Group 1 Automotive (GPI) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-13461
Entity Registrant Name	Group 1 Automotive, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0506313
Entity Address, Address Line One	800 Gessner,
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	647-5700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GPI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,404,885
Entity Central Index Key	0001031203
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 64.4	$ 57.2
Contracts-in-transit and vehicle receivables, net	349.9	369.2
Accounts and notes receivable, net	259.5	238.4
Inventories	2,356.8	1,963.4
Prepaid expenses	31.1	38.9
Other current assets	101.9	25.1
Current assets classified as held for sale	7.1	99.1
TOTAL CURRENT ASSETS	3,170.7	2,791.3
Property and equipment, net of accumulated depreciation of $623.2 and $587.7, respectively	2,492.3	2,248.7
Operating lease assets	226.6	216.5
Goodwill	1,915.7	1,651.9
Intangible franchise rights	872.3	701.2
Other long-term assets	172.6	164.6
TOTAL ASSETS	8,850.3	7,774.1
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $79.4 and $236.7, respectively	1,386.6	1,153
Floorplan notes payable — manufacturer affiliates, net of offset account of $14.8 and $38.5, respectively	713.3	412.4
Current maturities of long-term debt	170.6	109.4
Current operating lease liabilities	20.3	20.9
Accounts payable	490.6	499.3
Accrued expenses and other current liabilities	316.2	303.4
Current liabilities classified as held for sale	0	7.2
TOTAL CURRENT LIABILITIES	3,097.7	2,505.7
Long-term debt	2,279.3	1,989.4
Long-term operating lease liabilities	214.3	209.4
Deferred income taxes	256.7	256.6
Other long-term liabilities	136.1	138.6
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,092,785 and 25,131,460 shares issued, respectively	0.3	0.3
Additional paid-in capital	359.7	349.1
Retained earnings	3,923	3,649.8
Accumulated other comprehensive income (loss)	27	28.1
Treasury stock, at cost; 11,687,438 and 11,447,422 shares, respectively	(1,443.7)	(1,352.8)
TOTAL STOCKHOLDERS’ EQUITY	2,866.3	2,674.4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 8,850.3	$ 7,774.1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 623.2	$ 587.7
Offset account related to floorplan notes payable	79.4	236.7
FMCC offset	$ 14.8	$ 38.5
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	25,092,785	25,131,460
Treasury stock
Treasury stock (in shares)	11,687,438	11,447,422

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES	$ 4,696.4	$ 4,558.5	$ 9,166.9	$ 8,688.5
COST OF SALES	3,929.8	3,783	7,657.7	7,185.1
GROSS PROFIT	766.5	775.5	1,509.1	1,503.4
Selling, general and administrative expenses	497.2	479.9	973.3	942.7
Depreciation and amortization expense	28.2	23.1	52	45.5
Asset impairments	0	1.8	0	2.9
INCOME FROM OPERATIONS	241.1	270.8	483.8	512.3
Floorplan interest expense	24.7	15.6	45.2	28.2
Other interest expense, net	33.4	25.9	62.7	45.6
Other expense (income)	0.1	1.3	(0.4)	4.2
INCOME BEFORE INCOME TAXES	183	227.9	376.3	434.3
Provision for income taxes	45.2	57.6	91	105.2
Net income from continuing operations	137.9	170.3	285.3	329.1
Net income (loss) from discontinued operations	0.3	0.2	0.8	(0.1)
NET INCOME	$ 138.2	$ 170.5	$ 286.1	$ 329
BASIC EARNINGS PER SHARE:
Basic earnings per share continuing operations (in dollars per shares)	$ 10.20	$ 12.06	$ 21.01	$ 23.22
Basic earnings per share discontinuing operations (in dollars per shares)	0.02	0.02	0.06	(0.01)
Basic earnings per share (in dollars per shares)	10.22	12.08	21.07	23.21
DILUTED EARNINGS PER SHARE:
Diluted earnings per share continuing operations (in dollar per shares)	10.15	12.02	20.91	23.14
Diluted earnings per share discontinuing operations (in dollar per shares)	0.02	0.02	0.06	(0.01)
Diluted earnings per common share (in dollars per share)	$ 10.17	$ 12.04	$ 20.97	$ 23.13
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding, Basic (in shares)	13,226,129	13,777,225	13,277,425	13,819,024
Weighted average common shares outstanding, Diluted (in shares)	13,294,056	13,817,283	13,341,412	13,865,736
New vehicle retail sales
REVENUES	$ 2,364.2	$ 2,243.2	$ 4,546.8	$ 4,198.9
COST OF SALES	2,194.1	2,041.7	4,217.2	3,810.7
Used vehicle retail sales
REVENUES	1,453.2	1,450.6	2,870	2,799.5
COST OF SALES	1,372.6	1,371.8	2,707.2	2,644
Used vehicle wholesale sales
REVENUES	104.3	112.5	210.3	224.4
COST OF SALES	105.4	111.6	212.4	221.6
Parts and service sales
REVENUES	574.5	562	1,150.8	1,110.3
COST OF SALES	257.7	257.9	520.9	508.9
Finance, insurance and other, net
REVENUES	$ 200.1	$ 190.3	$ 389	$ 355.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 138.2	$ 170.5	$ 286.1	$ 329
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	(1.1)	11.2	(5.6)	21
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain arising during the period, net of tax provision of $(1.6), $(5.0), $(6.1) and $(2.8), respectively	5.3	15.8	19.6	9
Reclassification adjustment for gain included in interest expense, net of tax provision of $(2.3), $(1.0), $(4.7) and $(2.8), respectively	(7.4)	(3.2)	(15)	(8.8)
Reclassification related to de-designated interest rate swaps, net of tax provision of $—, $—, $(0.1) and $(1.0), respectively	0	0	(0.2)	(3.1)
Unrealized (loss) gain on interest rate risk management activities, net of tax	(2.2)	12.6	4.4	(2.8)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(3.3)	23.8	(1.2)	18.1
COMPREHENSIVE INCOME	$ 134.9	$ 194.4	$ 284.9	$ 347.1

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) arising during the period, tax provision	$ 1.6	$ 5	$ 6.1	$ 2.8
Tax provision of reclassification adjustment	2.3	1	4.7	2.8
Tax provision related to the reclassification of cashflow items	$ 0	$ 0	$ 0.1	$ 1

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance at Dec. 31, 2022	$ 2,237.5	$ 0.3	$ 338.7	$ 3,073.6	$ 22.5	$ (1,197.5)
Beginning balance (in shares) at Dec. 31, 2022		25,232,620
Increase (Decrease) in Stockholders' Equity
Net income	329			329
Other comprehensive (loss) income, net of taxes	18.1				18.1
Purchases of treasury stock, including excise tax	(66.5)					(66.5)
Net issuance of treasury shares to stock compensation plans	3.1		(9.4)			12.5
Net issuance of treasury shares to stock compensation plans (in shares)		(68,454)
Stock-based compensation	10.5		10.5
Dividends declared	(12.8)			(12.8)
Ending balance at Jun. 30, 2023	2,518.9	$ 0.3	339.8	3,389.7	40.6	(1,251.5)
Ending balance (in shares) at Jun. 30, 2023		25,164,166
Beginning balance at Mar. 31, 2023	2,352.5	$ 0.3	333.6	3,225.5	16.7	(1,223.7)
Beginning balance (in shares) at Mar. 31, 2023		25,150,165
Increase (Decrease) in Stockholders' Equity
Net income	170.5			170.5
Other comprehensive (loss) income, net of taxes	23.8				23.8
Purchases of treasury stock, including excise tax	(31.6)					(31.6)
Net issuance of treasury shares to stock compensation plans	5.2		1.5			3.7
Net issuance of treasury shares to stock compensation plans (in shares)		14,001
Stock-based compensation	4.8		4.8
Dividends declared	(6.4)			(6.4)
Ending balance at Jun. 30, 2023	2,518.9	$ 0.3	339.8	3,389.7	40.6	(1,251.5)
Ending balance (in shares) at Jun. 30, 2023		25,164,166
Beginning balance at Dec. 31, 2023	2,674.4	$ 0.3	349.1	3,649.8	28.1	(1,352.8)
Beginning balance (in shares) at Dec. 31, 2023		25,131,460
Increase (Decrease) in Stockholders' Equity
Net income	286.1			286.1
Other comprehensive (loss) income, net of taxes	(1.2)				(1.2)
Purchases of treasury stock, including excise tax	(100.6)					(100.6)
Net issuance of treasury shares to stock compensation plans	6.1		(3.7)			9.8
Net issuance of treasury shares to stock compensation plans (in shares)		(38,675)
Stock-based compensation	14.2		14.2
Dividends declared	(12.8)			(12.8)
Ending balance at Jun. 30, 2024	2,866.3	$ 0.3	359.7	3,923	27	(1,443.7)
Ending balance (in shares) at Jun. 30, 2024		25,092,785
Beginning balance at Mar. 31, 2024	2,772.4	$ 0.3	351.7	3,791.3	30.3	(1,401.1)
Beginning balance (in shares) at Mar. 31, 2024		25,109,781
Increase (Decrease) in Stockholders' Equity
Net income	138.2			138.2
Other comprehensive (loss) income, net of taxes	(3.3)				(3.3)
Purchases of treasury stock, including excise tax	(46.5)					(46.5)
Net issuance of treasury shares to stock compensation plans	5.2		1.4			3.9
Net issuance of treasury shares to stock compensation plans (in shares)		(16,996)
Stock-based compensation	6.6		6.6
Dividends declared	(6.4)			(6.4)
Ending balance at Jun. 30, 2024	$ 2,866.3	$ 0.3	$ 359.7	$ 3,923	$ 27	$ (1,443.7)
Ending balance (in shares) at Jun. 30, 2024		25,092,785

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.47	$ 0.45	$ 0.94	$ 0.90

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 286.1	$ 329
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52	45.5
Change in operating lease assets	11.9	12.7
Deferred income taxes	(0.6)	2.7
Asset impairments	0	2.9
Stock-based compensation	14.2	10.5
Amortization of debt discount and issuance costs	1.7	1.5
Gain on disposition of assets	(55.7)	(11.8)
Unrealized gain on derivative instruments	(0.3)	(4.5)
Other	(0.8)	(1.6)
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	4.1	85.8
Accounts and notes receivable	(21.3)	(15)
Inventories	(329)	(283.8)
Contracts-in-transit and vehicle receivables	18.3	9.9
Prepaid expenses and other assets	4.4	(2.2)
Floorplan notes payable — manufacturer affiliates	157.6	70.1
Deferred revenues	(0.4)	(0.2)
Operating lease liabilities	(12.5)	(12.6)
Net cash provided by operating activities	129.8	239
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $50.3 and $64.9, respectively	(690.3)	(363.5)
Proceeds from disposition of franchises, property and equipment	201.1	80.8
Purchases of property and equipment	(102.9)	(86.7)
Escrow payments for acquisitions	(86.4)	0
Other	9.4	0.2
Net cash used in investing activities	(669)	(369.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	6,490.7	5,005.9
Repayments on credit facility — floorplan line and other	(6,112.8)	(4,928.1)
Borrowings on credit facility — acquisition line	464.2	200
Repayments on credit facility — acquisition line	(495)	(53.2)
Debt issuance costs	(3.8)	(0.1)
Borrowings on other debt	377	88.2
Principal payments on other debt	(67.7)	(134.1)
Proceeds from employee stock purchase plan	13	11.4
Payments of tax withholding for stock-based compensation	(6.9)	(8.3)
Repurchases of common stock, amounts based on settlement date	(99.8)	(66)
Dividends paid	(12.7)	(12.7)
Net cash provided by financing activities	546.4	103
Effect of exchange rate changes on cash	0	2.1
Net increase (decrease) in cash and cash equivalents	7.2	(25.1)
CASH AND CASH EQUIVALENTS, beginning of period	57.2	47.9
CASH AND CASH EQUIVALENTS, end of period	$ 64.4	$ 22.8

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Floorplan notes payable
Condensed Cash Flow Statements, Captions [Line Items]
Repayment of sellers floorplan notes payable	$ 50.3	$ 64.9

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2023 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned. On July 1, 2022, the Company completed the disposal of 100% of the issued and outstanding equity interests of the Company’s Brazilian operations (the “Brazil Disposal Group”). 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 for all periods presented. Results of operations, cash flows, assets and liabilities associated with the Brazil Disposal Group are immaterial for all periods presented. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances; however, actual results could differ materially from such estimates. Significant estimates were made by management in the accompanying Condensed Consolidated Financial Statements, related to, but not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and is required to be applied retrospectively. Beginning with the annual Financial Statements and notes thereto included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company will incorporate the required disclosures, which include information concerning the Company’s reported measure of segment profit or loss, as well as significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the measure, among other required disclosure changes. Additionally, the Company expects that interim periods beginning after December 15, 2024 will include segment disclosures largely consistent with the annual disclosure requirements. 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	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 2,009.5 $ 354.6 $ 2,364.2 $ 3,809.4 $ 737.4 $ 4,546.8 Used vehicle retail sales 1,151.9 301.3 1,453.2 2,251.4 618.6 2,870.0 Used vehicle wholesale sales 78.4 25.9 104.3 158.3 52.0 210.3 Total new and used vehicle sales 3,239.9 681.8 3,921.7 6,219.1 1,408.0 7,627.1 Parts and service sales (1) 497.4 77.1 574.5 992.6 158.2 1,150.8 Finance, insurance and other, net (2) 183.9 16.3 200.1 355.2 33.8 389.0 Total revenues $ 3,921.2 $ 775.2 $ 4,696.4 $ 7,566.9 $ 1,600.0 $ 9,166.9 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,915.5 $ 327.6 $ 2,243.2 $ 3,524.1 $ 674.8 $ 4,198.9 Used vehicle retail sales 1,139.9 310.7 1,450.6 2,170.0 629.5 2,799.5 Used vehicle wholesale sales 79.8 32.7 112.5 162.1 62.3 224.4 Total new and used vehicle sales 3,135.2 671.0 3,806.2 5,856.2 1,366.6 7,222.8 Parts and service sales (1) 491.2 70.8 562.0 965.0 145.3 1,110.3 Finance, insurance and other, net (2) 173.2 17.1 190.3 320.8 34.6 355.4 Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 (1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $5.6 million and $7.6 million during the three months ended June 30, 2024 and 2023, respectively, and $18.0 million and $12.5 million during the six months ended June 30, 2024 and 2023, respectively, relating to performance obligations satisfied in previous periods on the Compa

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value. During the six months ended June 30, 2024, the Company acquired nine dealerships in the U.S., including three Honda , two Lexus, one Toyota, one Kia, one Hyundai and one Mercedes-Benz. The Company also acquired one Toyota Certified pre-owned center and three collision centers in the U.S. Aggregate cash consideration paid for these dealerships, which were accounted for as business combinations, was $690.4 million. Goodwill associated with the acquisitions totaled $287.5 million. The accounting for these acquisitions 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 property, equipment and intangible assets. The Company will reflect any required fair value adjustments in subsequent periods. During the six months ended June 30, 2023 , the Company acquired one Chevrolet dealership, one Kia dealership and three Buick-GMC dealerships in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $363.5 million. Goodwill associated with the acquisitions totaled $43.9 million. In April 2024, the Company announced it entered into a definitive agreement to acquire the U.K. automotive retailing business and related owned real estate, comprising 54 dealerships, from a subsidiary of Inchcape plc for approximately $439 million in an all-cash transaction, inclusive of $279 million of real estate. The transaction is expected to close in the third quarter of 2024. In July 2024, the Company acquired four Mercedes-Benz dealerships located north of London in the county of Hertfordshire. During the three months ended June 30, 2024, the Company made an escrow payment of $86.4 million related to the acquisition to an escrow agent, which was then paid to the sellers in July 2024. As the escrow payment was made prior to the closing of the transaction, the amount is recorded within Other current asset s in the Condensed Consolidated Balance Sheets as of June 30, 2024 and as Escrow payments for acquisitions within Net cash used in investing activities in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024. The Company will account for the business combination in future periods. Dispositions The Company’s divestitures generally consist of dealership assets and related real estate. Gains and losses on divestitures are recorded within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2024, the Company recorded a net pre-tax gain totaling $51.6 million related to the disposition of seven dealerships and one collision center in the U.S. The dispositions reduced goodwill by $62.5 million. During the six months ended June 30, 2023, the Company recorded a net pre-tax gain totaling $10.1 million related to the disposition of four dealerships in the U.S. The dispositions reduced goodwill by $20.8 million. The Company also terminated one franchise in the U.S. There was no goodwill that has been reclassified to assets held for sale as of June 30, 2024. Assets held for sale in the Condensed Consolidated Balance Sheets includes $39.8 million of goodwill that has been reclassified to assets held for sale as of December 31, 2023.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of June 30, 2024, the Company had two reportable segments: the U.S. and the U.K. The Company defines its reportable segments as those operations whose results the Company’s Chief Executive Officer, who is the CODM, regularly reviews to analyze performance and allocate resources. Each reportable segment is comprised of retail automotive franchises that sell new and used cars and light trucks, arrange related vehicle financing, sell service and insurance contracts, provide automotive maintenance and repair services, and sell vehicle parts. Selected reportable segment data is as follows (in millions): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,921.2 $ 775.2 $ 4,696.4 $ 7,566.9 $ 1,600.0 $ 9,166.9 Income before income taxes $ 173.3 $ 9.7 $ 183.0 $ 353.3 $ 23.0 $ 376.3 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Income before income taxes $ 207.8 $ 20.1 $ 227.9 $ 388.5 $ 45.8 $ 434.3

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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 restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average basic common shares outstanding 13,226,129 13,777,225 13,277,425 13,819,024 Dilutive effect of stock-based awards and employee stock purchases 67,927 40,058 63,987 46,711 Weighted average dilutive common shares outstanding 13,294,056 13,817,283 13,341,412 13,865,736 Basic: Net income $ 138.2 $ 170.5 $ 286.1 $ 329.0 Less: Earnings allocated to participating securities from continuing operations 2.9 4.2 6.3 8.2 Less: Loss allocated to participating securities to discontinued operations — — — — Net income available to basic common shares $ 135.2 $ 166.4 $ 279.8 $ 320.7 Basic earnings per common share $ 10.22 $ 12.08 $ 21.07 $ 23.21 Diluted: Net income $ 138.2 $ 170.5 $ 286.1 $ 329.0 Less: Earnings allocated to participating securities from continuing operations 2.9 4.1 6.3 8.2 Less: Loss allocated to participating securities to discontinued operations — — — — Net income available to diluted common shares $ 135.2 $ 166.4 $ 279.8 $ 320.8 Diluted earnings per common share $ 10.17 $ 12.04 $ 20.97 $ 23.13

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
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 establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”) using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value method based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 8. Debt for further discussion of the Company’s long-term debt arrangements. The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 691.6 $ 750.0 $ 697.5 Real estate related 145.4 139.6 90.9 83.1 Total $ 895.4 $ 831.2 $ 840.9 $ 780.6 (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 method 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 associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): June 30, 2024 December 31, 2023 Assets: Other current assets (1) $ 1.3 $ 1.2 Other long-term assets (2) 94.2 88.1 Total assets $ 95.5 $ 89.3 (1) As of June 30, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below. (2) As of June 30, 2024 and December 31, 2023 , the balance included gross fair value of $3.9 million and $3.7 million, respectively, related to the de-designated swap as described below. There were no liabilities associated with the Company’s interest rate swaps as of June 30, 2024 and December 31, 2023 . Interest Rate Swaps De-designated as Cash Flow Hedges During the three months ended March 31, 2024 , 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. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2024. During the three months ended March 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. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2023. As of June 30, 2024 , the de-designated swaps had a total aggregate notional value of $35.5 million and a weighted average interest rate of 0.60%. The de-designated swaps will mature between January 4, 2025 and March 1, 2030. The Company reclassified the entire previously deferred gains associated with the de-designated interest rate swaps of $0.2 million and $3.1 million , net of tax of $0.1 million and $1.0 million , for th e three months ended March 31, 2024 and 2023, respectively, from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swaps were probable of not occurring due to the settlement of the mortgages described above. The Company recorded unrealized mark-to-mark et gains of $0.2 million and $0.5 million and realized gains of $0.4 million and $0.8 million a ssociated with the de-designated interest rate swaps within Other interest expense, net, for the three and six months ended June 30, 2024, respectively. The Company recorded unrealized mark-to-mark et gains of $0.4 million and reali zed gains of $0.3 million a ssociated with the de-designated interest rate swap within Other interest expense, net, for the three and six months ended June 30, 2023, respectively . 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 Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense or Other interest expense, net. As of June 30, 2024, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $935.6 million that fixed its underlying SOFR at a weighted average rate of 1.22%. As of June 30, 2023, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $872.7 million that fixed its underlying SOFR at a weighted average rate of 1.25% . The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2024 2023 2024 2023 Interest rate swaps $ 5.3 $ 15.8 $ 19.6 $ 9.0 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Floorplan interest expense $ 5.3 $ 3.8 $ 10.6 $ 7.1 Other interest expense, net $ 4.4 $ 0.3 $ 9.0 $ 4.5 The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $25.0 million .

RECEIVABLES, NET AND CONTRACT A

RECEIVABLES, NET AND CONTRACT ASSETS	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
RECEIVABLES, NET AND CONTRACT ASSETS	RECEIVABLES, NET AND CONTRACT ASSETS The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2024 December 31, 2023 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 240.2 $ 259.2 Vehicle receivables 110.1 110.3 Total contracts-in-transit and vehicle receivables 350.3 369.5 Less: allowance for doubtful accounts 0.4 0.3 Total contracts-in-transit and vehicle receivables, net $ 349.9 $ 369.2 Accounts and notes receivable, net: Manufacturer receivables $ 152.9 $ 128.3 Parts and service receivables 68.9 64.3 F&I receivables 31.2 35.6 Other 10.3 14.4 Total accounts and notes receivable 263.3 242.5 Less: allowance for doubtful accounts 3.8 4.2 Total accounts and notes receivable, net $ 259.5 $ 238.4 Within Other current assets and Other long-term assets: Total contract assets (1) $ 57.9 $ 55.0 (1)

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following (in millions): June 30, 2024 December 31, 2023 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 294.3 325.0 Other Debt: Real estate related 1,064.4 751.0 Finance leases 344.1 272.7 Other 7.8 8.8 Total other debt 1,416.4 1,032.5 Total debt 2,460.6 2,107.5 Less: unamortized debt issuance costs 10.7 8.7 Less: current maturities 170.6 109.4 Total long-term debt $ 2,279.3 $ 1,989.4 Acquisition Line The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of June 30, 2024, borrowings under the Acquisition Line, a component of the Revolvin g Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $294.3 million. The average interest rate on this facility was 6.42% during the three months ended June 30, 2024. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of June 30, 2024, borrowings outstanding under these facilities totaled $1,064.4 million, gross of debt issuance costs, comprised of $904.3 million in the U.S. and $160.1 million in the U.K., respectively. In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which provides for delayed draw term loans with a maximum borrowing capacity of $258.3 million. The Wells Fargo Credit Agreement accrues interest at SOFR

FLOORPLAN NOTES PAYABLE

FLOORPLAN NOTES PAYABLE	6 Months Ended
	Jun. 30, 2024
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2024 December 31, 2023 Revolving Credit Facility — floorplan notes payable $ 1,396.9 $ 1,358.2 Revolving Credit Facility — floorplan notes payable offset account (79.4) (236.7) Revolving Credit Facility — floorplan notes payable, net 1,317.5 1,121.6 Other non-manufacturer facilities 69.1 31.4 Floorplan notes payable — credit facility and other, net $ 1,386.6 $ 1,153.0 FMCC Facility $ 170.6 $ 156.6 FMCC Facility offset account (14.8) (38.5) FMCC Facility, net 155.8 118.1 GM Financial Facility 217.1 37.9 Other manufacturer affiliate facilities 340.3 256.4 Floorplan notes payable — manufacturer affiliates, net $ 713.3 $ 412.4 Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (the “Revolving Credit Facility”) . On April 30, 2024, the Company entered into an amendment to the Revolving Credit Facility that increased the availability from $2.0 billion to $2.5 billion, with the ability to increase to $3.0 billion, as further described below. The Revolving Credit Facility consists of two tranches: (i) a $1.5 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net ; and (ii) a $1.0 billion 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 Condensed Consolidated Balance Sheets — refer to Note 8. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.5 billion commitment. Th e Acquisition Line includes a $100.0 million sub-limit for letters of credit and a $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of June 30, 2024 and December 31, 2023. 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 6.57% as of June 30, 2024, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points , depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging fr om 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $3.9 million and $3.8 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 8.50% as of June 30, 2024. GM Financial Facility During 2023, the Company entered into a master loan agreement with General Motors Financial (the “GM Financial Facility”). During the six months ended June 30, 2024, additional subsidiaries of the Company entered into the GM Financial Facility as additional borrowers and the borrowing base thereunder was increased. As of June 30, 2024 and December 31, 2023 , the GM Financial Facility had a total capacity of $348.1 million and $84.5 million, respectively. The GM Financial Facility bears interest at the U.S. prime rate less 100 basis points. Other M anufacturer Facilities The Company has other credit facilities in the U.S. and the U.K., respectively, with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of June 30, 2024, borrowings outstanding under these facilities totaled $340.3 million, comprised of $184.4 million in the U.S. and $156.0 million in the U.K., with annual interest rates ranging from 1% to approximately 9%. Interest rates on the Company’s manufacturer facilities vary across manufacturers. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures decreased $2.2 million an d increased $1.3 million during the six months ended June 30, 2024 and 2023, respectively. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $99.9 million and $70.8 million for the six months ended June 30, 2024 and 2023, respectively. Refer to Note 6. 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 $75.1 million and $78.7 million for the six months ended June 30, 2024 and 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of AOCI were as follows (in millions): Six Months Ended June 30, 2024 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2023 $ (37.4) $ 65.6 $ 28.1 Other comprehensive income (loss) before reclassifications: Pre-tax (5.6) 25.7 20.1 Tax effect — (6.1) (6.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (10.6) (10.6) Other interest expense, net (pre-tax) — (9.0) (9.0) Reclassification related to de-designated interest rate swaps (pre-tax) — (0.2) (0.2) Provision for income taxes — 4.7 4.7 Net current period other comprehensive (loss) income (5.6) 4.4 (1.2) Balance, June 30, 2024 $ (43.0) $ 70.0 $ 27.0 Six Months Ended June 30, 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 21.0 11.9 32.9 Tax effect — (2.8) (2.8) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (7.1) (7.1) Other interest expense (pre-tax) — (4.5) (4.5) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 3.7 3.7 Net current period other comprehensive income (loss) 21.0 (2.8) 18.1 Balance, June 30, 2023 $ (40.1) $ 80.8 $ 40.6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 138.2	$ 170.5	$ 286.1	$ 329

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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 AND CON_2

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2023 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned.
Use of Estimates	Use of Estimates
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and is required to be applied retrospectively. Beginning with the annual Financial Statements and notes thereto included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company will incorporate the required disclosures, which include information concerning the Company’s reported measure of segment profit or loss, as well as significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the measure, among other required disclosure changes. Additionally, the Company expects that interim periods beginning after December 15, 2024 will include segment disclosures largely consistent with the annual disclosure requirements. 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.
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 establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Revenue Source and Geographical Segment	The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 2,009.5 $ 354.6 $ 2,364.2 $ 3,809.4 $ 737.4 $ 4,546.8 Used vehicle retail sales 1,151.9 301.3 1,453.2 2,251.4 618.6 2,870.0 Used vehicle wholesale sales 78.4 25.9 104.3 158.3 52.0 210.3 Total new and used vehicle sales 3,239.9 681.8 3,921.7 6,219.1 1,408.0 7,627.1 Parts and service sales (1) 497.4 77.1 574.5 992.6 158.2 1,150.8 Finance, insurance and other, net (2) 183.9 16.3 200.1 355.2 33.8 389.0 Total revenues $ 3,921.2 $ 775.2 $ 4,696.4 $ 7,566.9 $ 1,600.0 $ 9,166.9 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,915.5 $ 327.6 $ 2,243.2 $ 3,524.1 $ 674.8 $ 4,198.9 Used vehicle retail sales 1,139.9 310.7 1,450.6 2,170.0 629.5 2,799.5 Used vehicle wholesale sales 79.8 32.7 112.5 162.1 62.3 224.4 Total new and used vehicle sales 3,135.2 671.0 3,806.2 5,856.2 1,366.6 7,222.8 Parts and service sales (1) 491.2 70.8 562.0 965.0 145.3 1,110.3 Finance, insurance and other, net (2) 173.2 17.1 190.3 320.8 34.6 355.4 Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 (1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $5.6 million and $7.6 million during the three months ended June 30, 2024 and 2023, respectively, and $18.0 million and $12.5 million during the six months ended June 30, 2024 and 2023, respectively, relating to performance obligations satisfied in previous periods on the Compa

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segment Information	Selected reportable segment data is as follows (in millions): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,921.2 $ 775.2 $ 4,696.4 $ 7,566.9 $ 1,600.0 $ 9,166.9 Income before income taxes $ 173.3 $ 9.7 $ 183.0 $ 353.3 $ 23.0 $ 376.3 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Income before income taxes $ 207.8 $ 20.1 $ 227.9 $ 388.5 $ 45.8 $ 434.3

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Earnings Per Share	The following table sets forth the calculation of EPS (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average basic common shares outstanding 13,226,129 13,777,225 13,277,425 13,819,024 Dilutive effect of stock-based awards and employee stock purchases 67,927 40,058 63,987 46,711 Weighted average dilutive common shares outstanding 13,294,056 13,817,283 13,341,412 13,865,736 Basic: Net income $ 138.2 $ 170.5 $ 286.1 $ 329.0 Less: Earnings allocated to participating securities from continuing operations 2.9 4.2 6.3 8.2 Less: Loss allocated to participating securities to discontinued operations — — — — Net income available to basic common shares $ 135.2 $ 166.4 $ 279.8 $ 320.7 Basic earnings per common share $ 10.22 $ 12.08 $ 21.07 $ 23.21 Diluted: Net income $ 138.2 $ 170.5 $ 286.1 $ 329.0 Less: Earnings allocated to participating securities from continuing operations 2.9 4.1 6.3 8.2 Less: Loss allocated to participating securities to discontinued operations — — — — Net income available to diluted common shares $ 135.2 $ 166.4 $ 279.8 $ 320.8 Diluted earnings per common share $ 10.17 $ 12.04 $ 20.97 $ 23.13

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Fair Value of The Company’s Fixed Rate Long-term Debt	The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 691.6 $ 750.0 $ 697.5 Real estate related 145.4 139.6 90.9 83.1 Total $ 895.4 $ 831.2 $ 840.9 $ 780.6 (1) Carrying value excludes unamortized debt issuance costs.
Schedule of Asset and Liabilities Recorded at Fair Value	Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): June 30, 2024 December 31, 2023 Assets: Other current assets (1) $ 1.3 $ 1.2 Other long-term assets (2) 94.2 88.1 Total assets $ 95.5 $ 89.3 (1) As of June 30, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below. (2) As of June 30, 2024 and December 31, 2023 , the balance included gross fair value of $3.9 million and $3.7 million, respectively, related to the de-designated swap as described below.
Schedule of Impact of Interest Rate Derivative Instruments	The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2024 2023 2024 2023 Interest rate swaps $ 5.3 $ 15.8 $ 19.6 $ 9.0 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Floorplan interest expense $ 5.3 $ 3.8 $ 10.6 $ 7.1 Other interest expense, net $ 4.4 $ 0.3 $ 9.0 $ 4.5

RECEIVABLES, NET AND CONTRACT_2

RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts and Notes Receivable	The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2024 December 31, 2023 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 240.2 $ 259.2 Vehicle receivables 110.1 110.3 Total contracts-in-transit and vehicle receivables 350.3 369.5 Less: allowance for doubtful accounts 0.4 0.3 Total contracts-in-transit and vehicle receivables, net $ 349.9 $ 369.2 Accounts and notes receivable, net: Manufacturer receivables $ 152.9 $ 128.3 Parts and service receivables 68.9 64.3 F&I receivables 31.2 35.6 Other 10.3 14.4 Total accounts and notes receivable 263.3 242.5 Less: allowance for doubtful accounts 3.8 4.2 Total accounts and notes receivable, net $ 259.5 $ 238.4 Within Other current assets and Other long-term assets: Total contract assets (1) $ 57.9 $ 55.0 (1)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Composition of Long-term Debt	Long-term debt consisted of the following (in millions): June 30, 2024 December 31, 2023 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 294.3 325.0 Other Debt: Real estate related 1,064.4 751.0 Finance leases 344.1 272.7 Other 7.8 8.8 Total other debt 1,416.4 1,032.5 Total debt 2,460.6 2,107.5 Less: unamortized debt issuance costs 10.7 8.7 Less: current maturities 170.6 109.4 Total long-term debt $ 2,279.3 $ 1,989.4

FLOORPLAN NOTES PAYABLE (Tables

FLOORPLAN NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2024
Line of Credit Facility [Abstract]
Schedule of Floorplan Notes Payable	The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2024 December 31, 2023 Revolving Credit Facility — floorplan notes payable $ 1,396.9 $ 1,358.2 Revolving Credit Facility — floorplan notes payable offset account (79.4) (236.7) Revolving Credit Facility — floorplan notes payable, net 1,317.5 1,121.6 Other non-manufacturer facilities 69.1 31.4 Floorplan notes payable — credit facility and other, net $ 1,386.6 $ 1,153.0 FMCC Facility $ 170.6 $ 156.6 FMCC Facility offset account (14.8) (38.5) FMCC Facility, net 155.8 118.1 GM Financial Facility 217.1 37.9 Other manufacturer affiliate facilities 340.3 256.4 Floorplan notes payable — manufacturer affiliates, net $ 713.3 $ 412.4

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in the Balances of Each Component of Accumulated Other Comprehensive Income (Loss)	Changes in the balances of each component of AOCI were as follows (in millions): Six Months Ended June 30, 2024 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2023 $ (37.4) $ 65.6 $ 28.1 Other comprehensive income (loss) before reclassifications: Pre-tax (5.6) 25.7 20.1 Tax effect — (6.1) (6.1) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (10.6) (10.6) Other interest expense, net (pre-tax) — (9.0) (9.0) Reclassification related to de-designated interest rate swaps (pre-tax) — (0.2) (0.2) Provision for income taxes — 4.7 4.7 Net current period other comprehensive (loss) income (5.6) 4.4 (1.2) Balance, June 30, 2024 $ (43.0) $ 70.0 $ 27.0 Six Months Ended June 30, 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 21.0 11.9 32.9 Tax effect — (2.8) (2.8) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (7.1) (7.1) Other interest expense (pre-tax) — (4.5) (4.5) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 3.7 3.7 Net current period other comprehensive income (loss) 21.0 (2.8) 18.1 Balance, June 30, 2023 $ (40.1) $ 80.8 $ 40.6

BASIS OF PRESENTATION AND CON_3

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES - Basis of Presentation and Consolidation (Details)	Jul. 01, 2022
Held-for-sale | Brazil
Business and Organization
Percentage of equity interest relinquished	100%

REVENUES - Schedule of Revenues

REVENUES - Schedule of Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total revenues	$ 4,696.4	$ 4,558.5	$ 9,166.9	$ 8,688.5
U.S.
Disaggregation of Revenue
Total revenues	3,921.2	3,799.6	7,566.9	7,142
U.K.
Disaggregation of Revenue
Total revenues	775.2	758.9	1,600	1,546.5
Total new and used vehicle sales
Disaggregation of Revenue
Total revenues	3,921.7	3,806.2	7,627.1	7,222.8
Total new and used vehicle sales | U.S.
Disaggregation of Revenue
Total revenues	3,239.9	3,135.2	6,219.1	5,856.2
Total new and used vehicle sales | U.K.
Disaggregation of Revenue
Total revenues	681.8	671	1,408	1,366.6
New vehicle retail sales
Disaggregation of Revenue
Total revenues	2,364.2	2,243.2	4,546.8	4,198.9
New vehicle retail sales | U.S.
Disaggregation of Revenue
Total revenues	2,009.5	1,915.5	3,809.4	3,524.1
New vehicle retail sales | U.K.
Disaggregation of Revenue
Total revenues	354.6	327.6	737.4	674.8
Used vehicle retail sales
Disaggregation of Revenue
Total revenues	1,453.2	1,450.6	2,870	2,799.5
Used vehicle retail sales | U.S.
Disaggregation of Revenue
Total revenues	1,151.9	1,139.9	2,251.4	2,170
Used vehicle retail sales | U.K.
Disaggregation of Revenue
Total revenues	301.3	310.7	618.6	629.5
Used vehicle wholesale sales
Disaggregation of Revenue
Total revenues	104.3	112.5	210.3	224.4
Used vehicle wholesale sales | U.S.
Disaggregation of Revenue
Total revenues	78.4	79.8	158.3	162.1
Used vehicle wholesale sales | U.K.
Disaggregation of Revenue
Total revenues	25.9	32.7	52	62.3
Parts and service sales
Disaggregation of Revenue
Total revenues	574.5	562	1,150.8	1,110.3
Parts and service sales | U.S.
Disaggregation of Revenue
Total revenues	497.4	491.2	992.6	965
Parts and service sales | U.K.
Disaggregation of Revenue
Total revenues	77.1	70.8	158.2	145.3
Finance, insurance and other, net
Disaggregation of Revenue
Total revenues	200.1	190.3	389	355.4
Variable consideration recognized relating to performance obligations satisfied in previous period	5.6	7.6	18	12.5
Finance, insurance and other, net | U.S.
Disaggregation of Revenue
Total revenues	183.9	173.2	355.2	320.8
Finance, insurance and other, net | U.K.
Disaggregation of Revenue
Total revenues	$ 16.3	$ 17.1	$ 33.8	$ 34.6

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($) dealership	Jun. 30, 2024 USD ($) dealership	Jun. 30, 2024 USD ($) dealership center	Jun. 30, 2023 USD ($) dealership franchise	Dec. 31, 2023 USD ($)
Disposed of by Sale
Acquisitions and Dispositions
Dispositions reduced goodwill | $			$ 62,500,000	$ 20,800,000
Held-for-sale
Acquisitions and Dispositions
Goodwill | $		$ 0	$ 0		$ 39,800,000
U.S.
Acquisitions and Dispositions
Number of dealerships acquired			9
Aggregate consideration | $			$ 690,400,000	363,500,000
Goodwill acquired | $			$ 287,500,000	43,900,000
U.S. | Disposed of by Sale
Acquisitions and Dispositions
Number of collision centers | center			1
Net pre-tax gain (loss) on dealership dispositions | $			$ 51,600,000	$ 10,100,000
Number of dealerships		7	7	4
Number of franchises | franchise				1
U.S. | Honda Dealership
Acquisitions and Dispositions
Number of dealerships acquired			3
U.S. | Lexus Dealership
Acquisitions and Dispositions
Number of dealerships acquired			2
U.S. | Toyota Dealership
Acquisitions and Dispositions
Number of dealerships acquired			1
U.S. | Kia Dealership
Acquisitions and Dispositions
Number of dealerships acquired			1	1
U.S. | Hyundai Dealership
Acquisitions and Dispositions
Number of dealerships acquired			1
U.S. | Mercedes-Benz Dealership
Acquisitions and Dispositions
Number of dealerships acquired			1
U.S. | Toyota Certified Pre-Qwned Center
Acquisitions and Dispositions
Number of certified pre-owned center | center			1
U.S. | Prime Automotive Group
Acquisitions and Dispositions
Number of collision centers | center			3
U.S. | Chevrolet Dealership
Acquisitions and Dispositions
Number of dealerships acquired				1
U.S. | Buick-GMC Dealerships
Acquisitions and Dispositions
Number of dealerships acquired				3
U.K. | Assets of Inchcape Plc | Forecast
Acquisitions and Dispositions
Number of dealerships acquired	54
Cash paid | $	$ 439,000,000
Payments to acquire real estate | $	$ 279,000,000
U.K. | Mercedes-Benz Dealership
Acquisitions and Dispositions
Number of dealerships acquired		4
Cash paid | $		$ 86,400,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segment Revenue, Income (Loss) Before Income Taxes, (Provision) Benefit for Income Taxes and Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Total revenues	$ 4,696.4	$ 4,558.5	$ 9,166.9	$ 8,688.5
Income before income taxes	183	227.9	376.3	434.3
U.S.
Segment Reporting Information
Total revenues	3,921.2	3,799.6	7,566.9	7,142
Income before income taxes	173.3	207.8	353.3	388.5
U.K.
Segment Reporting Information
Total revenues	775.2	758.9	1,600	1,546.5
Income before income taxes	$ 9.7	$ 20.1	$ 23	$ 45.8

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average basic common shares outstanding (in shares)	13,226,129	13,777,225	13,277,425	13,819,024
Dilutive effect of stock-based awards and employee stock purchases (in shares)	67,927	40,058	63,987	46,711
Weighted average dilutive common shares outstanding (in shares)	13,294,056	13,817,283	13,341,412	13,865,736
Basic:
Net income	$ 138.2	$ 170.5	$ 286.1	$ 329
Net income available to basic common shares	$ 135.2	$ 166.4	$ 279.8	$ 320.7
Basic earnings per common share (in dollars per shares)	$ 10.22	$ 12.08	$ 21.07	$ 23.21
Diluted:
Net income	$ 138.2	$ 170.5	$ 286.1	$ 329
Net income available to diluted common shares	$ 135.2	$ 166.4	$ 279.8	$ 320.8
Diluted earnings per common share (in dollars per share)	$ 10.17	$ 12.04	$ 20.97	$ 23.13
Continuing Operations
Basic:
Less: Earnings (Loss) allocated to participating securities	$ 2.9	$ 4.2	$ 6.3	$ 8.2
Diluted:
Less: Earnings (Loss) allocated to participating securities	2.9	4.1	6.3	8.2
Discontinued operations
Basic:
Less: Earnings (Loss) allocated to participating securities	0	0	0	0
Diluted:
Less: Earnings (Loss) allocated to participating securities	$ 0	$ 0	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) derivative	Mar. 31, 2024 USD ($) derivative	Jun. 30, 2023 USD ($) derivative	Mar. 31, 2023 USD ($) derivative	Jun. 30, 2024 USD ($) derivative	Jun. 30, 2023 USD ($) derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized (loss) gain on interest rate risk management activities, net of tax	$ (2,200,000)		$ 12,600,000		$ 4,400,000	$ (2,800,000)
Reclassification of de-designated interest rate swaps net of tax	0		0		100,000	1,000,000
Other interest expense, net	33,400,000		$ 25,900,000		62,700,000	45,600,000
Unrealized gain on derivative instruments					300,000	$ 4,500,000
Amount of gain expected to be reclassified from other comprehensive income (loss) into earnings	$ 25,000,000				$ 25,000,000
Not Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized (loss) gain on interest rate risk management activities, net of tax		$ 200,000		$ 3,100,000
Reclassification of de-designated interest rate swaps net of tax		$ 100,000		$ 1,000,000
Mortgage Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate (as a percentage)	0.60%				0.60%
Number of instruments | derivative	0	1			0
Notional value	$ 35,500,000				$ 35,500,000
Interest Rate Swaps | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of instruments | derivative			0	1		0
Interest Rate Swaps | Not Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other interest expense, net	200,000				500,000
Realized gains	$ 400,000				$ 800,000
Unrealized gain on derivative instruments			$ 400,000			$ 400,000
Realized gains			$ 300,000			$ 300,000
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of instruments | derivative	35		35		35	35
Notional value	$ 935,600,000		$ 872,700,000		$ 935,600,000	$ 872,700,000
Weighted average interest rate (as a percentage)	1.22%		1.25%		1.22%	1.25%
Senior Notes | 4.00% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt issued	$ 750,000,000				$ 750,000,000

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Long-term Debt Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Debt Instrument
Debt, fair value	$ 895.4	$ 840.9
Fair Value
Debt Instrument
Debt, fair value	$ 831.2	780.6
4.00% Senior Notes | Senior Notes
Debt Instrument
Interest rate (as a percentage)	4%
4.00% Senior Notes | Carrying Value | Senior Notes
Debt Instrument
Debt, fair value	$ 750	750
4.00% Senior Notes | Fair Value | Senior Notes
Debt Instrument
Debt, fair value	691.6	697.5
Real estate related | Carrying Value
Debt Instrument
Debt, fair value	145.4	90.9
Real estate related | Fair Value
Debt Instrument
Debt, fair value	$ 139.6	$ 83.1

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets:
Other current assets	$ 1.3		$ 1.3		$ 1.2
Other long-term assets	94.2		94.2		88.1
Total assets	95.5		95.5		89.3
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	$ 7.4	$ 3.2	15	$ 8.8
Cash Flow Hedging | Designated as Hedging Instrument | Other Current Assets
Assets:
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations			0.2
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Noncurrent Assets
Assets:
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations			$ 3.9		$ 3.7

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)	$ 5.3	$ 15.8	$ 19.6	$ 9
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	7.4	3.2	15	8.8
Floorplan interest expense
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	5.3	3.8	10.6	7.1
Other interest expense, net
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	$ 4.4	$ 0.3	$ 9	$ 4.5

RECEIVABLES, NET AND CONTRACT_3

RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable
Contracts-in-transit	$ 240,200,000	$ 259,200,000
Vehicle receivables	110,100,000	110,300,000
Total contracts-in-transit and vehicle receivables	350,300,000	369,500,000
Less: allowance for doubtful accounts	400,000	300,000
Total contracts-in-transit and vehicle receivables, net	349,900,000	369,200,000
Accounts and notes receivable, net:
Accounts and notes receivables	263,300,000	242,500,000
Less: allowance for doubtful accounts	3,800,000	4,200,000
Total accounts and notes receivable, net	259,500,000	238,400,000
Total contract assets	57,900,000	55,000,000
Allowance for doubtful accounts	0	0
Manufacturer receivables
Accounts and notes receivable, net:
Accounts and notes receivables	152,900,000	128,300,000
Parts and service receivables
Accounts and notes receivable, net:
Accounts and notes receivables	68,900,000	64,300,000
F&I receivables
Accounts and notes receivable, net:
Accounts and notes receivables	31,200,000	35,600,000
Other
Accounts and notes receivable, net:
Accounts and notes receivables	$ 10,300,000	$ 14,400,000

DEBT - Schedule of Composition

DEBT - Schedule of Composition of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
Total other debt	$ 1,416.4	$ 1,032.5
Total debt	2,460.6	2,107.5
Less: unamortized debt issuance costs	10.7	8.7
Less: current maturities	170.6	109.4
Total long-term debt	2,279.3	1,989.4
Other Debt
Debt Instrument
Real estate related and other long-term debt	7.8	8.8
Finance leases	$ 344.1	272.7
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	294.3	325
Real estate related | Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 1,064.4	$ 751

DEBT - Acquisition Line and Rea

DEBT - Acquisition Line and Real Estate Related (Details) - USD ($)	1 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Dec. 31, 2023
Other Debt
Debt Instrument
Real estate related debt		$ 7,800,000	$ 8,800,000
Line of Credit
Debt Instrument
Acquisition line		258,300,000
Unsecured bridge loan	$ 258,300,000
Basis spread on variable rate (as a percentage)	1.75%
Outstanding balance		258,300,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	SOFR
Acquisition Line | Line of Credit
Debt Instrument
Unsecured bridge loan		1,000,000,000
Real estate related | Other Debt
Debt Instrument
Real estate related debt		1,064,400,000	751,000,000
U.S. Notes | Other Debt
Debt Instrument
Real estate related debt		904,300,000
U.K. Notes | Other Debt
Debt Instrument
Real estate related debt		160,100,000
Line of Credit | Acquisition Line
Debt Instrument
Acquisition line		$ 294,300,000	325,000,000
Interest rate (as a percentage)		6.42%
Outstanding balance		$ 294,300,000	$ 325,000,000

FLOORPLAN NOTES PAYABLE - Sched

FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of Credit - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revolving Credit Facility — floorplan notes payable
Line of Credit Facility
Long-term debt, gross	$ 1,396.9	$ 1,358.2
Long-term debt, offset	(79.4)	(236.7)
Long-term debt	1,317.5	1,121.6
Other non-manufacturer facilities
Line of Credit Facility
Long-term debt	69.1	31.4
Floorplan notes payable — credit facility and other, net
Line of Credit Facility
Long-term debt	1,386.6	1,153
FMCC Facility
Line of Credit Facility
Long-term debt, gross	170.6	156.6
Long-term debt, offset	(14.8)	(38.5)
Long-term debt	155.8	118.1
GM Financial Facility
Line of Credit Facility
Long-term debt	217.1	37.9
Other manufacturer affiliate facilities
Line of Credit Facility
Long-term debt	340.3	256.4
Floorplan notes payable — manufacturer affiliates, net
Line of Credit Facility
Long-term debt	$ 713.3	$ 412.4

FLOORPLAN NOTES PAYABLE - Narra

FLOORPLAN NOTES PAYABLE - Narrative (Details)	1 Months Ended	6 Months Ended
	Feb. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) tranche institution	Apr. 30, 2024 USD ($)	Apr. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility
Line of Credit Facility
Unamortized discount		$ 3,900,000			$ 3,800,000
Line of Credit
Line of Credit Facility
Participating financial institutions (institution) | institution		20
Line of credit facility, maximum borrowing capacity	$ 258,300,000
Outstanding letters of credit		$ 12,200,000			12,200,000
Basis spread on variable rate (as a percentage)	1.75%
Outstanding balance		258,300,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		2,500,000,000	$ 2,500,000,000	$ 2,000,000,000
Line of credit facility, potential maximum borrowing capacity		$ 3,000,000,000
Number 0f tranches (tranche) | tranche		2
Line of Credit | Floorplan Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
Weighted average interest rate (as a percentage)		6.57%
Commitment fee (as a percentage)		0.15%
Line of Credit | Acquisition Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
Minimum borrowing capacity		50,000,000
Sub-limit for letters of credit		$ 100,000,000
Line of Credit | Acquisition Line | Minimum
Line of Credit Facility
Commitment fee (as a percentage)		0.15%
Line of Credit | Acquisition Line | Maximum
Line of Credit Facility
Commitment fee (as a percentage)		0.40%
Line of Credit | Acquisition Line | SOFR | Minimum
Line of Credit Facility
Basis spread on variable rate (as a percentage)		1.10%
Line of Credit | Acquisition Line | SOFR | Maximum
Line of Credit Facility
Basis spread on variable rate (as a percentage)		2.10%
Line of Credit | New Vehicles | SOFR
Line of Credit Facility
Basis spread on variable rate (as a percentage)		1.20%
Line of Credit | Used Vehicles | SOFR
Line of Credit Facility
Basis spread on variable rate (as a percentage)		1.50%
Line of Credit | FMCC Facility
Line of Credit 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
Line of credit facility, maximum borrowing capacity		$ 348,100,000			$ 84,500,000
Line of Credit | GM Financial Facility | Prime Floor
Line of Credit Facility
Basis spread on variable rate (as a percentage)		1%
Line of Credit | Other Credit Facilities
Line of Credit Facility
Outstanding balance		$ 340,300,000
Line of Credit | Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Outstanding balance		$ 184,400,000
Line of Credit | Rental Vehicles Financed through Credit Facility | Minimum
Line of Credit Facility
Interest rate (as a percentage)		1%
Line of Credit | Rental Vehicles Financed through Credit Facility | Maximum
Line of Credit Facility
Interest rate (as a percentage)		9%
Line of Credit | UK Credit Facilities
Line of Credit Facility
Outstanding balance		$ 156,000,000

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
(Decrease) increase in accruals for capital expenditures	$ 2.2	$ 1.3
Cash paid for interest	99.9	70.8
Cash paid for taxes, net of refunds	$ 75.1	$ 78.7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee rental payment obligations during remaining terms of leases under guarantee agreement	$ 41.1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in AOCI
Beginning balance	$ 2,772.4	$ 2,352.5	$ 2,674.4	$ 2,237.5
Other comprehensive income (loss) before reclassifications:
Pre-tax			20.1	32.9
Tax effect			(6.1)	(2.8)
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			4.7	3.7
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(3.3)	23.8	(1.2)	18.1
Ending balance	2,866.3	2,518.9	2,866.3	2,518.9
Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(0.2)	(4)
Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(10.6)	(7.1)
Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(9)	(4.5)
Accumulated Other Comprehensive Income (loss)
Increase (Decrease) in AOCI
Beginning balance	30.3	16.7	28.1	22.5
Amount reclassified from accumulated other comprehensive income (loss):
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(3.3)	23.8	(1.2)	18.1
Ending balance	27	40.6	27	40.6
Accumulated Income (Loss) On Foreign Currency Translation
Increase (Decrease) in AOCI
Beginning balance			(37.4)	(61.1)
Other comprehensive income (loss) before reclassifications:
Pre-tax			(5.6)	21
Tax effect			0	0
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			0	0
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX			(5.6)	21
Ending balance	(43)	(40.1)	(43)	(40.1)
Accumulated Income (Loss) On Foreign Currency Translation | Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Foreign Currency Translation | Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Foreign Currency Translation | Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Interest Rate Swaps
Increase (Decrease) in AOCI
Beginning balance			65.6	83.6
Other comprehensive income (loss) before reclassifications:
Pre-tax			25.7	11.9
Tax effect			(6.1)	(2.8)
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			4.7	3.7
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX			4.4	(2.8)
Ending balance	$ 70	$ 80.8	70	80.8
Accumulated Income (Loss) On Interest Rate Swaps | Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(0.2)	(4)
Accumulated Income (Loss) On Interest Rate Swaps | Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(10.6)	(7.1)
Accumulated Income (Loss) On Interest Rate Swaps | Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			$ (9)	$ (4.5)