Asbury Automotive (ABG) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	2020
Document Fiscal Period Focus	Q3
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		19,285,548

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 4.1	$ 3.5
Contracts-in-transit	119.1	194.7
Accounts receivable, net	126.4	136.2
Total inventories	828.7	985
Assets held for sale	49.6	154.2
Other current assets	170.1	129
Total current assets	1,298	1,602.6
PROPERTY AND EQUIPMENT, net	945.4	909.7
OPERATING LEASE RIGHT-OF-USE ASSETS	286.9	65.6
GOODWILL	888.6	201.7
INTANGIBLE FRANCHISE RIGHTS	101.9	121.7
OTHER LONG-TERM ASSETS	9.8	10
Total assets	3,530.6	2,911.3
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	60.4	130.3
Floor plan notes payable—non-trade, net	635.2	657.7
Current maturities of long-term debt	49.7	32.4
Current maturities of operating leases	26.9	17
Accounts payable and accrued liabilities	418	308.7
Liabilities associated with assets held for sale	22.5	100.9
Total current liabilities	1,212.7	1,247
LONG-TERM DEBT	1,174.1	907
OPERATING LEASE LIABILITIES	263.6	52.6
DEFERRED INCOME TAXES	24.7	26
OTHER LONG-TERM LIABILITIES	43.6	32.4
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; 41,133,862 and 41,072,080 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	592.1	582.9
Retained earnings	1,259.8	1,094.5
Treasury stock, at cost; 21,848,314 and 21,791,707 shares, respectively	(1,033.7)	(1,028.6)
Accumulated other comprehensive loss	(6.7)	(2.9)
Total shareholders' equity	811.9	646.3
Total liabilities and shareholders' equity	$ 3,530.6	$ 2,911.3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	41,133,862	41,072,080
Treasury stock, shares (in shares)	21,848,314	21,791,707

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE:
New vehicle	$ 957,900,000	$ 986,900,000	$ 2,541,800,000	$ 2,823,900,000
Used vehicle	569,500,000	546,900,000	1,510,200,000	1,590,400,000
Parts and service	237,200,000	227,600,000	628,000,000	669,700,000
Finance and insurance, net	80,800,000	80,600,000	217,800,000	232,300,000
TOTAL REVENUE	1,845,400,000	1,842,000,000	4,897,800,000	5,316,300,000
COST OF SALES:
New vehicle	897,300,000	948,300,000	2,406,200,000	2,709,100,000
Used vehicle	520,300,000	514,500,000	1,393,200,000	1,487,600,000
Parts and service	91,900,000	86,100,000	247,300,000	252,300,000
TOTAL COST OF SALES	1,509,500,000	1,548,900,000	4,046,700,000	4,449,000,000
GROSS PROFIT	335,900,000	293,100,000	851,100,000	867,300,000
OPERATING EXPENSES:
Selling, general, and administrative	206,500,000	202,000,000	553,400,000	593,700,000
Depreciation and amortization	9,800,000	9,100,000	29,000,000	26,700,000
Franchise rights impairment	0	0	23,000,000	0
Other operating expense (income), net	500,000	(200,000)	9,400,000	1,000,000
INCOME FROM OPERATIONS	119,100,000	82,200,000	236,300,000	245,900,000
OTHER EXPENSES (INCOME):
Floor plan interest expense	3,000,000	9,000,000	14,100,000	29,700,000
Other interest expense, net	12,900,000	13,700,000	41,700,000	41,200,000
Loss on extinguishment of long-term debt, net	0	0	20,600,000	0
Gain on dealership divestitures, net	(24,700,000)	0	(58,400,000)	(11,700,000)
Total other (income) expense, net	(8,800,000)	22,700,000	18,000,000	59,200,000
INCOME BEFORE INCOME TAXES	127,900,000	59,500,000	218,300,000	186,700,000
Income tax expense	31,700,000	14,500,000	53,000,000	45,900,000
NET INCOME	$ 96,200,000	$ 45,000,000	$ 165,300,000	$ 140,800,000
Basic—
Net income (in dollars per share)	$ 5.01	$ 2.36	$ 8.61	$ 7.37
Diluted—
Net income (in dollars per share)	$ 4.96	$ 2.33	$ 8.56	$ 7.30
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	19.2	19.1	19.2	19.1
Restricted stock (in shares)	0.1	0.1	0	0.1
Performance share units (in shares)	0.1	0.1	0.1	0.1
Diluted (in shares)	19.4	19.3	19.3	19.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 96.2	$ 45	$ 165.3	$ 140.8
Other comprehensive (loss) income:
Change in fair value of cash flow swaps	0	(1)	(5.1)	(5.3)
Income tax benefit associated with cash flow swaps	0	0.3	1.3	1.4
Comprehensive income	$ 96.2	$ 44.3	$ 161.5	$ 136.9

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member
Balance (in shares) at Dec. 31, 2018			41,065,069				21,719,339
Balance at Dec. 31, 2018	$ 473.2	$ 0	$ 0.4	$ 572.9	$ 922.7	$ 0.2	$ (1,023.4)	$ 0.6	$ (0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40.9				40.9
Change in fair value of cash flow swaps, net of reclassification adjustment	(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	$ 0.4	572.9	922.7	$ 0.2	$ (1,023.4)	0.6	$ (0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	140.8
Balance (in shares) at Sep. 30, 2019			41,096,408				21,791,707
Balance at Sep. 30, 2019	600		$ 0.4	580.8	1,050.9		$ (1,028.6)	(3.5)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54.9				54.9
Change in fair value of cash flow swaps, net of reclassification adjustment	(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45				45
Comprehensive income	(0.7)							(0.7)
Share-based compensation	3.6			3.6
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)			(704)
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)							2,128
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.2)						$ (0.2)
Share repurchases (in shares)							42,965
Share repurchases	(4)						$ (4)
Retirement of previously repurchased common stock (in shares)			(42,965)				(42,965)
Retirement of previously repurchased common stock	0			(0.6)	(3.4)		$ 4
Balance (in shares) at Sep. 30, 2019			41,096,408				21,791,707
Balance at Sep. 30, 2019	600		$ 0.4	580.8	1,050.9		$ (1,028.6)	(3.5)
Balance (in shares) at Dec. 31, 2019			41,072,080				21,791,707
Balance at Dec. 31, 2019	646.3		$ 0.4	582.9	1,094.5		$ (1,028.6)	(2.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19.5				19.5
Change in fair value of cash flow swaps, net of reclassification adjustment	(3.4)							(3.4)
Comprehensive income	16.1				19.5			(3.4)
Share-based compensation	3.8			3.8
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)			68,577
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	(0.3)			(0.3)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)							53,915
Repurchase of common stock associated with net share settlements of employee share-based awards	(5)						$ (5)
Balance (in shares) at Mar. 31, 2020			41,140,657				21,845,622
Balance at Mar. 31, 2020	660.9		$ 0.4	586.4	1,114		$ (1,033.6)	(6.3)
Balance (in shares) at Dec. 31, 2019			41,072,080				21,791,707
Balance at Dec. 31, 2019	646.3		$ 0.4	582.9	1,094.5		$ (1,028.6)	(2.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	165.3
Balance (in shares) at Sep. 30, 2020			41,133,862				21,848,314
Balance at Sep. 30, 2020	811.9		$ 0.4	592.1	1,259.8		$ (1,033.7)	(6.7)
Balance (in shares) at Mar. 31, 2020			41,140,657				21,845,622
Balance at Mar. 31, 2020	660.9		$ 0.4	586.4	1,114		$ (1,033.6)	(6.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49.6				49.6
Change in fair value of cash flow swaps, net of reclassification adjustment	(0.4)							(0.4)
Comprehensive income	49.2				49.6			(0.4)
Share-based compensation	3.1			3.1
Forfeitures in connection with share-based payment arrangements (in shares)			(2,916)
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)							2,552
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.1)						$ (0.1)
Balance (in shares) at Jun. 30, 2020			41,137,741				21,848,174
Balance at Jun. 30, 2020	713.1		$ 0.4	589.5	1,163.6		$ (1,033.7)	(6.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96.2				96.2
Comprehensive income	96.2				96.2			0
Share-based compensation	2.8			2.8
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements	(0.2)			(0.2)
Forfeitures in connection with share-based payment arrangements (in shares)			(3,879)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)							140
Repurchase of common stock associated with net share settlements of employee share-based awards	0
Balance (in shares) at Sep. 30, 2020			41,133,862				21,848,314
Balance at Sep. 30, 2020	$ 811.9		$ 0.4	$ 592.1	$ 1,259.8		$ (1,033.7)	$ (6.7)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax	$ (0.2)	$ (1.1)	$ (0.6)	$ 0.5

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 165,300,000	$ 140,800,000
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	29,000,000	26,700,000
Share-based compensation	9,200,000	10,400,000
Franchise rights impairment	23,000,000	0
Loss on extinguishment of long-term debt, net	20,600,000	0
Loaner vehicle amortization	15,500,000	17,600,000
Gain on divestitures, net	(58,400,000)	(11,700,000)
Change in right-of-use asset	13,000,000	14,300,000
Other adjustments, net	1,400,000	4,000,000
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	75,600,000	49,700,000
Accounts receivable	10,200,000	17,600,000
Inventories	420,500,000	201,000,000
Other current assets	(110,700,000)	(131,100,000)
Floor plan notes payable—trade, net	(68,300,000)	8,100,000
Accounts payable and other current liabilities	84,400,000	11,800,000
Operating lease liabilities	(13,000,000)	(14,500,000)
Other long-term assets and liabilities, net	7,900,000	3,000,000
Net cash provided by operating activities	625,200,000	347,700,000
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(27,500,000)	(28,700,000)
Capital expenditures—real estate	(2,300,000)	(9,200,000)
Purchases of previously leased real estate	0	4,900,000
Acquisitions	(954,100,000)	(210,000,000)
Divestitures	161,600,000	39,100,000
Proceeds from the sale of assets	4,200,000	7,500,000
Net cash used in investing activities	(818,100,000)	(206,200,000)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	2,838,300,000	3,118,700,000
Floor plan borrowings—acquisitions	131,600,000	55,300,000
Floor plan repayments—non-trade	(2,995,700,000)	(3,273,100,000)
Floor plan repayments—non-trade divestitures	(55,300,000)	(14,100,000)
Proceeds from borrowings	1,875,300,000	0
Repayments of borrowings	(1,599,700,000)	(12,000,000)
Proceeds from sale and leaseback transaction	7,300,000	0
Payment of debt issuance costs	(3,100,000)	(2,300,000)
Repurchases of common stock, including shares associated with net share settlement of employee share-based awards	(5,200,000)	(20,500,000)
Net cash provided by (used in) financing activities	193,500,000	(148,000,000)
Net increase in cash and cash equivalents	600,000	(6,500,000)
CASH AND CASH EQUIVALENTS, beginning of period	3,500,000	8,300,000
CASH AND CASH EQUIVALENTS, end of period	$ 4,100,000	$ 1,800,000

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020, we owned and operated 113 new vehicle franchises (90 dealership locations) representing 31 automobile brands and 25 collision repair centers in 16 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 September 30, 2020, our new vehicle revenue brand mix consisted of 44% imports, 34% 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; • Greenville Automotive dealerships operating in Greenville, South Carolina; • Hare and Estes dealerships operating in the Indianapolis, Indiana area; • McDavid dealerships operating in metropolitan Austin and Dallas, Texas; • Nalley dealerships operating in metropolitan Atlanta, Georgia; • Park Place dealerships operating in the Dallas-Fort Worth area; • Plaza dealerships operating in metropolitan St. Louis, Missouri; and • Mike Shaw dealerships in the Denver, Colorado area. On July 6, 2020, the Company, through two of its subsidiaries, entered into an Asset Purchase Agreement (the "Revised Asset Purchase Agreement") with certain members of the Park Place Dealership group, to acquire substantially all of the assets of, and lease the real property related to, 12 new vehicle dealership franchises, two collision centers and an auto auction comprising the Park Place Dealership group (collectively, the "Revised Transaction"). The Revised Transaction was completed on August 24, 2020 for a purchase price of $889.9 million. The purchase price was financed through a combination of cash, debt and seller financing. See Note 3 "Acquisitions and Divestitures" for details of the Revised Transaction. 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. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, have been included, unless otherwise indicated. The results of operations for the three and nine months ended September 30, 2020 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, 2019. 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. Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions. Revenue Recognition Please refer to Note 2 "Revenue Recognition". 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 in the accompanying Condensed 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 in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory. 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. The Company excluded 0 and 78,180 restricted share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan, from its computation of diluted earnings per share for the three and nine months ended September 30, 2020, respectively, because they were anti-dilutive. 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 may include assets and liabilities associated with pending dealership disposals, real estate 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 in 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 in 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 Statements 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 "2019 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six Recent Accounting Pronouncements Effective January 1, 2020, the Company adopted Financial Accounting Standard Board Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments , which changed the way entities assess the impairment of its financial instruments based on its estimate of expected credit losses versus the current incurred loss model. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company satisfies performance obligations either over time or at a point in time. 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, 2020 2019 (In millions) Revenue: New vehicle $ 957.9 $ 986.9 Used vehicle retail 507.4 505.0 Used vehicle wholesale 62.1 41.9 New and used vehicle 1,527.4 1,533.8 Sale of vehicle parts and accessories 36.8 36.7 Vehicle repair and maintenance services 200.4 190.9 Parts and services 237.2 227.6 Finance and insurance, net 80.8 80.6 Total revenue $ 1,845.4 $ 1,842.0 For the Nine Months Ended September 30, 2020 2019 (In millions) Revenue: New vehicle $ 2,541.8 $ 2,823.9 Used vehicle retail 1,366.0 1,449.8 Used vehicle wholesale 144.2 140.6 New and used vehicle 4,052.0 4,414.3 Sale of vehicle parts and accessories 99.5 109.7 Vehicle repair and maintenance services 528.5 560.0 Parts and services 628.0 669.7 Finance and insurance, net 217.8 232.3 Total revenue $ 4,897.8 $ 5,316.3 Contract Asset 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, 2020 $ 4.8 $ 12.3 $ 17.1 Transferred to receivables from contract assets recognized at the beginning of the period (4.8) (4.1) (8.9) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 3.7 4.6 8.3 Contract Assets (Current), March 31, 2020 $ 3.7 $ 12.8 $ 16.5 Transferred to receivables from contract assets recognized at the beginning of the period (3.7) (4.0) (7.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 3.3 4.0 7.3 Contract Assets (Current), June 30, 2020 3.3 12.8 16.1 Transferred to receivables from contract assets recognized at the beginning of the period (3.3) (3.2) (6.5) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 6.8 3.9 10.7 Contract Assets (Current), September 30, 2020 $ 6.8 $ 13.5 $ 20.3

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURESResults 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 related to the cash flows directly attributable to the franchise rights, including year-over-year and terminal growth rates, working capital requirements, weighted average cost of capital, future gross margins, and future selling, general, and administrative expenses. Park Place Acquisition On December 11, 2019, we announced the proposed acquisition of substantially all of the assets of the businesses of the Park Place Dealership family of entities (collectively, "Park Place") pursuant to that certain Asset Purchase Agreement, dated as of December 11, 2019, among the Company, Park Place and the other parties thereto (the "2019 Asset Purchase Agreement"), and related agreements and transactions (collectively, the "2019 Acquisition"). On March 24, 2020, we delivered notice to the sellers terminating the 2019 Acquisition pursuant to the terms of the related agreements and transactions in exchange for the payment of $10.0 million of liquidated damages which is reflected in our accompanying Condensed Consolidated Statements of Income as Other operating expense (income), net. See Note 9 "Debt" for details related to the impact on certain financing arrangements as a result of terminating the 2019 Acquisition. On July 6, 2020, the Company, through two of its subsidiaries, entered into a Revised Asset Purchase Agreement with certain members of the Park Place Dealership group, to acquire substantially all of the assets of, and lease the real property related to, 12 new vehicle dealership franchises (8 dealership locations), two collision centers and an auto auction. The Revised Transaction was completed on August 24, 2020 and financed through a combination of cash, floor plan facilities and seller financing. The seller financing comprised $150.0 million in aggregate principal amount of a 4.00% promissory note due August 2021 and $50.0 million in aggregate principal amount of 4.00% promissory note due February 2022 (collectively, the "Seller Notes"). In September 2020, the Company redeemed the Seller Notes. See Note 9 "Debt" for further details. The sources of the preliminary purchase consideration are as follows: (In millions) Cash $ 527.4 Seller Notes 200.0 New Vehicle Floor Plan Facility 127.5 Used Vehicle Floor Plan Facility 35.0 Preliminary purchase price $ 889.9 Under the acquisition method of accounting, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on information currently available. We have not finalized our valuation for manufacturer franchise rights which will be reclassified from goodwill once completed. Our valuation for property and equipment and our assessment with respect to certain assumed leases is preliminary as of September 30, 2020. Furthermore, the assignment of goodwill to reporting units has not been completed as of the date of issuance of these Condensed Consolidated Financial Statements. The following table summarizes the allocation of the estimated purchase price based on preliminary estimates of fair value: (In millions) Summary of Assets Acquired and Liabilities Assumed Inventories $ 120.8 Loaner vehicles 57.0 Property and equipment 35.0 Goodwill and intangible assets 685.9 Operating lease right-of-use assets 202.7 Total assets acquired 1,101.4 Operating lease liabilities (202.2) Other liabilities (9.3) Total liabilities assumed (211.5) Net assets acquired $ 889.9 The Company recorded $1.3 million of acquisition related costs during the three months ended September 30, 2020. These costs are included in Selling, general, and administrative in the Condensed Consolidated Statements of Income. The Company's Condensed Consolidated Statements of Income included revenue and net income attributable to Park Place from August 24, 2020 through September 30, 2020 of $148.4 million and $7.0 million, respectively. The following represents the unaudited pro forma information as if Park Place had been included in the consolidated results of the Company since January 1, 2019: For the Three Months Ended September 30, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 2,045.7 $ 2,261.4 Pro Forma Net Income $ 107.0 $ 56.6 For the Nine Months Ended September 30, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 5,755.6 $ 6,517.5 Pro Forma Net Income $ 187.4 $ 173.9 This pro forma information incorporates the Company's accounting policies and adjusts the results of Park Place for depreciation, rent expense, and interest expense assuming that the fair value adjustments and indebtedness incurred in connection with the Revised Transaction had occurred on January 1, 2019. They have also been adjusted to reflect the $1.3 million of acquisition related costs incurred during the three months ended September 30, 2020 as having occurred on January 1, 2019. The pro forma information also assumes that the September 2020 divestiture of the Lexus Greenville dealership, which was related to the Park Place acquisition, occurred on January 1, 2019. Other Acquisitions and Divestitures In addition to the Revised Transaction, during the nine months ended September 30, 2020, we acquired the assets of three franchises (one dealership location) in the Denver, Colorado market for a combined purchase price of $63.6 million. We funded this acquisition with an aggregate of $34.5 million of cash and $27.1 million of floor plan borrowings for the purchase of the related new vehicle inventory. In the aggregate, this acquisition included purchase price holdbacks of $2.0 million for potential indemnity claims made by us with respect to the acquired franchises. In addition to the acquisition amounts above, we released $2.5 million of purchase price holdbacks related to a prior year acquisition during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, we acquired the assets of nine franchises (five dealership locations) and one collision center in the Indianapolis, Indiana market and one franchise (one dealership location) in the Denver, Colorado market for a combined purchase price of $210.4 million. We funded these acquisitions with an aggregate of $153.9 million of cash, $55.3 million of floor plan borrowings for the purchase of the related new vehicle inventory. In the aggregate, these acquisitions included purchase price holdbacks of $1.2 million for potential indemnity claims made by us with respect to the acquired franchises. In addition to the acquisition amounts above, we released $0.8 million of purchase price holdbacks related to a prior year acquisition. The goodwill and manufacturer franchise rights associated with our acquisitions will be deductible for federal and state income tax purposes ratably over a 15 year period. Below is the allocation of purchase price for the other acquisitions completed during the nine months ended September 30, 2020 and 2019, respectively. Our 2020 valuation for manufacturer franchise rights, real estate, property and equipment, and our assessment with respect to certain assumed leases is preliminary as of September 30, 2020. For the Nine Months Ended September 30, 2020 2019 (In millions) Inventory $ 29.8 $ 70.9 Real estate 14.5 43.1 Property and equipment 0.4 4.7 Goodwill and manufacturer franchise rights 19.2 91.0 Loaner vehicles — 1.5 Liabilities assumed — (0.8) Other (0.3) — Total purchase price $ 63.6 $ 210.4 During the nine months ended September 30, 2020, we sold one franchise (one dealership location) in the Atlanta, Georgia market, we sold six franchises (five dealership locations) and one collision center in the Jackson, Mississippi market, and we sold one franchise (one dealership location) in the Greenville, South Carolina market. The Company recorded a pre-tax gain totaling $58.4 million, which is presented in our accompanying Condensed Consolidated Statements of Income as Gain on dealership divestitures, net. During the nine months ended September 30, 2019, we sold one franchise (one dealership location) and one collision center in the Houston, Texas market. The Company recorded a pre-tax gain totaling $11.7 million, which is presented in our accompanying Condensed Consolidated Statements of Income as Gain on dealership divestitures, net. The divested businesses would not be considered significant subsidiaries as defined in Rule 1-02(w) of Regulation S-X.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) Vehicle receivables $ 44.7 $ 44.8 Manufacturer receivables 47.8 50.4 Other receivables 35.2 42.4 Total accounts receivable 127.7 137.6 Less—Allowance for credit losses (1.3) (1.4) Accounts receivable, net $ 126.4 $ 136.2

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) New vehicles $ 578.5 $ 802.6 Used vehicles 203.9 140.1 Parts and accessories 46.3 42.3 Total inventories $ 828.7 $ 985.0 The lower of cost and net realizable value reserves reduced total inventories by $5.1 million and $6.1 million as of September 30, 2020 and December 31, 2019, respectively. In addition to inventories shown above, we had $6.9 million and $67.7 million of inventories classified as Assets held for sale in the accompanying Condensed Consolidated Balance Sheets as

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals, (ii) real estate not currently used in our operations that we are actively marketing to sell and (iii) the related mortgage notes payable, if applicable. A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of September 30, 2020 December 31, 2019 (In millions) Assets: Inventory $ 6.9 $ 67.7 Loaners, net — 3.0 Property and equipment, net 42.6 69.0 Operating lease right-of-use assets 0.1 6.9 Goodwill — 5.3 Franchise rights — 2.3 Total Assets held for sale 49.6 154.2 Liabilities: Floor plan notes payable—trade 5.8 21.9 Floor plan notes payable—non-trade — 40.9 Loaners/ Notes payable — 3.1 Current maturities of long-term debt 1.1 0.3 Current maturities of operating leases 0.1 4.2 Long-term debt 15.5 27.8 Operating lease liabilities — 2.7 Total Liabilities associated with assets held for sale 22.5 100.9 Net assets held for sale $ 27.1 $ 53.3 As of September 30, 2020 assets held for sale consisted of one franchise (one dealership location) and three real estate properties that are not currently used in our operations. The assets and liabilities associated with these properties totaled $49.6 million and $22.5 million, respectively As of December 31, 2019, assets held for sale consisted of seven franchises (six dealership locations) and one collision center, in addition to four real estate properties. Assets and liabilities totaled $154.2 million and $100.9 million, respectively. During the nine months ended September 30, 2020, the Company recorded a net pre-tax gain totaling $33.7 million, on the sale of these dealerships. Additionally, during the nine months ended September 30, 2020, we sold one vacant property with a net book value of $3.7 million.

GOODWILL AND INTANGIBLE FRANCHI

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	GOODWILL AND INTANGIBLE FRANCHISE RIGHTSOur acquisitions have resulted in the recording of goodwill and intangible franchise rights. 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. Franchise rights are indefinite-lived intangible assets representing our rights under franchise agreements with vehicle manufacturers. Goodwill and intangible franchise rights are tested annually as of October 1st, or more frequently in the event that facts and circumstances indicate a triggering event has occurred. As a result of the adverse impact on our dealership operations caused by the COVID-19 pandemic, the Company considered the extent to which the COVID-19 impacts combined with other relevant circumstances (e.g., the results of the Company’s most recent impairment test) could affect the significant inputs used to determine the fair value of the Company’s franchise rights and goodwill associated with the Company’s reporting units. To the extent that we determined that the totality of events and circumstances, and their effect on the significant inputs into the fair value determination of our franchise rights and reporting units, would more likely than not lead to an impairment of the carrying value of the franchise rights or goodwill reporting units, we performed quantitative impairment tests as of March 31, 2020. We performed qualitative assessments on the remaining franchise rights and goodwill reporting units as of March 31, 2020. The results of our quantitative and qualitative assessments indicated that the carrying value of goodwill related to all reporting units did not exceed their fair value. The quantitative impairment tests for franchise rights included a comparison of the estimated fair value to the carrying value of each franchise right asset. The Company estimates fair value by using a discounted cash flow model (income approach) based on market participant assumptions related to the cash flows directly attributable to the franchise. These assumptions include year-over-year and terminal growth rates, working capital requirements, weighted average cost of capital, future gross margins, and future selling, general, and administrative expenses. The results of the quantitative impairment testing for certain franchise rights as of March 31, 2020, identified that the carrying values of certain of our franchise rights assets exceeded their fair value. As a result, we recognized a $23.0 million pre-tax non-cash impairment charge during the three months ended March 31, 2020. We did not record an impairment charge related to goodwill and franchise rights for the three months ended June 30, 2020 or September 30, 2020.

FLOOR PLAN NOTES PAYABLE

FLOOR PLAN NOTES PAYABLE	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) Floor plan notes payable—trade (a) $ 67.1 $ 146.5 Floor plan notes payable offset account (6.7) (16.2) Floor plan notes payable—trade, net $ 60.4 $ 130.3 Floor plan notes payable—new non-trade (b) $ 618.3 $ 773.6 Floor plan notes payable—used non-trade 50.0 — Floor plan notes payable offset account (33.1) (115.9) Floor plan notes payable—non-trade, net $ 635.2 $ 657.7 ____________________________ (a) Amounts reflected for floor plan notes payable—trade as of September 30, 2020 and December 31, 2019, excluded $5.8 million and $21.9 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for floor plan notes payable—new non-trade as of December 31, 2019, excluded $40.9 million classified as Liabilities associated with assets held for sale. We have a floor plan facility with Ford Motor Credit Company ("Ford Credit") to purchase new Ford and Lincoln vehicle inventory. Our floor plan facility with Ford Credit was amended in July 2020 to extend the maturity date to July 31, 2021. We have established a floor plan notes payable offset account with Ford Credit that allows us to transfer cash to the account as an offset to our outstanding Floor Plan Notes Payable—Trade. In addition, we have a similar floor plan offset account with Bank of America that allows us to offset our 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 offset account into our operating cash accounts within one to two days. As of September 30, 2020 and December 31, 2019, we had $39.8 million and $132.1 million, respectively, in these floor plan offset accounts. At our option, we have the ability to re-designate a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to re-designate is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to re-designate any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. As of December 31, 2019, $190.0 million of availability under our Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of the lower commitment fee rates on the New Vehicle Floor Plan Facility when compared to the Revolving Credit Facility. On March 17, 2020, the entire $190.0 million was re-designated from the New Vehicle Floor Plan Facility to the Revolving Credit Facility. As of September 30, 2020, there was $50.0 million outstanding under the Used Vehicle Floor Plan Facility. Long-term debt consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) 6.00% Senior Subordinated Notes due 2024 $ — $ 600.0 4.50% Senior Notes due 2028 405.0 — 4.75% Senior Notes due 2030 445.0 — Mortgage notes payable bearing interest at fixed rates 97.6 100.5 2018 Bank of America Facility (a) 85.4 88.3 2018 Wells Fargo Master Loan Facility (b) 88.4 25.0 2013 BofA Real Estate Facility 34.2 35.5 2015 Wells Fargo Master Loan Facility (c) 62.3 76.8 Finance lease liability 16.7 17.2 Total debt outstanding 1,234.6 943.3 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 — 5.1 Add—unamortized premium on 4.50% Senior Notes due 2028 1.3 — Add—unamortized premium on 4.75% Senior Notes due 2030 2.2 — Less—debt issuance costs (14.3) (9.0) Long-term debt, including current portion 1,223.8 939.4 Less—current portion, net of current portion of debt issuance costs (49.7) (32.4) Long-term debt $ 1,174.1 $ 907.0 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility (as defined herein) as of December 31, 2019, exclude $26.6 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020, exclude $5.1 million classified as Liabilities associated with assets held for sale. (c) Amounts reflected for the 2015 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020 and December 31, 2019, exclude $11.5 million and $1.5 million classified as Liabilities associated with assets held for sale, respectively. 6.00% Senior Subordinated Notes due 2024 On February 3, 2020, we issued a conditional notice of redemption to the holders of our 6% Senior Subordinated Notes due 2024 (the "6% Notes"), notifying such holders that we intended to redeem all of the 6% Notes. On March 4, 2020, the 6% Notes were redeemed at 103% of par, plus accrued and unpaid interest to, but excluding, the date of redemption. We recorded a loss on extinguishment of the 6% Notes of $19.1 million which comprised a redemption premium of $18.0 million and the net write-off of the unamortized premium and debt issuance costs of $1.1 million related to the 6% Notes on the redemption date. New Senior Notes In contemplation of the 2019 Acquisition, on February 19, 2020, the Company completed its offering of senior unsecured notes (the "February 2020 Offering"), consisting of $525.0 million aggregate principal amount of 4.50% Senior Notes due 2028 (the "Existing 2028 Notes") and together with the Additional 2028 Notes (as defined below), the "2028 Notes") and $600.0 million aggregate principal amount of 4.75% Senior Notes due 2030 (the "Existing 2030 Notes" and, together with the Existing 2028 Notes, the "Existing Notes") and together with the Additional 2030 Notes (as defined below), the "2030 Notes"). The Company paid lender fees of $6.8 million in conjunction with the February Notes Offering and incurred additional debt issuance costs of $3.1 million. As a result of the termination of the 2019 Acquisition, the Company delivered a notice of special mandatory redemption to holders of its Existing 2028 Notes and Existing 2030 Notes pursuant to which it would redeem on a pro rata basis (1) $245.0 million of the Existing 2028 Notes and (2) $280.0 million of the 2030 Existing Notes, in each case, at 100% of the respective principal amount plus accrued and unpaid interest to but excluding, the special mandatory redemption date. On March 30, 2020, the Company completed the redemption and recorded a write-off of unamortized debt issuance costs of $1.5 million. In September 2020, the Company completed an issuance of $250.0 million aggregate principal amount of additional senior unsecured notes (the "September 2020 Offering") consisting of $125.0 million aggregate principal amount of additional 4.50% Senior Notes due 2028 (the "Additional 2028 Notes") at a price of 101.00% of par, plus accrued interest from September 1, 2020, and $125.0 million aggregate principal amount of additional 4.75% Senior Notes due 2030 (the "Additional 2030 Notes" and together with the Additional 2028 Notes, the "Additional Notes") at a price of 101.75% of par, plus accrued interest from September 1, 2020. After deducting the initial purchasers' discounts of $2.8 million, we received net proceeds of approximately $250.6 million from the September 2020 Offering. The $3.5 million premium paid by the initial purchasers of the Additional Notes was recorded as a component of long-term debt on our Condensed Consolidated Balance Sheet and is being amortized as a reduction of interest expense over the remaining term of the Notes. The proceeds of the September 2020 Offering were used to redeem the Seller Notes issued in connection with the Revised Transaction and repay approximately $50.0 million in aggregate principal amount outstanding under our Revolving Credit Facility. The lender fees and other debt issuance costs incurred are being amortized over the terms of the Notes using the effective interest method. The 2028 Notes and 2030 Notes mature on March 1, 2028 and March 1, 2030, respectively. Interest is payable semiannually, on March 1 and September 1 of each year. The February 2020 Offering, together with additional borrowings and cash on hand, was incurred to (i) fund, if consummated, the acquisition of substantially all of the assets of Park Place, (ii) redeem all of our outstanding $600.0 million aggregate principal amount of the 6.0% Notes and (iii) pay fees and expenses in connection with the foregoing. The remaining outstanding 2028 Notes and 2030 Notes are subject to customary covenants, events of default and optional redemption provisions. In addition, the remaining outstanding 2028 Notes and 2030 Notes are required to be registered under the Securities Act of 1933 within 270 days of the closing date for the offering. The Company completed the registration of the 2028 Notes and 2030 Notes in October 2020. We are a holding company with no independent assets or operations. For all relevant periods presented, our 6.0% Notes, 2028 Notes and 2030 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 September 30, 2020, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. Seller Notes The Seller Notes comprised $150.0 million in aggregate principal amount of 4.00% promissory note due August 2021 and $50.0 million in aggregate principal amount of a 4.00% promissory note due February 2022 and were issued on August 24, 2020 in conjunction with the Revised Transaction. In September 2020, the Company redeemed the Seller Notes with the proceeds of the September 2020 Offering. Amendments to 2019 Senior Credit Facility In connection with the 2019 Acquisition, we obtained amendments, among other things, to (1) increase the aggregate commitments under the Revolving Credit Facility to $350.0 million, (2) increase the aggregate commitments under the New Vehicle Floorplan Facility to $1.35 billion and (3) increase the aggregate commitments under the Used Vehicle Floorplan Facility to $200.0 million. These amendments to increase the aggregate commitments were to be effective concurrently with the consummation of the 2019 Acquisition. As a result of the termination of the 2019 Acquisition, the aforementioned amendments did not become effective. New BofA Real Estate Facility In connection with the 2019 Acquisition, on February 7, 2020 we entered into the New BofA Real Estate Facility, which provided for term loans in an aggregate amount not to exceed $280.6 million, upon the consummation of the 2019 Acquisition. As a result of the termination of the 2019 Acquisition, the anticipated borrowings under the New BofA Real Estate Facility have not occurred and the agreement governing the New BofA Real Estate Facility has terminated. 2018 Wells Fargo Master Loan Facility On June 26, 2020, the Company borrowed an additional $69.4 million under the 2018 Wells Fargo Master Loan Facility.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) Floor plan notes payable—trade (a) $ 67.1 $ 146.5 Floor plan notes payable offset account (6.7) (16.2) Floor plan notes payable—trade, net $ 60.4 $ 130.3 Floor plan notes payable—new non-trade (b) $ 618.3 $ 773.6 Floor plan notes payable—used non-trade 50.0 — Floor plan notes payable offset account (33.1) (115.9) Floor plan notes payable—non-trade, net $ 635.2 $ 657.7 ____________________________ (a) Amounts reflected for floor plan notes payable—trade as of September 30, 2020 and December 31, 2019, excluded $5.8 million and $21.9 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for floor plan notes payable—new non-trade as of December 31, 2019, excluded $40.9 million classified as Liabilities associated with assets held for sale. We have a floor plan facility with Ford Motor Credit Company ("Ford Credit") to purchase new Ford and Lincoln vehicle inventory. Our floor plan facility with Ford Credit was amended in July 2020 to extend the maturity date to July 31, 2021. We have established a floor plan notes payable offset account with Ford Credit that allows us to transfer cash to the account as an offset to our outstanding Floor Plan Notes Payable—Trade. In addition, we have a similar floor plan offset account with Bank of America that allows us to offset our 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 offset account into our operating cash accounts within one to two days. As of September 30, 2020 and December 31, 2019, we had $39.8 million and $132.1 million, respectively, in these floor plan offset accounts. At our option, we have the ability to re-designate a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to re-designate is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to re-designate any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. As of December 31, 2019, $190.0 million of availability under our Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of the lower commitment fee rates on the New Vehicle Floor Plan Facility when compared to the Revolving Credit Facility. On March 17, 2020, the entire $190.0 million was re-designated from the New Vehicle Floor Plan Facility to the Revolving Credit Facility. As of September 30, 2020, there was $50.0 million outstanding under the Used Vehicle Floor Plan Facility. Long-term debt consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) 6.00% Senior Subordinated Notes due 2024 $ — $ 600.0 4.50% Senior Notes due 2028 405.0 — 4.75% Senior Notes due 2030 445.0 — Mortgage notes payable bearing interest at fixed rates 97.6 100.5 2018 Bank of America Facility (a) 85.4 88.3 2018 Wells Fargo Master Loan Facility (b) 88.4 25.0 2013 BofA Real Estate Facility 34.2 35.5 2015 Wells Fargo Master Loan Facility (c) 62.3 76.8 Finance lease liability 16.7 17.2 Total debt outstanding 1,234.6 943.3 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 — 5.1 Add—unamortized premium on 4.50% Senior Notes due 2028 1.3 — Add—unamortized premium on 4.75% Senior Notes due 2030 2.2 — Less—debt issuance costs (14.3) (9.0) Long-term debt, including current portion 1,223.8 939.4 Less—current portion, net of current portion of debt issuance costs (49.7) (32.4) Long-term debt $ 1,174.1 $ 907.0 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility (as defined herein) as of December 31, 2019, exclude $26.6 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020, exclude $5.1 million classified as Liabilities associated with assets held for sale. (c) Amounts reflected for the 2015 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020 and December 31, 2019, exclude $11.5 million and $1.5 million classified as Liabilities associated with assets held for sale, respectively. 6.00% Senior Subordinated Notes due 2024 On February 3, 2020, we issued a conditional notice of redemption to the holders of our 6% Senior Subordinated Notes due 2024 (the "6% Notes"), notifying such holders that we intended to redeem all of the 6% Notes. On March 4, 2020, the 6% Notes were redeemed at 103% of par, plus accrued and unpaid interest to, but excluding, the date of redemption. We recorded a loss on extinguishment of the 6% Notes of $19.1 million which comprised a redemption premium of $18.0 million and the net write-off of the unamortized premium and debt issuance costs of $1.1 million related to the 6% Notes on the redemption date. New Senior Notes In contemplation of the 2019 Acquisition, on February 19, 2020, the Company completed its offering of senior unsecured notes (the "February 2020 Offering"), consisting of $525.0 million aggregate principal amount of 4.50% Senior Notes due 2028 (the "Existing 2028 Notes") and together with the Additional 2028 Notes (as defined below), the "2028 Notes") and $600.0 million aggregate principal amount of 4.75% Senior Notes due 2030 (the "Existing 2030 Notes" and, together with the Existing 2028 Notes, the "Existing Notes") and together with the Additional 2030 Notes (as defined below), the "2030 Notes"). The Company paid lender fees of $6.8 million in conjunction with the February Notes Offering and incurred additional debt issuance costs of $3.1 million. As a result of the termination of the 2019 Acquisition, the Company delivered a notice of special mandatory redemption to holders of its Existing 2028 Notes and Existing 2030 Notes pursuant to which it would redeem on a pro rata basis (1) $245.0 million of the Existing 2028 Notes and (2) $280.0 million of the 2030 Existing Notes, in each case, at 100% of the respective principal amount plus accrued and unpaid interest to but excluding, the special mandatory redemption date. On March 30, 2020, the Company completed the redemption and recorded a write-off of unamortized debt issuance costs of $1.5 million. In September 2020, the Company completed an issuance of $250.0 million aggregate principal amount of additional senior unsecured notes (the "September 2020 Offering") consisting of $125.0 million aggregate principal amount of additional 4.50% Senior Notes due 2028 (the "Additional 2028 Notes") at a price of 101.00% of par, plus accrued interest from September 1, 2020, and $125.0 million aggregate principal amount of additional 4.75% Senior Notes due 2030 (the "Additional 2030 Notes" and together with the Additional 2028 Notes, the "Additional Notes") at a price of 101.75% of par, plus accrued interest from September 1, 2020. After deducting the initial purchasers' discounts of $2.8 million, we received net proceeds of approximately $250.6 million from the September 2020 Offering. The $3.5 million premium paid by the initial purchasers of the Additional Notes was recorded as a component of long-term debt on our Condensed Consolidated Balance Sheet and is being amortized as a reduction of interest expense over the remaining term of the Notes. The proceeds of the September 2020 Offering were used to redeem the Seller Notes issued in connection with the Revised Transaction and repay approximately $50.0 million in aggregate principal amount outstanding under our Revolving Credit Facility. The lender fees and other debt issuance costs incurred are being amortized over the terms of the Notes using the effective interest method. The 2028 Notes and 2030 Notes mature on March 1, 2028 and March 1, 2030, respectively. Interest is payable semiannually, on March 1 and September 1 of each year. The February 2020 Offering, together with additional borrowings and cash on hand, was incurred to (i) fund, if consummated, the acquisition of substantially all of the assets of Park Place, (ii) redeem all of our outstanding $600.0 million aggregate principal amount of the 6.0% Notes and (iii) pay fees and expenses in connection with the foregoing. The remaining outstanding 2028 Notes and 2030 Notes are subject to customary covenants, events of default and optional redemption provisions. In addition, the remaining outstanding 2028 Notes and 2030 Notes are required to be registered under the Securities Act of 1933 within 270 days of the closing date for the offering. The Company completed the registration of the 2028 Notes and 2030 Notes in October 2020. We are a holding company with no independent assets or operations. For all relevant periods presented, our 6.0% Notes, 2028 Notes and 2030 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 September 30, 2020, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. Seller Notes The Seller Notes comprised $150.0 million in aggregate principal amount of 4.00% promissory note due August 2021 and $50.0 million in aggregate principal amount of a 4.00% promissory note due February 2022 and were issued on August 24, 2020 in conjunction with the Revised Transaction. In September 2020, the Company redeemed the Seller Notes with the proceeds of the September 2020 Offering. Amendments to 2019 Senior Credit Facility In connection with the 2019 Acquisition, we obtained amendments, among other things, to (1) increase the aggregate commitments under the Revolving Credit Facility to $350.0 million, (2) increase the aggregate commitments under the New Vehicle Floorplan Facility to $1.35 billion and (3) increase the aggregate commitments under the Used Vehicle Floorplan Facility to $200.0 million. These amendments to increase the aggregate commitments were to be effective concurrently with the consummation of the 2019 Acquisition. As a result of the termination of the 2019 Acquisition, the aforementioned amendments did not become effective. New BofA Real Estate Facility In connection with the 2019 Acquisition, on February 7, 2020 we entered into the New BofA Real Estate Facility, which provided for term loans in an aggregate amount not to exceed $280.6 million, upon the consummation of the 2019 Acquisition. As a result of the termination of the 2019 Acquisition, the anticipated borrowings under the New BofA Real Estate Facility have not occurred and the agreement governing the New BofA Real Estate Facility has terminated. 2018 Wells Fargo Master Loan Facility On June 26, 2020, the Company borrowed an additional $69.4 million under the 2018 Wells Fargo Master Loan Facility.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	9 Months Ended
	Sep. 30, 2020
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 presumptions 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 Notes and our Mortgage notes payable is as follows: As of September 30, 2020 December 31, 2019 (In millions) Carrying Value: 6.00% Senior Subordinated Notes due 2024 $ — $ 598.8 4.50% Senior Notes due 2028 400.8 — 4.75% Senior Notes due 2030 440.5 — Mortgage notes payable (a) 365.8 323.4 Total carrying value $ 1,207.1 $ 922.2 Fair Value: 6.00% Senior Subordinated Notes due 2024 $ — $ 619.5 4.50% Senior Notes due 2028 407.0 — 4.75% Senior Notes due 2030 447.2 — Mortgage notes payable (a) 389.6 364.2 Total fair value $ 1,243.8 $ 983.7 ____________________________ (a) Excludes amounts classified as Liabilities associated with assets held for sale as of September 30, 2020 and December 31, 2019. Interest Rate Swap Agreements We currently have four interest rate swap agreements, two of which were entered into in July 2020. Each of these swaps were designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR. The following table provides information on the attributes of each swap as of September 30, 2020: Inception Date Notional Principal Amount Notional Value as of September 30, 2020 Maturity Value Maturity Date (In millions) July 2020 $ 93.5 $ 93.1 $ 50.6 December 2028 July 2020 $ 85.5 $ 85.5 $ 57.3 November 2025 June 2015 $ 100.0 $ 75.9 $ 53.1 February 2025 November 2013 $ 75.0 $ 49.9 $ 38.7 September 2023 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 an $8.9 million and a $3.8 million liability as of September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 December 31, 2019 (In millions) Other current liabilities $ 2.8 $ 0.9 Other long-term liabilities 6.1 2.9 Total fair value $ 8.9 $ 3.8 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 in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended September 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) 2020 $ — Other interest expense, net $ 0.7 2019 $ (1.0) Other interest expense, net $ (0.1) For the Nine Months Ended September 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) 2020 $ (5.1) Other interest expense, net $ 1.6 2019 $ (5.3) Other interest expense, net $ —

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the nine months ended September 30, 2020 and 2019, we made interest payments, including amounts capitalized, totaling $54.7 million and $61.0 million, respectively. Included in these interest payments are $16.1 million and $30.4 million, of floor plan interest payments during the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, we made income tax payments, net of refunds received, totaling $34.7 million and $44.1 million, respectively. During the nine months ended September 30, 2020 and 2019, we transferred $111.1 million and $107.5 million, respectively, of loaner vehicles from Other current assets to Inventories on our Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
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. As of September 30, 2020, we had $12.7 million of letters of credit outstanding and we maintained a $7.7 million surety bond line in the ordinary course of our business, both of which are also required by certain of our insurance providers. 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.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
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. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, have been included, unless otherwise indicated. The results of operations for the three and nine months ended September 30, 2020 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, 2019.
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
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.
Accounts Receivable	Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions.
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 in the accompanying Condensed 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 in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory.
Income Taxes	Income TaxesWe 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 RepurchasesShare 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	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. The Company excluded 0 and 78,180 restricted share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan, from its computation of diluted earnings per share for the three and nine months ended September 30, 2020, respectively, because they were anti-dilutive. 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 may include assets and liabilities associated with pending dealership disposals, real estate 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 in 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 in 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 Statements 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 "2019 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective January 1, 2020, the Company adopted Financial Accounting Standard Board Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments , which changed the way entities assess the impairment of its financial instruments based on its estimate of expected credit losses versus the current incurred loss model. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.
Revenue Recognition	The Company satisfies performance obligations either over time or at a point in time. 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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes revenue from contracts with customers for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, 2020 2019 (In millions) Revenue: New vehicle $ 957.9 $ 986.9 Used vehicle retail 507.4 505.0 Used vehicle wholesale 62.1 41.9 New and used vehicle 1,527.4 1,533.8 Sale of vehicle parts and accessories 36.8 36.7 Vehicle repair and maintenance services 200.4 190.9 Parts and services 237.2 227.6 Finance and insurance, net 80.8 80.6 Total revenue $ 1,845.4 $ 1,842.0 For the Nine Months Ended September 30, 2020 2019 (In millions) Revenue: New vehicle $ 2,541.8 $ 2,823.9 Used vehicle retail 1,366.0 1,449.8 Used vehicle wholesale 144.2 140.6 New and used vehicle 4,052.0 4,414.3 Sale of vehicle parts and accessories 99.5 109.7 Vehicle repair and maintenance services 528.5 560.0 Parts and services 628.0 669.7 Finance and insurance, net 217.8 232.3 Total revenue $ 4,897.8 $ 5,316.3
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, 2020 $ 4.8 $ 12.3 $ 17.1 Transferred to receivables from contract assets recognized at the beginning of the period (4.8) (4.1) (8.9) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 3.7 4.6 8.3 Contract Assets (Current), March 31, 2020 $ 3.7 $ 12.8 $ 16.5 Transferred to receivables from contract assets recognized at the beginning of the period (3.7) (4.0) (7.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 3.3 4.0 7.3 Contract Assets (Current), June 30, 2020 3.3 12.8 16.1 Transferred to receivables from contract assets recognized at the beginning of the period (3.3) (3.2) (6.5) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 6.8 3.9 10.7 Contract Assets (Current), September 30, 2020 $ 6.8 $ 13.5 $ 20.3

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Preliminary Purchase Consideration	The sources of the preliminary purchase consideration are as follows: (In millions) Cash $ 527.4 Seller Notes 200.0 New Vehicle Floor Plan Facility 127.5 Used Vehicle Floor Plan Facility 35.0 Preliminary purchase price $ 889.9
Schedule of Allocation of Estimated Purchase Price	The following table summarizes the allocation of the estimated purchase price based on preliminary estimates of fair value: (In millions) Summary of Assets Acquired and Liabilities Assumed Inventories $ 120.8 Loaner vehicles 57.0 Property and equipment 35.0 Goodwill and intangible assets 685.9 Operating lease right-of-use assets 202.7 Total assets acquired 1,101.4 Operating lease liabilities (202.2) Other liabilities (9.3) Total liabilities assumed (211.5) Net assets acquired $ 889.9
Schedule of Pro Forma Information	The following represents the unaudited pro forma information as if Park Place had been included in the consolidated results of the Company since January 1, 2019: For the Three Months Ended September 30, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 2,045.7 $ 2,261.4 Pro Forma Net Income $ 107.0 $ 56.6 For the Nine Months Ended September 30, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 5,755.6 $ 6,517.5 Pro Forma Net Income $ 187.4 $ 173.9
Schedule of Business Acquisitions	Below is the allocation of purchase price for the other acquisitions completed during the nine months ended September 30, 2020 and 2019, respectively. Our 2020 valuation for manufacturer franchise rights, real estate, property and equipment, and our assessment with respect to certain assumed leases is preliminary as of September 30, 2020. For the Nine Months Ended September 30, 2020 2019 (In millions) Inventory $ 29.8 $ 70.9 Real estate 14.5 43.1 Property and equipment 0.4 4.7 Goodwill and manufacturer franchise rights 19.2 91.0 Loaner vehicles — 1.5 Liabilities assumed — (0.8) Other (0.3) — Total purchase price $ 63.6 $ 210.4

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) Vehicle receivables $ 44.7 $ 44.8 Manufacturer receivables 47.8 50.4 Other receivables 35.2 42.4 Total accounts receivable 127.7 137.6 Less—Allowance for credit losses (1.3) (1.4) Accounts receivable, net $ 126.4 $ 136.2

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) New vehicles $ 578.5 $ 802.6 Used vehicles 203.9 140.1 Parts and accessories 46.3 42.3 Total inventories $ 828.7 $ 985.0

ASSETS AND LIABILITIES HELD F_2

ASSETS AND LIABILITIES HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets Held for Sale and Liabilities Associated with Assets Held for Sale	A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of September 30, 2020 December 31, 2019 (In millions) Assets: Inventory $ 6.9 $ 67.7 Loaners, net — 3.0 Property and equipment, net 42.6 69.0 Operating lease right-of-use assets 0.1 6.9 Goodwill — 5.3 Franchise rights — 2.3 Total Assets held for sale 49.6 154.2 Liabilities: Floor plan notes payable—trade 5.8 21.9 Floor plan notes payable—non-trade — 40.9 Loaners/ Notes payable — 3.1 Current maturities of long-term debt 1.1 0.3 Current maturities of operating leases 0.1 4.2 Long-term debt 15.5 27.8 Operating lease liabilities — 2.7 Total Liabilities associated with assets held for sale 22.5 100.9 Net assets held for sale $ 27.1 $ 53.3

FLOOR PLAN NOTES PAYABLE (Table

FLOOR PLAN NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable	Floor plan notes payable consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) Floor plan notes payable—trade (a) $ 67.1 $ 146.5 Floor plan notes payable offset account (6.7) (16.2) Floor plan notes payable—trade, net $ 60.4 $ 130.3 Floor plan notes payable—new non-trade (b) $ 618.3 $ 773.6 Floor plan notes payable—used non-trade 50.0 — Floor plan notes payable offset account (33.1) (115.9) Floor plan notes payable—non-trade, net $ 635.2 $ 657.7 ____________________________ (a) Amounts reflected for floor plan notes payable—trade as of September 30, 2020 and December 31, 2019, excluded $5.8 million and $21.9 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for floor plan notes payable—new non-trade as of December 31, 2019, excluded $40.9 million classified as Liabilities associated with assets held for sale.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of September 30, 2020 December 31, 2019 (In millions) 6.00% Senior Subordinated Notes due 2024 $ — $ 600.0 4.50% Senior Notes due 2028 405.0 — 4.75% Senior Notes due 2030 445.0 — Mortgage notes payable bearing interest at fixed rates 97.6 100.5 2018 Bank of America Facility (a) 85.4 88.3 2018 Wells Fargo Master Loan Facility (b) 88.4 25.0 2013 BofA Real Estate Facility 34.2 35.5 2015 Wells Fargo Master Loan Facility (c) 62.3 76.8 Finance lease liability 16.7 17.2 Total debt outstanding 1,234.6 943.3 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 — 5.1 Add—unamortized premium on 4.50% Senior Notes due 2028 1.3 — Add—unamortized premium on 4.75% Senior Notes due 2030 2.2 — Less—debt issuance costs (14.3) (9.0) Long-term debt, including current portion 1,223.8 939.4 Less—current portion, net of current portion of debt issuance costs (49.7) (32.4) Long-term debt $ 1,174.1 $ 907.0 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility (as defined herein) as of December 31, 2019, exclude $26.6 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020, exclude $5.1 million classified as Liabilities associated with assets held for sale. (c) Amounts reflected for the 2015 Wells Fargo Master Loan Facility (as defined herein) as of September 30, 2020 and December 31, 2019, exclude $11.5 million and $1.5 million classified as Liabilities associated with assets held for sale, respectively.

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our Notes and our Mortgage notes payable is as follows: As of September 30, 2020 December 31, 2019 (In millions) Carrying Value: 6.00% Senior Subordinated Notes due 2024 $ — $ 598.8 4.50% Senior Notes due 2028 400.8 — 4.75% Senior Notes due 2030 440.5 — Mortgage notes payable (a) 365.8 323.4 Total carrying value $ 1,207.1 $ 922.2 Fair Value: 6.00% Senior Subordinated Notes due 2024 $ — $ 619.5 4.50% Senior Notes due 2028 407.0 — 4.75% Senior Notes due 2030 447.2 — Mortgage notes payable (a) 389.6 364.2 Total fair value $ 1,243.8 $ 983.7 ____________________________ (a) Excludes amounts classified as Liabilities associated with assets held for sale as of September 30, 2020 and December 31, 2019.
Schedule of Derivative Instruments	We currently have four interest rate swap agreements, two of which were entered into in July 2020. Each of these swaps were designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR. The following table provides information on the attributes of each swap as of September 30, 2020: Inception Date Notional Principal Amount Notional Value as of September 30, 2020 Maturity Value Maturity Date (In millions) July 2020 $ 93.5 $ 93.1 $ 50.6 December 2028 July 2020 $ 85.5 $ 85.5 $ 57.3 November 2025 June 2015 $ 100.0 $ 75.9 $ 53.1 February 2025 November 2013 $ 75.0 $ 49.9 $ 38.7 September 2023
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 September 30, 2020 December 31, 2019 (In millions) Other current liabilities $ 2.8 $ 0.9 Other long-term liabilities 6.1 2.9 Total fair value $ 8.9 $ 3.8
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended September 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) 2020 $ — Other interest expense, net $ 0.7 2019 $ (1.0) Other interest expense, net $ (0.1) For the Nine Months Ended September 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) 2020 $ (5.1) Other interest expense, net $ 1.6 2019 $ (5.3) Other interest expense, net $ —

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Jul. 06, 2020USD ($)collision_centerfranchisenumberOfSubsidiaries	Sep. 30, 2020CollisionRepairCentersMetropolitanMarketsdealership_locationstatesfranchiseVehicleBrandsshares	Sep. 30, 2020CollisionRepairCentersMetropolitanMarketsdealership_locationstatesfranchiseVehicleBrandsshares
Business Organization [Line Items]
Number of franchises (in franchises)		113	113
Number of dealership locations (in dealership locations) | dealership_location		90	90
Number of collision repair centers (in collision repair centers) | CollisionRepairCenters		25	25
Number of metropolitan markets (in metropolitan markets) | MetropolitanMarkets		16	16
Number of states (in states) | states		9	9
Number of vehicle brands (in vehicle brands) | VehicleBrands		31	31
Number of franchises acquired (in franchises)	12
Number of collision centers acquired (in collision repair centers) | collision_center	2
Restricted Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share | shares		0	78,180
Asset Purchase Agreement
Business Organization [Line Items]
Number of subsidiaries | numberOfSubsidiaries	2
Number of franchises acquired (in franchises)	12
Purchase price | $	$ 889.9
Number of collision centers acquired (in collision repair centers) | collision_center	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)			44.00%
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)			34.00%
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,845.4	$ 1,842	$ 4,897.8	$ 5,316.3
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	1,527.4	1,533.8	4,052	4,414.3
New and used vehicle | New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	957.9	986.9	2,541.8	2,823.9
New and used vehicle | Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	507.4	505	1,366	1,449.8
New and used vehicle | Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	62.1	41.9	144.2	140.6
Parts and services
Disaggregation of Revenue [Line Items]
Total revenue	237.2	227.6	628	669.7
Parts and services | Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	36.8	36.7	99.5	109.7
Parts and services | Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	200.4	190.9	528.5	560
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 80.8	$ 80.6	$ 217.8	$ 232.3

REVENUE RECOGNITION (Contract A

REVENUE RECOGNITION (Contract Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2020	$ 16.1	$ 16.5	$ 17.1
Transferred to receivables from contract assets recognized at the beginning of the period	(6.5)	(7.7)	(8.9)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	10.7	7.3	8.3
Contract Assets (Current), March 31, 2020	20.3	16.1	16.5
Vehicle Repair and Maintenance Services | Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2020	3.3	3.7	4.8
Transferred to receivables from contract assets recognized at the beginning of the period	(3.3)	(3.7)	(4.8)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	6.8	3.3	3.7
Contract Assets (Current), March 31, 2020	6.8	3.3	3.7
Finance and Insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2020	12.8	12.8	12.3
Transferred to receivables from contract assets recognized at the beginning of the period	(3.2)	(4)	(4.1)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	3.9	4	4.6
Contract Assets (Current), March 31, 2020	$ 13.5	$ 12.8	$ 12.8

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES (Park Place Acquisition) (Details)	Jul. 06, 2020collision_centerfranchisenumberOfSubsidiariesdealership_location	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Aug. 24, 2020USD ($)	Mar. 24, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Payment of liquidated damages												$ 10,000,000
Number of franchises acquired (in franchises) | franchise	12
Number of dealership locations acquired (in dealership locations) | dealership_location	8
Number of collision centers acquired (in collision repair centers) | collision_center	2
Goodwill		$ 888,600,000	$ 888,600,000						$ 888,600,000				$ 201,700,000
Revenues			1,845,400,000			$ 1,842,000,000			4,897,800,000	$ 5,316,300,000
Net income			96,200,000	$ 49,600,000	$ 19,500,000	$ 45,000,000	$ 54,900,000	$ 40,900,000	165,300,000	$ 140,800,000
Seller Note | 4.00% Promissory Note due August 2021
Business Acquisition [Line Items]
Face amount											$ 150,000,000
Stated interest rate of debt instrument											4.00%
Seller Note | 4.00% Promissory Note due February 2022
Business Acquisition [Line Items]
Face amount											$ 50,000,000
Stated interest rate of debt instrument											4.00%
Asset Purchase Agreement
Business Acquisition [Line Items]
Number of subsidiaries | numberOfSubsidiaries	2
Number of franchises acquired (in franchises) | franchise	12
Number of collision centers acquired (in collision repair centers) | collision_center	2
Assets Acquisition, Transaction Costs		1,300,000	$ 1,300,000						$ 1,300,000
Revenues		148,400,000
Net income		$ 7,000,000

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES (Park Place- Preliminary Purchase Price) (Details) - Asset Purchase Agreement $ in Millions	Jul. 06, 2020USD ($)
Asset Acquisition [Line Items]
Cash	$ 527.4
Seller Notes	200
New Vehicle Floor Plan Facility	127.5
Used Vehicle Floor Plan Facility	35
Preliminary purchase price	$ 889.9

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES (Park Place- Allocation of Purchase Price) (Details) - Asset Purchase Agreement $ in Millions	Jul. 06, 2020USD ($)
Asset Acquisition [Line Items]
Inventories	$ 120.8
Loaner vehicles	57
Property and equipment	35
Goodwill and intangible assets	685.9
Operating lease right-of-use assets	202.7
Total assets acquired	1,101.4
Operating lease liabilities	(202.2)
Other liabilities	(9.3)
Total liabilities assumed	(211.5)
Net assets acquired	$ 889.9

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES (Park Place- Pro Forma Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Combinations [Abstract]
Pro Forma Revenue	$ 2,045.7	$ 2,261.4	$ 5,755.6	$ 6,517.5
Pro Forma Net Income	$ 107	$ 56.6	$ 187.4	$ 173.9

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES (Acquisitions - Narrative) (Details) $ in Millions	Jul. 06, 2020collision_centerdealership_locationfranchise	Sep. 30, 2020USD ($)dealership_locationfranchise	Sep. 30, 2019USD ($)collision_centerfranchisedealership_location
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise	12
Number of dealership locations acquired (in dealership locations) | dealership_location	8
Number of collision centers acquired (in collision repair centers) | collision_center	2
Series of Individual Business Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price			$ 210.4
Cash paid for acquisition			153.9
Floor plan borrowings for puchase of related inventory			55.3
Holdback			1.2
Holdback release			$ 0.8
Goodwill and manufacturer franchise rights, period for federal and state tax deductions		15 years	15 years
Series of Individual Business Acquisitions | Colorado
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise		3	1
Number of dealership locations acquired (in dealership locations) | dealership_location		1	1
Aggregate purchase price		$ 63.6
Cash paid for acquisition		34.5
Floor plan borrowings for puchase of related inventory		27.1
Holdback		2
Holdback release		$ 2.5
Series of Individual Business Acquisitions | Indiana
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise			9
Number of dealership locations acquired (in dealership locations) | dealership_location			5
Number of collision centers acquired (in collision repair centers) | collision_center			1

ACQUISITIONS AND DIVESTITURES_7

ACQUISITIONS AND DIVESTITURES (Purchase Price Allocation) (Details) - Series of Individual Business Acquisitions - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Inventory	$ 29.8	$ 70.9
Real estate	14.5	43.1
Property and equipment	0.4	4.7
Goodwill and manufacturer franchise rights	19.2	91
Loaner vehicles	0	1.5
Liabilities assumed	0	(0.8)
Other	(0.3)	0
Total purchase price	$ 63.6	$ 210.4

ACQUISITIONS AND DIVESTITURES_8

ACQUISITIONS AND DIVESTITURES (Divestitures - Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)franchisedealership_locationcollision_center	Sep. 30, 2019USD ($)collision_centerdealership_locationfranchise	Mar. 24, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on dealership divestitures | $	$ 24.7	$ 0	$ 58.4	$ 11.7
Divestitures | $			161.6	39.1
Payment of liquidated damages | $					$ 10
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on dealership divestitures | $			$ 58.4	$ 11.7
Disposed of by sale | Georgia
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
Disposed of by sale | Mississippi
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of franchises, sold (in franchises) | franchise			6
Number of dealership locations, sold (in dealership locations) | dealership_location			5
Number of collision centers, sold (in collision centers) | collision_center			1
Disposed of by sale | South Carolina
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
Disposed of by sale | 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

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 127.7	$ 137.6
Less—Allowance for doubtful accounts	(1.3)	(1.4)
Accounts receivable, net	126.4	136.2
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	44.7	44.8
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	47.8	50.4
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 35.2	$ 42.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Components of Inventory [Line Items]
Total inventories	$ 828.7		$ 985
Lower of cost or market inventory reserves	5.1		6.1
New vehicles
Components of Inventory [Line Items]
Total inventories	578.5		802.6
Reduction of new vehicle inventory cost by automobile manufacturer incentives	(7.4)		(9.6)
Reduction to cost of sales	31.5	$ 33.3
Used vehicles
Components of Inventory [Line Items]
Total inventories	203.9		140.1
Parts and accessories
Components of Inventory [Line Items]
Total inventories	46.3		42.3
Held-for-sale
Components of Inventory [Line Items]
Total inventories	$ 6.9		$ 67.7

ASSETS AND LIABILITIES HELD F_3

ASSETS AND LIABILITIES HELD FOR SALE (Assets Held for Sale and Liabilities Associated with the Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Inventory	$ 6.9	$ 67.7
Loaners, net	0	3
Property and equipment, net	42.6	69
Operating lease right-of-use assets	0.1	6.9
Goodwill	0	5.3
Franchise rights	0	2.3
Total Assets held for sale	49.6	154.2
Liabilities:
Floor plan notes payable—trade	5.8	21.9
Floor plan notes payable—non-trade	0	40.9
Loaners/ Notes payable	0	3.1
Current maturities of long-term debt	1.1	0.3
Current maturities of operating leases	0.1	4.2
Long-term debt	15.5	27.8
Operating lease liabilities	0	2.7
Total Liabilities associated with assets held for sale	22.5	100.9
Net assets held for sale	$ 27.1	$ 53.3

ASSETS AND LIABILITIES HELD F_4

ASSETS AND LIABILITIES HELD FOR SALE (Narrative) (Details) $ in Millions	Sep. 30, 2020USD ($)	Sep. 30, 2020dealership_location	Sep. 30, 2020franchise	Sep. 30, 2020property	Dec. 31, 2019USD ($)	Dec. 31, 2019dealership_location	Dec. 31, 2019franchise	Dec. 31, 2019property	Dec. 31, 2019collision_center
Long Lived Assets Held-for-sale [Line Items]
Number of dealership locations (in dealership locations) | dealership_location		90
Assets held-for-sale	$ 27.1				$ 53.3
Liabilities associated with assets held for sale	22.5				100.9
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties			1	3			7	4	1
Number of dealership locations (in dealership locations) | dealership_location		1				6
Assets held-for-sale	49.6				154.2
Liabilities associated with assets held for sale	22.5				$ 100.9
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	$ 3.7

GOODWILL AND INTANGIBLE FRANC_2

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Franchise rights impairment	$ 0	$ 0	$ 23,000,000	$ 23,000,000	$ 0

FLOOR PLAN NOTES PAYABLE (Sched

FLOOR PLAN NOTES PAYABLE (Schedule) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Disclosure [Abstract]
Floor plan notes payable—trade (a)	$ 67.1	$ 146.5
Floor plan notes payable offset account	(6.7)	(16.2)
Floor plan notes payable—trade, net	60.4	130.3
Floor plan notes payable—non-trade	618.3	773.6
Floor plan notes payable—used non-trade	50	0
Floor plan notes payable offset account	(33.1)	(115.9)
Floor plan notes payable—non-trade, net	$ 635.2	657.7
Floor plan notes payable—trade, liabilities associated with assets held for sale		21.9	$ 5.8
Floor plan notes payable—non-trade, liabilities associated with assets held for sale		$ 40.9

FLOOR PLAN NOTES PAYABLE (Narra

FLOOR PLAN NOTES PAYABLE (Narrative) (Details) - USD ($)	Sep. 30, 2020	Mar. 13, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Floor plan notes payable, offsets	$ (39,800,000)		$ (132,100,000)
Standby Letters of Credit | Bank of America, N.A.
Debt Instrument [Line Items]
Face amount			50,000,000
New Vehicle Floor Plan | Bank of America, N.A.
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 190,000,000
Revolving Credit Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 190,000,000

LONG-TERM DEBT (Schedule of Deb

LONG-TERM DEBT (Schedule of Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 26, 2020	Feb. 19, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease liability	$ 16.7			$ 17.2
Total debt outstanding	1,234.6			943.3
Less—debt issuance costs	(14.3)			(9)
Long-term debt, including current portion	1,223.8			939.4
Less—current portion, net of current portion of debt issuance costs	(49.7)			(32.4)
Long-term debt	1,174.1			907
2018 Bank of America Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale				26.6
2018 Bank of America Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	85.4			88.3
2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale	5.1
2018 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	88.4	$ 69.4		25
2013 BofA Real Estate Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	34.2			35.5
2015 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale	11.5			1.5
2015 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	$ 62.3			76.8
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	$ 0			600
Add—unamortized premium	$ 0			5.1
Senior Subordinated Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
Senior Subordinated Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%
Senior Notes
Debt Instrument [Line Items]
Add—unamortized premium	$ 3.5
Less—debt issuance costs			$ (6.8)
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%		4.50%
Long-term debt, gross	$ 405			0
Add—unamortized premium	$ 1.3			0
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%		4.75%
Long-term debt, gross	$ 445			0
Add—unamortized premium	2.2			0
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 97.6			$ 100.5

LONG-TERM DEBT (6.0% Senior Sub

LONG-TERM DEBT (6.0% Senior Subordinated Notes due 2024) (Details) - USD ($) $ in Millions	Mar. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Loss on extinguishment of long-term debt, net		$ 0	$ 0	$ 20.6	$ 0
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument		6.00%		6.00%
Redemption price	103.00%
Loss on extinguishment of long-term debt, net	$ 19.1
Redemption premium	18
Unamortized Premium and debt issuance costs	$ 1.1

LONG-TERM DEBT (Notes) (Details

LONG-TERM DEBT (Notes) (Details) - USD ($)	Mar. 30, 2020	Sep. 30, 2020	Aug. 24, 2020	Feb. 19, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs		$ 14,300,000			$ 9,000,000
Senior Notes
Debt Instrument [Line Items]
Face amount		250,000,000
Debt issuance costs				$ 6,800,000
Additional debt issuance costs				$ 3,100,000
Percent of principal amount				100.00%
Write-off of unamortized debt issuance costs	$ 1,500,000
Initial purchasers' discounts and expenses		2,800,000
Proceeds from issuance of debt		250,600,000
Unamortized premium		3,500,000
Extinguishment of debt, amount		50,000,000
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Face amount		$ 125,000,000		$ 525,000,000
Stated interest rate of debt instrument		4.50%		4.50%
Redemption amount pro rata basis				$ 245,000,000
Redemption price, percentage		101.00%
Unamortized premium		$ 1,300,000			0
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Face amount		$ 125,000,000		$ 600,000,000
Stated interest rate of debt instrument		4.75%		4.75%
Redemption amount pro rata basis				$ 280,000,000
Redemption price, percentage		101.75%
Unamortized premium		$ 2,200,000			0
Senior Subordinated Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument		4.50%
Senior Subordinated Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument		4.75%
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument		6.00%
Unamortized premium		$ 0			$ 5,100,000
Seller Note | 4.00% Promissory Note due August 2021
Debt Instrument [Line Items]
Face amount			$ 150,000,000
Stated interest rate of debt instrument			4.00%
Seller Note | 4.00% Promissory Note due February 2022
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Stated interest rate of debt instrument			4.00%

LONG-TERM DEBT (Amendments to 2

LONG-TERM DEBT (Amendments to 2019 Senior Credit Facility) (Details) - Bank of America, N.A.	Sep. 30, 2020USD ($)
Reastated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
New Vehicle Floor Plan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,350,000,000
Used Vehicle Floor Plan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000

LONG-TERM DEBT (New BofA Real E

LONG-TERM DEBT (New BofA Real Estate Facility) (Details)	Feb. 07, 2020USD ($)
Bank of America, N.A. | New BofA Real Estate Facility | Plan
Debt Instrument [Line Items]
Face amount	$ 280,600,000

LONG-TERM DEBT (2018 Wells Farg

LONG-TERM DEBT (2018 Wells Fargo Master Loan Facility) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 26, 2020	Dec. 31, 2019
Wells Fargo Bank, National Association | 2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 88.4	$ 69.4	$ 25

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Feb. 19, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 1,207.1		$ 922.2
Total fair value	$ 1,243.8		983.7
6.00% Senior Subordinated Notes due 2024 | 6.0% Senior Subordinated Notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	6.00%
Total carrying value	$ 0		598.8
Total fair value	$ 0		619.5
6.00% Senior Subordinated Notes due 2024 | 4.50% Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%
6.00% Senior Subordinated Notes due 2024 | 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%
Senior Notes | 4.50% Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%	4.50%
Total carrying value	$ 400.8		0
Total fair value	$ 407		0
Senior Notes | 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%	4.75%
Total carrying value	$ 440.5		0
Total fair value	447.2		0
Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	365.8		323.4
Total fair value	$ 389.6		$ 364.2

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details) $ in Millions	Sep. 30, 2020USD ($)numberOfInstruments	Jul. 31, 2020numberOfInstruments	Dec. 31, 2019USD ($)
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	$ 8.9		$ (3.8)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments held | numberOfInstruments	4	2
Fair value of interest rate swaps	$ 8.9		$ 3.8
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (2.8)

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE (Interest Rate Swap Agreements) (Details) - Interest Rate Swap - USD ($)	Sep. 30, 2020	Jul. 31, 2020	Jun. 30, 2015	Nov. 30, 2013
Derivative [Line Items]
Notional principal amount of derivative liability	$ 93,100,000	$ 93,500,000
Maturity Value		50,600,000
Notional principal amount of derivative liability	85,500,000	85,500,000
Maturity Value		$ 57,300,000
Notional principal amount of derivative liability	75,900,000		$ 100,000,000
Maturity Value			$ 53,100,000
Notional principal amount of derivative liability	$ 49,900,000			$ 75,000,000
Maturity Value				$ 38,700,000

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Fair value of Interest Rate Swaps) (Details) - Interest Rate Swap - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 8.9	$ 3.8
Other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	2.8	0.9
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 6.1	$ 2.9

FINANCIAL INSTRUMENTS AND FAI_7

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ 0	$ (1)	$ (5.1)	$ (5.3)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	0	(1)	(5.1)	(5.3)
Interest Rate Swap | Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 0.7		$ 1.6
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

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized		$ 54.7	$ 61
Cash paid during the period related to floor plan interest		16.1	30.4
Income taxes paid, net		34.7	$ 44.1
Loaner vehicles transferred from other current assets to inventory	$ 107.5	$ 111.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations $ in Millions	Sep. 30, 2020USD ($)
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 7.7
Reastated Credit Agreement | Bank of America, N.A.
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 12.7