Asbury Automotive (ABG) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-31262
Entity Registrant Name	ASBURY AUTOMOTIVE GROUP INC
Entity Central Index Key	0001144980
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0609375
Entity Address, Address Line One	2905 Premiere Parkway NW
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	418-8200
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ABG
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		19,348,289

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 9.6	$ 8.3
Contracts-in-transit	153.9	198.3
Accounts receivable, net	117.3	130.3
Total inventories	1,100.8	1,067.6
Assets held for sale	19.5	26.3
Other current assets	128.4	122.2
Total current assets	1,529.5	1,553
PROPERTY AND EQUIPMENT, net	918.9	886.1
OPERATING LEASE RIGHT-OF-USE ASSETS	78.9	0
GOODWILL	213.2	181.2
INTANGIBLE FRANCHISE RIGHTS	65.8	65.8
OTHER LONG-TERM ASSETS	7.7	9.3
Total assets	2,814	2,695.4
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	123.8	114
Floor plan notes payable—non-trade, net	794.9	852.1
Current maturities of long-term debt	38.4	38.8
Current maturities of operating leases	20.5	0
Accounts payable and accrued liabilities	295	298.4
Total current liabilities	1,272.6	1,303.3
LONG-TERM DEBT	871.2	866.5
OPERATING LEASE LIABILITIES	62.6	0
DEFERRED INCOME TAXES	20.7	21.7
OTHER LONG-TERM LIABILITIES	30.6	30.7
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $.01 par value; 90,000,000 shares authorized; 41,140,077 and 41,065,069 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	577.8	572.9
Retained earnings	1,009.3	922.7
Treasury stock, at cost; 21,789,579 and 21,719,339 shares, respectively	(1,028.4)	(1,023.4)
Accumulated other comprehensive (loss) income	(2.8)	0.6
Total shareholders' equity	556.3	473.2
Total liabilities and shareholders' equity	$ 2,814	$ 2,695.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	41,139,395	41,065,069
Treasury stock, shares (in shares)	21,791,106	21,719,339

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUE:
New vehicle	$ 965.2	$ 928.7	$ 1,837	$ 1,785.8
Used vehicle	533.6	516.9	1,043.5	1,001.5
Parts and service	224.5	204.5	442.1	403.8
Finance and insurance, net	80.2	73.5	151.7	141.7
TOTAL REVENUE	1,803.5	1,723.6	3,474.3	3,332.8
COST OF SALES:
New vehicle	926.9	888.1	1,760.8	1,706.6
Used vehicle	497.7	482.8	973.1	933.9
Parts and service	83.9	74.9	166.2	149.1
TOTAL COST OF SALES	1,508.5	1,445.8	2,900.1	2,789.6
GROSS PROFIT	295	277.8	574.2	543.2
OPERATING EXPENSES:
Selling, general, and administrative	200.7	190.6	391.7	374.8
Depreciation and amortization	9	8.5	17.6	16.7
Other operating expense (income), net	(0.6)	(0.9)	1.2	(1.1)
INCOME FROM OPERATIONS	85.9	79.6	163.7	152.8
OTHER EXPENSES (INCOME):
Floor plan interest expense	10.5	8	20.7	14.6
Other interest expense, net	13.6	13.2	27.5	26.2
Swap interest expense	0	0.2	0	0.4
Gain on divestiture	(11.7)	0	(11.7)	0
Total other expenses, net	12.4	21.4	36.5	41.2
INCOME BEFORE INCOME TAXES	73.5	58.2	127.2	111.6
Income tax expense	18.6	15	31.4	28.3
NET INCOME	$ 54.9	$ 43.2	$ 95.8	$ 83.3
Basic—
Net income (in dollars per share)	$ 2.87	$ 2.13	$ 4.99	$ 4.08
Diluted—
Net income (in dollars per share)	$ 2.84	$ 2.11	$ 4.96	$ 4.02
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	19.1	20.3	19.2	20.4
Restricted stock (in shares)	0.1	0.1	0	0.1
Performance share units (in shares)	0.1	0.1	0.1	0.2
Diluted (in shares)	19.3	20.5	19.3	20.7

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 54.9	$ 43.2	$ 95.8	$ 83.3
Other comprehensive income:
Change in fair value of cash flow swaps	(2.5)	1.2	(4.3)	4
Income tax expense (benefit) associated with cash flow swaps	0.6	(0.4)	1.1	(1.1)
Comprehensive income	$ 53	$ 44	$ 92.6	$ 86.2

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Comprehensive Income (Loss):
Cumulative effect adjustment of ASU	$ 9.2			$ 9.2
Balance (in shares) at Dec. 31, 2017		40,969,987			20,156,962
Balance at Dec. 31, 2017	394.2	$ 0.4	$ 563.5	750.3	$ (919.1)	$ (0.9)
Comprehensive Income (Loss):
Net income	40.1			40.1
Change in fair value of cash flow swaps, net of reclassification adjustment and tax (expense) benefit	2.1					2.1
Comprehensive income	42.2			40.1		2.1
Share-based compensation	3.2		3.2
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(181,720)
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					65,412
Repurchase of common stock associated with net share settlements of employee share-based awards	(4.4)				$ (4.4)
Share repurchases (in shares)					296,822
Share repurchases	(20)				$ (20)
Balance (in shares) at Mar. 31, 2018		41,151,707			20,519,196
Balance at Mar. 31, 2018	424.4	$ 0.4	566.7	799.6	$ (943.5)	1.2
Balance (in shares) at Dec. 31, 2017		40,969,987			20,156,962
Balance at Dec. 31, 2017	394.2	$ 0.4	563.5	750.3	$ (919.1)	(0.9)
Comprehensive Income (Loss):
Net income	83.3
Comprehensive income	86.2
Balance (in shares) at Jun. 30, 2018		41,164,584			20,810,183
Balance at Jun. 30, 2018	450.5	$ 0.4	569.2	842.8	$ (963.9)	2
Balance (in shares) at Mar. 31, 2018		41,151,707			20,519,196
Balance at Mar. 31, 2018	424.4	$ 0.4	566.7	799.6	$ (943.5)	1.2
Comprehensive Income (Loss):
Net income	43.2			43.2
Change in fair value of cash flow swaps, net of reclassification adjustment and tax (expense) benefit	0.8					0.8
Comprehensive income	44			43.2		0.8
Share-based compensation	2.5		2.5
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(12,877)
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					3,519
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.2)				$ (0.2)
Share repurchases (in shares)					287,468
Share repurchases	(20.2)				$ (20.2)
Balance (in shares) at Jun. 30, 2018		41,164,584			20,810,183
Balance at Jun. 30, 2018	450.5	$ 0.4	569.2	842.8	$ (963.9)	2
Comprehensive Income (Loss):
Cumulative effect adjustment of ASU	0			0.2		(0.2)
Balance (in shares) at Dec. 31, 2018		41,065,069			21,719,339
Balance at Dec. 31, 2018	473.2	$ 0.4	572.9	922.7	$ (1,023.4)	0.6
Comprehensive Income (Loss):
Net income	40.9			40.9
Change in fair value of cash flow swaps, net of reclassification adjustment and tax (expense) benefit	(1.3)					(1.3)
Comprehensive income	39.6			40.9		(1.3)
Share-based compensation	3.9		3.9
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(238,078)
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					66,912
Repurchase of common stock associated with net share settlements of employee share-based awards	(4.7)				$ (4.7)
Share repurchases (in shares)					108,978
Share repurchases	(7.4)				$ (7.4)
Retirement of previously repurchased common stock (in shares)		(108,978)			(108,978)
Retirement of previously repurchased common stock	0		(1.3)	(6.1)	$ 7.4
Balance (in shares) at Mar. 31, 2019		41,194,169			21,786,251
Balance at Mar. 31, 2019	504.6	$ 0.4	575.5	957.7	$ (1,028.1)	(0.9)
Balance (in shares) at Dec. 31, 2018		41,065,069			21,719,339
Balance at Dec. 31, 2018	473.2	$ 0.4	572.9	922.7	$ (1,023.4)	0.6
Comprehensive Income (Loss):
Net income	95.8
Comprehensive income	92.6
Balance (in shares) at Jun. 30, 2019		41,140,077			21,789,579
Balance at Jun. 30, 2019	556.3	$ 0.4	577.8	1,009.3	$ (1,028.4)	(2.8)
Balance (in shares) at Mar. 31, 2019		41,194,169			21,786,251
Balance at Mar. 31, 2019	504.6	$ 0.4	575.5	957.7	$ (1,028.1)	(0.9)
Comprehensive Income (Loss):
Net income	54.9			54.9
Change in fair value of cash flow swaps, net of reclassification adjustment and tax (expense) benefit	(1.9)					(1.9)
Comprehensive income	53			54.9		(1.9)
Share-based compensation	2.9		2.9
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(3,656)
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					3,328
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.3)				$ (0.3)
Share repurchases (in shares)					50,436
Share repurchases	(3.9)				$ (3.9)
Retirement of previously repurchased common stock (in shares)		(50,436)			(50,436)
Retirement of previously repurchased common stock	0		(0.6)	(3.3)	$ 3.9
Balance (in shares) at Jun. 30, 2019		41,140,077			21,789,579
Balance at Jun. 30, 2019	$ 556.3	$ 0.4	$ 577.8	$ 1,009.3	$ (1,028.4)	$ (2.8)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax	$ (0.6)	$ (0.5)	$ 0.4	$ 0.7

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 95.8	$ 83.3
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	17.6	16.7
Share-based compensation	6.8	5.7
Loaner vehicle amortization	11.8	11.2
Gain on divestiture	(11.7)	0
Change in right-of-use asset	9.3	0
Other adjustments, net	2.9	1.6
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	44.4	48.1
Accounts receivable	12.9	16.8
Inventories	82.4	(25.8)
Other current assets	(90.5)	(96.8)
Floor plan notes payable—trade, net	(4.7)	0.8
Accounts payable and other current liabilities	(8.2)	(32.8)
Operating lease liabilities	(9.5)	0
Other long-term assets and liabilities, net	1.2	0.3
Net cash provided by operating activities	160.5	29.1
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(15.5)	(12.2)
Capital expenditures—real estate	0	(17.6)
Purchases of previously leased real estate	4.9	0
Acquisitions	(118.5)	(91.3)
Divestiture	39.1	0
Proceeds from the sale of assets	7.5	2
Net cash used in investing activities	(92.3)	(119.1)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	2,044.9	2,240.5
Floor plan borrowings—acquisitions	47.7	22.7
Floor plan repayments—non-trade	(2,121.2)	(2,123.5)
Floor plan repayments—divestiture	(14.1)	0
Repayments of borrowings	(7.9)	(7.1)
Repurchases of common stock, including shares associated with net share settlement of employee share-based awards	(16.3)	(44.8)
Net cash (used in) provided by financing activities	(66.9)	87.8
Net increase (decrease) in cash and cash equivalents	1.3	(2.2)
CASH AND CASH EQUIVALENTS, beginning of period	8.3	4.7
CASH AND CASH EQUIVALENTS, end of period	$ 9.6	$ 2.5

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES We are one of the largest automotive retailers in the United States. As of June 30, 2019 , we owned and operated 105 new vehicle franchises ( 86 dealership locations) representing 30 brands of automobiles and 24 collision repair centers in 17 metropolitan markets within nine states. Our stores offer an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes repair and maintenance services, replacement parts and collision repair services; and finance and insurance products. As of June 30, 2019 , our new vehicle revenue brand mix consisted of 45% imports, 33% luxury, and 22% domestic brands. Our retail network is made up of dealerships operating primarily under the following locally-branded dealership groups: • Coggin dealerships operating primarily in Jacksonville, Fort Pierce and Orlando, Florida; • Courtesy dealerships operating in Tampa, Florida; • Crown dealerships operating in North Carolina, South Carolina and Virginia; • Gray-Daniels dealerships operating in the Jackson, Mississippi area; • Hare and Estes dealerships operating in the Indianapolis, Indiana area; • McDavid dealerships operating in metropolitan Austin, Dallas and Houston, Texas; • Nalley dealerships operating in metropolitan Atlanta, Georgia; and • Plaza dealerships operating in metropolitan St. Louis, Missouri. Our operating results are generally subject to changes in the economic environment as well as seasonal variations. Historically, we have generated more revenue and operating income in the second, third, and fourth quarters than in the first quarter of the calendar year. Generally, the seasonal variations in our operations are caused by factors related to weather conditions, changes in manufacturer incentive programs, model changeovers, and consumer buying patterns, among other things. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair presentation of the Condensed Consolidated Financial Statements as of June 30, 2019 , and for the three and six months ended June 30, 2019 and 2018 , have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations. Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Revenue Recognition Refer to Note 2 "Revenue Recognition" within the accompanying Condensed Consolidated Financial Statements. Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales on the accompanying Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale include assets and liabilities associated with pending dealership disposals, real estate not currently used in our operations that we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties. Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade") are classified as financing activities on the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity on the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as financing activities in the accompanying Condensed Consolidated Statement of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other Current Assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2016 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six to twelve months ) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other Current Assets and the borrowings and repayments of loaner vehicle notes payable in Accounts Payable and Accrued Liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from Other Current Assets to used vehicle inventory. These transfers are reflected as non-cash transfers between Other Current Assets and Inventories in the accompanying Condensed Consolidated Statements of Cash Flows. Recent Accounting Pronouncements Effective January 1, 2019, the Company adopted the new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“ASC 842”). Refer to Note 9 "Leases" within the accompanying Condensed Consolidated Financial Statements for additional information. On January 1, 2019, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02")." ASU 2018-02 allows entities to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. During the first quarter of 2019, the Company elected to reclassify $0.2 million related to the change in deferred taxes associated with our cash flow hedges from accumulated other comprehensive income to retained earnings. This reclassification was recognized as a cumulative effect adjustment in the Condensed Consolidated Statements of Shareholders' Equity during the first quarter of 2019. On January 1, 2019, the Company adopted ASU No. 2017-12, "Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). This update is intended to simplify hedge accounting by better aligning how an entity’s risk management activities and hedging relationships are presented in its financial statements and simplifies the application of hedge accounting guidance in certain situations. This update expands and refines hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow hedges existing at the adoption date, this update requires adoption on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the effective date and the amendments to presentation guidance and disclosure requirements are required to be adopted prospectively. The adoption of this update did not have a material impact on our Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses versus the current incurred loss model. The provisions of ASU 2016-13 are effective for fiscal years beginning after December 15, 2019. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt ASU 2016-13 in 2020 and are currently evaluating the expected impact from adopting this update on our Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, 2019 2018 (In millions) Revenue: New vehicle $ 965.2 $ 928.7 Used vehicle retail 486.6 470.9 Used vehicle wholesale 47.0 46.0 New and used vehicle 1,498.8 1,445.6 Sale of vehicle parts and accessories 36.1 34.3 Vehicle repair and maintenance services 188.4 170.2 Parts and services 224.5 204.5 Finance and insurance, net 80.2 73.5 Total revenue 1,803.5 $ 1,723.6 For the Six Months Ended June 30, 2019 2018 (In millions) Revenue: New vehicle $ 1,837.0 $ 1,785.8 Used vehicle retail 944.8 906.7 Used vehicle wholesale 98.7 94.8 New and used vehicle 2,880.5 2,787.3 Sale of vehicle parts and accessories 73.0 68.1 Vehicle repair and maintenance services 369.1 335.7 Parts and services 442.1 403.8 Finance and insurance, net 151.7 141.7 Total revenue $ 3,474.3 $ 3,332.8 New vehicle and used vehicle retail Revenue from the sale of new and used vehicles (which excludes sales and other taxes) is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore are treated as a single performance obligation. Finance and Insurance, net We receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed auto protection (known as "GAP") insurance, and other insurance, to end-users. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitating the sale of a third party’s products or services to our customers. The Company’s commission arrangements with third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission charge backs ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract and these reserves are established in the same period that the related revenue is recognized. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Contract Assets Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer. Vehicle Repair and Maintenance Services Finance and Insurance, net Total (In millions) Contract Assets (Current), January 1, 2019 $ 4.1 $ 10.6 $ 14.7 Transferred to receivables from contract assets recognized at the beginning of the period (4.1 ) (3.3 ) (7.4 ) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.4 3.3 7.7 Contract Assets (Current), March 31, 2019 $ 4.4 $ 10.6 $ 15.0 Transferred to receivables from contract assets recognized at the beginning of the period (4.4 ) (3.2 ) (7.6 ) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.8 4.6 9.4 Contract Assets (Current), June 30, 2019 4.8 12.0 16.8

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2019
Business Combinations and Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Results of acquired dealerships are included in our accompanying Condensed Consolidated Statements of Income commencing on the date of acquisition. Our acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The fair value of our manufacturer franchise rights are determined as of the acquisition date, by discounting the projected cash flows specific to each franchise. Included in this analysis are market participant assumptions, at a dealership level, regarding the cash flows directly attributable to the franchise rights, revenue growth rates, future gross margins and future selling, general, and administrative expenses. Using an estimated weighted average cost of capital, estimated residual values at the end of the forecast period and estimated future capital expenditure requirements, the Company calculates the fair value of the franchise rights. During the six months ended June 30, 2019 , we acquired the assets of eight franchises ( four dealership locations) in the Indianapolis, Indiana market for a purchase price of $121.0 million . We funded these acquisitions with $70.8 million of cash, $47.7 million of floor plan borrowings for the purchase of the related new vehicle inventory, and purchase price holdbacks of $2.5 million for potential indemnity claims made by us with respect to the acquired franchises. Below is the preliminary allocation of purchase price for the acquisitions completed during the six months ended June 30, 2019 . We have not finalized our valuation for manufacturer franchise rights, which will be reclassified from goodwill once completed. The goodwill and manufacturer rights associated with our acquisitions will be deductible for federal and state income tax purposes ratably over a 15 year period. As of June 30, 2019 (In millions) Inventory $ 58.1 Real estate 29.8 Property and equipment 1.8 Goodwill 32.1 Liabilities assumed (0.8 ) Total purchase price $ 121.0 During the six months ended June 30, 2018 , we acquired the assets of one franchise ( one dealership location) in the Indianapolis, Indiana market and two franchises ( two dealership locations) in the Atlanta, Georgia market for a combined purchase price of $ 93.2 million . We funded these acquisitions with $68.6 million of cash, $22.7 million of floor plan borrowings for the purchase of the related new vehicle inventory, and purchase price holdbacks of $1.9 million for potential indemnity claims made by us with respect to the acquired franchise. During the six months ended June 30, 2019 , we sold one franchise ( one dealership location) and one collision center in the Houston, Texas market. The Company divested $30.1 million of assets, which primarily consisted of inventory and property and equipment, resulting in a pre-tax gain of $11.7 million , which is presented in our accompanying Condensed Consolidated Statements of Income as Gain on Divestiture. The divested businesses would not be considered significant subsidiaries as defined in Rule 1-02(w) of Regulation S-X.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) Vehicle receivables $ 45.3 $ 45.7 Manufacturer receivables 40.5 51.2 Other receivables 32.9 34.7 Total accounts receivable 118.7 131.6 Less—Allowance for doubtful accounts (1.4 ) (1.3 ) Accounts receivable, net $ 117.3 $ 130.3

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) New vehicles $ 895.1 $ 867.2 Used vehicles 162.2 158.9 Parts and accessories 43.5 41.5 Total inventories $ 1,100.8 $ 1,067.6 The lower of cost and net realizable value reserves reduced total inventories by $5.6 million and $6.1 million as of June 30, 2019 and December 31, 2018 , respectively. As of June 30, 2019 and December 31, 2018 , certain automobile manufacturer incentives reduced new vehicle inventory cost by $11.2 million and $10.1 million , respectively, and reduced new vehicle cost of sales for the six months ended June 30, 2019 and 2018 by $21.8 million and $19.7 million , respectively.

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS AND LIABILITIES HELD FOR SALE Assets classified as held for sale consists of real estate not currently used in our operations that we are actively marketing to sell totaling $19.5 million and $26.3 million as of June 30, 2019 and December 31, 2018 , respectively. There were no liabilities associated with these properties as of June 30, 2019 or December 31, 2018 . During the six months ended June 30, 2019 , we sold one vacant property with a net book value of $6.8 million

FLOOR PLAN NOTES PAYABLE

FLOOR PLAN NOTES PAYABLE	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) Floor plan notes payable—trade $ 137.0 $ 125.3 Floor plan notes payable offset account (13.2 ) (11.3 ) Floor plan notes payable—trade, net $ 123.8 $ 114.0 Floor plan notes payable—new non-trade $ 869.1 $ 843.0 Floor plan notes payable—used non-trade — 30.0 Floor plan notes payable offset account (74.2 ) (20.9 ) Floor plan notes payable—non-trade, net $ 794.9 $ 852.1 We have established a floor plan notes payable offset account with Ford Motor Credit Company that allows us to transfer cash to the account as an offset of our outstanding Floor Plan Notes Payable—Trade. Additionally, we have a similar floor plan offset account with Bank of America that allows us to offset our outstanding Floor Plan Notes Payable—Non-Trade. These accounts allow us to transfer cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the floor plan offset accounts into our operating cash accounts within one to two days. As of June 30, 2019 and December 31, 2018, we had $87.4 million and $32.2 million , respectively, in these floor plan offset accounts.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) 6.0% Senior Subordinated Notes due 2024 $ 600.0 $ 600.0 Mortgage notes payable bearing interest at fixed rates 128.9 132.2 2018 Bank of America Facility 25.0 25.7 2018 Wells Fargo Master Loan Facility 25.0 25.0 Prior real estate credit agreement 36.8 40.8 Restated master loan agreement 80.7 83.3 Finance lease liability 17.5 3.1 Total debt outstanding 913.9 910.1 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 5.6 6.0 Less—debt issuance costs (9.9 ) (10.8 ) Long-term debt, including current portion 909.6 905.3 Less—current portion, net of current portion of debt issuance costs (38.4 ) (38.8 ) Long-term debt $ 871.2 $ 866.5 We are a holding company with no independent assets or operations. For all relevant periods presented, our 6.0% Senior Subordinated Notes due 2024 (our "6.0% Notes") have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries. Any subsidiaries that have not guaranteed such notes are "minor" (as defined in Rule 3-10(h) of Regulation S-X). As of June 30, 2019 , there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. Effective May 1, 2019, the Company and certain of its subsidiaries entered into amendments (the “2019 Amendments”), which reduced the applicable interest rates for the 2018 Bank of America Facility and the Prior Real Estate Credit Agreement. The 2019 Amendments did not have a material impact on our Condensed Consolidated Financial Statements.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	LEASES Effective January 1, 2019, the Company adopted the new lease accounting guidance in ASC 842. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms in excess of 12 months. Leases will be classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. The Company elected the package of practical expedients permitted in ASC 842. Accordingly, the Company accounted for its existing operating leases as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842, (b) whether classification of the operating lease would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company opted for the transition relief method specified in Accounting Standards Update No. 2018-11, which allowed for the effective date of the new leases standard as the date of initial application on transition. As a result of this election the Company (a) did not adjust comparative period financial information for the effects of ASC 842; (b) made the new required lease disclosures for periods after the effective date; and (c) carried forward our ASC 840 disclosures for comparative periods. As a result of the adoption of ASC 842, the Company recorded a right-of-use asset of $86.9 million , which represents the lease liability reduced for deferred rent amounts of $4.4 million and a lease liability of $91.3 million which represents the present value of remaining lease payments, discounted using the Company’s incremental borrowing rates based on the remaining lease terms. We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). When available, the rate implicit is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of Leases Classification June 30, 2019 (In millions) Assets: Operating Operating lease right-of-use assets $ 78.9 Finance Property and equipment, net 14.6 Total right-of-use assets $ 93.5 Liabilities: Current Operating Current maturities of operating leases $ 20.5 Finance Current maturities of long-term debt 0.6 Non-Current Operating Operating lease liabilities 62.6 Finance Long-term debt 16.9 Total lease liabilities $ 100.6 Lease Term and Discount Rate As of June 30, 2019 Weighted Average Lease Term - Operating Leases 5.9 years Weighted Average Lease Term - Finance Lease 1.8 years Weighted Average Discount Rate - Operating Leases 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Finance lease cost Interest $ 0.2 $ 0.3 Operating lease cost 5.9 11.4 Short-term lease cost 0.7 1.7 Variable lease cost 0.2 0.4 $ 7.0 $ 13.8 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.2 $ 0.3 Operating cash flows from operating leases 6.0 11.6 Financing cash flows from finance lease 0.1 0.2 Right-of-use assets obtained in exchange for new finance lease liabilities — 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities 10.5 10.7 Changes to finance lease right-of-use asset resulting from lease reassessment event — (3.1 ) During the three months ended March 31, 2019 , we reassessed and remeasured an existing real estate lease, which was previously accounted for as an operating lease and finance lease for the land and building elements, respectively, due to the presence of a purchase price option which we concluded we are now reasonably certain to exercise. As reflected within the table above, we reduced a portion of the new finance lease right-of-use asset based on the existing finance lease liability at the time of remeasurement. Undiscounted Cash Flow The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of June 30, 2019 . Finance Operating (In millions) 2019 (remaining six months) $ 0.6 $ 11.9 2020 1.3 23.5 2021 16.7 20.4 2022 — 15.0 2023 — 7.0 Thereafter — 19.7 Total minimum lease payments 18.6 97.5 Less: amount of lease payments representing interest (1.1 ) (14.4 ) Present value of future minimum lease payments 17.5 83.1 Less: current obligations under leases (0.6 ) (20.5 ) Long-term lease obligation $ 16.9 $ 62.6 Future minimum payments under non-cancelable leases with initial terms in excess of one year at December 31, 2018, are as follows: Capital Operating (In millions) 2019 $ 0.4 $ 22.5 2020 0.4 22.2 2021 0.4 19.2 2022 0.4 14.0 2023 0.4 6.0 Thereafter 2.8 25.5 Total minimum lease payments 4.8 109.4 Less: Amounts representing interest (1.7 ) N/A Total minimum lease payments excluding interest $ 3.1 $ 109.4 Certain of our lease agreements include financial covenants and incorporate by reference the financial covenants set forth in the 2016 Senior Credit Facility. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (i) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (ii) eviction from the premises; and (iii) the landlord having a claim for various damages.
LEASES	LEASES Effective January 1, 2019, the Company adopted the new lease accounting guidance in ASC 842. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms in excess of 12 months. Leases will be classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. The Company elected the package of practical expedients permitted in ASC 842. Accordingly, the Company accounted for its existing operating leases as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842, (b) whether classification of the operating lease would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company opted for the transition relief method specified in Accounting Standards Update No. 2018-11, which allowed for the effective date of the new leases standard as the date of initial application on transition. As a result of this election the Company (a) did not adjust comparative period financial information for the effects of ASC 842; (b) made the new required lease disclosures for periods after the effective date; and (c) carried forward our ASC 840 disclosures for comparative periods. As a result of the adoption of ASC 842, the Company recorded a right-of-use asset of $86.9 million , which represents the lease liability reduced for deferred rent amounts of $4.4 million and a lease liability of $91.3 million which represents the present value of remaining lease payments, discounted using the Company’s incremental borrowing rates based on the remaining lease terms. We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). When available, the rate implicit is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of Leases Classification June 30, 2019 (In millions) Assets: Operating Operating lease right-of-use assets $ 78.9 Finance Property and equipment, net 14.6 Total right-of-use assets $ 93.5 Liabilities: Current Operating Current maturities of operating leases $ 20.5 Finance Current maturities of long-term debt 0.6 Non-Current Operating Operating lease liabilities 62.6 Finance Long-term debt 16.9 Total lease liabilities $ 100.6 Lease Term and Discount Rate As of June 30, 2019 Weighted Average Lease Term - Operating Leases 5.9 years Weighted Average Lease Term - Finance Lease 1.8 years Weighted Average Discount Rate - Operating Leases 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Finance lease cost Interest $ 0.2 $ 0.3 Operating lease cost 5.9 11.4 Short-term lease cost 0.7 1.7 Variable lease cost 0.2 0.4 $ 7.0 $ 13.8 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.2 $ 0.3 Operating cash flows from operating leases 6.0 11.6 Financing cash flows from finance lease 0.1 0.2 Right-of-use assets obtained in exchange for new finance lease liabilities — 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities 10.5 10.7 Changes to finance lease right-of-use asset resulting from lease reassessment event — (3.1 ) During the three months ended March 31, 2019 , we reassessed and remeasured an existing real estate lease, which was previously accounted for as an operating lease and finance lease for the land and building elements, respectively, due to the presence of a purchase price option which we concluded we are now reasonably certain to exercise. As reflected within the table above, we reduced a portion of the new finance lease right-of-use asset based on the existing finance lease liability at the time of remeasurement. Undiscounted Cash Flow The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of June 30, 2019 . Finance Operating (In millions) 2019 (remaining six months) $ 0.6 $ 11.9 2020 1.3 23.5 2021 16.7 20.4 2022 — 15.0 2023 — 7.0 Thereafter — 19.7 Total minimum lease payments 18.6 97.5 Less: amount of lease payments representing interest (1.1 ) (14.4 ) Present value of future minimum lease payments 17.5 83.1 Less: current obligations under leases (0.6 ) (20.5 ) Long-term lease obligation $ 16.9 $ 62.6 Future minimum payments under non-cancelable leases with initial terms in excess of one year at December 31, 2018, are as follows: Capital Operating (In millions) 2019 $ 0.4 $ 22.5 2020 0.4 22.2 2021 0.4 19.2 2022 0.4 14.0 2023 0.4 6.0 Thereafter 2.8 25.5 Total minimum lease payments 4.8 109.4 Less: Amounts representing interest (1.7 ) N/A Total minimum lease payments excluding interest $ 3.1 $ 109.4 Certain of our lease agreements include financial covenants and incorporate by reference the financial covenants set forth in the 2016 Senior Credit Facility. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (i) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (ii) eviction from the premises; and (iii) the landlord having a claim for various damages.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange- traded debt securities that are not actively traded or do not have a high trading volume, mortgage notes payable, and certain real estate properties on a non-recurring basis. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and manufacturer franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, contracts-in-transit, accounts receivable, cash surrender value of corporate-owned life insurance policies, accounts payable, floor plan notes payable, subordinated long-term debt, mortgage notes payable, and interest rate swap instruments. The carrying values of our financial instruments, with the exception of subordinated long-term debt and mortgage notes payable, approximate fair value due to (i) their short-term nature, (ii) recently completed market transactions, or (iii) existence of variable interest rates, which approximate market rates. The fair value of our subordinated long-term debt is based on reported market prices in an inactive market that reflects Level 2 inputs. We estimate the fair value of our mortgage notes payable using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. A summary of the carrying values and fair values of our 6.0% Notes and our mortgage notes payable is as follows: As of June 30, 2019 December 31, 2018 (In millions) Carrying Value: 6.0% Senior Subordinated Notes due 2024 $ 605.6 $ 606.0 Mortgage notes payable 296.4 307.0 Total carrying value $ 902.0 $ 913.0 Fair Value: 6.0% Senior Subordinated Notes due 2024 $ 622.5 $ 570.0 Mortgage notes payable 304.9 306.7 Total fair value $ 927.4 $ 876.7 Interest Rate Swap Agreements In June 2015, we entered into an interest rate swap agreement with a notional principal amount of $100.0 million . This swap was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month London Interbank Offered Rate ("LIBOR"), through maturity in February 2025. The notional value of this swap was $82.5 million as of June 30, 2019 and is reducing over its remaining term to $53.1 million at maturity. In November 2013, we entered into an interest rate swap agreement with a notional principal amount of $75.0 million . This swap was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR, through maturity in September 2023. The notional value of this swap was $54.6 million as of June 30, 2019 and is reducing over its remaining term to $38.7 million at maturity. The fair value of cash flow swaps is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than this input, all other inputs used in the valuation of these swaps are designated to be Level 2 fair values. The fair value of our swaps was a $3.7 million liability as of June 30, 2019 and a $0.6 million asset as of December 31, 2018 . The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets: As of June 30, 2019 December 31, 2018 (In millions) Other current liabilities/(assets) $ 0.6 $ (0.2 ) Other long-term liabilities/(assets) 3.1 (0.4 ) Total fair value $ 3.7 $ (0.6 ) Both of our interest rate swaps qualify for cash flow hedge accounting treatment. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Information about the effect of our interest rate swap agreements on the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings 2019 $ (2.5 ) Other interest expense, net $ 0.1 2018 $ 1.0 Swap interest expense $ (0.2 ) For the Six Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings 2019 $ (4.3 ) Other interest expense, net $ 0.1 2018 $ 3.6 Swap interest expense $ (0.4 ) On the basis of yield curve conditions as of June 30, 2019 and including assumptions about future changes in fair value, we expect the amount to be reclassified out of Accumulated Other Comprehensive Loss into earnings within the next 12 months will be losses of $0.6 million

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the six months ended June 30, 2019 and 2018 , we made interest payments, including amounts capitalized, totaling $47.3 million and $39.8 million , respectively. Included in these interest payments are $20.8 million and $14.0 million , of floor plan interest payments during the six months ended June 30, 2019 and 2018 , respectively. During the six months ended June 30, 2019 and 2018 , we made income tax payments, net of refunds received, totaling $27.6 million and $27.3 million , respectively. During the six months ended June 30, 2019 and 2018 , we transferred $72.5 million and $92.4 million , respectively, of loaner vehicles from Other Current Assets to Inventories on our Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Our dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing, or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects that we might not have planned for or otherwise determined to undertake. From time to time, we and our dealerships are or may become involved in various claims relating to, and arising out of, our business and our operations. These claims may involve, but not be limited to, financial and other audits by vehicle manufacturers or lenders and certain federal, state, and local government authorities, which have historically related primarily to (i) incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements or policies, (ii) compliance with lender rules and covenants, and (iii) payments made to government authorities relating to federal, state, and local taxes, as well as compliance with other government regulations. Claims may also arise through litigation, government proceedings, and other dispute resolution processes. Such claims, including class actions, could relate to, but may not be limited to, the practice of charging administrative fees and other fees and commissions, employment-related matters, truth-in-lending and other dealer assisted financing obligations, contractual disputes, actions brought by governmental authorities, and other matters. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. We believe we have adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. Based on our review of the various types of claims currently known to us, there is no indication of material reasonably possible losses in excess of amounts accrued in the aggregate. We currently do not anticipate that any known claim will materially adversely affect our financial condition, liquidity, or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on our financial condition, liquidity, or results of operations. A significant portion of our business involves the sale of vehicles, parts, or vehicles composed of parts that are manufactured outside the United States. As a result, our operations are subject to customary risks of importing merchandise, including fluctuations in the relative values of currencies, import duties, exchange controls, trade restrictions, work stoppages, and general political and socio-economic conditions in foreign countries. The United States or the countries from which our products are imported may, from time to time, impose new quotas, duties, tariffs, or other restrictions, or adjust presently prevailing quotas, duties, or tariffs, which may affect our operations, and our ability to purchase imported vehicles and/or parts at reasonable prices. Substantially all of our facilities are subject to federal, state and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had, nor do we expect such compliance to have, any material effect upon our capital expenditures, net earnings, financial condition, liquidity or competitive position. We believe that our current practices and procedures for the control and disposition of such materials comply with applicable federal, state, and local requirements. No assurances can be provided, however, that future laws or regulations, or changes in existing laws or regulations, would not require us to expend significant resources in order to comply therewith. We had $12.7 million of letters of credit outstanding as of June 30, 2019 , which are required by certain of our insurance providers. In addition, as of June 30, 2019 , we maintained a $5.0 million surety bond line in the ordinary course of our business. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 29, 2019, the Company closed on the acquisition of one store in the Indianapolis market, increasing our total stores in this market to eight .

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair presentation of the Condensed Consolidated Financial Statements as of June 30, 2019 , and for the three and six months ended June 30, 2019 and 2018 , have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations.
Contracts-In-Transit	Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us.
Share Repurchases	Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings.
Internal Profit	Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales on the accompanying Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We maintain a reserve to eliminate the internal profit on vehicles that have not been sold.
Income Taxes	Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
Assets Held for Sale and Liabilities Associated with Assets Held for Sale	Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale include assets and liabilities associated with pending dealership disposals, real estate not currently used in our operations that we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties.
Statements of Cash Flows	Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade") are classified as financing activities on the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity on the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as financing activities in the accompanying Condensed Consolidated Statement of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other Current Assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2016 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six to twelve months ) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other Current Assets and the borrowings and repayments of loaner vehicle notes payable in Accounts Payable and Accrued Liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from Other Current Assets to used vehicle inventory. These transfers are reflected as non-cash transfers between Other Current Assets and Inventories in the accompanying Condensed Consolidated Statements of Cash Flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective January 1, 2019, the Company adopted the new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“ASC 842”). Refer to Note 9 "Leases" within the accompanying Condensed Consolidated Financial Statements for additional information. On January 1, 2019, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02")." ASU 2018-02 allows entities to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. During the first quarter of 2019, the Company elected to reclassify $0.2 million related to the change in deferred taxes associated with our cash flow hedges from accumulated other comprehensive income to retained earnings. This reclassification was recognized as a cumulative effect adjustment in the Condensed Consolidated Statements of Shareholders' Equity during the first quarter of 2019. On January 1, 2019, the Company adopted ASU No. 2017-12, "Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). This update is intended to simplify hedge accounting by better aligning how an entity’s risk management activities and hedging relationships are presented in its financial statements and simplifies the application of hedge accounting guidance in certain situations. This update expands and refines hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow hedges existing at the adoption date, this update requires adoption on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the effective date and the amendments to presentation guidance and disclosure requirements are required to be adopted prospectively. The adoption of this update did not have a material impact on our Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses versus the current incurred loss model. The provisions of ASU 2016-13 are effective for fiscal years beginning after December 15, 2019. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt ASU 2016-13 in 2020 and are currently evaluating the expected impact from adopting this update on our Consolidated Financial Statements.
Revenue Recognition	New vehicle and used vehicle retail Revenue from the sale of new and used vehicles (which excludes sales and other taxes) is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore are treated as a single performance obligation. Finance and Insurance, net We receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed auto protection (known as "GAP") insurance, and other insurance, to end-users. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitating the sale of a third party’s products or services to our customers. The Company’s commission arrangements with third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission charge backs ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract and these reserves are established in the same period that the related revenue is recognized. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, 2019 2018 (In millions) Revenue: New vehicle $ 965.2 $ 928.7 Used vehicle retail 486.6 470.9 Used vehicle wholesale 47.0 46.0 New and used vehicle 1,498.8 1,445.6 Sale of vehicle parts and accessories 36.1 34.3 Vehicle repair and maintenance services 188.4 170.2 Parts and services 224.5 204.5 Finance and insurance, net 80.2 73.5 Total revenue 1,803.5 $ 1,723.6 For the Six Months Ended June 30, 2019 2018 (In millions) Revenue: New vehicle $ 1,837.0 $ 1,785.8 Used vehicle retail 944.8 906.7 Used vehicle wholesale 98.7 94.8 New and used vehicle 2,880.5 2,787.3 Sale of vehicle parts and accessories 73.0 68.1 Vehicle repair and maintenance services 369.1 335.7 Parts and services 442.1 403.8 Finance and insurance, net 151.7 141.7 Total revenue $ 3,474.3 $ 3,332.8
Schedule of Contract with Customer, Assets	Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer. Vehicle Repair and Maintenance Services Finance and Insurance, net Total (In millions) Contract Assets (Current), January 1, 2019 $ 4.1 $ 10.6 $ 14.7 Transferred to receivables from contract assets recognized at the beginning of the period (4.1 ) (3.3 ) (7.4 ) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.4 3.3 7.7 Contract Assets (Current), March 31, 2019 $ 4.4 $ 10.6 $ 15.0 Transferred to receivables from contract assets recognized at the beginning of the period (4.4 ) (3.2 ) (7.6 ) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.8 4.6 9.4 Contract Assets (Current), June 30, 2019 4.8 12.0 16.8

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations and Divestitures [Abstract]
Schedule of Business Acquisitions	Below is the preliminary allocation of purchase price for the acquisitions completed during the six months ended June 30, 2019 . We have not finalized our valuation for manufacturer franchise rights, which will be reclassified from goodwill once completed. The goodwill and manufacturer rights associated with our acquisitions will be deductible for federal and state income tax purposes ratably over a 15 year period. As of June 30, 2019 (In millions) Inventory $ 58.1 Real estate 29.8 Property and equipment 1.8 Goodwill 32.1 Liabilities assumed (0.8 ) Total purchase price $ 121.0

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) Vehicle receivables $ 45.3 $ 45.7 Manufacturer receivables 40.5 51.2 Other receivables 32.9 34.7 Total accounts receivable 118.7 131.6 Less—Allowance for doubtful accounts (1.4 ) (1.3 ) Accounts receivable, net $ 117.3 $ 130.3

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) New vehicles $ 895.1 $ 867.2 Used vehicles 162.2 158.9 Parts and accessories 43.5 41.5 Total inventories $ 1,100.8 $ 1,067.6

FLOOR PLAN NOTES PAYABLE (Table

FLOOR PLAN NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable	Floor plan notes payable consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) Floor plan notes payable—trade $ 137.0 $ 125.3 Floor plan notes payable offset account (13.2 ) (11.3 ) Floor plan notes payable—trade, net $ 123.8 $ 114.0 Floor plan notes payable—new non-trade $ 869.1 $ 843.0 Floor plan notes payable—used non-trade — 30.0 Floor plan notes payable offset account (74.2 ) (20.9 ) Floor plan notes payable—non-trade, net $ 794.9 $ 852.1

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of June 30, 2019 December 31, 2018 (In millions) 6.0% Senior Subordinated Notes due 2024 $ 600.0 $ 600.0 Mortgage notes payable bearing interest at fixed rates 128.9 132.2 2018 Bank of America Facility 25.0 25.7 2018 Wells Fargo Master Loan Facility 25.0 25.0 Prior real estate credit agreement 36.8 40.8 Restated master loan agreement 80.7 83.3 Finance lease liability 17.5 3.1 Total debt outstanding 913.9 910.1 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 5.6 6.0 Less—debt issuance costs (9.9 ) (10.8 ) Long-term debt, including current portion 909.6 905.3 Less—current portion, net of current portion of debt issuance costs (38.4 ) (38.8 ) Long-term debt $ 871.2 $ 866.5

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Assets And Liabilities, Lessee	Balance Sheet Presentation As of Leases Classification June 30, 2019 (In millions) Assets: Operating Operating lease right-of-use assets $ 78.9 Finance Property and equipment, net 14.6 Total right-of-use assets $ 93.5 Liabilities: Current Operating Current maturities of operating leases $ 20.5 Finance Current maturities of long-term debt 0.6 Non-Current Operating Operating lease liabilities 62.6 Finance Long-term debt 16.9 Total lease liabilities $ 100.6
Lease Term and Discount Rate, Lessee	Lease Term and Discount Rate As of June 30, 2019 Weighted Average Lease Term - Operating Leases 5.9 years Weighted Average Lease Term - Finance Lease 1.8 years Weighted Average Discount Rate - Operating Leases 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 %
Lease, Cost	The following table provides certain information related to the lease costs for finance and operating leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Finance lease cost Interest $ 0.2 $ 0.3 Operating lease cost 5.9 11.4 Short-term lease cost 0.7 1.7 Variable lease cost 0.2 0.4 $ 7.0 $ 13.8
Schedule of Cash Flow, Supplemental Disclosures	The following table presents supplemental cash flow information for leases during the three and six months ended June 30, 2019 . For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.2 $ 0.3 Operating cash flows from operating leases 6.0 11.6 Financing cash flows from finance lease 0.1 0.2 Right-of-use assets obtained in exchange for new finance lease liabilities — 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities 10.5 10.7 Changes to finance lease right-of-use asset resulting from lease reassessment event — (3.1 )
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of June 30, 2019 . Finance Operating (In millions) 2019 (remaining six months) $ 0.6 $ 11.9 2020 1.3 23.5 2021 16.7 20.4 2022 — 15.0 2023 — 7.0 Thereafter — 19.7 Total minimum lease payments 18.6 97.5 Less: amount of lease payments representing interest (1.1 ) (14.4 ) Present value of future minimum lease payments 17.5 83.1 Less: current obligations under leases (0.6 ) (20.5 ) Long-term lease obligation $ 16.9 $ 62.6
Finance Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of June 30, 2019 . Finance Operating (In millions) 2019 (remaining six months) $ 0.6 $ 11.9 2020 1.3 23.5 2021 16.7 20.4 2022 — 15.0 2023 — 7.0 Thereafter — 19.7 Total minimum lease payments 18.6 97.5 Less: amount of lease payments representing interest (1.1 ) (14.4 ) Present value of future minimum lease payments 17.5 83.1 Less: current obligations under leases (0.6 ) (20.5 ) Long-term lease obligation $ 16.9 $ 62.6
Schedule of Future Minimum Payments for Operating Leases	Future minimum payments under non-cancelable leases with initial terms in excess of one year at December 31, 2018, are as follows: Capital Operating (In millions) 2019 $ 0.4 $ 22.5 2020 0.4 22.2 2021 0.4 19.2 2022 0.4 14.0 2023 0.4 6.0 Thereafter 2.8 25.5 Total minimum lease payments 4.8 109.4 Less: Amounts representing interest (1.7 ) N/A Total minimum lease payments excluding interest $ 3.1 $ 109.4
Schedule of Future Minimum Lease Payments for Capital Leases	Future minimum payments under non-cancelable leases with initial terms in excess of one year at December 31, 2018, are as follows: Capital Operating (In millions) 2019 $ 0.4 $ 22.5 2020 0.4 22.2 2021 0.4 19.2 2022 0.4 14.0 2023 0.4 6.0 Thereafter 2.8 25.5 Total minimum lease payments 4.8 109.4 Less: Amounts representing interest (1.7 ) N/A Total minimum lease payments excluding interest $ 3.1 $ 109.4

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our 6.0% Notes and our mortgage notes payable is as follows: As of June 30, 2019 December 31, 2018 (In millions) Carrying Value: 6.0% Senior Subordinated Notes due 2024 $ 605.6 $ 606.0 Mortgage notes payable 296.4 307.0 Total carrying value $ 902.0 $ 913.0 Fair Value: 6.0% Senior Subordinated Notes due 2024 $ 622.5 $ 570.0 Mortgage notes payable 304.9 306.7 Total fair value $ 927.4 $ 876.7
Schedule of Derivative Instruments Fair Value	The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets: As of June 30, 2019 December 31, 2018 (In millions) Other current liabilities/(assets) $ 0.6 $ (0.2 ) Other long-term liabilities/(assets) 3.1 (0.4 ) Total fair value $ 3.7 $ (0.6 )
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	Information about the effect of our interest rate swap agreements on the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings 2019 $ (2.5 ) Other interest expense, net $ 0.1 2018 $ 1.0 Swap interest expense $ (0.2 ) For the Six Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings 2019 $ (4.3 ) Other interest expense, net $ 0.1 2018 $ 3.6 Swap interest expense $ (0.4 )

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2019USD ($)	Jun. 30, 2019VehicleBrandsfranchiseMetropolitanMarketsdealership_locationCollisionRepairCentersstates
Business Organization [Line Items]
Number of franchises (in franchises) | franchise		105
Number of dealership locations (in dealership locations) | dealership_location		86
Number of metropolitan markets (in metropolitan markets) | MetropolitanMarkets		17
Number of states (in states) | states		9
Number of vehicle brands (in vehicle brands) | VehicleBrands		30
Number of collision repair centers (in collision repair centers) | CollisionRepairCenters		24
Reclassification from AOCI to retained earnings | $	$ 0.2
Minimum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)		6 months
Maximum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)		12 months
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix (percent)		45.00%
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)		33.00%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix (percent)		22.00%

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,803.5	$ 1,723.6	$ 3,474.3	$ 3,332.8
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	1,498.8	1,445.6	2,880.5	2,787.3
New and used vehicle | New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	965.2	928.7	1,837	1,785.8
New and used vehicle | Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	486.6	470.9	944.8	906.7
New and used vehicle | Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	47	46	98.7	94.8
Parts and services
Disaggregation of Revenue [Line Items]
Total revenue	224.5	204.5	442.1	403.8
Parts and services | Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	36.1	34.3	73	68.1
Parts and services | Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	188.4	170.2	369.1	335.7
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 80.2	$ 73.5	$ 151.7	$ 141.7

REVENUE RECOGNITION (Contract A

REVENUE RECOGNITION (Contract Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2019	$ 15	$ 14.7
Transferred to receivables from contract assets recognized at the beginning of the period	(7.6)	(7.4)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	9.4	7.7
Contract Assets (Current), March 31, 2019	16.8	15
Vehicle Repair and Maintenance Services | Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2019	4.4	4.1
Transferred to receivables from contract assets recognized at the beginning of the period	(4.4)	(4.1)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	4.8	4.4
Contract Assets (Current), March 31, 2019	4.8	4.4
Finance and Insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2019	10.6	10.6
Transferred to receivables from contract assets recognized at the beginning of the period	(3.2)	(3.3)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	4.6	3.3
Contract Assets (Current), March 31, 2019	$ 12	$ 10.6

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES (Acquisitions - Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)franchisedealership_location	Jun. 30, 2018USD ($)franchisedealership_location
Series of Individual Business Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price	$ 121	$ 93.2
Cash paid for acquisition	70.8	68.6
Floor plan borrowings for puchase of related inventory	47.7	22.7
Holdback	$ 2.5	$ 1.9
Goodwill and manufacturer franchise rights, period for federal and state tax deductions	15 years
Indiana
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise	8	1
Number of dealership locations acquired (in dealership locations) | dealership_location	4	1
Georgia
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise		2
Number of dealership locations acquired (in dealership locations) | dealership_location		2

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 213.2	$ 181.2
Series of Individual Business Acquisitions
Business Acquisition [Line Items]
Inventory	58.1
Real estate	29.8
Property and equipment	1.8
Goodwill	32.1
Liabilities assumed	(0.8)
Total purchase price	$ 121

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES (Divestitures - Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)franchisedealership_location	Jun. 30, 2018USD ($)collision_center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture		$ 39.1	$ 0
TEXAS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of franchises, sold (in franchises) | franchise		1
Number of dealership locations, sold (in dealership locations) | dealership_location		1
Number of collision centers, sold (in collision centers) | collision_center			1
Gain on disposition of business, gross	$ 11.7
TEXAS | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture		$ 30.1

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 118.7	$ 131.6
Less—Allowance for doubtful accounts	(1.4)	(1.3)
Accounts receivable, net	117.3	130.3
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	45.3	45.7
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	40.5	51.2
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 32.9	$ 34.7

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Components of Inventory [Line Items]
Total inventories	$ 1,100.8		$ 1,067.6
Lower of cost or market inventory reserves	5.6		6.1
New vehicles
Components of Inventory [Line Items]
Total inventories	895.1		867.2
Reduction of new vehicle inventory cost by automobile manufacturer incentives	(11.2)		(10.1)
Reduction to cost of sales	21.8	$ 19.7
Used vehicles
Components of Inventory [Line Items]
Total inventories	162.2		158.9
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 43.5		$ 41.5

ASSETS AND LIABILITIES HELD F_2

ASSETS AND LIABILITIES HELD FOR SALE (Details) $ in Millions	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)
Long Lived Assets Held-for-sale [Line Items]
Real estate held-for-sale	$ 19.5	$ 26.3
Disposed of by sale | Vacant property
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | property	1
Real estate held-for-sale	$ 6.8

FLOOR PLAN NOTES PAYABLE (Detai

FLOOR PLAN NOTES PAYABLE (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Floor plan notes payable—trade	$ 137	$ 125.3
Floor plan notes payable offset account	(13.2)	(11.3)
Floor plan notes payable—trade, net	123.8	114
Floor plan notes payable—non-trade	869.1	843
Floor plan notes payable—used non-trade	0	30
Floor plan notes payable offset account	(74.2)	(20.9)
Floor plan notes payable—non-trade, net	794.9	852.1
Floor plan notes payable, offsets	$ (87.4)	$ (32.2)

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Finance lease liability	$ 17.5	$ 3.1
Total debt outstanding	913.9	910.1
Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024	5.6	6
Less—debt issuance costs	(9.9)	(10.8)
Long-term debt, including current portion	909.6	905.3
Less—current portion, net of current portion of debt issuance costs	(38.4)	(38.8)
Long-term debt	871.2	866.5
2018 Bank of America Facility
Debt Instrument [Line Items]
Long-term debt, gross	25	25.7
2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	25	25
Prior real estate credit agreement
Debt Instrument [Line Items]
Long-term debt, gross	36.8	40.8
Restated master loan agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 80.7	83.3
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument	6.00%
Long-term debt, gross	$ 600	600
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 128.9	$ 132.2

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 78.9	$ 0
Operating lease, liability	83.1
Accounting Standards Update 2018-11
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	86.9
Lease liability reduced for deferent rent	4.4
Operating lease, liability	$ 91.3

LEASES (Balance Sheets) (Detail

LEASES (Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Assets, Operating	$ 78.9	$ 0
Assets, Finance	14.6
Total right-of-use assets	93.5
Liabilities, Current, Operating	20.5	0
Liabilities, Current, Finance	0.6
Liabilities, Non-Current, Operating	62.6	$ 0
Liabilities, Non-Current, Finance	16.9
Total lease liabilities	$ 100.6

LEASES (Lease Term and Discount

LEASES (Lease Term and Discount Rate) (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted Average Lease Term - Operating Leases	5 years 10 months 24 days
Weighted Average Lease Term - Finance Lease	1 year 9 months 18 days
Weighted Average Discount Rate - Operating Leases	4.70%
Weighted Average Discount Rate - Finance Leases	4.10%

LEASES (Cost) (Details)

LEASES (Cost) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Finance lease cost
Interest	$ 0.2	$ 0.3
Operating lease cost	5.9	11.4
Short-term lease cost	0.7	1.7
Variable lease cost	0.2	0.4
Total lease cost	$ 7	$ 13.8

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from finance lease	$ 0.2	$ 0.3
Operating cash flows from operating leases	6	11.6
Financing cash flows from finance lease	0.1	0.2
Right-of-use assets obtained in exchange for new finance lease liabilities	0	17.7
Right-of-use assets obtained in exchange for new operating lease liabilities	10.5	10.7
Changes to finance lease right-of-use asset resulting from lease reassessment event	$ 0	$ (3.1)

LEASES (Liabilities) (Details)

LEASES (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Finance Lease, Liability, Payment, Due [Abstract]
2019 (remaining six months)	$ 0.6
2020	1.3
2021	16.7
2022	0
2023	0
Thereafter	0
Total minimum lease payments	18.6
Less: amount of lease payments representing interest	(1.1)
Present value of future minimum lease payments	17.5	$ 3.1
Less: current obligations under leases	(0.6)
Long-term lease obligation	16.9
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019 (remaining six months)	11.9
2020	23.5
2021	20.4
2022	15
2023	7
Thereafter	19.7
Total minimum lease payments	97.5
Less: amount of lease payments representing interest	(14.4)
Present value of future minimum lease payments	83.1
Less: current obligations under leases	(20.5)	0
Long-term lease obligation	$ 62.6	$ 0

LEASES LEASES (Minimum Payments

LEASES LEASES (Minimum Payments) (Details) $ in Millions	Dec. 31, 2018USD ($)
Capital
2019	$ 0.4
2020	0.4
2021	0.4
2022	0.4
2023	0.4
Thereafter	2.8
Total minimum lease payments	4.8
Less: Amounts representing interest	1.7
Total minimum lease payments excluding interest	3.1
Operating
2019	22.5
2020	22.2
2021	19.2
2022	14
2023	6
Thereafter	25.5
Total minimum lease payments	$ 109.4

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 902	$ 913
Total fair value	927.4	876.7
Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	296.4	307
Total fair value	304.9	306.7
6.0% Senior Subordinated Notes due 2024 | Senior Subordinated Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	605.6	606
Total fair value	$ 622.5	$ 570
Stated interest rate of debt instrument	6.00%

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2015	Nov. 30, 2013
Fair Value, Inputs, Level 2 | Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps	$ 3,700,000
Fair Value, Inputs, Level 2 | Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps		$ (600,000)
New Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional principal amount of derivative liability	82,500,000		$ 100,000,000
Notional principal amount of derivative liability, at maturity			$ 53,100,000
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional principal amount of derivative liability	54,600,000			$ 75,000,000
Notional principal amount of derivative liability, at maturity				$ 38,700,000
Fair value of interest rate swaps	3,700,000	$ (600,000)
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (600,000)

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Fair value of Interest Rate Swaps) (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 3.7	$ (0.6)
Other current liabilities/(assets)
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	0.6	(0.2)
Other long-term liabilities/(assets)
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 3.1	$ (0.4)

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Derivative Instruments Effect on the Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow swaps	$ (2.5)	$ 1.2	$ (4.3)	$ 4
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow swaps	(2.5)	1	(4.3)	3.6
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings		$ (0.2)		$ (0.4)
Interest Rate Swap | Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 0.1		$ 0.1

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 47.3	$ 39.8
Cash paid during the period related to floor plan interest	20.8	14
Income taxes paid, net	27.6	27.3
Loaner vehicles transferred from other current assets to inventory	$ 72.5	$ 92.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations $ in Millions	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 5
Reastated Credit Agreement | Bank of America, N.A.
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 12.7

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Indiana - franchise	Jul. 29, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Number of franchises acquired (in stores)		8	1
Subsequent Event
Subsequent Event [Line Items]
Number of franchises acquired (in stores)	1
Number of businesses (stores)	8