Sonic Automotive (SAH) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Document Information [Line Items]
Entity Registrant Name	SONIC AUTOMOTIVE, INC.
Entity Central Index Key	0001043509
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	SAH
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
City Area Code	(704)
Entity Address, Address Line One	4401 Colwick Road
Entity Address, Postal Zip Code	28211
Entity Tax Identification Number	56-2010790
Local Phone Number	566-2400
Entity File Number	1-13395
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Document Quarterly Report	true
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,565,403
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,029,375

Details

Details	3 Months Ended
	Mar. 31, 2021
Document Information [Line Items]
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 2,786,798,000	$ 2,308,056,000
Cost of Sales:
Cost of Sales	(2,385,905,000)	(1,957,478,000)
Gross profit	400,893,000	350,578,000
Selling, general and administrative expenses	(289,356,000)	(282,156,000)
Impairment charges	0	(268,000,000)
Depreciation and amortization	(23,687,000)	(22,297,000)
Operating income (loss)	87,850,000	(221,875,000)
Other income (expense):
Interest expense, floor plan	(5,113,000)	(10,508,000)
Interest expense, other, net	(10,285,000)	(10,965,000)
Other income (expense), net	101,000	100,000
Total other income (expense)	(15,297,000)	(21,373,000)
Income (loss) from continuing operations before taxes	72,553,000	(243,248,000)
Provision for income taxes for continuing operations - benefit (expense)	(18,864,000)	44,117,000
Income (loss) from continuing operations	53,689,000	(199,131,000)
Discontinued operations:
Income (loss) from discontinued operations before taxes	720,000	(285,000)
Provision for income taxes for discontinued operations - benefit (expense)	(187,000)	83,000
Income (loss) from discontinued operations	533,000	(202,000)
Net income (loss)	$ 54,222,000	$ (199,333,000)
Basic earnings (loss) per common share:
Earnings (loss) per share from continuing operations (usd per share)	$ 1.29	$ (4.67)
Earnings (loss) per share from discontinued operations (usd per share)	0.02	(0.01)
Earnings (loss) per common share (usd per share)	$ 1.31	$ (4.68)
Weighted average common shares outstanding	41,541	42,615
Diluted earnings (loss) per common share:
Earnings (loss) per share from continuing operations (usd per share)	$ 1.23	$ (4.67)
Earnings (loss) per share from discontinued operations (usd per share)	0.02	(0.01)
Earnings (loss) per common share (usd per share)	$ 1.25	$ (4.68)
Weighted average common shares outstanding	43,542	42,615
Total vehicles
Revenues:
Revenues	$ 2,321,223,000	$ 1,858,084,000
Cost of Sales:
Cost of Sales	(2,220,041,000)	(1,780,696,000)
New vehicles
Revenues:
Revenues	1,156,317,000	959,489,000
Cost of Sales:
Cost of Sales	(1,086,852,000)	(914,074,000)
Used vehicles
Revenues:
Revenues	1,090,097,000	850,052,000
Cost of Sales:
Cost of Sales	(1,059,229,000)	(817,922,000)
Wholesale vehicles
Revenues:
Revenues	74,809,000	48,543,000
Cost of Sales:
Cost of Sales	(73,960,000)	(48,700,000)
Parts, service and collision repair
Revenues:
Revenues	320,914,000	334,680,000
Cost of Sales:
Cost of Sales	(165,864,000)	(176,782,000)
Finance, insurance and other, net
Revenues:
Revenues	$ 144,661,000	$ 115,292,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 54,222	$ (199,333)
Other comprehensive income (loss) before taxes:
Change in fair value of interest rate swap and interest rate cap agreements	411	361
Amortization of terminated interest rate swap agreements	0	(797)
Total other comprehensive income (loss) before taxes	411	(436)
Provision for income tax benefit (expense) related to components of other comprehensive income (loss)	(168)	164
Other comprehensive income (loss)	243	(272)
Comprehensive income (loss)	$ 54,465	$ (199,605)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 77,233	$ 170,313
Receivables, net	373,518	371,666
Inventories	1,232,253	1,247,254
Other current assets	97,680	93,334
Total current assets	1,780,684	1,882,567
Property and Equipment, net	1,166,925	1,120,526
Goodwill	219,195	213,977
Other Intangible Assets, net	64,300	64,300
Right-of-use asset	320,914	330,322
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	65,216	60,121
Other Assets	74,993	74,180
Total Assets	3,692,227	3,745,993
Current Liabilities:
Notes payable - floor plan - trade	538,768	585,225
Notes payable - floor plan - non-trade	687,550	739,019
Trade accounts payable	136,314	105,098
Operating Lease, Liability, Current	40,685	42,339
Finance Lease, Liability, Current	4,059	3,515
Accrued interest	4,105	8,496
Other accrued liabilities	295,331	279,477
Current maturities of long-term debt	74,520	68,244
Total current liabilities	1,781,332	1,831,413
Long-Term Debt	637,377	651,823
Other Long-Term Liabilities	90,311	88,753
Operating Lease, Liability, Noncurrent	288,589	296,564
Finance Lease, Liability, Noncurrent	67,388	62,290
Deferred Income Taxes	771	345
Commitments and Contingencies
Stockholders' Equity:
Class A convertible preferred stock, none issued	0	0
Paid-in capital	771,079	767,599
Retained Earnings (Accumulated Deficit)	771,864	721,770
Accumulated other comprehensive income (loss)	(3,373)	(3,616)
Treasury stock, at cost; 33,476,159 Class A common stock shares held at September 30, 2018 and 32,290,493 Class A common stock shares held at December 31, 2017	(713,892)	(671,725)
Total Stockholders' Equity	826,459	814,805
Total Liabilities and Stockholders' Equity	3,692,227	3,745,993
Class A Common Stock
Stockholders' Equity:
Common stock, value	660	656
Class B common stock
Stockholders' Equity:
Common stock, value	$ 121	$ 121

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Convertible preferred stock issued	0	0
Class A Common Stock
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	66,017,716	65,607,628
Common stock, shares outstanding	29,250,512	29,797,727
Treasury stock, shares	36,767,204	35,809,901
Class B common stock
Common stock, par value (usd per share)	$ 0.01
Common stock, shares authorized	30,000,000
Common stock, shares issued	12,029,375

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Class A Common Stock	Class A Common StockCommon Stock	Class A Common StockTreasury Stock	Class A Common StockRetained Earnings	Class B Common Stock	Class B Common StockCommon Stock	Class B Common StockRetained Earnings
Beginning balance at Dec. 31, 2019	$ 944,764	$ 755,904	$ 790,158	$ (2,062)		$ 647	$ (600,004)			$ 121
Beginning balance (shares) at Dec. 31, 2019						64,734	33,629			12,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares awarded under stock compensation plan	1	(4)				$ 5
Shares awarded under stock compensation plan (shares)						465
Purchase of treasury stock	(21,286)						$ (21,286)
Purchases of treasury stock (shares)							(735)
Change in fair value of interest rate swap and interest rate cap agreements, net of tax expense of $1,563	(272)			(272)
Restricted stock amortization	2,427	2,427
Net income (loss)	(199,333)		(199,333)
Dividends, Common Stock					$ 3,111			$ 3,111	$ 1,203		$ 1,203
Ending balance at Mar. 31, 2020	721,987	758,327	586,511	(2,334)		$ 652	$ (621,290)			$ 121
Ending balance (shares) at Mar. 31, 2020						65,199	34,364			12,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per common share (usd per share)					$ 0.10				$ 0.10
Tax effect on fair value of interest rate swap and rate cap agreements	164
Retained Earnings (Accumulated Deficit)	721,770
Beginning balance at Dec. 31, 2020	814,805	767,599	721,770	(3,616)		$ 656	$ (671,725)			$ 121
Beginning balance (shares) at Dec. 31, 2020						65,608	35,810			12,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares awarded under stock compensation plan	0	(4)				$ 4
Shares awarded under stock compensation plan (shares)						410
Purchase of treasury stock	(42,167)						$ (42,167)
Purchases of treasury stock (shares)							(957)
Change in fair value of interest rate swap and interest rate cap agreements, net of tax expense of $1,563	243			243
Restricted stock amortization	3,484
Net income (loss)	54,222		54,222
Dividends, Common Stock					$ 2,925			$ 2,925	$ 1,203		$ 1,203
Ending balance at Mar. 31, 2021	826,459	771,079	$ 771,864	$ (3,373)		$ 660	$ (713,892)			$ 121
Ending balance (shares) at Mar. 31, 2021						66,018	36,767			12,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per common share (usd per share)					$ 0.10				$ 0.10
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		$ 3,484
Tax effect on fair value of interest rate swap and rate cap agreements	168
Retained Earnings (Accumulated Deficit)	$ 771,864

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Tax effect on fair value of interest rate swap and rate cap agreements	$ 168	$ 164

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 54,222	$ (199,333)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment	22,202	21,540
Provision for bad debt expense	91	134
Debt issuance cost amortization	823	557
Stock-based compensation expense	3,484	2,427
Deferred income taxes	(2,915)	(53,999)
Net distributions from equity investee	171	448
Asset impairment charges	0	268,000
Loss (gain) on disposal of dealerships and property and equipment	(25)	(39)
Changes in assets and liabilities that relate to operations:
Receivables	(1,943)	231,732
Inventories	16,530	(90,342)
Other assets	9,628	(89,114)
Notes payable - floor plan - trade	(46,457)	(33,579)
Trade accounts payable and other liabilities	34,419	(105,630)
Total adjustments	36,008	152,135
Net cash provided by (used in) operating activities	90,230	(47,198)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of businesses, net of cash acquired	(8,817)	0
Purchases of land, property and equipment	(67,663)	(19,805)
Proceeds from sales of property and equipment	912	194
Proceeds from sales of dealerships	0	0
Net cash provided by (used in) investing activities	(75,568)	(19,611)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings on notes payable - floor plan - non-trade	51,469	41,223
Borrowings on revolving credit facilities	4,906	460,916
Repayments on revolving credit facilities	(4,906)	(250,916)
Debt issuance costs	25	(24)
Principal payments and repurchase of long-term debt	(8,968)	(5,777)
Purchases of treasury stock	(42,167)	(21,286)
Finance Lease, Principal Payments	930	337
Issuance of shares under stock compensation plans	0	1
Dividends paid	(4,183)	(4,314)
Net cash provided by (used in) financing activities	(107,742)	219,486
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(93,080)	152,677
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	170,313	29,103
CASH AND CASH EQUIVALENTS, END OF PERIOD	77,233	181,780
Cash paid (received) during the period for:
Interest, including amount capitalized	19,140	25,359
Income taxes	$ (382)	$ 3

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Tax effect on fair value of interest rate swap and rate cap agreements	$ 168	$ (164)

Business Acquisitions and Dispo

Business Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Acquisitions and Dispositions	2. Business Acquisitions and Dispositions We acquired one pre-owned business during the three months ended March 31, 2021 for a gross purchase price (including inventory acquired and subsequently funded by floor plan notes payable) of approximately $8.8 million. We did not acquire any businesses during the three months ended March 31, 2020.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, 2021 December 31, 2020 (In thousands) New vehicles $ 602,724 $ 648,448 Used vehicles 442,744 413,209 Service loaners 129,184 128,531 Parts, accessories and other 57,601 57,066 Net inventories $ 1,232,253 $ 1,247,254

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	In the three months ended March 31, 2021 and 2020, capital expenditures were approximately $67.7 million and $19.8 million, respectively. Capital expenditures in all periods were primarily related to real estate acquisitions, construction of new franchised dealerships and EchoPark stores, building improvements and equipment purchased for use in our franchised dealerships and EchoPark stores. Assets held for sale as of March 31, 2021 and December 31, 2020 consists of real property not currently used in operations that we expect to dispose of in the next 12 months. There were no fixed asset impairment charges for the three months ended March 31, 2021 and 2020.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The carrying amount of goodwill was approximately $219.2 million and $214.0 million as of March 31, 2021 and December 31, 2020, respectively. The carrying amount of goodwill for our franchised dealership reporting unit was $147.2 million and $147.3 million as of March 31, 2021 and December 31, 2020, respectively. The carrying amount of goodwill for our EchoPark reporting unit was $72.0 million and $66.7 million as of March 31, 2021 and December 31, 2020, respectively. The total carrying amount of goodwill is net of accumulated impairment losses of approximately $1.1 billion as of both March 31, 2021 and December 31, 2020. The carrying amount of indefinite lived franchise assets was approximately $64.3 million as of both March 31, 2021 and December 31, 2020. Pursuant to the applicable accounting pronouncements, we were required to evaluate the recoverability of our long-lived assets at the end of the first quarter of 2020 as a result of the effects of the COVID-19 pandemic on our operations and market value. Based on this evaluation, we determined the carrying value of our franchised dealership reporting unit goodwill was greater than the fair value of the reporting unit. Accordingly, we recorded a non-cash goodwill impairment charge of $268 million and a corresponding income tax benefit of $51.3 million to reduce the carrying value to fair value as of March 31, 2020. We did not record any impairment charges for the three months ended March 31, 2021.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
2016 Credit Facilities [Text Block]	2016 Credit Facilities On November 30, 2016, we entered into an amended and restated syndicated revolving credit facility (the “2016 Revolving Credit Facility”) and amended and restated syndicated new and used vehicle floor plan credit facilities (the “2016 Floor Plan Facilities” and, together with the 2016 Revolving Credit Facility, the “2016 Credit Facilities”). The amendment and restatement of the 2016 Credit Facilities extended the scheduled maturity date, increased availability under the 2016 Revolving Credit Facility by $25.0 million and increased availability under the 2016 Floor Plan Facilities by $215.0 million, among other things. On September 17, 2020, the 2016 Credit Facilities were amended to extend their scheduled maturity date for one additional year to November 30, 2022. Availability under the 2016 Revolving Credit Facility is calculated as the lesser of $245.5 million or a borrowing base calculated based on certain eligible assets, less the aggregate face amount of any outstanding letters of credit under the 2016 Revolving Credit Facility (the “2016 Revolving Borrowing Base”). The 2016 Revolving Credit Facility may be increased at our option up to $295.5 million upon satisfaction of certain conditions. As of March 31, 2021, the 2016 Revolving Borrowing Base was approximately $231.1 million based on balances as of such date. As of March 31, 2021, we had no outstanding borrowings and approximately $12.3 million in outstanding letters of credit under the 2016 Revolving Credit Facility, resulting in $218.8 million remaining borrowing availability under the 2016 Revolving Credit Facility. The 2016 Floor Plan Facilities are comprised of a new vehicle revolving floor plan facility (as amended, the “2016 New Vehicle Floor Plan Facility”) and a used vehicle revolving floor plan facility (as amended, the “2016 Used Vehicle Floor Plan Facility”), subject to a borrowing base, in a combined amount of up to $966.0 million. We may, under certain conditions, request an increase in the 2016 Floor Plan Facilities to a maximum borrowing limit of up to $1.216 billion, which shall be allocated between the 2016 New Vehicle Floor Plan Facility and the 2016 Used Vehicle Floor Plan Facility as we request, with no more than 40% of the aggregate commitments allocated to the commitments under the 2016 Used Vehicle Floor Plan Facility. During the second quarter of 2020, we amended the 2016 Floor Plan Facilities to convert the 2016 Used Vehicle Floor Plan Facility from a borrowing base calculation of availability to a vehicle identification number (“VIN”)-specific floor plan borrowing and payoff process, which provides additional borrowing flexibility. Outstanding obligations under the 2016 Floor Plan Facilities are guaranteed by us and certain of our subsidiaries and are secured by a pledge of substantially all of our and our subsidiaries’ assets. As of the dates presented in the unaudited condensed consolidated financial statements, the amounts outstanding under the 2016 Credit Facilities bear interest at variable rates based on specified percentages above LIBOR. We have agreed under the 2016 Credit Facilities not to pledge any assets to any third parties (other than those explicitly allowed to be pledged by the amended terms of the 2016 Credit Facilities), including other lenders, subject to certain stated exceptions, including floor plan financing arrangements. In addition, the 2016 Credit Facilities contain certain negative covenants, including covenants which could restrict or prohibit indebtedness, liens, the payment of dividends, capital expenditures and material dispositions and acquisitions of assets, as well as other customary covenants and default provisions. Specifically, the 2016 Credit Facilities permit cash dividends on our Class A and Class B Common Stock so long as no Event of Default (as defined in the 2016 Credit Facilities) has occurred and is continuing and provided that we remain in compliance with all financial covenants under the 2016 Credit Facilities.
6.125 Note Text Block [Text Block]	6.125% Notes On March 10, 2017, we issued $250.0 million in aggregate principal amount of unsecured senior subordinated 6.125% Notes due 2027 (the “6.125% Notes”) which mature on March 15, 2027. The 6.125% Notes were issued at a price of 100.0% of the principal amount thereof. Balances outstanding under the 6.125% Notes are guaranteed by all of our domestic operating subsidiaries. These guarantees are full and unconditional and joint and several. For further discussion of Sonic’s 6.125% Notes, see Note 6, “Long-Term Debt,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.
2019 Mortgage Facility Text Block [Text Block]	2019 Mortgage Facility On November 22, 2019, we entered into a delayed draw-term loan credit agreement which is scheduled to mature on November 22, 2024 (the “2019 Mortgage Facility”). Under the 2019 Mortgage Facility, Sonic has a maximum borrowing limit of $112.2 million, which varies based on the appraised value of the collateral underlying the 2019 Mortgage Facility. The amount available for borrowing under the 2019 Mortgage Facility is subject to compliance with a borrowing base. The borrowing base is calculated based on 75% of the appraised value of certain eligible real estate designated by Sonic and owned by certain of our subsidiaries. Based on balances as of March 31, 2021, we had approximately $98.2 million of outstanding borrowings under the 2019 Mortgage Facility, resulting in total remaining borrowing availability of approximately $14.0 million under the 2019 Mortgage Facility. Amounts outstanding under the 2019 Mortgage Facility bear interest at (1) a specified rate above LIBOR (as defined in the 2019 Mortgage Facility), ranging from 1.50% to 2.75% per annum according to a performance-based pricing grid determined by the Company’s Consolidated Total Lease Adjusted Leverage Ratio (as defined in the 2019 Mortgage Facility) as of the last day of the immediately preceding fiscal quarter (the “Performance Grid”); or (2) a specified rate above the Base Rate (as defined in the 2019 Mortgage Facility), ranging from 0.50% to 1.75% per annum according to the Performance Grid. For further discussion of Sonic’s 2019 Mortgage Facility, see Note 6, “Long-Term Debt,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.
Mortgage Notes Text Block [Text Block]	Mortgage Notes to Finance Companies As of March 31, 2021, the weighted-average interest rate of our other outstanding mortgage notes (excluding the 2019 Mortgage Facility) was 3.50% and the total outstanding mortgage principal balance of these notes (excluding the 2019 Mortgage Facility) was approximately $370.8 million. These mortgage notes require monthly payments of principal and interest through their respective maturities, are secured by the underlying properties and contain certain cross-default provisions. Maturity dates for these mortgage notes range between 2021 and 2033.
2020 Line of Credit Text Block [Text Block]	2020 Line of Credit Facility On June 23, 2020, we entered into a line of credit agreement with Ally Bank, which is scheduled to mature on June 22, 2021 (the “2020 Line of Credit Facility”). The 2020 Line of Credit Facility has borrowing availability of up to $54.1 million which can be used for general corporate purposes. The amount available for borrowing under the 2020 Line of Credit Facility is directly tied to the appraised value of certain real estate properties of the Company, which are used as collateral for any funds drawn under the 2020 Line of Credit Facility. As of March 31, 2021, we had no outstanding borrowings under the 2020 Line of Credit Facility, resulting in $54.1 million remaining borrowing availability under the 2020 Line of Credit Facility. The 2020 Line of Credit Facility contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants, including covenants which could restrict or prohibit indebtedness, liens, the payment of dividends and other restricted payments, capital expenditures and material dispositions and acquisitions of assets, as well as other customary covenants and default provisions. Specifically, the 2020 Line of Credit Facility permits quarterly cash dividends on our Class A and Class B Common Stock up to $0.10 per share so long as no Event of Default (as defined in the 2020 Line of Credit Facility) has occurred and is continuing and provided that we remain in compliance with all financial covenants under the 2020 Line of Credit Facility.

Per Share Data and Stockholders

Per Share Data and Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Per Share Data and Stockholders' Equity	Earnings Per Share – The calculation of diluted earnings per share considers the potential dilutive effect of restricted stock units, restricted stock awards and stock options granted under Sonic’s stock compensation plans (and any non-forfeitable dividends paid on such awards).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Other Proceedings In the ordinary course of business, Sonic is involved, and expects to continue to be involved, in various legal and administrative proceedings arising out of the conduct of its business, including regulatory investigations and private civil actions brought by plaintiffs purporting to represent a potential class or for which a class has been certified. Although Sonic vigorously defends itself in all legal and administrative proceedings, the outcomes of pending and future proceedings arising out of the conduct of Sonic’s business, including litigation with customers, employment-related lawsuits, contractual disputes, class actions, purported class actions and actions brought by governmental authorities, cannot be predicted with certainty. An unfavorable resolution of one or more of these matters could have a material adverse effect on Sonic’s business, financial condition, results of operations, cash flows or prospects. When we believe that a loss is probable and reasonably estimable, we make an accrual for our estimated probable losses. Such reserves are presently immaterial, both individually and in the aggregate. Other than as reflected in our recognized reserves, Sonic is currently unable to estimate a range of reasonably possible loss, or a range of reasonably possible loss in excess of the amount accrued, for pending proceedings. Guarantees and Indemnification Obligations In accordance with the terms of our operating lease agreements, our dealership subsidiaries, acting as lessees, generally agree to indemnify the lessor from certain exposure arising as a result of the use of the leased premises, including environmental exposure and repairs to leased property upon termination of the lease. In addition, we have generally agreed to indemnify the lessor in the event of a breach of the lease by the lessee. In connection with dealership dispositions and facility relocations, certain of our subsidiaries have assigned or sublet to the buyer their interests in real property leases associated with such dealerships. In general, the subsidiaries retain responsibility for the performance of certain obligations under such leases, including rent payments and repairs to leased property upon termination of the lease, to the extent that the assignee or sublessee does not perform. In the event an assignee or a sublessee does not perform its obligations, Sonic remains liable for such obligations. In accordance with the terms of agreements entered into for the sale of our dealerships, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of sale, including environmental exposure and exposure resulting from the breach of representations or warranties made in accordance with the agreements. While our exposure with respect to environmental remediation and repairs is difficult to quantify, our maximum exposure associated with these general indemnifications was approximately $25.0 million at both March 31, 2021 and December 31, 2020. These indemnifications typically expire within a period of one We also guarantee the floor plan commitments of our 50%-owned joint venture. The amount of such guarantee was approximately $4.3 million at both March 31, 2021 and December 31, 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements Assets and liabilities recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 were as follows: Fair Value Based on Significant Other Observable Inputs (Level 2) March 31, 2021 December 31, 2020 (In thousands) Assets: Cash surrender value of life insurance policies (1) $ 35,940 $ 35,739 Total assets $ 35,940 $ 35,739 Liabilities: Deferred compensation plan (2) $ 21,644 $ 20,685 Total liabilities $ 21,644 $ 20,685 (1) Included in other assets in the accompanying unaudited condensed consolidated balance sheets. (2) Included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. There were no instances during the three months ended March 31, 2021 which required a fair value measurement of assets ordinarily measured at fair value on a non-recurring basis. These assets will be evaluated as of the annual valuation assessment date of October 1, 2021 or as events or changes in circumstances require. As of March 31, 2021 and December 31, 2020, the fair values of Sonic’s financial instruments, including receivables, notes receivable from finance contracts, notes payable – floor plan, trade accounts payable, borrowings under the revolving credit facilities and certain mortgage notes, approximated their carrying values due either to length of maturity or existence of variable interest rates that approximate prevailing market rates. As of March 31, 2021 and December 31, 2020, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows: March 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value (In thousands) 6.125% Notes (1) $ 258,125 $ 250,000 $ 263,438 $ 250,000 (1) As determined by market quotations from similar securities as of March 31, 2021 and December 31, 2020, respectively (Level 2). For further discussion of Sonic’s fair value measurements, see Note 11, “Fair Value Measurements,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) related to our cash flow hedges and defined benefit pension plan for the three months ended March 31, 2021 are presently immaterial, both individually and in the aggregate. For further discussion of Sonic’s accumulated other comprehensive income (loss), see Note 13, “Accumulated Other Comprehensive Income (Loss),” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020. For further discussion of Sonic’s defined benefit pension plan, see Note 10, “Employee Benefit Plans,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	10. Segment Information As of March 31, 2021, Sonic had two operating segments: (1) retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle maintenance, warranty and repair services, and arrange finance and insurance products (the “Franchised Dealerships Segment”); and (2) pre-owned vehicle specialty retail locations that provide guests an opportunity to search our nationwide inventory, purchase a pre-owned vehicle, select finance and insurance products and sell their current vehicle to us (the “EchoPark Segment”). Sonic has determined that its operating segments also represent its reportable segments. The reportable segments identified above are the business activities of Sonic for which discrete financial information is available and for which operating results are regularly reviewed by Sonic ’ s chief operating decision maker to assess operating performance and allocate resources. Sonic’s chief operating decision maker is a group of three individuals consisting of: (1) the Company’s Chief Executive Officer; (2) the Company’s President; and (3) the Company’s Chief Financial Officer. Reportable segment financial information for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Segment Revenues: Franchised Dealerships Segment revenues: New vehicles $ 1,156,317 $ 959,489 Used vehicles 661,534 566,888 Wholesale vehicles 56,204 42,440 Parts, service and collision repair 308,077 324,501 Finance, insurance and other, net 97,525 83,029 Franchised Dealerships Segment revenues $ 2,279,657 $ 1,976,347 EchoPark Segment revenues: Used vehicles $ 428,563 $ 283,164 Wholesale vehicles 18,605 6,103 Parts, service and collision repair 12,837 10,179 Finance, insurance and other, net 47,136 32,263 EchoPark Segment revenues $ 507,141 $ 331,709 Total consolidated revenues $ 2,786,798 $ 2,308,056 Three Months Ended March 31, 2021 2020 (In thousands, except unit data) Segment Income (Loss) (1): Franchised Dealerships Segment $ 70,543 $ 22,656 EchoPark Segment 2,010 2,096 Total segment income (loss) $ 72,553 $ 24,752 Impairment charges (2) — (268,000) Income (loss) from continuing operations before taxes $ 72,553 $ (243,248) Retail New and Used Vehicle Unit Sales Volume: Franchised Dealerships Segment 51,594 47,762 EchoPark Segment 19,670 13,986 Total retail new and used vehicle unit sales volume 71,264 61,748 (1) Segment income (loss) for each segment is defined as income (loss) from continuing operations before taxes and impairment charges. (2) For the three months ended March 31, 2020, the above amount includes a pre-tax impairment charge of approximately $268.0 million related to adjustments in fair value of goodwill for the Franchised Dealerships Segment as a result of the effects of the COVID-19 pandemic on our operations and market value. Three Months Ended March 31, 2021 2020 (In thousands) Impairment Charges: Franchised Dealerships Segment $ — $ 268,000 EchoPark Segment — — Total impairment charges $ — $ 268,000 Three Months Ended March 31, 2021 2020 (In thousands) Depreciation and Amortization: Franchised Dealerships Segment $ 20,376 $ 19,589 EchoPark Segment 3,311 2,708 Total depreciation and amortization $ 23,687 $ 22,297 Three Months Ended March 31, 2021 2020 (In thousands) Floor Plan Interest Expense: Franchised Dealerships Segment $ 4,117 $ 9,608 EchoPark Segment 996 900 Total floor plan interest expense $ 5,113 $ 10,508 Three Months Ended March 31, 2021 2020 (In thousands) Interest Expense, Other, Net: Franchised Dealerships Segment $ 9,958 $ 10,599 EchoPark Segment 327 366 Total interest expense, other, net $ 10,285 $ 10,965 Three Months Ended March 31, 2021 2020 (In thousands) Capital Expenditures: Franchised Dealerships Segment $ 46,171 $ 17,249 EchoPark Segment 21,492 2,556 Total capital expenditures $ 67,663 $ 19,805 March 31, 2021 December 31, 2020 (In thousands) Assets: Franchised Dealerships Segment assets $ 3,054,643 $ 3,096,811 EchoPark Segment assets 560,346 478,869 Corporate and other: Cash and cash equivalents 77,233 170,313 Other corporate assets 5 — Total assets $ 3,692,227 $ 3,745,993

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On April 14, 2021, Sonic entered into an Fifth Amended, Restated and Consolidated Credit Agreement, dated as of April 14, 2021, among Sonic, the subsidiaries of Sonic named therein, each lender a party thereto and Bank of America, N.A., as administrative agent, revolving swing line lender, new vehicle swing line lender, used vehicle swing line lender and an l/c issuer (the “2021 Credit Agreement”). The 2021 Credit Agreement provides for a revolving credit facility (the “Revolving Facility”), a new vehicle floor plan inventory finance facility (the “New Vehicle Floor Plan Facility”) and a used vehicle floor plan inventory finance facility (the “Used Vehicle Floor Plan Facility” and, together with the New Vehicle Floor Plan Facility, the “Floor Plan Facility”). The Revolving Facility and the Floor Plan Facility (together, the “2021 Credit Facilities”) replace the 2016 Credit Facilities and each has a maturity date of April 14, 2025. The initial borrowing limits under the Revolving Facility and Floor Plan Facility are $250.0 million and $1.6 billion, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of Sonic Automotive, Inc. and its wholly owned subsidiaries (“Sonic,” the “Company,” “we,” “us” or “our”) for the three months ended March 31, 2021 and 2020 are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all material normal, recurring adjustments necessary to fairly state the financial position, results of operations and cash flows for the periods presented. The operating results for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year or future interim periods, because the first quarter historically has contributed less operating profit than the second and third quarters, while the fourth quarter historically has contributed the highest operating profit of any quarter. Additionally, the ongoing COVID-19 pandemic could impact earnings for the remainder of 2021 and beyond. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.
Principles of Consolidation	Principles of Consolidation – All of our dealership and non-dealership subsidiaries are wholly owned and consolidated in the accompanying unaudited condensed consolidated financial statements, except for one 50%-owned dealership that is accounted for under the equity method. All material intercompany balances and transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements.
Revenue from Contract with Customers	Revenue Recognition – Revenue is recognized when a customer obtains control of promised goods or services and in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. ASC Topic 606, “Revenue from Contracts with Customers,” applies a five-step model that includes: (1) identifying the contract(s) with the customer; (2) identifying the performance obligation(s) in the contract(s); (3) determining the transaction price; (4) allocating the transaction price to the performance obligation(s) in the contract(s); and (5) recognizing revenue as the performance obligation(s) are satisfied. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We do not include the cost of obtaining contracts within the related revenue streams since we elected the practical expedient to expense the costs to obtain a contract when incurred. Management has evaluated our established business processes, revenue transaction streams and accounting policies, and identified our material revenue streams to be: (1) the sale of new vehicles; (2) the sale of used vehicles to retail customers; (3) the sale of wholesale used vehicles at third-party auctions; (4) the arrangement of vehicle financing and the sale of service, warranty and other insurance contracts; and (5) the performance of vehicle maintenance and repair services and the sale of related parts and accessories. Generally, performance conditions are satisfied when the associated vehicle is either delivered or returned to a customer and customer acceptance has occurred, or over time as the maintenance and repair services are performed. We do not have any revenue streams with significant financing components as payments are typically received within a short period of time following completion of the performance obligation(s). Retrospective finance and insurance revenues (“F&I retro revenues”) are recognized when the product contract has been executed with the end customer and the transaction price is estimated each reporting period based on the expected value method using historical and projected data. F&I retro revenues can vary based on a variety of factors, including number of contracts and history of cancellations and claims. Accordingly, we utilize this historical and projected data to constrain the consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We record revenue when vehicles are delivered to customers, when vehicle service work is performed and when parts are delivered. Conditions for completing a sale include having an agreement with the customer, including pricing, and it being probable that the proceeds from the sale will be collected. The accompanying unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 include approximately $14.5 million and $21.7 million, respectively, related to contract assets from F&I retro revenues recognition. Changes in contract assets from December 31, 2020 to March 31, 2021 were primarily due to ordinary business activity, including the receipt of cash for amounts earned and recognized in prior periods. Please refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion of our revenue recognition policies and processes.
Income Tax Expense	Taxes – The overall effective tax rate from continuing operations was 26.0% for the three months ended March 31, 2021, and 18.2% for the three months ended March 31, 2020. Income tax expense for the three months ended March 31, 2021 includes a $1.5 million discrete benefit related to vested or exercised stock compensation awards. Income tax benefit for the three months ended March 31, 2020 includes a $51.3 million benefit, including the effect of non-deductible amounts, related to the $268.0 million goodwill impairment charge recognized in such quarter, and a $0.5 million discrete benefit related to vested or exercised stock compensation awards, offset partially by a $0.1 million discrete charge related to changes in uncertain tax positions. Sonic’s effective tax rate varies from year to year based on the level of taxable income, the distribution of taxable income between states in which the Company operates and other tax adjustments.
Per Share Data and Stockholders' Equity	Earnings Per Share – The calculation of diluted earnings per share considers the potential dilutive effect of restricted stock units, restricted stock awards and stock options granted under Sonic’s stock compensation plans (and any non-forfeitable dividends paid on such awards).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Unusual Risks and Uncertainties	COVID 19 – The COVID-19 pandemic began negatively impacting the global economy in the first quarter of 2020. The impact on the economy affected both consumer demand and supply of manufactured goods as many countries around the world and states and municipalities in the U.S. mandated restrictions on citizen movements (i.e., shelter-in-place or stay-at-home orders) or on in-person retail trade or manufacturing activities at physical locations. As a result, many businesses curtailed operations and furloughed or terminated employees. In the U.S., the federal government passed several relief measures, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act, in an attempt to provide short-term relief to families and businesses as a result of the economic impacts of the COVID-19 pandemic. This broader economic backdrop resulting from the COVID-19 pandemic had a direct impact on our business and operations beginning in March 2020 and continuing through the date of this report. As a result of the pandemic and related shelter-in-place or stay-at-home orders, we transitioned many of our teammates to remote work arrangements. In situations where a teammate’s role did not permit remote work (e.g., service repair technicians), we implemented staggered work hours, social distancing and other safety measures to promote the health and safety of our teammates and guests. As a result of the systems and infrastructure we had in place prior to the pandemic, we were largely able to maintain our back-office operations, financial reporting and internal control processes with minimal disruption or changes in the effectiveness of such processes. All of our store operations were impacted by the COVID-19 pandemic to varying degrees. During parts of the first half of 2020, the majority of our stores were not permitted to conduct retail sales of new and used vehicles at our physical locations. Those locations could offer virtual sales transactions with “contactless” delivery to customers but experienced lower consumer demand as a result of the initial onset of the pandemic and state and local governmental restrictions on business and consumer activities. Due to the critical nature of automotive repair, our fixed operations were deemed “essential” by governmental agencies and have largely been able to continue to conduct business so far, while adjusting operations to comply with state and local standards for safety and social distancing to promote the health and safety of our teammates and guests. As of March 31, 2021, most of such restrictions had been relaxed; however, our stores remain subject to both external and self-imposed health and safety policies and practices that may affect the way we sell vehicles and interact with our guests in the future. The ongoing effects of the COVID-19 pandemic continue to evolve. While we currently expect to see continued economic recovery in the remainder of the fiscal year ending December 31, 2021, the ongoing pandemic may cause changes in consumer behaviors, including a potential reduction in consumer spending for vehicles and automotive repairs, especially if the pandemic worsens or the regulatory environment changes in response to the pandemic. This may lead to increased asset recovery and valuation risks, such as impairment of additional indefinite lived intangible assets. In addition, uncertainties in the global economy may negatively impact our suppliers and other business partners, which may interrupt our vehicle and parts inventory supply chain and require other changes to our operations. These and other factors may adversely impact our revenues, operating income and earnings per share financial measures. Recent Accounting Pronouncements – In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Accounting Standards Codification (“ASC”) Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance for a limited period of time to ease potential accounting impact associated with transitioning away from reference rates that are expected to be discontinued, such as the London InterBank Offered Rate (“LIBOR”). The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: March 31, 2021 December 31, 2020 (In thousands) New vehicles $ 602,724 $ 648,448 Used vehicles 442,744 413,209 Service loaners 129,184 128,531 Parts, accessories and other 57,601 57,066 Net inventories $ 1,232,253 $ 1,247,254

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Components of Property and Equipment, Net	Property and equipment, net consists of the following: March 31, 2021 December 31, 2020 (In thousands) Land $ 377,978 $ 375,297 Building and improvements 1,046,004 1,028,016 Furniture, fixtures and equipment 391,968 365,222 Construction in progress 55,799 34,767 Total, at cost 1,871,749 1,803,302 Less accumulated depreciation (695,130) (673,082) Subtotal 1,176,619 1,130,220 Less assets held for sale (1) (9,694) (9,694) Property and equipment, net $ 1,166,925 $ 1,120,526 (1) Classified in other current assets in the accompanying unaudited condensed consolidated balance sheets.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Long-Term Debt	Long-term debt consists of the following: March 31, 2021 December 31, 2020 (In thousands) 2016 Revolving Credit Facility (1) $ — $ — 6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) 250,000 250,000 2019 Mortgage Facility (2) 98,179 100,906 Mortgage notes to finance companies - fixed rate, bearing interest from 2.41% to 7.03% 208,461 212,135 Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR 162,322 164,889 Subtotal $ 718,962 $ 727,930 Debt issuance costs (7,065) (7,863) Total debt 711,897 720,067 Less current maturities (74,520) (68,244) Long-term debt $ 637,377 $ 651,823 (1) The interest rate on the 2016 Revolving Credit Facility (as defined below) was 150 basis points above LIBOR at both March 31, 2021 and December 31, 2020. (2) The interest rate on the 2019 Mortgage Facility (as defined below) was 150 basis points above LIBOR at both March 31, 2021 and December 31, 2020.
Financial Covenants Include Required Specified Ratios	Covenants We have agreed under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility not to pledge any assets to any third parties (other than those explicitly allowed to be pledged by the amended terms of the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility), including other lenders, subject to certain stated exceptions, including floor plan financing arrangements. In addition, the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility contain certain negative covenants, including certain covenants which could restrict or prohibit indebtedness, liens, the payment of dividends and other restricted payments, capital expenditures and material dispositions and acquisitions of assets, as well as other customary covenants and default provisions. We were in compliance with the financial covenants under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility as of March 31, 2021. Financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility) of: Covenant Minimum Consolidated Liquidity Ratio Minimum Consolidated Fixed Charge Coverage Ratio Maximum Consolidated Total Lease Adjusted Leverage Ratio Required ratio 1.05 1.20 5.75 March 31, 2021 actual 1.15 2.32 2.47 The 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility contain events of default, including cross defaults to other material indebtedness, change of control events and other events of default customary for syndicated commercial credit facilities. Upon the future occurrence of an event of default, we could be required to immediately repay all outstanding amounts under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility. After giving effect to the applicable restrictions on the payment of dividends under our debt agreements, as of March 31, 2021, we had approximately $290.0 million of net income and retained earnings free of such restrictions. We were in compliance with all restrictive covenants under our debt agreements as of March 31, 2021. In addition, many of our facility leases are governed by a guarantee agreement between the landlord and us that contains financial and operating covenants. The financial covenants under the guarantee agreement are identical to those under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility with the exception of one additional financial

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Recorded at Fair Value	Assets and liabilities recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 were as follows: Fair Value Based on Significant Other Observable Inputs (Level 2) March 31, 2021 December 31, 2020 (In thousands) Assets: Cash surrender value of life insurance policies (1) $ 35,940 $ 35,739 Total assets $ 35,940 $ 35,739 Liabilities: Deferred compensation plan (2) $ 21,644 $ 20,685 Total liabilities $ 21,644 $ 20,685 (1) Included in other assets in the accompanying unaudited condensed consolidated balance sheets. (2) Included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets.
Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt	As of March 31, 2021 and December 31, 2020, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows: March 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value (In thousands) 6.125% Notes (1) $ 258,125 $ 250,000 $ 263,438 $ 250,000 (1) As determined by market quotations from similar securities as of March 31, 2021 and December 31, 2020, respectively (Level 2).

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) related to our cash flow hedges and defined benefit pension plan for the three months ended March 31, 2021 are presently immaterial, both individually and in the aggregate. For further discussion of Sonic’s accumulated other comprehensive income (loss), see Note 13, “Accumulated Other Comprehensive Income (Loss),” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020. For further discussion of Sonic’s defined benefit pension plan, see Note 10, “Employee Benefit Plans,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2020.

Leases, Codification Topic 842

Leases, Codification Topic 842 (Tables) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lease, Cost [Abstract]
Finance Lease, Principal Payments	$ 930	$ 337
Leases [Abstract]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	65,216		$ 60,121
Operating Lease, Liability, Current	40,685		42,339
Finance Lease, Liability, Current	4,059		3,515
Operating Lease, Liability, Noncurrent	288,589		296,564
Finance Lease, Liability, Noncurrent	$ 67,388		$ 62,290

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cumulative Effect of Adjustments for Adoption of ASC 606 (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenues:
Revenues	$ 2,786,798,000	$ 2,308,056,000
Cost of Sales:
Cost of Sales	(2,385,905,000)	(1,957,478,000)
Operating income (loss)	87,850,000	(221,875,000)
Assets:
Receivables, net	373,518,000		$ 371,666,000
Liabilities:
Other accrued liabilities	295,331,000		279,477,000
Deferred income taxes	771,000		345,000
Stockholders' Equity:
Retained Earnings (Accumulated Deficit)	771,864,000		721,770,000
Parts, service and collision repair
Revenues:
Revenues	320,914,000	334,680,000
Cost of Sales:
Cost of Sales	(165,864,000)	(176,782,000)
Finance, insurance and other, net
Revenues:
Revenues	144,661,000	$ 115,292,000
ASU 2014-09 | Finance, insurance and other, net
Assets:
Contract assets	$ 14,500,000		$ 21,700,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 65,216	$ 60,121
Intangible assets	64,300	64,300
Right-of-use asset	$ 320,914	$ 330,322

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Activity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 65,216	$ 60,121
Operating Lease, Right-of-Use Asset	$ 320,914	$ 330,322

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Percentage of dealership that is accounted for under the equity method	50.00%
Effective tax rate from continuing operations	26.00%	18.20%
Tax expense for uncertain tax positions		$ 100
Discrete benefit related to vested or exercised stock compensation	$ 1,500	500
Income benefit	(18,864)	44,117
Impairment charges	$ 0	268,000
Goodwill, Impairment Loss		268,000
Income Tax Benefit Goodwill Impairment		$ 51,300
Dealership
Schedule of Equity Method Investments [Line Items]
Percentage of dealership that is accounted for under the equity method	50.00%
ASU 2014-09 | Finance, insurance and other, net
Schedule of Equity Method Investments [Line Items]
Contract assets	$ 14,500		$ 21,700

Business Acquisitions and Dis_2

Business Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Business	Mar. 31, 2020USD ($)Business
Business Combinations [Abstract]
Number of acquired franchises	1	0
Business Acquisition [Line Items]
Number of franchises disposed		0
Number of franchises terminated	0
Proceeds from sales of dealerships | $	$ 0	$ 0
Stand-alone pre-owned vehicle business
Business Acquisition [Line Items]
Business acquisition, consideration amount | $		$ (8,800)

Business Acquisitions and Dis_3

Business Acquisitions and Dispositions - Revenues and Other Activities Associated with Disposed Dealerships Classified as Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	$ 720	$ (285)

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
New vehicles	$ 602,724	$ 648,448
Used vehicles	442,744	413,209
Service loaners	129,184	128,531
Parts, accessories and other	57,601	57,066
Net inventories	$ 1,232,253	$ 1,247,254

Property and Equipment - Compon

Property and Equipment - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (695,130)	$ (673,082)
Subtotal	1,176,619	1,130,220
Less assets held for sale	(9,694)	(9,694)
Property and equipment, net	1,166,925	1,120,526
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	377,978	375,297
Building and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,046,004	1,028,016
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	391,968	365,222
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	55,799	34,767
Property, Plant and Equipment, Net, Excluding Capital Leased Assets
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,871,749	$ 1,803,302

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Capital expenditures	$ 67,700	$ 19,800
Impairment charges	$ 0	268,000
Impairment of Long-Lived Assets to be Disposed of		$ 0

Goodwill and Intangible Assets

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 219,195		$ 213,977
Net of accumulated impairment losses	1,100,000		1,100,000
Income Tax Benefit Goodwill Impairment		$ 51,300
Goodwill - Franchise Segment	147,200		147,300
Goodwill - Preowned Segment	72,000		66,700
Finite-Lived Intangible Assets [Line Items]
Goodwill	219,195		213,977
Impairment charges	0	$ 268,000
Goodwill [Line Items]
Goodwill - Preowned Segment	72,000		66,700
Net of accumulated impairment losses	1,100,000		$ 1,100,000
Franchise assets
Finite-Lived Intangible Assets [Line Items]
Franchise assets	$ 64,300

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 10, 2017
Debt Instrument [Line Items]
Subtotal	$ 718,962	$ 727,930
Debt issuance costs	(7,065)	(7,863)
Total debt	711,897	720,067
Less current maturities	(74,520)	(68,244)
Long-term debt	637,377	651,823
Mortgage notes
Debt Instrument [Line Items]
Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03%	208,461	212,135
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR	162,322	164,889
Subtotal	$ 370,800
Mortgage notes | Minimum
Debt Instrument [Line Items]
Mortgage notes to finance companies-fixed rate, percentage	3.51%
Mortgage notes to finance companies-variable rate, percentage	1.50%
Mortgage notes | Maximum
Debt Instrument [Line Items]
Mortgage notes to finance companies-fixed rate, percentage	7.03%
Mortgage notes to finance companies-variable rate, percentage	2.90%
TwoThousandSixteenRevolvingCreditFacilityMember
Debt Instrument [Line Items]
2016 Revolving Credit Facility	$ 0	$ 0
Interest rate	2.50%	2.25%
5.0% Senior Subordinate Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.00%
6.125% Senior Subordinate Notes due 2027
Debt Instrument [Line Items]
Senior Subordinated Notes	$ 250,000	$ 250,000
Total debt	$ 250,000	250,000
Stated interest rate	6.125%		6.125%
2019 Mortgage Facility [Member]
Debt Instrument [Line Items]
Senior Subordinated Notes	$ 98,179	$ 100,906

Long-Term Debt - 2016 Credit Fa

Long-Term Debt - 2016 Credit Facilities (Details) - USD ($)	Nov. 30, 2016	Mar. 31, 2021	Dec. 31, 2020
TwoThousandSixteenRevolvingCreditFacilityMember
Line of Credit Facility [Line Items]
2016 Revolving Credit Facility		$ 0	$ 0
Revolving Credit Facility | TwoThousandSixteenRevolvingCreditFacilityMember
Line of Credit Facility [Line Items]
Line of Credit Facility, Increase (Decrease), Net	$ 25,000,000
Current borrowing capacity		245,500,000
Maximum borrowing capacity		295,500,000
Borrowing base		231,100,000
2016 Revolving Credit Facility		0
Letters of credit outstanding amount		12,300,000
Borrowing availability amount		218,800,000
Revolving Credit Facility | 2016 New Vehicle Floor Plan Facility and 2016 Used Vehicle Floor Plan Facility
Line of Credit Facility [Line Items]
Current borrowing capacity		966,000,000
Maximum borrowing capacity		$ 1,216,000,000
Maximum aggregate commitments allocated to commitments under the 2016 Used Vehicle Floor Plan Facility		40.00%
Revolving Credit Facility | Two Thousand Sixteen Vehicle Floor Plan Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Increase (Decrease), Net	$ 215,000,000

Long-Term Debt - Notes Narrativ

Long-Term Debt - Notes Narrative (Details) - USD ($)	Mar. 10, 2017	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt outstanding		$ 718,962,000	$ 727,930,000
Maximum Borrowing 2019 Mortgage Facility		112,200,000
Maximum Borrowing 2020 Line of Credit Facility		54,100,000
Remaining Availability 2020 LOC		54,100,000
Outstanding Balance 2020 LOC		$ 0
Mortgage notes
Debt Instrument [Line Items]
Debt weighted average interest rate on note		3.50%
Debt outstanding		$ 370,800,000
5.0% Notes
Debt Instrument [Line Items]
Stated interest rate		5.00%
6.125% Notes
Debt Instrument [Line Items]
Stated interest rate	6.125%	6.125%
Principal amount	$ 250,000,000
Notes issued, percent of principal	100.00%
2019 Mortgage Facility [Member]
Debt Instrument [Line Items]
Maximum dividend (usd per share)		$ 0.10
Debt Instrument, Unused Borrowing Capacity, Amount		$ 14,000,000
Percent of Collateralized Real Estate		75.00%
Minimum | 2019 Mortgage Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Debt Instrument, Basis Spread LIBOR		1.50%
Maximum | 2019 Mortgage Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Debt Instrument, Basis Spread LIBOR		2.75%

Long-Term Debt - Covenants (Det

Long-Term Debt - Covenants (Details) $ in Millions	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Minimum Consolidated Liquidity Ratio	115.00%
Minimum Consolidated Fixed Charge Coverage Ratio	232.00%
Maximum Consolidated Total Lease Adjusted Leverage Ratio	247.00%
2016 Credit Facilities
Line of Credit Facility [Line Items]
Net income and retained earnings free of restrictions	$ 290
Minimum EBTDAR to rent ratio	801.00%
Required ratio
Line of Credit Facility [Line Items]
Minimum Consolidated Liquidity Ratio	105.00%
Minimum Consolidated Fixed Charge Coverage Ratio	120.00%
Maximum Consolidated Total Lease Adjusted Leverage Ratio	575.00%
Required ratio | 2016 Credit Facilities
Line of Credit Facility [Line Items]
Minimum EBTDAR to rent ratio	150.00%

Long-Term Debt - 2019 Mortgage

Long-Term Debt - 2019 Mortgage Facility (Details)	Mar. 31, 2021$ / shares
2019 Mortgage Facility [Member]
Debt Instrument [Line Items]
Maximum dividend (usd per share)	$ 0.10

Per Share Data and Stockholde_2

Per Share Data and Stockholders' Equity - Dilutive Effect on Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Shares
Weighted average common shares outstanding	41,541	42,615
Diluted earnings (loss) (shares)	43,542	42,615
From Continuing Operations
Earnings (loss)	$ 53,689	$ (199,131)
Basic earnings (loss) per share (usd per share)	$ 1.29	$ (4.67)
From Discontinued Operations
Earnings (loss)	$ 533	$ (202)
Basic earnings (loss) per share (usd per share)	$ 0.02	$ (0.01)
Net Income (Loss)
Earnings (loss)	$ 54,222	$ (199,333)
Basic earnings (loss) per share (usd per share)	$ 1.31	$ (4.68)
Effect of dilutive securities:
Earnings (loss) per share from continuing operations (usd per share)	1.23	(4.67)
Earnings (loss) per share from discontinued operations (usd per share)	0.02	(0.01)
Earnings (loss) per common share (usd per share)	$ 1.25	$ (4.68)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Maximum exposure associated with general indemnifications	$ 25	$ 25
General indemnifications minimum expiration period	1 year
General indemnifications maximum expiration period	3 years
Percentage of dealership that is accounted for under the equity method	50.00%
Contingent liability reserve balance after reduction	$ 4.3	$ 4.3

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Tangible Asset Impairment Charges	$ 0
Fair Value Based on Significant Other Observable Inputs (Level 2)
Assets:
Cash surrender value of life insurance policies	35,940	$ 35,739
Total assets	35,940	35,739
Liabilities:
Deferred compensation plan	21,644	20,685
Total liabilities	$ 21,644	20,685
Fair Value Based on Significant Other Observable Inputs (Level 2) | Other accrued liabilities
Liabilities:
Cash flow swaps and interest rate caps designated as hedges		0
Fair Value Based on Significant Other Observable Inputs (Level 2) | Other long-term liabilities
Liabilities:
Cash flow swaps and interest rate caps designated as hedges		$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 10, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 711,897	$ 720,067
5.0% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.00%
6.125% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 258,125	263,438
Carrying Value	$ 250,000	$ 250,000
Stated interest rate	6.125%		6.125%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 814,805	$ 944,764
Other comprehensive income (loss)	243	(272)
Ending balance	826,459	721,987
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,616)	(2,062)
Other comprehensive income (loss)	243	(272)
Ending balance	$ (3,373)	$ (2,334)

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment	2
Impairment charges | $	$ 0	$ 268,000

Segment Information - Summary o

Segment Information - Summary of Reportable Operating Segment (Details)	3 Months Ended
	Mar. 31, 2021USD ($)retail_Units	Mar. 31, 2020USD ($)retail_Units	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revenues:
Total consolidated revenues	$ 2,786,798,000	$ 2,308,056,000
Segment income (loss):
Segment income (loss)	87,850,000	(221,875,000)
Interest expense, other, net	(10,285,000)	(10,965,000)
Other income (expense), net	101,000	100,000
Income (loss) from continuing operations before taxes	72,553,000	(243,248,000)
Impairment charges	$ 0	(268,000,000)
Impairment of Long-Lived Assets to be Disposed of		$ 0
Retail Units | retail_Units	71,264	61,748
Depreciation, Depletion and Amortization	$ 23,687,000	$ 22,297,000
FloorPlanInterestExpense	5,113,000	10,508,000
Interest Expense, Other	10,285,000	10,965,000
Payments to Acquire Property, Plant, and Equipment	67,663,000	19,805,000
Cash and cash equivalents	77,233,000	181,780,000	$ 170,313,000	$ 29,103,000
Other Assets	5,000	0
Assets	3,692,227,000		3,745,993,000
Franchised Dealerships Segment
Revenues:
Total consolidated revenues	2,279,657,000	1,976,347,000
Segment income (loss):
Interest expense, other, net	$ (9,958,000)	(10,599,000)
Impairment charges		$ (268,000,000)
Retail Units | retail_Units	51,594	47,762
Depreciation, Depletion and Amortization	$ 20,376,000	$ 19,589,000
FloorPlanInterestExpense	4,117,000	9,608,000
Interest Expense, Other	9,958,000	10,599,000
Payments to Acquire Property, Plant, and Equipment	46,171,000	17,249,000
Assets	3,054,643,000		3,096,811,000
EchoPark Segment
Revenues:
Total consolidated revenues	507,141,000	331,709,000
Segment income (loss):
Interest expense, other, net	(327,000)	(366,000)
Impairment charges	$ 0	$ 0
Retail Units | retail_Units	19,670	13,986
Depreciation, Depletion and Amortization	$ 3,311,000	$ 2,708,000
FloorPlanInterestExpense	996,000	900,000
Interest Expense, Other	327,000	366,000
Payments to Acquire Property, Plant, and Equipment	21,492,000	2,556,000
Assets	560,346,000		$ 478,869,000
Franchise
Segment income (loss):
Impairment charges		(268,000,000)
Operating segments
Segment income (loss):
Segment income (loss)	72,553,000	24,752,000
Operating segments | Franchised Dealerships Segment
Segment income (loss):
Segment income (loss)	70,543,000	22,656,000
Operating segments | EchoPark Segment
Segment income (loss):
Segment income (loss)	2,010,000	2,096,000
Reconciling items
Segment income (loss):
Other income (expense), net	72,553,000	(243,248,000)
Impairment charges	0	268,000,000
New vehicles
Revenues:
Total consolidated revenues	1,156,317,000	959,489,000
New vehicles | Franchised Dealerships Segment
Revenues:
Total consolidated revenues	1,156,317,000	959,489,000
Used vehicles
Revenues:
Total consolidated revenues	1,090,097,000	850,052,000
Used vehicles | Franchised Dealerships Segment
Revenues:
Total consolidated revenues	661,534,000	566,888,000
Used vehicles | EchoPark Segment
Revenues:
Total consolidated revenues	428,563,000	283,164,000
Wholesale vehicles
Revenues:
Total consolidated revenues	74,809,000	48,543,000
Wholesale vehicles | Franchised Dealerships Segment
Revenues:
Total consolidated revenues	56,204,000	42,440,000
Wholesale vehicles | EchoPark Segment
Revenues:
Total consolidated revenues	18,605,000	6,103,000
Parts, service and collision repair
Revenues:
Total consolidated revenues	320,914,000	334,680,000
Parts, service and collision repair | Franchised Dealerships Segment
Revenues:
Total consolidated revenues	308,077,000	324,501,000
Parts, service and collision repair | EchoPark Segment
Revenues:
Total consolidated revenues	12,837,000	10,179,000
Finance, insurance and other, net
Revenues:
Total consolidated revenues	144,661,000	115,292,000
Finance, insurance and other, net | Franchised Dealerships Segment
Revenues:
Total consolidated revenues	97,525,000	83,029,000
Finance, insurance and other, net | EchoPark Segment
Revenues:
Total consolidated revenues	$ 47,136,000	$ 32,263,000

Leases, Codification Topic 84_2

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 65,216	$ 60,121
Right-of-use asset	$ 320,914	$ 330,322

Business Combinations (Details)

Business Combinations (Details)	3 Months Ended
	Mar. 31, 2021Business
Business Combinations [Abstract]
Number of franchises terminated	0

Business Combinations (Detail_2

Business Combinations (Details)	3 Months Ended
	Mar. 31, 2021Business
Business Combinations [Abstract]
Number of franchises terminated	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Apr. 14, 2021
Subsequent Events [Abstract]
Initial Borrowing Revolving Facility 2021		$ 250,000,000
Initial Borrowing Floor Plan Facility 2021		$ 1,600,000,000
Dividends	$ 0.12
Stock Repurchase Program, Authorized Amount	$ 250,000,000