incentives reduce inventory costs in the Consolidated Balance Sheets and are reflected as a reduction to Cost of Sales in the Consolidated Statements of Operations as the vehicles are sold.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, recorded at cost, is depreciated using the straight-line method over the estimated useful lives of the assets to estimated salvage values. Leasehold improvements are capitalized and amortized over the lesser of the estimated term of the lease or the estimated useful life of the asset. Property and equipment estimated useful lives are as follows: Estimated Buildings and leasehold improvements 25 to 50 Machinery and dealership equipment 7 to 20 Office equipment, furniture and fixtures 3 to 20 Company vehicles 3 to 5 Expenditures for major additions or improvements, which improve or extend the useful lives of the assets are capitalized. Minor replacements and routine maintenance and repairs, which do not improve or extend the lives of the assets, are expensed as incurred. Disposals are removed at cost less accumulated depreciation, and any resulting gain or loss is reflected in Selling, general and administrative expenses in the Consolidated Statements of Operations. The Company performs an impairment analysis on long-lived assets used in operations when events or circumstances indicate that the carrying value of such assets may not be recoverable. This review consists of comparing the carrying amount of the asset group with its expected future undiscounted cash flows. Estimates of expected future cash flows represent management’s best estimate based on currently available information and reasonable and supportable assumptions. If the asset group’s carrying amount exceeds its future undiscounted cash flows, an impairment charge is measured as the amount by which its carrying amount exceeds its fair value. Refer to Note 10. Property and Equipment, Net for further discussion
Business Combinations	Business Combinations Business acquisitions are accounted for under the acquisition method of accounting, whereby the Company measures and recognizes the fair value of assets acquired and liabilities assumed at the date of acquisition. The operating results of entities acquired are included in the accompanying Consolidated Statements of Operations from the date of acquisition. For material acquisitions, the Company typically utilizes third-party experts to determine the fair values of property acquired. The fair values of assets acquired and liabilities assumed in business combinations are estimated using various assumptions. The most significant assumptions, and those requiring the most judgment, involve the estimated fair values of property and intangible franchise rights. If the initial accounting for a business combination has not been concluded by the end of the reporting period in which the acquisition occurs, an estimate will be recorded and disclosure of those open areas will be provided. The Company will record any material adjustments to the initial estimates based on new information obtained that would have existed as of the date of the acquisition within a year of the acquisition date.
Goodwill and Intangible Franchise Rights	Goodwill and Intangible Franchise Rights Goodwill represents the excess, at the date of acquisition, of the purchase price of an acquired business over the fair value of the net tangible and intangible assets acquired. The Company is organized into two geographic regions, the U.S. region and the U.K. region. The Company has determined that each region represents a reporting unit for the purpose of assessing goodwill for impairment. In addition to goodwill, the Company recognizes, at the dealership level, separately identifiable intangible assets for rights under franchise agreements with manufacturers. Most of the Company’s franchise agreements continue indefinitely. The Company believes that these agreements can be renewed without substantial cost based on the history with the manufacturer. As such, the Company’s intangible assets for rights under franchise agreements are considered non-amortizing indefinite lived intangible assets, expected to contribute to cash flows of the Company for an indefinite period of time.
Income Taxes	Income Taxes The Company is subject to income taxes at the federal level and in 17 states in the U.S., as well as in the U.K., each of which has unique tax calculations. As the amount of income generated in each jurisdiction varies from period to period, the Company’s effective tax rate can vary based on the proportion of taxable income generated in each jurisdiction.
Derivative Financial Instruments	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.
Advertising	Advertising The Company expenses the costs of advertising as incurred. Advertising expense is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and totaled $83.0 million , $76.5 million and $65.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company receives advertising assistance from certain automobile manufacturers, which the Company is required to spend on qualified advertising, and which is subject to audit and chargeback by the manufacturer. The assistance is accounted for as a reduction to SG&A expenses as earned and amounted t o $22.3 million, $17.4 million and $14.9 million for
Statements of Cash Flows	Statements of Cash Flows With respect to all new vehicle floorplan borrowings, the vehicle manufacturers draft the funds directly from the Company’s credit facilities with no cash flow to or from the Company. With respect to borrowings for used vehicle financing in the U.S., the Company finances up to 85% of the value of the used vehicle inventory and the borrowed funds flow from the lender directly to the Company. In the U.K., the Company chooses which used vehicles to finance and the borrowings flow directly to the Company from the lender. Excluding the cash flows from or to manufacturer affiliated lenders participating in the Company’s syndicated lending group under the Revolving Credit Facility as defined in Note 13. Floorplan Notes Payable, all borrowings from, and repayments to, lenders affiliated with the vehicle manufacturers are presented within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. All borrowings from, and repayments to, the Company’s credit facilities (including the cash flows from or to manufacturer affiliated lenders participating in the Revolving Credit Facility) are presented within Cash Flows from Financing Activities.
Foreign Currency Translation	Foreign Currency Translation The functional currency for the Company’s U.K. subsidiaries is GBP. All assets and liabilities of foreign subsidiaries are translated into USD using period-end foreign currency exchange rates and all revenues and expenses are translated at average foreign currency exchange rates during the respective period. The gains and losses resulting from translation adjustments are recorded in Accumulated Other Comprehensive Income (loss) in the Consolidated Statements of Stockholders’ Equity.
Revenue Recognition	New and Used Retail Vehicle Sales Revenues from the sale of new and used vehicles is recognized upon delivery of the vehicle to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. In some cases, the Company uses a third-party transport company to facilitate delivery of used vehicles to the customer. The transaction price for new and used vehicle sales is the stand-alone sales price of each individual vehicle and is generally settled within 30 days of the satisfaction of the performance obligation. Used Vehicle Wholesale Sales When the Company uses a third-party auction to facilitate the delivery of used vehicles to the customer, the Company has determined that the auction acts as an agent under the arrangement. Therefore, the Company recognizes revenues and cost of sales on a gross basis upon delivery of the vehicle at the auction to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. The transaction price for wholesale vehicle sales is established by the winning bid under the auction process and is generally settled within 30 days of the satisfaction of the performance obligation. Parts Sales Revenues from the sale of vehicle parts is recognized upon delivery of the parts to the customer, which is the point at which transfer of control occurs and when the performance obligation is satisfied. The transaction price for vehicle parts sales is the stand-alone sales price of each individual part and is generally settled within 30 days of the satisfaction of the performance obligation. Service Sales The Company performs maintenance and repair services, including collision restoration. In certain jurisdictions, the Company has an enforceable right to payment for performance completed to date on open work orders and as such, the transfer of control of vehicle maintenance and repair services and satisfaction of the performance obligation to its customer occurs over time. For these contracts that qualify for revenue recognition over time, the Company uses the input method for the measurement of progress and recognition of revenues, utilizing labor cost incurred to estimate the services performed for which the Company has an enforceable right to payment. The Company believes this method is the most objective measure of progress and provides a faithful depiction of the Company’s transfer of services to the customer. The transaction price for maintenance and repair services is the total of the labor and, if applicable, vehicle parts used in the performance of the service, as well as the margin above cost charged to the customer. Arrangement of Vehicle Financing and the Sale of Service and Other Insurance Contracts The Company receives commissions from F&I providers for the arrangement of vehicle financing and the sale of service and other insurance products. Within the context of these contracts with the F&I providers, the Company has determined that it is an agent for the F&I providers. The Company has a single performance obligation associated with the F&I contracts, which is the facilitation of the financing of the vehicle or sale of the insurance product. Revenues from these contracts is recognized when the facilitated contract between the F&I provider and the customer is executed, which is when the performance obligation is satisfied. With regards to the upfront commission for these contracts, the transaction price is the amount earned for each individual contract executed and is generally collected within 30 days of the satisfaction of the performance. Charge Backs The Company may be charged back in the future for commissions received on F&I contract or VSC fees in the event of early termination of the contracts by customers. A reserve for future amounts estimated to be charged back, representing variable consideration, is recorded as a reduction to Finance, insurance and other, net in the Consolidated Statements of Operations. The reserve is estimated based on the Company’s historical charge back results and the termination provisions of the applicable contracts, and was $70.4 million and $65.1 million at December 31, 2023 and 2022, respectively. Retrospective Commissions and Associated Contract Assets In some cases, the Company also earns retrospective commission income by participating in the future profitability of the portfolio of product contracts sold by the Company. This contingent consideration is variable and is generally settled over five Other current assets and Other long-term assets
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. •
Business Segment Information	As of December 31, 2023, 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.
Recently Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures . The amendments require the disclosure of significant segment expenses as well as expanded interim disclosures, along with other changes to segment disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2023, and in terim periods beginning on or after January 1, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments require the disclosure of a reconciliation between income tax expense from continuing operations and the amount computed by multiplying income from continuing operations before income taxes by the applicable statutory rate as well as an annual disaggregation of the income tax rate reconciliation between certain specified categories by both percentage and reported amounts, along with other changes to income tax disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.

BASIS OF PRESENTATION, CONSOL_3

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Property and equipment	Property and equipment estimated useful lives are as follows: Estimated Buildings and leasehold improvements 25 to 50 Machinery and dealership equipment 7 to 20 Office equipment, furniture and fixtures 3 to 20 Company vehicles 3 to 5 The Company’s property and equipment consisted of the following (in millions): December 31, 2023 2022 Land $ 888.8 $ 838.8 Buildings and leasehold improvements 1,516.6 1,459.8 Machinery and dealership equipment 181.6 173.0 Office equipment, furniture and fixtures 149.1 141.7 Company vehicles 14.6 17.3 Construction in progress 85.7 52.0 Total 2,836.4 2,682.6 Less: accumulated depreciation and amortization 587.7 554.4 Property and equipment, net $ 2,248.7 $ 2,128.2

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
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): Year Ended December 31, 2023 U.S. U.K. Total New vehicle retail sales $ 7,433.6 $ 1,341.0 $ 8,774.6 Used vehicle retail sales 4,458.7 1,234.8 5,693.5 Used vehicle wholesale sales 314.4 127.1 441.4 Total new and used vehicle sales 12,206.6 2,702.9 14,909.5 Parts and service sales (1) 1,933.3 289.0 2,222.3 Finance, insurance and other, net (2) 674.3 67.6 741.9 Total revenues $ 14,814.2 $ 3,059.5 $ 17,873.7 Year Ended December 31, 2022 U.S. U.K. Total New vehicle retail sales $ 6,238.5 $ 1,214.0 $ 7,452.5 Used vehicle retail sales 4,531.5 1,141.8 5,673.3 Used vehicle wholesale sales 238.8 125.8 364.6 Total new and used vehicle sales 11,008.8 2,481.6 13,490.4 Parts and service sales (1) 1,761.4 248.2 2,009.5 Finance, insurance and other, net (2) 656.9 65.2 722.2 Total revenues $ 13,427.1 $ 2,795.1 $ 16,222.1 Year Ended December 31, 2021 U.S. U.K. Total New vehicle retail sales $ 5,371.4 $ 1,133.3 $ 6,504.8 Used vehicle retail sales 3,356.3 1,082.5 4,438.8 Used vehicle wholesale sales 232.2 133.6 365.7 Total new and used vehicle sales 8,959.9 2,349.4 11,309.3 Parts and service sales (1) 1,361.4 229.8 1,591.2 Finance, insurance and other, net (2) 525.0 56.4 581.4 Total revenues $ 10,846.3 $ 2,635.6 $ 13,481.9 (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)
Changes in contract assets	The change in contract assets during the year ended December 31, 2023, is reflected in the table below (in millions): F&I, Net Contract Assets, January 1, 2023 $ 47.9 Changes related to revenue recognition during the period 24.1 Amounts invoiced during the period (17.0) Contract Assets, December 31, 2023 $ 55.0

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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 the assets acquired and liabilities assumed as of December 31, 2022 (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 (3) $ 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. (3) Goodwill as of December 31, 2022 has not been adjusted for the impact of the remaining Prime dealership acquired in October 2023 as described above. 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
Pro forma information	The following represents the unaudited pro forma financial information as if Prime had been included in the Company’s consolidated results since January 1, 2021 (in millions): Year Ended December 31, 2021 Revenues $ 15,243.5 Net income $ 594.7

DISCONTINUED OPERATIONS AND O_2

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 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): Years Ended December 31, 2023 2022 2021 REVENUES: New vehicle retail sales $ — $ 109.0 $ 205.6 Used vehicle retail sales — 44.0 58.1 Used vehicle wholesale sales — 10.1 11.3 Parts and service sales — 23.8 38.7 Finance, insurance and other, net — 3.3 6.1 Total revenues — 190.2 319.8 COST OF SALES: New vehicle retail sales — 98.5 184.9 Used vehicle retail sales — 41.2 53.1 Used vehicle wholesale sales — 10.0 10.5 Parts and service sales — 14.5 22.0 Total cost of sales — 164.2 270.6 GROSS PROFIT — 26.1 49.2 Selling, general and administrative expenses 2.0 15.1 34.3 Depreciation and amortization expense — 0.9 1.5 Asset impairments — 6.3 77.5 (LOSS) INCOME FROM DISCONTINUED OPERATIONS (2.0) 3.7 (64.1) Floorplan interest expense — 1.4 1.1 Other interest (income) expense, net (2.6) (1.8) 0.9 Loss on extinguishment of debt — — 3.8 Other expenses — 1.5 — INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 0.6 2.6 (69.9) Provision for income taxes 1.0 5.3 3.4 NET LOSS — DISCONTINUED OPERATIONS $ (0.4) $ (2.7) $ (73.3) Cash flows from operating and investing activities for the Brazil Discontinued Operations were immaterial for the year ended December 31, 2023. Cash flows from operating and investing activities for the Brazil Discontinued Operations for the prior periods were as follows (in millions): Years Ended December 31, 2022 2021 Net cash provided by operating activities — discontinued operations $ 26.6 $ 5.2 Net cash provided by (used in) investing activities — discontinued operations $ 59.1 $ (1.5) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): As of December 31, 2023 2022 Prepaid expenses $ 0.7 $ — Other current assets — 1.3 Other long-term assets 21.1 22.8 Total assets of discontinued operations $ 21.8 $ 24.1 Accrued expenses and other current liabilities $ 4.3 $ 7.8 Total liabilities of discontinued operations $ 4.3 $ 7.8 Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions): As of December 31, 2023 2022 Current assets classified as held for sale Prime Acquisition (1) $ — $ 9.8 Other (2) 99.1 43.8 Total current assets classified as held for sale $ 99.1 $ 53.6 Current liabilities classified as held for sale Prime Acquisition (1) $ — $ 1.1 Other 7.2 3.7 Total current liabilities classified as held for sale $ 7.2 $ 4.8 (1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition, refer to Note 3. Acquisitions. (2)

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of the restricted stock awards and units	The following table summarizes RSA activity and related information for 2023: Awards Weighted Average Nonvested at January 1, 2023 420,115 $ 116.05 Granted 61,695 $ 222.77 Vested (151,010) $ 94.25 Forfeited (11,845) $ 144.16 Nonvested at December 31, 2023 318,955 $ 145.83
Summary of nonvested performance-based units activity	The following table summarizes PSU activity and related information for 2023: Awards Weighted Average Nonvested at January 1, 2023 43,536 $ 161.87 Granted 13,570 $ 230.21 Vested (10,695) $ 305.93 Performance adjustment 9,263 $ 305.93 Nonvested at December 31, 2023 55,674 $ 188.82

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Calculation of earnings per share	The following table sets forth the calculation of EPS on total net income for the years ended December 31, 2023, 2022 and 2021 (in millions, except share and per share data): Years Ended December 31, 2023 2022 2021 Weighted average basic common shares outstanding 13,681,660 15,441,292 17,655,365 Dilutive effect of stock-based awards and employee stock purchases 53,139 52,324 66,847 Weighted average dilutive common shares outstanding 13,734,799 15,493,616 17,722,212 Basic: Net income $ 601.6 $ 751.5 $ 552.1 Less: Earnings allocated to participating securities from continuing operations 14.8 21.3 21.1 Less: Loss allocated to participating securities from discontinued operations — (0.1) (2.5) Net income available to basic common shares $ 586.8 $ 730.3 $ 533.5 Basic earnings per common share $ 42.89 $ 47.29 $ 30.22 Diluted: Net income $ 601.6 $ 751.5 $ 552.1 Less: Earnings allocated to participating securities from continuing operations 14.8 21.3 21.0 Less: Loss allocated to participating securities from discontinued operations — (0.1) (2.5) Net income available to diluted common shares $ 586.9 $ 730.3 $ 533.6 Diluted earnings per common share $ 42.73 $ 47.14 $ 30.11

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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): December 31, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 697.5 $ 750.0 $ 633.9 Real estate related 90.9 83.1 99.2 90.5 Total $ 840.9 $ 780.6 $ 849.2 $ 724.4 (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 Consolidated Balance Sheets, were as follows (in millions): December 31, 2023 2022 Assets: Other current assets $ 1.2 $ 0.1 Other long-term assets (1) 88.1 109.2 Total assets $ 89.3 $ 109.3 Liabilities: Accrued expenses and other current liabilities $ — $ — Long-term interest rate swap liabilities — — Total liabilities $ — $ — (1)
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) Years Ended December 31, Derivatives in Cash Flow Hedging Relationship 2023 2022 2021 Interest rate swaps $ 10.4 $ 84.1 $ 22.6 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Years Ended December 31, 2023 2022 2021 Floorplan interest expense, net $ 15.4 $ 0.8 $ (3.7) Other interest expense, net $ 17.9 $ 2.4 $ (4.1)

RECEIVABLES, NET AND CONTRACT_2

RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Accounts and notes receivable	The Company’s receivables, net and contract assets consisted of the following (in millions): December 31, 2023 2022 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 259.2 $ 188.2 Vehicle receivables 110.3 90.9 Total contracts-in-transit and vehicle receivables 369.5 279.0 Less: allowance for doubtful accounts 0.3 0.6 Total contracts-in-transit and vehicle receivables, net $ 369.2 $ 278.5 Accounts and notes receivables, net: Manufacturer receivables $ 128.3 $ 94.6 Parts and service receivables 64.3 68.0 F&I receivables 35.6 30.0 Other 14.4 12.1 Total accounts and notes receivables 242.5 204.7 Less: allowance for doubtful accounts 4.2 5.5 Total accounts and notes receivables, net $ 238.4 $ 199.2 Within Other current assets and Other long-term assets: Total contract assets (1) $ 55.0 $ 47.9 (1)

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	The Company’s inventories consisted of the following (in millions): December 31, 2023 2022 New vehicles $ 1,061.0 $ 536.2 Used vehicles 549.0 537.3 Rental vehicles 217.2 155.0 Parts, accessories and other 136.2 128.0 Total inventories $ 1,963.4 $ 1,356.6

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment estimated useful lives are as follows: Estimated Buildings and leasehold improvements 25 to 50 Machinery and dealership equipment 7 to 20 Office equipment, furniture and fixtures 3 to 20 Company vehicles 3 to 5 The Company’s property and equipment consisted of the following (in millions): December 31, 2023 2022 Land $ 888.8 $ 838.8 Buildings and leasehold improvements 1,516.6 1,459.8 Machinery and dealership equipment 181.6 173.0 Office equipment, furniture and fixtures 149.1 141.7 Company vehicles 14.6 17.3 Construction in progress 85.7 52.0 Total 2,836.4 2,682.6 Less: accumulated depreciation and amortization 587.7 554.4 Property and equipment, net $ 2,248.7 $ 2,128.2

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Components of operating and finance leases	Additional information regarding the Company’s operating and finance leases is as follows (in millions, except for lease term and discount rate information): December 31, Leases Balance Sheet Classification 2023 2022 Assets: Operating Operating lease assets $ 216.5 $ 249.1 Finance Property and equipment, net 271.3 221.4 Total $ 487.7 $ 470.5 Liabilities: Current: Operating Current operating lease liabilities $ 20.9 $ 21.8 Finance Current maturities of long-term debt 6.5 18.8 Noncurrent: Operating Operating lease liabilities, net of current portion 209.4 238.4 Finance Long-term debt, net of current maturities 266.1 201.6 Total $ 503.0 $ 480.6
Components of lease expense	Years Ended December 31, Lease Expense Income Statement Classification 2023 2022 2021 Operating Selling, general and administrative expenses $ 38.1 $ 42.4 $ 35.1 Operating Asset impairments 1.8 — — Variable Selling, general and administrative expenses 6.6 4.5 3.3 Sublease income Selling, general and administrative expenses (1.3) (2.3) (1.9) Finance: Amortization of lease assets Depreciation and amortization expense 9.9 9.1 7.3 Interest on lease liabilities Other interest expense, net 12.6 8.2 7.2 Net lease expense $ 67.6 $ 61.9 $ 50.9
Maturities of operating lease liabilities	December 31, 2023 Maturities of Lease Liabilities Operating Leases Finance Leases 2023 $ 31.8 $ 20.0 2024 33.1 59.6 2025 30.2 48.2 2026 28.5 52.3 2027 26.1 67.8 Thereafter 190.3 98.9 Total lease payments 339.9 346.9 Less: lease payments representing interest (109.6) (74.2) Present value of lease liabilities $ 230.3 $ 272.7
Maturities of finance lease liabilities	December 31, 2023 Maturities of Lease Liabilities Operating Leases Finance Leases 2023 $ 31.8 $ 20.0 2024 33.1 59.6 2025 30.2 48.2 2026 28.5 52.3 2027 26.1 67.8 Thereafter 190.3 98.9 Total lease payments 339.9 346.9 Less: lease payments representing interest (109.6) (74.2) Present value of lease liabilities $ 230.3 $ 272.7
Supplemental cash flow information related to leases	Years Ended December 31, Weighted-Average Lease Term and Discount Rate 2023 2022 2021 Weighted-average remaining lease terms: Operating 13.5 13.6 12.0 Finance 7.2 17.2 17.1 Weighted-average discount rates: Operating 5.2 % 5.1 % 4.8 % Finance 5.3 % 5.1 % 4.9 % Years Ended December 31, Other Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 36.6 $ 42.2 $ 36.2 Operating cash flows used in finance leases $ 12.6 $ 8.2 $ 7.2 Financing cash flows used in finance leases $ 26.4 $ 9.1 $ 10.9 ROU assets obtained in exchange for lease obligations: Operating leases, initial recognition $ 1.5 $ 12.9 $ 77.8 Operating leases, modifications and remeasurements $ (0.2) $ 25.0 $ 9.4 Finance leases, initial recognition $ 70.6 $ 39.3 $ 63.8 Finance leases, modifications and remeasurements $ (3.6) $ 23.1 $ (4.5)

INTANGIBLE FRANCHISE RIGHTS A_2

INTANGIBLE FRANCHISE RIGHTS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of indefinite-lived intangible assets	The following table presents the Company’s intangible franchise rights balances by segment as of December 31, 2023 and 2022 (in millions): Intangible Franchise Rights U.S. U.K. Total Balance, December 31, 2022 $ 498.0 $ 18.3 $ 516.3 Balance, December 31, 2023 $ 682.0 $ 19.2 $ 701.2
Goodwill rollforward	The following is a roll-forward of the Company’s goodwill accounts by reporting unit (in millions): Goodwill U.S. U.K. Total Balance, December 31, 2021 (1) $ 1,307.3 $ 112.9 $ 1,420.2 Additions through acquisitions 236.1 10.2 246.3 Purchase price allocation adjustments 35.0 — 35.0 Disposals (37.3) — (37.3) Reclassified from (to) assets held for sale, net 8.8 — 8.8 Currency translation — (11.2) (11.2) Balance, December 31, 2022 (1) $ 1,549.9 $ 111.9 $ 1,661.8 Additions through acquisitions 49.7 — 49.7 Purchase price allocation adjustments 9.1 1.9 11.0 Disposals (52.9) — (52.9) Reclassified from (to) assets held for sale, net (23.6) — (23.6) Currency translation — 6.0 6.0 Balance, December 31, 2023 (1) $ 1,532.1 $ 119.8 $ 1,651.9 (1) Net of accumulated impairments of $40.6 million in the U.S. reporting unit.

FLOORPLAN NOTES PAYABLE (Tables

FLOORPLAN NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Line of Credit Facility [Abstract]
Schedule of floorplan notes payable	The Company’s Floorplan Notes Payable consisted of the following (in millions): December 31, 2023 2022 Revolving Credit Facility — Floorplan notes payable $ 1,358.2 $ 833.5 Revolving Credit Facility — Floorplan notes payable offset account (236.7) (140.2) Revolving Credit Facility — Floorplan notes payable, net 1,121.6 693.3 Other non-manufacturer facilities 31.4 68.8 Floorplan notes payable — credit facility and other, net $ 1,153.0 $ 762.1 FMCC facility $ 156.6 $ 55.1 FMCC facility offset account (38.5) (13.4) FMCC facility, net 118.1 41.8 GM Financial Facility 37.9 — Other manufacturer affiliate facilities 256.4 201.3 Floorplan notes payable — manufacturer affiliates, net $ 412.4 $ 243.1

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Composition of long-term debt	Long-term debt consisted of the following (in millions): December 31, 2023 2022 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 325.0 303.2 Other debt: Real estate related 751.0 796.9 Finance leases 272.7 220.4 Other 8.8 22.3 Total other debt 1,032.5 1,039.6 Total debt 2,107.5 2,092.7 Less: unamortized debt issuance costs 8.7 10.2 Less: current maturities 109.4 130.3 Total long-term debt $ 1,989.4 $ 1,952.2
Aggregate annual maturities of long-term debt	The aggregate annual maturities of debt for the next five years, excluding debt issuance costs, are as follows (in millions): Total Years Ended December 31, 2024 $ 109.9 2025 123.9 2026 198.9 2027 517.7 2028 878.1 Thereafter 278.9 Total $ 2,107.5

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes by geographic area	Income from continuing operations before income taxes by geographic area was as follows (in millions): Years Ended December 31, 2023 2022 2021 Domestic $ 732.1 $ 897.4 $ 721.8 Foreign 68.1 87.9 79.2 Total income before income taxes $ 800.2 $ 985.3 $ 800.9
Federal, state and foreign income tax provisions	Federal, state and foreign income tax provisions from continuing operations were as follows (in millions): Years Ended December 31, 2023 2022 2021 Federal: Current $ 142.9 $ 160.7 $ 116.4 Deferred 11.8 24.6 30.7 State: Current 23.8 24.5 13.8 Deferred 4.6 5.9 1.6 Foreign: Current 12.8 18.0 14.8 Deferred 2.3 (2.6) (1.8) Provision for income taxes $ 198.2 $ 231.1 $ 175.5
Reconciliation of income tax expense due to the U.S. federal statutory corporate tax rate	A reconciliation of the statutory federal rate to the effective tax rate on income before income taxes from continuing operations, was as follows (in millions): Years Ended December 31, 2023 2022 2021 Provision at the U.S. federal statutory rate $ 168.0 $ 206.9 $ 168.1 Increase (decrease) resulting from: State income tax, net of benefit for federal deduction 25.2 22.3 15.3 Foreign income tax rate differential 0.6 (2.3) (1.0) Change in enacted tax rate — U.K. — — (1.9) Tax credits (0.5) (0.4) (0.8) Change in valuation allowance (2.6) (2.1) (2.9) Stock-based compensation (3.6) (1.6) (2.2) Deferred state tax effect (1.1) 4.3 — Gain on dispositions 5.5 — — Other 6.7 4.0 0.9 Provision for income taxes $ 198.2 $ 231.1 $ 175.5
Tax effects of temporary differences representing deferred tax assets/liabilities	The components of deferred tax assets and liabilities were as follows (in millions): December 31, 2023 2022 Deferred tax assets: Accrued liabilities $ 62.6 $ 56.4 Net operating losses 13.0 18.9 Operating lease liabilities 65.5 71.1 Other — 2.5 Deferred tax assets 141.1 148.9 Less: valuation allowance on deferred tax assets 7.6 10.2 Net deferred tax assets $ 133.5 $ 138.7 Deferred tax liabilities: Goodwill and intangible franchise rights $ 195.9 $ 171.2 Fixed asset basis differences 114.7 110.0 Interest rate swaps 21.3 26.1 Operating lease ROU assets 53.8 59.6 Other 0.3 1.7 Deferred tax liabilities 386.0 368.6 Net deferred tax liability $ 252.5 $ 229.9 The classification of the continued operations of the Company’s net deferred tax liability within the Consolidated Balance Sheets is as follows (in millions): December 31, 2023 2022 Deferred tax asset, included in Other long-term assets $ 4.1 $ 8.2 Deferred tax liability, included in Deferred income taxes 256.6 238.1 Net deferred tax liability $ 252.5 $ 229.9
Reconciliation of unrecognized tax benefits	A reconciliation of the Company’s unrecognized tax benefits is as follows (in millions): 2023 2022 2021 Balance at January 1 $ 2.0 $ 2.0 $ 2.0 Additions for current tax 0.6 0.5 0.5 Additions based on tax positions in prior years — — — Reductions for tax positions — — — Settlements with tax authorities — — — Reductions due to lapse of statutes of limitations (0.4) (0.5) (0.5) Balance at December 31 $ 2.2 $ 2.0 $ 2.0

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Changes in the balances of each component of accumulated other comprehensive loss	Changes in the balances of each component of Accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions): Year Ended December 31, 2023 Accumulated Income (Loss) on Foreign Currency Translation Accumulated Income (Loss) on Interest Rate Swaps Total Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Other comprehensive income (loss) before reclassifications: Pre-tax 23.7 13.7 37.3 Tax effect — (3.3) (3.3) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest income (pre-tax) — (15.4) (15.4) Other interest income, net (pre-tax) — (17.9) (17.9) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 8.9 8.9 Net current period other comprehensive income (loss) 23.7 (18.0) 5.7 Balance, December 31, 2023 $ (37.4) $ 65.6 $ 28.1 Year Ended December 31, 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 (27.2) 110.0 82.7 Tax effect — (25.8) (25.8) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (0.8) (0.8) Other interest expense (pre-tax) — (2.4) (2.4) Cumulative foreign currency translation adjustments associated with the Brazil Disposal 122.8 — 122.8 Other cumulative foreign currency translation adjustments 1.5 — 1.5 Provision for income taxes — 0.8 0.8 Net current period other comprehensive income 97.1 81.6 178.7 Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Year Ended December 31, 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) 29.5 22.8 Tax effect — (6.9) (6.9) Amounts reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 3.7 3.7 Other interest expense (pre-tax) — 4.1 4.1 Reclassification related to de-designated interest rate swaps (pre-tax) — 7.9 7.9 Benefit for income taxes — (3.7) (3.7) Net current period other comprehensive (loss) income (6.7) 34.5 27.8 Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Reportable segment information	Selected reportable segment data for continuing operations as follows (in millions): Year Ended December 31, 2023 U.S. U.K. Total Total revenues $ 14,814.2 $ 3,059.5 $ 17,873.7 Gross profit $ 2,610.1 $ 410.1 $ 3,020.3 SG&A expenses $ 1,622.9 $ 303.9 $ 1,926.8 Depreciation and amortization expense $ 76.9 $ 15.1 $ 92.0 Floorplan interest expense $ 53.5 $ 10.6 $ 64.1 Other interest expense, net $ 91.4 $ 8.4 $ 99.8 Income before income taxes $ 732.1 $ 68.1 $ 800.2 Capital expenditures: Real estate related capital expenditures $ 41.5 $ 4.7 $ 46.3 Non-real estate related capital expenditures 114.6 24.5 139.2 Total capital expenditures $ 156.2 $ 29.3 $ 185.4 Year Ended December 31, 2022 U.S. U.K. Total Total revenues $ 13,427.1 $ 2,795.1 $ 16,222.1 Gross profit $ 2,582.3 $ 382.9 $ 2,965.2 SG&A expenses $ 1,516.9 $ 266.5 $ 1,783.3 Depreciation and amortization expense $ 73.1 $ 15.2 $ 88.4 Floorplan interest expense $ 21.4 $ 5.9 $ 27.3 Other interest expense, net $ 71.0 $ 6.6 $ 77.5 Income before income taxes $ 897.4 $ 87.9 $ 985.3 Capital expenditures: Real estate related capital expenditures $ 17.7 $ 22.0 $ 39.6 Non-real estate related capital expenditures 100.2 15.3 115.5 Total capital expenditures $ 117.8 $ 37.3 $ 155.1 Year Ended December 31, 2021 U.S. U.K. Total Total revenues $ 10,846.3 $ 2,635.6 $ 13,481.9 Gross profit $ 2,089.5 $ 351.2 $ 2,440.7 SG&A expenses $ 1,234.9 $ 242.2 $ 1,477.2 Depreciation and amortization expense $ 60.4 $ 17.0 $ 77.4 Floorplan interest expense $ 22.2 $ 5.4 $ 27.6 Other interest expense, net $ 48.5 $ 7.3 $ 55.8 Income before income taxes $ 721.8 $ 79.2 $ 800.9 Capital expenditures: Real estate related capital expenditures $ 18.9 $ 27.0 $ 45.9 Non-real estate related capital expenditures 82.3 13.9 96.2 Total capital expenditures $ 101.2 $ 40.9 $ 142.1
Goodwill and intangible franchise rights and total assets by reportable segment	December 31, 2023 U.S. U.K. Total Property and equipment, net $ 1,915.2 $ 333.5 $ 2,248.7 Total assets $ 6,665.7 $ 1,086.6 $ 7,752.3 December 31, 2022 U.S. U.K. Total Property and equipment, net $ 1,824.1 $ 304.1 $ 2,128.2 Total assets $ 5,710.8 $ 983.8 $ 6,694.7

BASIS OF PRESENTATION, CONSOL_4

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Basis of Presentation (Details) - Held-for-sale - Brazil R$ in Millions, $ in Millions	Nov. 12, 2021 USD ($)	Nov. 12, 2021 BRL (R$)
Business And Organization
Consideration for disposal | R$		R$ 510.0
Scenario, Plan
Business And Organization
Percentage of equity interest relinquished	100%	100%
Consideration for disposal | $	$ 510

BASIS OF PRESENTATION, CONSOL_5

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Property and Equipment, Net (Details)	Dec. 31, 2023
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment
Estimated useful lives	25 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment
Estimated useful lives	50 years
Machinery and dealership equipment | Minimum
Property, Plant and Equipment
Estimated useful lives	7 years
Machinery and dealership equipment | Maximum
Property, Plant and Equipment
Estimated useful lives	20 years
Office equipment, furniture and fixtures | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Office equipment, furniture and fixtures | Maximum
Property, Plant and Equipment
Estimated useful lives	20 years
Company vehicles | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Company vehicles | Maximum
Property, Plant and Equipment
Estimated useful lives	5 years

BASIS OF PRESENTATION, CONSOL_6

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Goodwill and Intangible Franchise Rights (Details)	12 Months Ended
	Dec. 31, 2023 region
U.S and U.K
Segment Reporting Information
Number of geographic regions	2

BASIS OF PRESENTATION, CONSOL_7

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Income Taxes (Details)	Dec. 31, 2023 state
U.S.
Income Taxes
Number of states in which the entity operates	17

BASIS OF PRESENTATION, CONSOL_8

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 83	$ 76.5	$ 65.8
Reduction in advertising expense for advertising assistance earned related to vehicles sold	$ 22.3	$ 17.4	$ 14.9

BASIS OF PRESENTATION, CONSOL_9

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF ACCOUNTING POLICIES - Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Percent of value of the vehicle financed by the company (up to)	85%

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Revenue Source and Geographical Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue
Revenues	$ 17,873.7	$ 16,222.1	$ 13,481.9
Variable consideration recognized	24.1
U.S.
Disaggregation of Revenue
Revenues	14,814.2	13,427.1	10,846.3
U.K.
Disaggregation of Revenue
Revenues	3,059.5	2,795.1	2,635.6
Total new and used vehicle sales
Disaggregation of Revenue
Revenues	14,909.5	13,490.4	11,309.3
Total new and used vehicle sales | U.S.
Disaggregation of Revenue
Revenues	12,206.6	11,008.8	8,959.9
Total new and used vehicle sales | U.K.
Disaggregation of Revenue
Revenues	2,702.9	2,481.6	2,349.4
New vehicle retail sales
Disaggregation of Revenue
Revenues	8,774.6	7,452.5	6,504.8
New vehicle retail sales | U.S.
Disaggregation of Revenue
Revenues	7,433.6	6,238.5	5,371.4
New vehicle retail sales | U.K.
Disaggregation of Revenue
Revenues	1,341	1,214	1,133.3
Used vehicle retail sales
Disaggregation of Revenue
Revenues	5,693.5	5,673.3	4,438.8
Used vehicle retail sales | U.S.
Disaggregation of Revenue
Revenues	4,458.7	4,531.5	3,356.3
Used vehicle retail sales | U.K.
Disaggregation of Revenue
Revenues	1,234.8	1,141.8	1,082.5
Used vehicle wholesale sales
Disaggregation of Revenue
Revenues	441.4	364.6	365.7
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue
Revenues	314.4	238.8	232.2
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue
Revenues	127.1	125.8	133.6
Parts and service sales
Disaggregation of Revenue
Revenues	2,222.3	2,009.5	1,591.2
Parts and service sales | U.S.
Disaggregation of Revenue
Revenues	1,933.3	1,761.4	1,361.4
Parts and service sales | U.K.
Disaggregation of Revenue
Revenues	289	248.2	229.8
Finance, insurance and other, net
Disaggregation of Revenue
Revenues	741.9	722.2	581.4
Variable consideration recognized	24.1	30.8	22.3
Finance, insurance and other, net | U.S.
Disaggregation of Revenue
Revenues	674.3	656.9	525
Finance, insurance and other, net | U.K.
Disaggregation of Revenue
Revenues	$ 67.6	$ 65.2	$ 56.4

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Charge back reserve	$ 70.4	$ 65.1
Minimum
Disaggregation of Revenue
Commissions And Associated Contracts Settlement Term	5 years
Maximum
Disaggregation of Revenue
Commissions And Associated Contracts Settlement Term	7 years

REVENUES - Changes in Contract

REVENUES - Changes in Contract Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Change in Contract with Customer
Contract Assets, January 1, 2023	$ 47.9
Changes related to revenue recognition during the period	24.1
Amounts invoiced during the period	(17)
Contract Assets, December 31, 2023	$ 55

ACQUISITIONS - Prime Acquisitio

ACQUISITIONS - Prime Acquisition (Details) - Prime Automotive Group $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($) dealership center	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2023 USD ($)
Business Acquisition
Number of dealerships acquired | dealership	28
Number of collision centers | center	3
Aggregate consideration paid for dealerships	$ 967.6	$ 967.6
Deposit Assets		33.4
Goodwill and liabilities assumed net		564.4
Acquisition costs			$ 12.9
Revenues		1,700	199.9
Net income		$ 110.2	$ 14.3
Scenario, Adjustment
Business Acquisition
Goodwill and liabilities assumed net				$ 33.4
Previously Reported
Business Acquisition
Aggregate consideration paid for dealerships	$ 934.2

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Identifiable assets acquired and liabilities assumed
Goodwill		$ 1,661.8	$ 1,651.9	$ 1,420.2
Prime Automotive Group
Business Acquisition
Total consideration	$ 967.6	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 Automotive Group $ 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 - Pro Forma Inform

ACQUISITIONS - Pro Forma Information (Details) - Prime Automotive Group $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition
Revenues	$ 15,243.5
Net income	$ 594.7

ACQUISITIONS - Other Acquisitio

ACQUISITIONS - Other Acquisitions (Details) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 14, 2024 USD ($) dealership	Dec. 31, 2023 USD ($) dealership	Dec. 31, 2022 USD ($) dealership	Dec. 31, 2021 USD ($) dealership
Business Acquisition
Additions through acquisitions		$ 49.7	$ 246.3
Cash paid to acquire business		366.1	528.7	$ 1,099.6
Other Acquisitions
Business Acquisition
Aggregate consideration paid for dealerships				166.8
Additions through acquisitions				$ 70.1
U.S.
Business Acquisition
Additions through acquisitions		$ 49.7	$ 236.1
U.S. | Other Acquisitions
Business Acquisition
Number of dealerships acquired | dealership		6	6	5
Aggregate consideration paid for dealerships		$ 365.8	$ 507.5
Additions through acquisitions		49.7	236.1
U.S. | Other Acquisitions | Subsequent Event
Business Acquisition
Number of dealerships acquired | dealership	5
Aggregate consideration paid for dealerships	$ 273.3
U.K.
Business Acquisition
Additions through acquisitions		$ 0	10.2
U.K. | Other Acquisitions
Business Acquisition
Number of dealerships acquired | dealership				7
Aggregate consideration paid for dealerships			34.1
Additions through acquisitions			10.2
Cash paid to acquire business			32.9
Accounts payable			$ 1.2

DISCONTINUED OPERATIONS AND O_3

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Narrative (Details) R$ in Millions, $ in Millions				1 Months Ended	12 Months Ended
	Jul. 01, 2022 USD ($)	Jun. 30, 2022 USD ($)	Nov. 12, 2021 BRL (R$)	Feb. 14, 2024 dealership	Dec. 31, 2023 USD ($) franchise dealership	Dec. 31, 2022 USD ($) dealership franchise	Dec. 31, 2021 USD ($) dealership	Jul. 02, 2022 USD ($)	Jul. 02, 2022 BRL (R$)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net loss from discontinued operations
Dispositions reduced goodwill					$ 52.9	$ 37.3
U.S.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Dispositions reduced goodwill					52.9	37.3
U.K.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Dispositions reduced goodwill					0	0
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Goodwill					39.8	13.4
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Dispositions reduced goodwill					52.9	37.3	$ 4
Disposed of by Sale | U.S.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Net pre-tax gain (loss) on dealership dispositions					$ 16.3	$ 30.8	$ 4.4
Number of dealerships | dealership					11	5	3
Number of franchises disposed | dealership					15	5	3
Number of franchises terminated					2		1
Number of franchise within existing dealerships | dealership							1
Disposed of by Sale | U.S. | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of franchises disposed | dealership				10
Disposed of by Sale | U.K.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of dealerships | dealership						1
Number of franchises terminated						1	1
Number of franchise within existing dealerships | dealership							1
Brazil | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Consideration for disposal | R$			R$ 510.0
Holdback term (years)			5 years
Brazil | Held-for-sale | 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
Brazil | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Consideration for disposal								$ 4.1
Net loss	$ 87.5					$ 10	$ 77.5
Amount of currency translation loss recorded in AOCI	$ 122.8					$ 122.8
Foreign exchange risk exposure								70
Foreign currency transaction loss, settled		$ 8.4
Tax settlement								$ 4.5	R$ 23.0
Tax settlement term (years)						1 year
Brazil | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Other long-term assets					$ 21.1	$ 22.8
Accrued expenses and other current liabilities					$ 4.3	$ 7.8

DISCONTINUED OPERATIONS AND O_4

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Proceeds Expected and Net Carrying Value of the Assets Disposed (Details) - Disposed of by Sale - Brazil - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2022	Dec. 31, 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 - Operation from Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTEREST EXPENSE:
Other expenses	$ 0	$ 1.5
NET LOSS — DISCONTINUED OPERATIONS	(0.4)	(2.7)	$ (73.3)
Brazil | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	0	190.2
COST OF SALES	0	164.2
GROSS PROFIT	0	26.1
Selling, general and administrative expenses	2	15.1
Depreciation and amortization expense	0	0.9
Asset impairments	0	6.3
(LOSS) INCOME FROM DISCONTINUED OPERATIONS	(2)	3.7
INTEREST EXPENSE:
Floorplan interest expense	0	1.4
Other interest (income) expense, net	(2.6)	(1.8)
Loss on extinguishment of debt	0	0
INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS	0.6	2.6
Provision for income taxes	1	5.3
NET LOSS — DISCONTINUED OPERATIONS	(0.4)	(2.7)
Brazil | Disposed of by Sale | New vehicle retail sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	0	109
COST OF SALES	0	98.5
Brazil | Disposed of by Sale | Used vehicle retail sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	0	44
COST OF SALES	0	41.2
Brazil | Disposed of by Sale | Used vehicle wholesale sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	0	10.1
COST OF SALES	0	10
Brazil | Disposed of by Sale | Parts and service sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	0	23.8
COST OF SALES	0	14.5
Brazil | Disposed of by Sale | Finance, insurance and other, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES	$ 0	$ 3.3
Brazil | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			319.8
COST OF SALES			270.6
GROSS PROFIT			49.2
Selling, general and administrative expenses			34.3
Depreciation and amortization expense			1.5
Asset impairments			77.5
(LOSS) INCOME FROM DISCONTINUED OPERATIONS			(64.1)
INTEREST EXPENSE:
Floorplan interest expense			1.1
Other interest (income) expense, net			0.9
Loss on extinguishment of debt			3.8
Other expenses			0
INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS			(69.9)
Provision for income taxes			3.4
NET LOSS — DISCONTINUED OPERATIONS			(73.3)
Brazil | Held-for-sale | New vehicle retail sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			205.6
COST OF SALES			184.9
Brazil | Held-for-sale | Used vehicle retail sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			58.1
COST OF SALES			53.1
Brazil | Held-for-sale | Used vehicle wholesale sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			11.3
COST OF SALES			10.5
Brazil | Held-for-sale | Parts and service sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			38.7
COST OF SALES			22
Brazil | Held-for-sale | Finance, insurance and other, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
REVENUES			$ 6.1

DISCONTINUED OPERATIONS AND O_6

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Cash Flows from Operating and Investing Activities for Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided by operating activities — discontinued operations	$ 26.6	$ 5.2
Net cash provided by (used in) investing activities — discontinued operations	$ 59.1	$ (1.5)

DISCONTINUED OPERATIONS AND O_7

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current liabilities classified as held for sale	$ 7.2	$ 4.8
Discontinued Operations | Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Prepaid expenses	0.7	0
Other current assets	0	1.3
Other long-term assets	21.1	22.8
Total assets of discontinued operations	21.8	24.1
Accrued expenses and other current liabilities	4.3	7.8
Current liabilities classified as held for sale	$ 4.3	$ 7.8

DISCONTINUED OPERATIONS AND O_8

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	$ 99.1	$ 53.6
Current liabilities classified as held for sale	7.2	4.8
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	99.1	53.6
Current liabilities classified as held for sale	7.2	4.8
Goodwill	39.8	13.4
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	0	9.8
Current liabilities classified as held for sale	0	1.1
Held-for-sale | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Current assets classified as held for sale	99.1	43.8
Current liabilities classified as held for sale	$ 7.2	$ 3.7

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based Compensation Plans
Cash received from purchase plan purchases	$ 21,300,000	$ 19,500,000	$ 15,200,000
Stock-based compensation	20,100,000	27,000,000	28,300,000
Stock-based compensation related to cash-settled RSUs	4,800,000	500,000	2,200,000
Tax benefits related to total stock-based compensation	8,500,000	5,200,000	4,300,000
Restricted Stock Awards
Stock-based Compensation Plans
Fair value of shares vested during period	14,200,000	$ 14,700,000	$ 13,600,000
Unrecognized compensation cost related to stock-based compensation arrangements	$ 21,600,000
Weighted average period for recognition of cost	2 years 4 months 24 days
Restricted Stock Awards | Maximum
Stock-based Compensation Plans
Vesting period (years)	5 years
Restricted Stock Units (RSUs)
Stock-based Compensation Plans
Unrecognized compensation cost related to stock-based compensation arrangements	$ 9,500,000
Employee Share-based Plan
Stock-based Compensation Plans
Aggregate maximum shares to be issued or transferred (in shares)	4,500,000
Shares available for issuance (in shares)	270,833
Employee stock purchase price in percentage of fair market value	85%
Shares issued to employees (in shares)	112,189	146,416	116,680
Weighted average per share fair value of employee stock purchase rights issued (in dollars per share)	$ 50.04	$ 39.45	$ 43.57
Employee maximum contribution rate (as a percentage)	10%
Employee maximum contribution	$ 25,000
Incentive Plan
Stock-based Compensation Plans
Aggregate maximum shares to be issued or transferred (in shares)	2,200,000
Shares available for issuance (in shares)	1,100,000
Incentive Plan | Restricted Stock Units (RSUs)
Stock-based Compensation Plans
Vest percentage	100%

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Summary of the Restricted Stock Awards (Details) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Awards
Nonsettled, beginning balance (in shares) | shares	420,115
Granted (in shares) | shares	61,695
Vested (in shares) | shares	(151,010)
Forfeited (in shares) | shares	(11,845)
Nonsettled, ending balance (in shares) | shares	318,955
Weighted Average Grant Date Fair Value
Nonvested (in dollars per share) | $ / shares	$ 116.05
Granted (in dollars per share) | $ / shares	222.77
Vested (in dollars per share) | $ / shares	94.25
Forfeited (in dollars per share) | $ / shares	144.16
Nonvested (in dollars per share) | $ / shares	$ 145.83

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS - Summary of the Performance Awards (Details) - Performance Awards	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Awards
Nonsettled, beginning balance (in shares) | shares	43,536
Granted (in shares) | shares	13,570
Vested (in shares) | shares	(10,695)
Performance adjustment (in shares) | shares	9,263
Nonsettled, ending balance (in shares) | shares	55,674
Weighted Average Grant Date Fair Value
Nonvested (in dollars per share) | $ / shares	$ 161.87
Granted (in dollars per share) | $ / shares	230.21
Vested (in dollars per share) | $ / shares	305.93
Performance adjustment (in dollars per share) | $ / shares	305.93
Nonvested (in dollars per share) | $ / shares	$ 188.82

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS - Summary of the Performance Awards Narrative (Details) - Performance Awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	2 years
Vesting service period	3 years
Fair value of shares vested during period	$ 3.3	$ 4.7	$ 9.3
Weighted average grant date fair value, granted	$ 3.1	$ 5	$ 2.1
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	200%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average basic common shares outstanding (in shares)	13,681,660	15,441,292	17,655,365
Dilutive effect of stock-based awards and employee stock purchases (in shares)	53,139	52,324	66,847
Weighted average dilutive common shares outstanding (in shares)	13,734,799	15,493,616	17,722,212
Basic:
Net income	$ 601.6	$ 751.5	$ 552.1
Net income available to basic common shares	$ 586.8	$ 730.3	$ 533.5
Basic earnings per common share (in dollars per share)	$ 42.89	$ 47.29	$ 30.22
Diluted:
Net income	$ 601.6	$ 751.5	$ 552.1
Net income available to diluted common shares	$ 586.9	$ 730.3	$ 533.6
Diluted earnings per common share (in dollars per share)	$ 42.73	$ 47.14	$ 30.11
Continuing Operations
Basic:
Less: Earnings (loss) allocated to participating securities	$ 14.8	$ 21.3	$ 21.1
Diluted:
Less: Earnings (loss) allocated to participating securities	14.8	21.3	21
Discontinued Operations
Basic:
Less: Earnings (loss) allocated to participating securities	0	(0.1)	(2.5)
Diluted:
Less: Earnings (loss) allocated to participating securities	$ 0	$ (0.1)	$ (2.5)

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Gross fair value	$ 25,400,000	$ 2,500,000	$ (5,800,000)
Unrealized gain on interest rate risk management activities, net of tax	(18,000,000)	81,600,000	34,500,000
Reclassification of de-designated interest rate swaps net of tax	1,000,000	0	(1,900,000)
Other interest expense, net	99,800,000	$ 77,500,000	$ 55,800,000
Amount of gain expected to be reclassified from other comprehensive income (loss) into earnings	18,800,000
Not Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Gross fair value	3,700,000
Unrealized gain on interest rate risk management activities, net of tax	3,100,000
Reclassification of de-designated interest rate swaps net of tax	$ 1,000,000
Interest Rate Swap I | 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 (derivatives) | derivative	36	39
Notional value	$ 909,600,000	$ 931,100,000
Weighted average interest rate (as a percentage)	1.25%
Interest Rate Swap I | Designated as Hedging Instrument | Cash Flow Hedging | SOFR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)		1.22%
Interest Rate Swap I | Not Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other interest expense, net	$ 300,000
Realized gains	$ 1,000,000
Interest Rate Swap II | 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 (derivatives) | derivative	1
Notional value	$ 50,000,000
Weighted average interest rate (as a percentage)	0.72%
Mortgage Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of additional forward interest rate swaps (derivatives) | derivative	1
Notional value	$ 29,700,000
Mortgage Interest Rate Swap | Not Designated as Hedging Instrument | SOFR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate (as a percentage)	0.60%
4.00% Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Aggregate principal 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	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument
Debt, fair value	$ 840.9	$ 849.2
Carrying Value | 4.00% Senior Notes | Senior Notes
Debt Instrument
Debt, fair value	750	750
Carrying Value | Real estate related
Debt Instrument
Debt, fair value	90.9	99.2
Fair Value
Debt Instrument
Debt, fair value	780.6	724.4
Fair Value | 4.00% Senior Notes | Senior Notes
Debt Instrument
Debt, fair value	697.5	633.9
Fair Value | Real estate related
Debt Instrument
Debt, fair value	$ 83.1	$ 90.5

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Other current assets	$ 1.2	$ 0.1
Other long-term assets	88.1	109.2
Total assets	$ 89.3	$ 109.3
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other Assets, Noncurrent	Other current assets, Other Assets, Noncurrent
Liabilities:
Accrued expenses and other current liabilities	$ 0	$ 0
Long-term interest rate swap liabilities	0	0
Total liabilities	$ 0	$ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other long-term liabilities

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative
Amount of unrealized income (loss), net of tax, recognized in other comprehensive (loss) income	$ 10.4	$ 84.1	$ 22.6
Amount of income reclassified from other comprehensive (loss) income into statements of operations	25.4	2.5	(5.8)
Floorplan interest expense, net
Derivative
Amount of income reclassified from other comprehensive (loss) income into statements of operations	15.4	0.8	(3.7)
Other interest expense, net
Derivative
Amount of income reclassified from other comprehensive (loss) income into statements of operations	$ 17.9	$ 2.4	$ (4.1)

RECEIVABLES, NET AND CONTRACT_3

RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable
Contracts-in-transit	$ 259,200,000	$ 188,200,000
Vehicle receivables	110,300,000	90,900,000
Total contracts-in-transit and vehicle receivables	369,500,000	279,000,000
Less: allowance for doubtful accounts	300,000	600,000
Total contracts-in-transit and vehicle receivables, net	369,200,000	278,500,000
Accounts and notes receivable
Accounts and notes receivables	242,500,000	204,700,000
Less: allowance for doubtful accounts	4,200,000	5,500,000
Total accounts and notes receivables, net	238,400,000	199,200,000
Total contract assets	55,000,000	47,900,000
Allowance for doubtful accounts	0	0
Manufacturer receivables
Accounts and notes receivable
Accounts and notes receivables	128,300,000	94,600,000
Parts and service receivables
Accounts and notes receivable
Accounts and notes receivables	64,300,000	68,000,000
F&I receivables
Accounts and notes receivable
Accounts and notes receivables	35,600,000	30,000,000
Other
Accounts and notes receivable
Accounts and notes receivables	$ 14,400,000	$ 12,100,000

INVENTORIES - Summary of Invent

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory
New vehicles	$ 1,061	$ 536.2
Used vehicles	549	537.3
Rental vehicles	217.2	155
Parts, accessories and other	136.2	128
Total inventories	$ 1,963.4	$ 1,356.6

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Lower of cost or net realizable value reserves	$ 9.2	$ 5.4
Reduction in inventory cost for interest received from manufacturers	7	2.8
Reduction in new vehicle cost of sales for interest assistance received related to vehicles sold	71.2	56	$ 54.2
Impairment of inventory	$ 3.4	$ 0.3	$ 0.1

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property and equipment, gross	$ 2,836.4	$ 2,682.6
Less: accumulated depreciation and amortization	587.7	554.4
Property and equipment, net	2,248.7	2,128.2
Land
Property, Plant and Equipment
Property and equipment, gross	888.8	838.8
Buildings and leasehold improvements
Property, Plant and Equipment
Property and equipment, gross	1,516.6	1,459.8
Machinery and dealership equipment
Property, Plant and Equipment
Property and equipment, gross	181.6	173
Office equipment, furniture and fixtures
Property, Plant and Equipment
Property and equipment, gross	149.1	141.7
Company vehicles
Property, Plant and Equipment
Property and equipment, gross	14.6	17.3
Construction in progress
Property, Plant and Equipment
Property and equipment, gross	$ 85.7	$ 52

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Depreciation and amortization	$ 92	$ 88.4	$ 77.4
Capitalized interest costs	2	1.1	1
U.S.
Property, Plant and Equipment
Asset impairments related to property and equipment	$ 6.8	$ 0.8	$ 1.7
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairments	Asset impairments	Asset impairments
Depreciation and amortization	$ 76.9	$ 73.1	$ 60.4

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use asset impairment charge	$ 1,800,000	$ 0	$ 0

LEASES - Components of Operatin

LEASES - Components of Operating and Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating	$ 216.5	$ 249.1
Finance	271.3	221.4
Total	487.7	470.5
Current:
Operating	20.9	21.8
Finance	$ 6.5	$ 18.8
Finance Lease, Liability, Current, Statement of Financial Position	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Noncurrent:
Operating	$ 209.4	$ 238.4
Finance	$ 266.1	$ 201.6
Finance Lease, Liability, Noncurrent, Statement of Financial Position	Long-term debt	Long-term debt
Total	$ 503	$ 480.6

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Expense
Operating, selling, general and administrative expenses	$ 38,100,000	$ 42,400,000	$ 35,100,000
Operating, asset impairments	1,800,000	0	0
Variable	6,600,000	4,500,000	3,300,000
Sublease income	(1,300,000)	(2,300,000)	(1,900,000)
Finance:
Amortization of lease assets	9,900,000	9,100,000	7,300,000
Interest on lease liabilities	12,600,000	8,200,000	7,200,000
Net lease expense	$ 67,600,000	$ 61,900,000	$ 50,900,000

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 31.8
2024	33.1
2025	30.2
2026	28.5
2027	26.1
Thereafter	190.3
Total lease payments	339.9
Less: lease payments representing interest	(109.6)
Present value of lease liabilities	230.3
Finance Leases
2023	20
2024	59.6
2025	48.2
2026	52.3
2027	67.8
Thereafter	98.9
Total lease payments	346.9
Less: lease payments representing interest	(74.2)
Present value of lease liabilities	$ 272.7	$ 220.4

LEASES - Weighted-Average Lease

LEASES - Weighted-Average Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease terms for operating leases	13 years 6 months	13 years 7 months 6 days	12 years
Weighted-average remaining lease terms for finance leases	7 years 2 months 12 days	17 years 2 months 12 days	17 years 1 month 6 days
Weighted-average discount rates used to determine operating lease liabilities	5.20%	5.10%	4.80%
Weighted-average discount rates used to determine finance lease liabilities	5.30%	5.10%	4.90%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 36.6	$ 42.2	$ 36.2
Operating cash flows used in finance leases	12.6	8.2	7.2
Financing cash flows used in finance leases	26.4	9.1	10.9
ROU assets obtained in exchange for lease obligations:
Operating leases, initial recognition	1.5	12.9	77.8
Operating leases, modifications and remeasurements	(0.2)	25	9.4
Finance leases, initial recognition	70.6	39.3	63.8
Finance leases, modifications and remeasurements	$ (3.6)	$ 23.1	$ (4.5)

INTANGIBLE FRANCHISE RIGHTS A_3

INTANGIBLE FRANCHISE RIGHTS AND GOODWILL - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Intangible Franchise Rights
Countries and States
Impairment of intangible assets		$ 0
Intangible Franchise Rights | U.S.
Countries and States
Impairment of intangible assets	$ 25,100,000	1,300,000
Additions through acquisitions	$ 215,100,000	127,400,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairments
Intangible Franchise Rights | U.K.
Countries and States
Impairment of intangible assets	$ 0
Additions through acquisitions	$ 0	$ 0
Income Approach
Countries and States
Goodwill fair value approach	50
Market Approach
Countries and States
Goodwill fair value approach	50

INTANGIBLE FRANCHISE RIGHTS A_4

INTANGIBLE FRANCHISE RIGHTS AND GOODWILL - Roll-Forward of Intangible Franchise Rights by Reportable Segment (Details) - Intangible Franchise Rights $ in Millions	Dec. 31, 2023 USD ($)
Indefinite-lived Intangible Assets
Balance, December 31, 2022	$ 516.3
Balance, December 31, 2023	701.2
U.S.
Indefinite-lived Intangible Assets
Balance, December 31, 2022	498
Balance, December 31, 2023	682
U.K.
Indefinite-lived Intangible Assets
Balance, December 31, 2022	18.3
Balance, December 31, 2023	$ 19.2

INTANGIBLE FRANCHISE RIGHTS A_5

INTANGIBLE FRANCHISE RIGHTS AND GOODWILL - Roll-Forward of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Balance	$ 1,661.8	$ 1,420.2
Additions through acquisitions	49.7	246.3
Purchase price allocation adjustments	11	35
Disposals	(52.9)	(37.3)
Reclassified from (to) assets held for sale, net	(23.6)	8.8
Currency translation	6	(11.2)
Balance	1,651.9	1,661.8
U.S.
Goodwill
Balance	1,549.9	1,307.3
Additions through acquisitions	49.7	236.1
Purchase price allocation adjustments	9.1	35
Disposals	(52.9)	(37.3)
Reclassified from (to) assets held for sale, net	(23.6)	8.8
Currency translation	0	0
Balance	1,532.1	1,549.9
Accumulated impairment	40.6
U.K.
Goodwill
Balance	111.9	112.9
Additions through acquisitions	0	10.2
Purchase price allocation adjustments	1.9	0
Disposals	0	0
Reclassified from (to) assets held for sale, net	0	0
Currency translation	6	(11.2)
Balance	$ 119.8	$ 111.9

FLOORPLAN NOTES PAYABLE - Sched

FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of credit - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revolving credit facility - floorplan notes payable
Line of Credit Facility
Long-term debt, gross	$ 1,358.2	$ 833.5
Long-term debt, offset	(236.7)	(140.2)
Long-term debt	1,121.6	693.3
Other non-manufacturer facilities
Line of Credit Facility
Long-term debt	31.4	68.8
Floorplan notes payable — credit facility and other, net
Line of Credit Facility
Long-term debt	1,153	762.1
FMCC facility
Line of Credit Facility
Long-term debt, gross	156.6	55.1
Long-term debt, offset	(38.5)	(13.4)
Long-term debt	118.1	41.8
GM Financial Facility
Line of Credit Facility
Long-term debt	37.9	0
Other manufacturer affiliate facilities
Line of Credit Facility
Long-term debt	256.4	201.3
Floorplan notes payable — manufacturer affiliates, net
Line of Credit Facility
Long-term debt	$ 412.4	$ 243.1

FLOORPLAN NOTES PAYABLE - Narra

FLOORPLAN NOTES PAYABLE - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) institution	Dec. 31, 2022 USD ($)	Aug. 18, 2022 USD ($) tranche
Revolving Credit Facility
Line of Credit Facility
Unamortized discount	$ 3,800,000	$ 5,000,000
Acquisition Line
Line of Credit Facility
Interest rate (as a percentage)	5.66%
Line of credit
Line of Credit Facility
Participating financial institutions (institution) | institution	20
Number of tranches (tranche) | tranche			2
Outstanding letters of credit	$ 12,200,000	$ 12,200,000
Line of credit | Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity	$ 2,000,000,000		$ 2,000,000,000
Line of credit facility, potential maximum borrowing capacity			2,400,000,000
Line of credit | Floorplan Line
Line of Credit Facility
Maximum borrowing capacity			1,200,000,000
Weighted average interest rate (as a percentage)	6.59%
Commitment fee (as a percentage)	0.15%
Line of credit | Acquisition Line
Line of Credit Facility
Maximum borrowing capacity			800,000,000
Sub-limit for letters of credit			100,000,000
Minimum borrowing capacity	$ 50,000,000		$ 50,000,000
Line of credit | FMCC facility
Line of Credit Facility
Maximum borrowing capacity	$ 300,000,000
Interest rate (as a percentage)	8.50%
Line of credit | GM Financial Facility
Line of Credit Facility
Maximum borrowing capacity	$ 84,500,000
Line of credit | Other Credit Facilities
Line of Credit Facility
Outstanding balance	256,400,000
Line of credit | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Outstanding balance	142,600,000
Line of credit | UK Credit Facilities
Line of Credit Facility
Outstanding balance	$ 113,800,000
Line of credit | Minimum | Acquisition Line
Line of Credit Facility
Commitment fee (as a percentage)	0.15%
Line of credit | Minimum | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Interest rate (as a percentage)	1%
Line of credit | Minimum | UK Credit Facilities
Line of Credit Facility
Interest rate (as a percentage)	5%
Line of credit | Maximum | Acquisition Line
Line of Credit Facility
Commitment fee (as a percentage)	0.40%
Line of credit | Maximum | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Interest rate (as a percentage)	9%
Line of credit | Maximum | UK Credit Facilities
Line of Credit Facility
Interest rate (as a percentage)	9%
Line of credit | SOFR | New vehicles
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.20%
Line of credit | SOFR | Used vehicles
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.50%
Line of credit | SOFR | Minimum | Acquisition Line
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.10%
Line of credit | SOFR | Maximum | Acquisition Line
Line of Credit Facility
Basis spread on variable rate (as a percentage)	2.10%
Line of credit | Prime Rate | GM Financial Facility
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1%

DEBT - Composition of Long-term

DEBT - Composition of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
Finance leases	$ 272.7	$ 220.4
Total other debt	1,032.5	1,039.6
Total debt	2,107.5	2,092.7
Less: unamortized discount	8.7	10.2
Less: current maturities	109.4	130.3
Total long-term debt	1,989.4	1,952.2
Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 8.8	22.3
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	325	303.2
Real estate related | Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 751	$ 796.9

DEBT - Aggregate Annual Maturit

DEBT - Aggregate Annual Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Years Ended December 31,
2024	$ 109.9
2025	123.9
2026	198.9
2027	517.7
2028	878.1
Thereafter	278.9
Total debt	$ 2,107.5	$ 2,092.7

DEBT - Acquisition Line (Detail

DEBT - Acquisition Line (Details) - Acquisition Line - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
Interest rate (as a percentage)	5.66%
Line of credit
Debt Instrument
Acquisition Line	$ 325	$ 303.2

DEBT - Real Estate Related (Det

DEBT - Real Estate Related (Details) - USD ($)	1 Months Ended
	Feb. 14, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
Collateralized real estate		$ 1,153,200,000	$ 1,215,700,000
Other Debt
Debt Instrument
Real estate related and other long-term debt		8,800,000	22,300,000
Other Debt | Real estate related
Debt Instrument
Real estate related and other long-term debt		751,000,000	$ 796,900,000
Other Debt | U.S. Notes
Debt Instrument
Real estate related and other long-term debt		620,300,000
Other Debt | U.K. Notes
Debt Instrument
Real estate related and other long-term debt		$ 130,700,000
Line of credit | SOFR | Subsequent Event
Debt Instrument
Maximum borrowing capacity	$ 250,000,000
Basis spread on variable rate (as a percentage)	1.75%

INCOME TAXES - Income before In

INCOME TAXES - Income before Income Taxes by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 732.1	$ 897.4	$ 721.8
Foreign	68.1	87.9	79.2
INCOME BEFORE INCOME TAXES	$ 800.2	$ 985.3	$ 800.9

INCOME TAXES - Federal, State a

INCOME TAXES - Federal, State and Foreign Income Tax Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal:
Current	$ 142.9	$ 160.7	$ 116.4
Deferred	11.8	24.6	30.7
State:
Current	23.8	24.5	13.8
Deferred	4.6	5.9	1.6
Foreign:
Current	12.8	18	14.8
Deferred	2.3	(2.6)	(1.8)
Provision for income taxes	$ 198.2	$ 231.1	$ 175.5

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Expense due to the U.S. Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision at the U.S. federal statutory rate	$ 168	$ 206.9	$ 168.1
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction	25.2	22.3	15.3
Foreign income tax rate differential	0.6	(2.3)	(1)
Change in enacted tax rate — U.K.	0	0	(1.9)
Tax credits	(0.5)	(0.4)	(0.8)
Change in valuation allowance	(2.6)	(2.1)	(2.9)
Stock-based compensation	(3.6)	(1.6)	(2.2)
Deferred state tax effect	(1.1)	4.3	0
Gain on dispositions	5.5	0	0
Other	6.7	4	0.9
Provision for income taxes	$ 198.2	$ 231.1	$ 175.5

INCOME TAXES - Tax Effects of T

INCOME TAXES - Tax Effects of Temporary Differences Representing Deferred Tax Assets/Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued liabilities	$ 62.6	$ 56.4
Net operating losses	13	18.9
Operating lease liabilities	65.5	71.1
Other	0	2.5
Deferred tax assets	141.1	148.9
Less: valuation allowance on deferred tax assets	7.6	10.2
Net deferred tax assets	133.5	138.7
Deferred tax liabilities:
Goodwill and intangible franchise rights	195.9	171.2
Fixed asset basis differences	114.7	110
Interest rate swaps	21.3	26.1
Operating lease ROU assets	53.8	59.6
Other	0.3	1.7
Deferred tax liabilities	386	368.6
Net deferred tax liability	$ 252.5	$ 229.9

INCOME TAXES - Classification o

INCOME TAXES - Classification of Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax asset, included in Other long-term assets	$ 4.1	$ 8.2
Deferred tax liability, included in Deferred income taxes	256.6	238.1
Net deferred tax liability	$ 252.5	$ 229.9

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance
Unrecognized tax benefits that would affect the effective tax rate if recognized	$ 1.9	$ 1.7	$ 1.6
Interest and penalties related to uncertain tax positions	0.3	$ 0.3	$ 0.3
State
Valuation Allowance
NOL carryforwards	$ 247.9

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Balance at January 1	$ 2	$ 2	$ 2
Additions for current tax	0.6	0.5	0.5
Additions based on tax positions in prior years	0	0	0
Reductions for tax positions	0	0	0
Settlements with tax authorities	0	0	0
Reductions due to lapse of statutes of limitations	(0.4)	(0.5)	(0.5)
Balance at December 31	$ 2.2	$ 2	$ 2

EMPLOYEE SAVINGS PLANS (Details

EMPLOYEE SAVINGS PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits
Deferred compensation liability	$ 108.4	$ 100.4
Deferred compensation liability, current	8.1	3.9
UNITED STATES
Deferred Compensation Arrangement with Individual, Postretirement Benefits
Matching contributions paid	11.7	10.9	$ 8.4
UNITED KINGDOM
Deferred Compensation Arrangement with Individual, Postretirement Benefits
Matching contributions paid	$ 5.2	$ 4.5	$ 3.8

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee rental payment obligations during remaining terms of leases under guarantee agreement	$ 35

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in AOCI
Beginning balance	$ 2,237.5	$ 1,825.2	$ 1,449.6
Other comprehensive income (loss) before reclassifications:
Pre-tax	37.3	82.7	22.8
Tax effect	(3.3)	(25.8)	(6.9)
Amounts reclassified from accumulated other comprehensive income (loss):
Other cumulative foreign currency translation adjustments	0	1.5	0
Provision for income taxes	8.9	0.8	(3.7)
OTHER COMPREHENSIVE INCOME, NET OF TAX	5.7	178.7	27.8
Ending balance	2,674.4	2,237.5	1,825.2
Interest Rate Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	(4)	122.8	7.9
Floorplan interest income (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	(15.4)	(0.8)	3.7
Other interest income, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	(17.9)	(2.4)	4.1
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in AOCI
Beginning balance	22.5	(156.2)	(184)
Amounts reclassified from accumulated other comprehensive income (loss):
OTHER COMPREHENSIVE INCOME, NET OF TAX	5.7	178.7	27.8
Ending balance	28.1	22.5	(156.2)
Accumulated Income (Loss) on Foreign Currency Translation
Increase (Decrease) in AOCI
Beginning balance	(61.1)	(158.2)	(151.6)
Other comprehensive income (loss) before reclassifications:
Pre-tax	23.7	(27.2)	(6.7)
Tax effect	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Other cumulative foreign currency translation adjustments		1.5
Provision for income taxes	0	0	0
OTHER COMPREHENSIVE INCOME, NET OF TAX	23.7	97.1	(6.7)
Ending balance	(37.4)	(61.1)	(158.2)
Accumulated Income (Loss) on Foreign Currency Translation | Interest Rate Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	0	122.8	0
Accumulated Income (Loss) on Foreign Currency Translation | Floorplan interest income (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	0	0	0
Accumulated Income (Loss) on Foreign Currency Translation | Other interest income, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	0	0	0
Accumulated Income (Loss) on Interest Rate Swaps
Increase (Decrease) in AOCI
Beginning balance	83.6	2	(32.5)
Other comprehensive income (loss) before reclassifications:
Pre-tax	13.7	110	29.5
Tax effect	(3.3)	(25.8)	(6.9)
Amounts reclassified from accumulated other comprehensive income (loss):
Other cumulative foreign currency translation adjustments		0
Provision for income taxes	8.9	0.8	(3.7)
OTHER COMPREHENSIVE INCOME, NET OF TAX	(18)	81.6	34.5
Ending balance	65.6	83.6	2
Accumulated Income (Loss) on Interest Rate Swaps | Interest Rate Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	(4)	0	7.9
Accumulated Income (Loss) on Interest Rate Swaps | Floorplan interest income (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	(15.4)	(0.8)	3.7
Accumulated Income (Loss) on Interest Rate Swaps | Other interest income, net (pre-tax)
Amounts reclassified from accumulated other comprehensive income (loss):
Pre-tax	$ (17.9)	$ (2.4)	$ 4.1

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Increase (decrease) in accrual for capital expenditures	$ 2	$ (1.6)	$ 2.9
Cash paid for interest	154.3	92.9	72.8
Cash paid for taxes, net of refunds	$ 183.8	$ 202.2	$ 163

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Total revenues	$ 17,873.7	$ 16,222.1	$ 13,481.9
Gross profit	3,020.3	2,965.2	2,440.7
SG&A expenses	1,926.8	1,783.3	1,477.2
Depreciation and amortization expense	92	88.4	77.4
Floorplan interest expense	64.1	27.3	27.6
Other interest expense, net	99.8	77.5	55.8
Income before income taxes	800.2	985.3	800.9
Real estate related capital expenditures	46.3	39.6	45.9
Non-real estate related capital expenditures	139.2	115.5	96.2
Total capital expenditures	185.4	155.1	142.1
U.S.
Segment Reporting Information
Total revenues	14,814.2	13,427.1	10,846.3
Gross profit	2,610.1	2,582.3	2,089.5
SG&A expenses	1,622.9	1,516.9	1,234.9
Depreciation and amortization expense	76.9	73.1	60.4
Floorplan interest expense	53.5	21.4	22.2
Other interest expense, net	91.4	71	48.5
Income before income taxes	732.1	897.4	721.8
Real estate related capital expenditures	41.5	17.7	18.9
Non-real estate related capital expenditures	114.6	100.2	82.3
Total capital expenditures	156.2	117.8	101.2
U.K.
Segment Reporting Information
Total revenues	3,059.5	2,795.1	2,635.6
Gross profit	410.1	382.9	351.2
SG&A expenses	303.9	266.5	242.2
Depreciation and amortization expense	15.1	15.2	17
Floorplan interest expense	10.6	5.9	5.4
Other interest expense, net	8.4	6.6	7.3
Income before income taxes	68.1	87.9	79.2
Real estate related capital expenditures	4.7	22	27
Non-real estate related capital expenditures	24.5	15.3	13.9
Total capital expenditures	$ 29.3	$ 37.3	$ 40.9

SEGMENT INFORMATION - Goodwill

SEGMENT INFORMATION - Goodwill and Intangible Franchise Rights and Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Segment Reporting Information, by Segment
TOTAL ASSETS	$ 7,774.1	$ 6,717.5
Continuing Operations
Schedule of Segment Reporting Information, by Segment
Property and equipment, net	2,248.7	2,128.2
TOTAL ASSETS	7,752.3	6,694.7
U.S. | Continuing Operations
Schedule of Segment Reporting Information, by Segment
Property and equipment, net	1,915.2	1,824.1
TOTAL ASSETS	6,665.7	5,710.8
U.K. | Continuing Operations
Schedule of Segment Reporting Information, by Segment
Property and equipment, net	333.5	304.1
TOTAL ASSETS	$ 1,086.6	$ 983.8