Asbury Automotive (ABG) 10-K 1 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31262
Entity Registrant Name	ASBURY AUTOMOTIVE GROUP, INC
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,480
Entity Common Stock, Shares Outstanding		19,328,753
Documents Incorporated by Reference	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K into which the document is incorporated: Portions of the registrant's definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, to be filed within 120 days after the end of the registrant's fiscal year, are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001144980
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 1.4	$ 3.5
Contracts-in-transit, net	161.5	194.7
Accounts receivable, net	155.5	136.2
Inventories, net	875.2	985
Assets held for sale	28.3	154.2
Other current assets	183.8	129
Total current assets	1,405.7	1,602.6
PROPERTY AND EQUIPMENT, net	956.2	909.7
OPERATING LEASE RIGHT-OF-USE ASSETS	317.4	65.6
GOODWILL	562.2	201.7
INTANGIBLE FRANCHISE RIGHTS	425.2	121.7
OTHER LONG-TERM ASSETS	9.6	10
Total assets	3,676.3	2,911.3
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	64.9	130.3
Floor plan notes payable—non-trade, net	637.3	657.7
Current maturities of long-term debt	36.6	32.4
Current maturities of operating leases	24.8	17
Accounts payable and accrued liabilities	450.9	308.7
Liabilities associated with assets held for sale	8.9	100.9
Total current liabilities	1,223.4	1,247
LONG-TERM DEBT	1,165.2	907
LONG-TERM LEASE LIABILITY	296.7	52.6
DEFERRED INCOME TAXES	34.6	26
OTHER LONG-TERM LIABILITIES	50.9	32.4
COMMITMENTS AND CONTINGENCIES (Note 20)
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; 41,133,668 and 41,072,080 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	595.5	582.9
Retained earnings	1,348.9	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	(5.6)	(2.9)
Total shareholders' equity	905.5	646.3
Total liabilities and shareholders' equity	$ 3,676.3	$ 2,911.3
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)	41,133,668	41,072,080
Treasury stock, shares (in shares)	21,848,314	21,791,707

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	41,133,668	41,072,080
Treasury stock, shares (in shares)	21,848,314	21,791,707

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
New vehicle	$ 3,767.4	$ 3,863.3	$ 3,788.7
Used vehicle	2,169.5	2,131.6	1,972.4
Finance and insurance, net	305.1	316	292.3
TOTAL REVENUE	7,131.8	7,210.3	6,874.4
COST OF SALES:
New vehicle	3,548.9	3,703.8	3,623.5
Used vehicle	2,012.9	1,997.5	1,842.7
Cost of Goods and Services Sold	346.6	340.1	305.2
Parts and service	889.8	899.4	821
TOTAL COST OF SALES	5,908.4	6,041.4	5,771.4
GROSS PROFIT	1,223.4	1,168.9	1,103
OPERATING EXPENSES:
Selling, general, and administrative	781.9	799.8	755.8
Depreciation and amortization	38.5	36.2	33.7
Franchise rights impairment	23	7.1	3.7
Other operating expenses (income), net	9.2	0.8	(1.1)
INCOME FROM OPERATIONS	370.8	325	310.9
OTHER EXPENSES (INCOME):
Floor plan interest expense	17.7	37.9	32.5
Other interest expense, net	56.7	54.9	53.1
Swap interest expense	0	0	0.5
Loss on extinguishment of long-term debt, net	20.6	0	0
Gain on dealership divestitures, net	(62.3)	(11.7)	0
Total other expenses, net	32.7	81.1	86.1
INCOME BEFORE INCOME TAXES	338.1	243.9	224.8
Income tax expense	83.7	59.5	56.8
NET INCOME	$ 254.4	$ 184.4	$ 168
Basic—
Net income (in dollars per share)	$ 13.25	$ 9.65	$ 8.36
Diluted—
Net income (in dollars per share)	$ 13.18	$ 9.55	$ 8.28
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	19.2	19.1	20.1
Restricted stock (in shares)	0	0.1	0.1
Performance share units (in shares)	0.1	0.1	0.1
Diluted (in shares)	19.3	19.3	20.3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 254.4	$ 184.4	$ 168
Other comprehensive income (loss):
Change in fair value of cash flow swaps	(3.6)	(4.4)	2.3
Income tax benefit (expense) associated with cash flow swaps	0.9	1.1	(0.8)
Comprehensive income	$ 251.7	$ 181.1	$ 169.5

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)	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:AccountingStandardsUpdate201409Member
Balance (in shares) at Dec. 31, 2017			40,969,987				20,156,962
Balance at Dec. 31, 2017	$ 394,200,000	$ 9,200,000	$ 400,000	$ 563,500,000	$ 750,300,000	$ 9,200,000	$ (919,100,000)	$ (900,000)
Comprehensive Income (Loss):
Net income	168,000,000				168,000,000
Change in fair value of cash flow swaps, net of reclassification adjustment	1,500,000							1,500,000
Comprehensive income	169,500,000				168,000,000			1,500,000
Share-based compensation	10,500,000			10,500,000
Issuance of common stock in connection with share-based payment arrangements (in shares)			185,049
Issuance of common stock in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)							71,434
Repurchase of common stock associated with net share settlements of employee share-based awards	(4,800,000)						$ (4,800,000)
Purchase of treasury shares (in shares)							1,580,910
Purchase of treasury shares	(105,400,000)						$ (105,400,000)
Retirement of previously repurchased common stock (in shares)			(89,967)				(89,967)
Retirement of previously repurchased common stock	0			(1,100,000)	(4,800,000)		$ 5,900,000
Balance (in shares) at Dec. 31, 2018			41,065,069				21,719,339
Balance at Dec. 31, 2018	$ 473,200,000	$ 0	$ 400,000	572,900,000	922,700,000	$ 200,000	$ (1,023,400,000)	600,000	$ (200,000)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member
Comprehensive Income (Loss):
Net income	$ 184,400,000				184,400,000
Change in fair value of cash flow swaps, net of reclassification adjustment	(3,300,000)							(3,300,000)
Comprehensive income	181,100,000				184,400,000			(3,300,000)
Share-based compensation	12,500,000			12,500,000
Issuance of common stock in connection with share-based payment arrangements (in shares)			209,390
Issuance of common stock in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)							72,368
Repurchase of common stock associated with net share settlements of employee share-based awards	(5,200,000)						$ (5,200,000)
Purchase of treasury shares (in shares)							202,379
Purchase of treasury shares	(15,300,000)						$ (15,300,000)
Retirement of previously repurchased common stock (in shares)			(202,379)				(202,379)
Retirement of previously repurchased common stock	0			(2,500,000)	(12,800,000)		$ 15,300,000
Balance (in shares) at Dec. 31, 2019			41,072,080				21,791,707
Balance at Dec. 31, 2019	646,300,000		$ 400,000	582,900,000	1,094,500,000		$ (1,028,600,000)	(2,900,000)
Comprehensive Income (Loss):
Net income	254,400,000				254,400,000
Change in fair value of cash flow swaps, net of reclassification adjustment	(2,700,000)							(2,700,000)
Comprehensive income	251,700,000				254,400,000			(2,700,000)
Share-based compensation	12,600,000			12,600,000
Issuance of common stock in connection with share-based payment arrangements (in shares)			61,588
Issuance of common stock in connection with share-based payment arrangements	0			0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)							56,607
Repurchase of common stock associated with net share settlements of employee share-based awards	(5,100,000)						$ (5,100,000)
Retirement of previously repurchased common stock	0
Balance (in shares) at Dec. 31, 2020			41,133,668				21,848,314
Balance at Dec. 31, 2020	$ 905,500,000		$ 400,000	$ 595,500,000	$ 1,348,900,000		$ (1,033,700,000)	$ (5,600,000)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax	$ (0.9)	$ (1.1)	$ 0.8

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 254.4	$ 184.4	$ 168
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	38.5	36.2	33.7
Share-based compensation	12.6	12.5	10.5
Deferred income taxes	9.5	5.4	5.3
Franchise rights impairment	23	7.1	3.7
Loss on extinguishment of debt	20.6	0	0
Loaner vehicle amortization	21.8	23.6	22.5
Gain on divestitures	(62.3)	(11.7)	0
Change in right-of-use asset	21.5	19.4	0
Other adjustments, net	1.3	4.8	3.1
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	33.2	3.6	(5)
Accounts receivable	(19.1)	(6)	(1.5)
Inventories	428	212.1	(24.4)
Other current assets	(183.3)	(173.7)	(200.8)
Floor plan notes payable—trade, net	(64.5)	38.2	9.8
Accounts payable and accrued liabilities	121	10.7	(16.2)
Operating lease liabilities	(20.9)	(19.7)	0
Other long-term assets and liabilities, net	17.2	2.9	1.4
Net cash provided by operating activities	652.5	349.8	10.1
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(46.5)	(57.6)	(40.3)
Capital expenditures—real estate	(2.3)	(9.2)	(17.6)
Purchases of previously leased real estate	0	(4.9)	(4.4)
Acquisitions	(954.1)	(210)	(91.3)
Divestitures	177.9	39.1	0
Proceeds from the sale of assets	4.2	15	4
Net cash used in investing activities	(820.8)	(227.6)	(149.6)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	4,312	4,318.6	4,591.9
Floor plan borrowings—acquisitions	131.6	55.3	22.7
Floor plan repayments—non-trade	(4,467.3)	(4,513.3)	(4,390.4)
Floor plan repayments—divestitures	(60.4)	(14.1)	0
Proceeds from borrowings	1,875.3	97.7	50.7
Repayments of borrowings	(1,622.5)	(48.4)	(19.9)
Sale and leaseback transaction	7.3	0	0
Payment of debt issuance costs	(4.7)	(2.3)	(1.7)
Repurchases of common stock, including amounts associated with net share settlements of employee share-based awards	(5.1)	(20.5)	(110.2)
Net cash provided by (used in) financing activities	166.2	(127)	143.1
Net (decrease) increase in cash and cash equivalents	(2.1)	(4.8)	3.6
CASH AND CASH EQUIVALENTS, beginning of period	3.5	8.3	4.7
CASH AND CASH EQUIVALENTS, end of period	$ 1.4	$ 3.5	$ 8.3

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [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 December 31, 2020, we owned and operated 112 new vehicle franchises (91 dealership locations), representing 31 brands of automobiles, 25 collision centers, and one auto auction 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 services, which includes repair and maintenance services, replacement parts and collision repair services, and finance and insurance products. For the year ended December 31, 2020, our new vehicle revenue brand mix consisted of 41% imports, 39% luxury, and 20% domestic brands. Our operating results are generally subject to seasonal variations. Demand for new vehicles is generally highest during the second, third, and fourth quarters of each year and, accordingly, we expect our revenues to generally be higher during these periods. In addition, we typically experience higher sales of luxury vehicles in the fourth quarter, which have higher average selling prices and gross profit per vehicle retailed. Revenues and operating results may be impacted significantly from quarter to quarter by changing economic conditions, inventory availability, vehicle manufacturer incentive programs, or adverse weather events. On August 24, 2020 the Company closed on the purchase of the Park Place Dealership group, acquiring substantially all of the assets of and leasing the real property related to, 12 franchises (eight dealership locations), two collision centers and an auto auction 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and 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 Consolidated Financial Statements in order to conform to current presentation. 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 Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, 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. Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit, which have maturity dates of less than 90 days when purchased. 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. Inventories Inventories are stated at the lower of cost and net realizable value. We use the specific identification method to value vehicle inventories and the "first-in, first-out" method ("FIFO") to account for our parts inventories. Our new vehicle sales histories have indicated that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for new vehicle inventory. We maintain a reserve for used vehicle inventory where cost basis exceeds net realizable value. In assessing lower of cost and net realizable value for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles, and (iii) current market conditions and trends in used vehicle sales. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (i) days of supply in our used vehicle inventory, (ii) used vehicle units sold at less than original cost as a percentage of total used vehicles sold, and (iii) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost and net realizable value, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down, and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and floor plan interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and floor plan interest credits are accounted for as purchase discounts, and are recorded as a reduction of inventory and recognized as a reduction to New vehicle cost of sales in the accompanying Consolidated Statements of Income in the period the related vehicle is sold. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in Depreciation and amortization on the accompanying Consolidated Statements of Income. Leasehold improvements are capitalized and amortized over the lesser of the remaining lease term or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets. We review property and equipment for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When we test our long-lived assets for impairment, we first compare the carrying amount of the underlying assets to their net recoverable value by reviewing the undiscounted cash flows expected from the use and eventual disposition of the underlying assets. If the carrying amount of the underlying assets is less than their net recoverable value, then we calculate an impairment equal to the excess of the carrying amount over the fair market value, and the impairment loss would be charged to operations in the period identified. During the year-ended we recorded a $0.7 million impairment related to a vacant property. We did not record an impairment of our property and equipment in 2019 and 2018. Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. The results of operations of acquired dealerships are included in the accompanying Consolidated Statements of Income, commencing on the date of acquisition. Goodwill and Other Intangible Assets Goodwill represents the excess cost of an acquired business over the estimated fair market value of its identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and how we review the results of our operations, that we have several geographic market-based operating segments. We have determined that the dealerships in each of our operating segments are components that are aggregated into several geographic market-based reporting units for the purpose of testing goodwill for impairment, as they (i) have similar economic characteristics, (ii) offer similar products and services (all of our dealerships offer new and used vehicles, service, parts and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our dealerships distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. Our only significant identifiable intangible assets, other than goodwill, are our rights under franchise agreements with manufacturers, which are recorded at an individual franchise level. The fair value of our manufacturer franchise rights are determined at the acquisition date, by discounting the projected cash flows specific to each franchise. We have determined that manufacturer franchise rights have an indefinite life, as there are no economic, contractual or other factors that limit their useful lives, and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers' brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. Goodwill and manufacturer franchise rights are deemed to have indefinite lives and therefore are not subject to amortization. We review goodwill and manufacturer franchise rights for impairment annually as of October 1 st , or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that goodwill becomes impaired due to decreases in the fair value of our automotive retail business or manufacturer franchise rights become impaired due to decreases in the fair value of our individual franchises. Debt Issuance Costs Debt issuance costs are presented as a contra-liability within Current maturities of long-term debt or Long-term debt on our Consolidated Balance Sheets, except for debt issuance costs associated with our line-of-credit arrangements, which are presented as an asset within Other current assets or Other long-term assets on our Consolidated Balance Sheets. Debt issuance costs are amortized to Floor plan interest expense and Other interest expense, net in the accompanying Consolidated Statements of Income through maturity using the effective interest method or the straight-line method for our line-of-credit arrangements. Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our interest rate risk. The types of risks hedged are those relating to the variability of cash flows caused by fluctuations in interest rates. We document our risk management strategy and assess hedge effectiveness at each interest rate swap's inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. The unrealized gains or losses on our hedges is reported as a component of Accumulated Other Comprehensive Loss on the accompanying Consolidated Balance Sheets, and reclassified to Other interest expense, net in the accompanying Consolidated Statements of Income in the period during which the hedged transaction affects earnings. Insurance We are self-insured for employee medical claims and maintain stop-loss insurance for large-dollar individual claims. We have high deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Provisions for retained losses and deductibles are made by charges to expense based upon periodic evaluations of the estimated ultimate liabilities on reported and unreported claims. 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 on the accompanying Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New vehicle cost of sales or Used vehicle cost of sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory. Share-Based Compensation We record share-based compensation expense under the fair value method on a straight-line basis over the vesting period, unless the awards are subject to performance conditions, in which case we recognize the expense over the requisite service period of each separate vesting tranche. In addition, we account for the forfeiture of share-based awards as they occur. 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. The Company did not repurchase any shares under the Repurchase Program or retire any treasury shares during 2020. Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts received from certain automobile manufacturers. Advertising expense totaled $25.5 million, $34.4 million and $30.6 million for the year ended December 31, 2020, 2019 and 2018, which was net of earned advertising credits of $19.6 million, $21.1 million, and $21.0 million, respectively, and is included in Selling, general, and administrative expense in the accompanying Consolidated Statements of Income. 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets held for sale as of December 31, 2020 and 2019 in the accompanying Consolidated Balance Sheets. Assets and liabilities classified as held for sale 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. 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. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade"), are classified as financing activities on the accompanying Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity on the accompanying 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 a financing activity in the accompanying Consolidated Statement of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowings 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 only a short period of time (typically 6 to 12 months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other current assets and the borrowings and repayments of loaner vehicle notes payable in Accounts payable and accrued liabilities in the accompanying Consolidated Statements of Cash Flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from Other current assets to used vehicle inventory. These transfers are reflected as non-cash transfers between Other current Assets and Inventory in the accompanying Consolidated Statements of Cash Flows. Business and Credit Concentration Risk Financial instruments, which potentially subject us to a concentration of credit risk, consist principally of cash deposits. We maintain cash balances at financial institutions with strong credit ratings. Generally, amounts maintained with these financial institutions are in excess of FDIC insurance limits. We have substantial debt service obligations. As of December 31, 2020, we had total debt of $1.21 billion, which excluded $8.9 million mortgage notes payable classified as Liabilities associated with assets held for sale, floor plan notes payable, debt issuance costs, and the debt premium on the 4.5% Senior Notes (the "4.5% Notes") and 4.75% Senior Notes (the "4.75% Notes") due 2028 and 2030, respectively. In addition, we and our subsidiaries have the ability to obtain additional debt from time to time to finance acquisitions, real property purchases, capital expenditures, share repurchases or for other purposes, although such borrowings are subject to the restrictions contained in the third amended and restated senior secured credit agreement with Bank of America, N.A. ("Bank of America"), as administrative agent, and the other lenders party thereto (the "2019 Senior Credit Facility"), the indentures governing our 4.5% Notes and 4.75% Notes (the "Indentures"), and our other debt instruments. We will have substantial debt service obligations, consisting of required cash payments of principal and interest, for the foreseeable future. We are subject to operating and financial restrictions and covenants in certain of our leases and in our debt instruments, including the 2019 Senior Credit Facility, the Indentures, and the credit agreements covering our mortgage obligations. These agreements contain restrictions on, among other things, our ability to incur additional indebtedness, to create liens or other encumbrances, and to make certain payments (including dividends and repurchases of our shares and investments). These agreements may also require us to maintain compliance with certain financial and other ratios. Our failure to comply with any of these covenants in the future would constitute a default under the relevant agreement, which would, depending on the relevant agreement, (i) entitle the creditors under such agreement to terminate our ability to borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; (ii) require us to apply our available cash to repay these borrowings; (iii) entitle the creditors under such agreement to foreclose on the property securing the relevant indebtedness; and/or (iv) prevent us from making debt service payments on certain of our other indebtedness, any of which would have a material adverse effect on our business, financial condition or results of operations. In many cases, a default under one of our debt or mortgage agreements could trigger cross-default provisions in one or more of our other debt or mortgages. A number of our dealerships are located on properties that we lease. Each of the leases governing such properties has certain covenants with which we must comply. If we fail to comply with the covenants under our leases, the respective landlords could terminate the leases and seek damages from us. Concentrations of credit risk with respect to contracts-in-transit and accounts receivable are limited primarily to automotive manufacturers and financial institutions. Credit risk arising from receivables with commercial customers is minimal due to the large number of customers comprising our customer base. A significant portion of our new vehicle sales are derived from a limited number of automotive manufacturers. For the year ended December 31, 2020, manufacturers representing 5% or more of our revenues from new vehicle sales were as follows: Manufacturer (Vehicle Brands): % of Total Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus) 21 % American Honda Motor Co., Inc. (Honda and Acura) 20 % Mercedes-Benz USA, LLC ( Mercedes-Benz and Sprinter ) 10 % Ford Motor Company (Ford and Lincoln) 9 % Nissan North America, Inc. (Nissan and Infiniti) 7 % BMW of North America, LLC (BMW and Mini) 6 % No other manufacturers individually accounted for more than 5% of our total new vehicle revenue for the year ended December 31, 2020. Segment Reporting Our operations are organized by management into geographic market-based dealership groups. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources at the geographic market level. The geographic operating segments have been aggregated into one reportable segment as their operations (i) have similar economic characteristics (our markets all have similar long-term average gross margins), (ii) offer similar products and services (all of our markets offer new and used vehicles, parts and service, and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our markets distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. 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 consolidated financial statements. Effective January 1, 2019, the Company adopted the new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“ASC 842”). For additional information, please refer to Note 18 "Leases" within the accompanying Notes to Consolidated Financial Statements for additional information. Effective January 1, 2019, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02")." ASU 2018-02 allows entities to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. The Company elected to reclassify $0.2 million related to the change in deferred taxes associated with our cash flow hedges from accumulated other comprehensive income to retained earnings. This reclassification was recognized as a cumulative effect adjustment in the Consolidated Statements of Shareholders' Equity. On January 1, 2019, the Company adopted ASU No. 2017-12, "Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). This update intended to simplify hedge accounting by better aligning how an entity's risk management activities and hedging relationships are presented in its financial statements and simplifies the application of hedge accounting guidance in certain situations. This update expands and refines hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow hedges existing at the adoption date, this update required adoption on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the effective date and the amendments to presentation guidance and disclosure requirements were required to be adopted prospectively. The adoption of this update did not have a material impact on our Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 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 as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Disaggregation of Revenue Revenue from contracts with customers consists of the following: For the year ended December 31, 2020 2019 2018 Revenue: New vehicle $ 3,767.4 $ 3,863.3 $ 3,788.7 Used vehicle retail 1,930.0 1,941.3 1,783.3 Used vehicle wholesale 239.5 190.3 189.1 New and used vehicle 5,936.9 5,994.9 5,761.1 Sale of vehicle parts and accessories 140.1 148.8 139.2 Vehicle repair and maintenance services 749.7 750.6 681.8 Parts and services 889.8 899.4 821.0 Finance and insurance, net 305.1 316.0 292.3 Total revenue $ 7,131.8 $ 7,210.3 $ 6,874.4 New vehicle and used vehicle retail Revenue from the sale of new and used vehicles is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore treated as a single performance obligation. Finance and insurance, net We receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed asset protection ("GAP") debt cancellation, and other insurance, to end-users. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitating the sale of a third party's products or services to our customers. The Company's commission arrangements with third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission chargebacks ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract, and these reserves are established in the same period that the related revenue is recognized. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Contract Assets Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer. Vehicle Repair and Maintenance Services Finance and Insurance, net Total (In millions) Contract Assets (Current), January 1, 2018 $ 6.4 $ 10.0 $ 16.4 Transferred to receivables from contract assets recognized at the beginning of the period (6.4) (10.0) (16.4) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.1 10.6 14.7 Contract Assets (Current), December 31, 2018 4.1 10.6 14.7 Transferred to receivables from contract assets recognized at the beginning of the period (4.1) (10.6) (14.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.8 12.3 17.1 Contract Assets (Current), December 31, 2019 4.8 12.3 17.1 Transferred to receivables from contract assets recognized at the beginning of the period (4.8) (12.3) (17.1) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 7.1 13.3 20.4 Contract Assets (Current), December 31, 2020 $ 7.1 $ 13.3 $ 20.4

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Results of acquired dealerships are included in our accompanying 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 Consolidated Statements of Income as Other operating expense (income), net. See Note 13 "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 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 a 4.00% promissory note due February 2022 (collectively, the "Seller Notes"). In September 2020, the Company redeemed the Seller Notes. See Note 13 "Debt" for further details. The sources of the 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 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. Our valuation for property and equipment is preliminary as of December 31, 2020, as we are finalizing our fair value and related useful lives determinations. The following table summarizes the allocation of the 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 38.0 Goodwill 358.9 Manufacturer franchise rights 324.0 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 year ended December 31, 2020. These costs are included in Selling, general, and administrative in the Consolidated Statements of Income. The Company's Consolidated Statements of Income included revenue and net income attributable to Park Place from August 24, 2020 through December 31, 2020 of $589.6 million and $27.6 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 Year Ended December 31, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 7,989.6 $ 8,828.1 Pro Forma Net Income $ 276.2 $ 234.0 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 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 year ended December 31, 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 current and prior year acquisitions during the year ended December 31, 2020. During the year ended December 31, 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 and $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. During the year ended December 31, 2018, we acquired the assets of one franchise (one dealership location) in the Indianapolis, Indiana market and two franchises (two dealership locations) in the Atlanta, Georgia market for a combined aggregate purchase price of $93.2 million. Consideration payable to fund these acquisitions included $68.6 million of cash, $22.7 million of floor plan borrowings for the purchase of the related new vehicle inventory, and purchase price holdbacks of $1.9 million for potential indemnity claims made by us with respect to the acquired franchises. Below is the allocation of the purchase price for the acquisitions (other than Park Place) for the year ended December 31, 2020 and 2019. 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. For the Year Ended December 31, 2020 2019 (In millions) Inventory $ 29.8 $ 70.9 Real estate 14.5 43.1 Property and equipment 0.4 4.5 Goodwill 5.4 25.9 Manufacturer franchise rights 13.8 65.3 Loaner vehicles — 1.5 Liabilities assumed — (0.8) Other $ (0.3) $ — Total purchase price $ 63.6 $ 210.4 During the year ended December 31, 2020, we sold two franchises (two dealership locations) 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 $62.3 million, which is presented in our accompanying Consolidated Statements of Income as Gain on dealership divestitures, net. During the year ended December 31, 2019, we sold one franchise (one dealership location) and one collision center in the Houston, Texas market. The Company divested $30.1 million of assets, which primarily consisted of inventory and property and equipment, resulting in a pre-tax gain of $11.7 million, which is presented in our accompanying Consolidated Statements of Income as Gain on divestitures. The divested businesses would not be considered a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of December 31, 2020 2019 (In millions) Vehicle receivables $ 61.2 $ 44.8 Manufacturer receivables 57.1 50.4 Other receivables 38.4 42.4 Total accounts receivable 156.7 137.6 Less—Allowance for credit losses (1.2) (1.4) Accounts receivable, net $ 155.5 $ 136.2

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of December 31, 2020 2019 (In millions) New vehicles $ 640.0 $ 802.6 Used vehicles 188.5 140.1 Parts and accessories 46.7 42.3 Total inventories $ 875.2 $ 985.0

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS 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 December 31, 2020 2019 Assets: Inventory $ — $ 67.7 Loaners, net — 3.0 Property and equipment, net 28.3 69.0 Operating lease right-of-use assets — 6.9 Goodwill — 5.3 Franchise rights — 2.3 Total Assets held for sale 28.3 154.2 Liabilities: Floor plan notes payable—trade — 21.9 Floor plan notes payable—non-trade — 40.9 Loaners/ Notes payable — 3.1 Current maturities of long-term debt 0.5 0.3 Current maturities of operating leases — 4.2 Long-term debt 8.4 27.8 Operating lease liabilities — 2.7 Total Liabilities associated with assets held for sale 8.9 100.9 Net assets held for sale $ 19.4 $ 53.3 As of December 31, 2020 assets held for sale consisted of three real estate properties that are not currently used in our operations. The assets and liabilities associated with these properties totaled $28.3 million and $8.9 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 twelve months ended December 31, 2020, the Company recorded a net pre-tax gain totaling $33.7 million, on the sale of these dealerships. Additionally, during the year ended December 31, 2020 and 2019, we sold one vacant property with a net book value of $3.7 million and two vacant properties with total net book values of $14.6 million, respectively. During the year ended December 31, 2020, we recorded $0.7 million of impairment expense related to a real estate property we were actively marketing to sell, based on offers received from prospective buyers and third-party brokers' opinions of value. We did not record impairment expense associated with real estate properties that we were actively marketing to sell during the year ended December 31, 2019.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS Other current assets consisted of the following: As of December 31, 2020 2019 (In millions) Loaner vehicles $ 136.0 $ 83.8 Contract assets (see Note 2) 20.4 17.1 Prepaid expenses 13.4 5.8 Prepaid taxes 7.1 4.7 Deposits 1.1 11.0 Other 5.8 6.6 Other current assets $ 183.8 $ 129.0

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, 2020 2019 (In millions) Land $ 350.5 $ 343.8 Buildings and leasehold improvements 691.6 622.9 Machinery and equipment 107.4 99.8 Furniture and fixtures 72.9 63.9 Company vehicles 9.5 8.1 Construction in progress 19.9 42.4 Gross property and equipment 1,251.8 1,180.9 Less—Accumulated depreciation (295.6) (271.2) Property and equipment, net (a) $ 956.2 $ 909.7 ______________________________ (a) Amounts reflected for Property and equipment, net as of December 31, 2020 and 2019, excluded $28.3 million and $69.0 million, respectively classified as Assets held for sale. In addition, Property and equipment, net as of December 31, 2020 and 2019 included finance and capital leases of $14.6 million. During the year ended December 31, 2020, 2019, and 2018, we capitalized $0.4 million, $0.6 million, and $0.5 million, respectively, of interest in connection with various capital projects to upgrade or remodel our facilities. Depreciation expense was $38.5 million, $36.2 million, and $33.7 million for the year ended December 31, 2020, 2019, and 2018, respectively.

GOODWILL AND INTANGIBLE FRANCHI

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	12 Months Ended
	Dec. 31, 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. Intangible franchise rights is an asset 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. The changes in goodwill and intangible franchise rights for the year ended December 31, 2020 and 2019 are as follows: Goodwill (In millions) Balance as of December 31, 2018 (a) $ 181.2 Acquisitions 25.9 Divestitures (0.1) Reclassified to assets held for sale (5.3) Balance as of December 31, 2019 (a) 201.7 Acquisitions 364.3 Divestitures (9.1) Reclassified from assets held for sale 5.3 Balance as of December 31, 2020 (a) $ 562.2 _____________________________ (a) Net of accumulated impairment losses of $537.7 million recorded prior to the year ended December 31, 2018. Intangible Franchise Rights (In millions) Balance as of December 31, 2018 $ 65.8 Acquisitions 65.3 Impairments (7.1) Reclassified to assets held for sale (2.3) Balance as of December 31, 2019 $ 121.7 Acquisitions 337.8 Divestitures (11.3) Impairments (23.0) Balance as of December 31, 2020 $ 425.2 As a result of the adverse impact on our dealership operations caused by the COVID-19 pandemic in the first quarter of 2020, 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 also 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 elected to perform a qualitative assessment of our annual goodwill impairment test as of October 1, 2020 for all reporting units and concluded that it was more likely than not that the fair values exceeded the carrying values of our reporting units. We elected to perform a qualitative assessment for our October 1, 2019 goodwill impairment testing for all but one reporting unit and determined for both assessments that it was more likely than not that the fair values exceeded the carrying values of our reporting units. We elected to perform a qualitative assessment for our annual October 1, 2020 franchise rights impairment testing and concluded that it was more likely than not that the fair values of the franchise rights exceeded their carrying values.

FLOOR PLAN NOTES PAYABLE_TRADE

FLOOR PLAN NOTES PAYABLE—TRADE	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE—TRADE	FLOOR PLAN NOTES PAYABLE—TRADE We consider floor plan notes payable to a party that is affiliated with the entity from which we purchase our new vehicle inventory as Floor Plan Notes Payable—Trade on our Consolidated Balance Sheets. Floor plan notes payable—trade, net consisted of the following: As of December 31, 2020 2019 (In millions) Floor plan notes payable—trade (a) $ 71.7 $ 146.5 Floor plan notes payable offset account (6.8) (16.2) Total floor plan notes payable—trade, net $ 64.9 $ 130.3 ____________________________ (a) Amounts reflected for floor plan notes payable—trade as of December 31, 2019, excluded $21.9 million classified as Liabilities associated with assets held for sale. We have a floor plan facility with the 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. This floor plan does not have a stated borrowing limitation. 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. These transfers reduce the amount of outstanding new vehicle 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 a result of using our floor plan offset account, we experienced a reduction in Floor plan interest expense on our Consolidated Statements of Income.

FLOOR PLAN NOTES PAYABLE_NON-TR

FLOOR PLAN NOTES PAYABLE—NON-TRADE	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE—NON-TRADE	FLOOR PLAN NOTES PAYABLE—NON-TRADE We consider floor plan notes payable to a party that is not affiliated with the entity from which we purchase our new vehicle inventory as Floor Plan Notes Payable—Non-Trade on our Consolidated Balance Sheets. Floor plan notes payable—non-trade, net consisted of the following: As of December 31, 2020 2019 (In millions) Floor plan notes payable—new non-trade (a) $ 715.9 $ 773.6 Floor plan notes payable offset account (78.6) (115.9) Total floor plan notes payable—non-trade, net $ 637.3 $ 657.7 ____________________________ (a) 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. On September 25, 2019, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with Bank of America, N.A. ("Bank of America"), as administrative agent, and the other lenders party thereto (the "2019 Senior Credit Facility"). The 2019 Senior Credit Facility amended and restated the Company's pre-existing second amended and restated credit agreement, dated as of July 25, 2016. The 2019 Senior Credit Facility provides for the following, in each case subject to limitations on availability as set forth therein: • a $250.0 million revolving credit facility (the "Revolving Credit Facility") including a $50.0 million sub-limit for letters of credit; • a $1.04 billion new vehicle revolving floor plan facility (the "New Vehicle Floor Plan Facility"); and • a $160.0 million used vehicle revolving floor plan facility (the "Used Vehicle Floor Plan Facility"). Proceeds from borrowings under the 2019 Senior Credit Facility will be used, among other things, (i) to finance the purchase of new and used vehicles by the Company and certain of its subsidiaries, (ii) for working capital needs of the Company and certain of its subsidiaries, and (iii) for other general corporate purposes of the Company and certain of its subsidiaries. Subject to compliance with certain conditions, the 2019 Senior Credit Agreement provides that we have the ability, at our option and subject to the receipt of additional commitments from existing or new lenders, to increase the size of the facilities by up to $350.0 million in the aggregate without lender consent. In addition, we have the ability to convert 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 convert is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to convert any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. We began the year with $190.0 million of availability under the Revolving Credit Facility 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, we re-allocated the entire $190.0 million from the New Vehicle Floor Plan Facility to the Revolving Credit Facility. In connection, with the New Vehicle Floor Plan Facility, we continue to maintain an offset account with Bank of America that allows us to transfer cash as an offset to floor plan notes payable. These transfers reduce the amount of outstanding new vehicle 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 a result of the use of our floor plan offset account, we experienced a reduction in Floor plan interest expense on our Consolidated Statements of Income. Borrowings under the 2019 Senior Credit Facility bear interest, at our option, based on the London Interbank Offered Rate ("LIBOR") or the Base Rate, in each case plus an Applicable Rate. The Base Rate is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the Bank of America prime rate, and (iii) one month LIBOR plus 1.00%. Applicable Rate means with respect to the Revolving Credit Facility, a range from 1.00% to 2.00% for LIBOR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio. Borrowings under the New Vehicle Floorplan Facility bear interest, at our option, based on LIBOR plus 1.10% or the Base Rate plus 0.10%. Borrowings under the Used Vehicle Floorplan Facility bear interest, at our option, based on LIBOR plus 1.40% or the Base Rate plus 0.40%. In addition to the payment of interest on borrowings outstanding under the 2019 Senior Credit Facility, we are required to pay a quarterly commitment fee on total unused commitments thereunder. The fee for unused commitments under the Revolving Credit Facility is between 0.15% and 0.40% per year, based on the Company's total lease adjusted leverage ratio, and the fee for unused commitments under the New Vehicle Facility Floor Plan and the Used Vehicle Facility Floor Plan Facility is 0.15% per year. The 2019 Senior Credit Facility matures, and all amounts outstanding thereunder will be due and payable, on September 25, 2024. The representations and covenants contained in the 2019 Senior Credit Agreement are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2019 Senior Credit Agreement. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2019 Senior Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the Revolving Credit Facility or the Used Vehicle Floorplan Facility could be, or result in, an event of default under the New Vehicle Floorplan Facility, and vice versa. Upon the occurrence of an event of default, the Company could be required to immediately repay all amounts outstanding under the applicable facility. We have established a floor plan notes payable offset account with Ford Motor Credit Company that allows us to transfer cash to the account as an offset of our outstanding Floor Plan Notes Payable—Trade. Additionally, we have a similar floor plan offset account with Bank of America that allows us to offset our outstanding Floor Plan Notes Payable—Non-Trade. These accounts allow us to transfer cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the floor plan offset accounts into our operating cash accounts within one to two days. As of December 31, 2020 and December 31, 2019 we had $85.4 million and $132.1 million, respectively, in these floorplan offset accounts. See the "Representations and Covenants" section below under our "Long-Term Debt" footnote for a description of the representations, covenants and events of default contained in the 2019 Senior Credit Facility.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following: As of December 31, 2020 2019 (In millions) Accounts payable $ 97.6 $ 81.7 Loaner vehicles notes payable (a) 132.7 83.9 Taxes payable 69.1 30.5 Accrued compensation 43.7 30.5 Accrued insurance 24.3 25.3 Accrued finance and insurance chargebacks 23.3 22.9 Accrued interest 16.4 6.0 Accrued licenses and regulatory fees 9.6 3.0 Customer deposits 8.7 5.1 Accrued advertising 3.2 5.1 Customer we owe liabilities 2.8 3.3 Other 19.5 11.4 Accounts payable and accrued liabilities $ 450.9 $ 308.7 ____________________________ (a) Amounts reflected for Loaner vehicles notes payable as of December 31, 2019, excluded $3.1 million classified as Liabilities associated with assets held for sale.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	DEBT Long-term debt consisted of the following: As of December 31, 2020 2019 (In millions) 6.0% 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 (the weighted average interest rates were 5.4% and 5.3% for the year ended December 31, 2020 and 2019, respectively) 79.2 100.5 2018 Bank of America Facility (a) 84.2 88.3 2018 Wells Fargo Master Loan Facility (b) 86.9 25.0 2013 BofA Real Estate Facility 33.6 35.5 2015 Wells Fargo Master Loan Facility (c) 61.7 76.8 Finance lease liability 16.6 17.2 Total debt outstanding 1,212.2 943.3 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 — 5.1 Add—unamortized premium on 4.50% Senior Notes due 2028 1.2 — Add—unamortized premium on 4.75% Senior Notes due 2030 2.1 — Less—debt issuance costs (13.7) (9.0) Long-term debt, including current portion 1,201.8 939.4 Less—current portion, net of debt issuance costs (36.6) (32.4) Long-term debt $ 1,165.2 $ 907.0 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility 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 of December 31, 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 of December 31, 2020 and December 31, 2019, exclude $3.8 million and $1.5 million classified as Liabilities associated with assets held for sale, respectively. The aggregate maturities of long-term debt as of December 31, 2020 are as follows (in millions): 2021 $ 37.1 2022 20.6 2023 34.2 2024 53.0 2025 144.6 Thereafter 931.6 Total maturities of long-term debt $ 1,221.1 ____________________________ Includes amounts classified as Liabilities associated with assets held for sale. New Senior Notes In connection with 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 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 were 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 December 31, 2020, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. 6.0% 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 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. Mortgage Notes Payable We have multiple mortgage agreements with finance companies affiliated with our vehicle manufacturers ("captive mortgages") and other lenders. As of December 31, 2020 and 2019, we had total mortgage notes payable outstanding of $79.2 million and $100.5 million, respectively, which are collateralized by the associated real estate. 2018 BofA Real Estate Facility On November 13, 2018, we entered into a real estate term loan credit agreement (as amended, restated or supplemented from time to time, the “2018 BofA Real Estate Credit Agreement”) with Bank of America, as lender, providing for term loans in an aggregate amount not to exceed $128.1 million, subject to customary terms and conditions (the “2018 BofA Real Estate Facility”). Our right to make draws under the 2018 BofA Real Estate Facility terminated on November 13, 2019. Term loans under our 2018 BofA Real Estate Facility bear interest, at our option, based on LIBOR plus 1.50% or the Base Rate (as described below) plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, and (iii) one month LIBOR plus 1.0%. We are required to make quarterly principal payments of 1.25% of the initial amount of each loan on a twenty As of December 31, 2020 and 2019, we had $84.2 million and $88.3 million, respectively, in term loans outstanding under the 2018 BofA Real Estate Facility, which excludes amounts classified as Liabilities associated with assets held for sale. 2018 Wells Fargo Master Loan Facility On November 16, 2018, certain of our subsidiaries entered into a master loan agreement (the “2018 Wells Fargo Master Loan Agreement” and, together with the 2013 BofA Real Estate Credit Agreement, the 2015 Wells Fargo Master Loan Agreement and the 2018 BofA Real Estate Agreement, the “Existing Real Estate Credit Agreements”) with Wells Fargo Bank, National Association, as lender, which provides for term loans to certain of our subsidiaries that are borrowers under the Wells Fargo Master Loan Agreement in an aggregate amount not to exceed $100.0 million (the "Wells Fargo Master Loan Facility"), subject to customary terms and conditions (the “2018 Wells Fargo Master Loan Facility” and, together with the 2013 BofA Real Estate Facility, the 2015 Wells Fargo Master Loan Facility and the 2018 BofA Real Estate Facility, the “Existing Real Estate Facilities”). Our right to make draws under the 2018 Wells Fargo Master Loan Facility terminated on June 30, 2020. Term loans under the 2018 Wells Fargo Master Loan Facility bear interest based on LIBOR plus an applicable margin based on a pricing grid ranging from 1.50% per annum to 1.85% per annum based on our consolidated total lease adjusted leverage ratio. We are required to make quarterly principal payments with respect to the initial amount of each loan in 108 equal monthly principal payments based on a hypothetical 19 year amortization schedule, with a balloon repayment of the outstanding principal amount of loans due on December 1, 2028. Borrowings under the 2018 Wells Fargo Master Loan Facility can be voluntarily prepaid in whole or in part any time without premium or penalty. Borrowings under the 2018 Wells Fargo Master Loan Facility are guaranteed by us pursuant to an unconditional guaranty, and all of the real property financed by any of our operating dealership subsidiaries under the 2018 Wells Fargo Master Loan Facility is collateralized by first priority liens, subject to certain permitted exceptions. On June 26, 2020, the Company borrowed an additional $69.4 million under the 2018 Wells Fargo Master Loan Facility. As of December 31, 2020 and 2019, we had $86.9 million and $25.0 million, respectively, outstanding borrowings under the 2018 Wells Fargo Master Loan Facility, which excludes amounts classified as Liabilities associated with assets held for sale. 2015 Wells Fargo Master Loan Facility On February 3, 2015, certain of our subsidiaries entered into an amended and restated master loan agreement (as amended, restated or supplemented from time to time, the “2015 Wells Fargo Master Loan Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as lender, which provides form term loans to certain of our subsidiaries that are borrowers under the 2015 Wells Fargo Master Loan Agreement in an aggregate amount not to exceed $100.0 million (the “2015 Wells Fargo Master Loan Facility”). Our right to make draws under the 2015 Wells Fargo Master Loan Facility terminated on February 1, 2016. Term loans under the 2015 Wells Fargo Master Loan Facility bear interest based on LIBOR plus 1.85%. We are required to make quarterly principal payments with respect to the initial amount of each loan in 108 equal monthly principal payments based on a hypothetical 19 year amortization schedule, with a balloon repayment of the outstanding principal amount of loans due on February 1, 2025. Borrowings under the 2015 Wells Fargo Master Loan Facility can be voluntarily prepaid in whole or in part any time without premium or penalty. Borrowings under the 2015 Wells Fargo Master Loan Facility are guaranteed by us pursuant to an unconditional guaranty, and all of the real property financed by any of our operating dealership subsidiaries under the 2015 Wells Fargo Master Loan Facility is collateralized by first priority liens, subject to certain permitted exceptions. As of December 31, 2020 and 2019, we had $61.7 million and $76.8 million, respectively, outstanding under the 2015 Wells Fargo Master Loan Facility, which excludes amounts classified as Liabilities associated with assets held for sale. 2013 BofA Real Estate Facility On September 26, 2013, we entered into a real estate term loan credit agreement (the “2013 BofA Real Estate Credit Agreement”) with Bank of America, N.A. (“Bank of America”), as lender, providing for term loans in an aggregate amount not to exceed $75.0 million, subject to customary terms and conditions (the “2013 BofA Real Estate Facility”). Term loans under our 2013 BofA Real Estate Facility bear interest, at our option, based on LIBOR plus 1.50% or the Base Rate (as described below) plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, and (iii) one month LIBOR plus 1.0%. Our right to make draws under the 2013 BofA Real Estate Facility terminated on December 26, 2013. We are required to make quarterly principal payments of 1.25% of the initial amount of each loan on a twenty As of December 31, 2020 and 2019, we had $33.6 million and $35.5 million, respectively, in term loans outstanding under the 2013 BofA Real Estate Facility. Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and year of maturity as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Mortgage Agreement Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Captive mortgages $ 77.4 $ 201.7 2020-2024 $ 80.8 $ 182.1 2019-2024 Other mortgage debt 1.8 43.2 2020-2022 19.7 43.9 2020-2022 2018 BofA Real Estate Facility (a) 84.2 106.2 2025 88.3 123.6 2025 2018 Wells Fargo Master Loan Facility (b) 86.9 112.9 2028 25.0 113.7 2028 2013 BofA Real Estate Facility 33.6 73.3 2023 35.5 74.6 2023 2015 Wells Fargo Master Loan Facility (c) 61.7 109.6 2025 76.8 120.6 2025 Total mortgage debt $ 345.6 $ 646.9 $ 326.1 $ 658.5 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility 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 of December 31, 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 of December 31, 2020 and 2019, exclude $3.8 million and $1.5 million, respectively, classified as Liabilities associated with assets held for sale. Revolving Credit Facility As discussed above under our "Floor Plan Notes Payable—Non-Trade" footnote, the 2019 Senior Credit Facility includes a $250.0 million Revolving Credit Facility. We may request Bank of America to issue letters of credit on our behalf thereunder up to $50.0 million. Availability under the Revolving Credit Facility is limited by borrowing base calculations and is reduced on a dollar-for-dollar basis by the aggregate face amount of any outstanding letters of credit. We had $12.7 million in outstanding letters of credit, resulting in $237.3 million of borrowing availability as of December 31, 2020. Proceeds from borrowings from time to time under the revolving credit facility may be used for among other things, acquisitions, working capital and capital expenditures. Borrowings under the 2019 Senior Credit Facility bear interest, at our option, based on LIBOR or the Base Rate, in each case plus an Applicable Rate. The Base Rate is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the Bank of America prime rate, and (iii) one month LIBOR plus 1.00%. Applicable Rate means with respect to the Revolving Credit Facility, (i) until the Company delivers a certificate with respect to its consolidated total lease adjusted leverage ratio as of December 31, 2020 to Bank of America, as administrative agent, 1.25% for LIBOR loans and 0.25% for Base Rate loans and (ii) thereafter a range from 1.00% to 2.00% for LIBOR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio. Borrowings under the New Vehicle Floorplan Facility bear interest, at our option, based on LIBOR plus 1.10% or the Base Rate plus 0.10%. Borrowings under the Used Vehicle Floorplan Facility bear interest, at our option, based on LIBOR plus 1.40% or the Base Rate plus 0.40%. Stock Repurchase and Dividend Restrictions The 2019 Senior Credit Facility and the Indenture currently allow for restricted payments without limit so long as our consolidated total leverage ratio (as defined in the 2019 Senior Credit Facility and the Indenture) is not greater than 3.0 to 1.0 after giving effect to such proposed restricted payments. Restricted payments generally include items such as dividends and share repurchases, and solely with respect to the Indenture, unscheduled repayments of subordinated debt, or the making of certain investments. In the event that our consolidated total leverage ratio does (or would) exceed 3.0 to 1.0, the 2019 Senior Credit Facility and the Indenture would then also allow for restricted payments under the following mutually exclusive parameters, subject to certain exclusions: • Share repurchases in an aggregate amount not to exceed $20.0 million in any fiscal year; • General restricted payments allowance of $150.0 million; and • Subject to our continued compliance with a minimum consolidated current ratio, a consolidated fixed charge coverage ratio and a maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Indenture, restricted payments capacity additions (or subtractions if negative) equal to (i) 50% of our net income (as defined in the 2019 Senior Credit Facility and the Indenture beginning on October 1, 2014 and ending on the date of the most recently completed fiscal quarter (the "Measurement Period"), plus (ii) 100% of any cash proceeds we receive from the sale of equity interests during the Measurement Period, minus (iii) the dollar amount of share repurchases made and dividends paid on or after October 1, 2014, subject to certain exceptions. Representations and Covenants We are subject to a number of covenants in our various debt and lease agreements, including those described below. We were in compliance with all of our covenants throughout 2020. Failure to comply with any of our debt covenants would constitute a default under the relevant debt agreements, which would entitle the lenders under such agreements to terminate our ability to borrow under the relevant agreements and accelerate our obligations to repay outstanding borrowings, if any, unless compliance with the covenants is waived. In many cases, defaults under one of our agreements could trigger cross-default provisions in our other agreements. If we are unable to remain in compliance with our financial or other covenants, we would be required to seek waivers or modifications of our covenants from our lenders, or we would need to raise debt and/or equity financing or sell assets to generate proceeds sufficient to repay such debt. We cannot give any assurance that we would be able to successfully take any of these actions on terms, or at times, that may be necessary or desirable. The representations and covenants contained in the agreement governing the 2019 Senior Credit Facility are customary for financing transactions of this nature including, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the agreement governing the 2019 Senior Credit Facility. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. The agreement governing the 2019 Senior Credit Facility also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the Revolving Credit Facility or the Used Vehicle Floor Plan Facility could be, or result in, an event of default under the New Vehicle Floor Plan Facility, and vice versa. Upon the occurrence of an event of default, the Company could be required to immediately repay all amounts outstanding under the applicable facility. The representations and covenants contained in the 2018 BofA Real Estate Credit Agreement are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2018 BofA Real Estate Credit Agreement. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2018 BofA Real Estate Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2018 BofA Real Estate Credit Agreement to immediately repay all amounts outstanding thereunder. The representations, warranties and covenants contained in the 2018 Wells Fargo Master Loan Agreement and the related documents are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2018 Wells Fargo Master Loan Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2018 Wells Fargo Master Loan Facility to immediately repay all amounts outstanding thereunder. The representations, warranties and covenants contained in the 2015 Wells Fargo Master Loan Agreement and the related documents are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2015 Wells Fargo Master Loan Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2015 Wells Fargo Master Loan Facility to immediately repay all amounts outstanding thereunder.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	12 Months Ended
	Dec. 31, 2020
Derivatives and Fair Value [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange-traded debt securities that are not actively traded or do not have a high trading volume, mortgage notes payable, and certain real estate properties on a non-recurring basis. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and intangible franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, contracts-in-transit, accounts receivable, cash surrender value of corporate-owned life insurance policies, accounts payable, floor plan notes payable, subordinated long-term debt, mortgage notes payable, and interest rate swap instruments. The carrying values of our financial instruments, with the exception of subordinated long-term debt and mortgage notes payable, approximate fair value due to (i) their short-term nature, (ii) recently completed market transactions, or (iii) existence of variable interest rates, which approximate market rates. The fair value of our subordinated long-term debt is based on reported market prices in an inactive market that reflects Level 2 inputs. We estimate the fair value of our mortgage notes payable using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. A summary of the carrying values and fair values of our 6.0% Notes and our mortgage notes payable is as follows: As of December 31, 2020 2019 (In millions) Carrying Value: 6.0% Senior Subordinated Notes due 2024 $ — $ 598.8 4.50% Senior Notes due 2028 400.9 — 4.75% Senior Notes due 2030 440.6 — Mortgage notes payable (a) 343.7 323.4 Total carrying value $ 1,185.2 $ 922.2 Fair Value: 6.0% Senior Subordinated Notes due 2024 $ — $ 619.5 4.50% Senior Notes due 2028 423.2 — 4.75% Senior Notes due 2030 476.2 — Mortgage notes payable (a) 354.5 364.2 Total fair value $ 1,253.9 $ 983.7 ____________________________ (a) Excludes amounts classified as Liabilities associated with assets held for sale. 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 December 31, 2020: Inception Date Notional Principal Amount Notional Value as of December 31, 2020 Maturity Value Maturity Date (In millions) July 2020 $ 93.5 $ 91.8 $ 50.6 December 2028 July 2020 $ 85.5 $ 84.1 $ 57.3 November 2025 June 2015 $ 100.0 $ 74.6 $ 53.1 February 2025 November 2013 $ 75.0 $ 49.0 $ 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 for these swaps are designated to be Level 2 fair values. The fair value of our swaps for the year ended December 31, 2020 and 2019, reflect a liability of $7.2 million and $3.8 million, respectively. The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Consolidated Balance Sheets: As of December 31, 2020 2019 (In millions) Other current liabilities $ 2.8 $ 0.9 Other long-term liabilities 4.4 2.9 Total fair value $ 7.2 $ 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 Consolidated Statements of Income and Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Loss Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Loss 2020 $ (6.1) Other interest expense, net $ (2.5) 2019 $ (4.4) Other interest expense, net $ — 2018 $ 1.8 Swap interest expense $ (0.5)

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of income tax expense are as follows: For the Year Ended December 31, 2020 2019 2018 (In millions) Current: Federal $ 64.5 $ 46.3 $ 43.8 State 9.8 8.0 7.1 Total current income tax expense 74.3 54.3 50.9 Deferred: Federal 9.2 5.5 3.9 State 0.2 (0.3) 2.0 Total deferred income tax expense 9.4 5.2 5.9 Total income tax expense $ 83.7 $ 59.5 $ 56.8 A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions) : For the Year Ended December 31, 2020 % 2019 % 2018 % Income tax provision at the statutory rate $ 71.0 21.0 $ 51.2 21.0 $ 47.2 21.0 State income tax expense, net of federal benefit 10.1 3.0 7.8 3.2 8.7 3.9 Non-deductible / non-tax items 1.3 0.4 0.6 0.2 0.4 0.2 Effect of enactment of tax reform — — — — 0.6 0.2 Other, net 1.3 0.4 (0.1) — (0.1) — Income tax expense $ 83.7 24.8 $ 59.5 24.4 $ 56.8 25.3 Deferred income tax asset and liability components consisted of the following: As of December 31, 2020 2019 (In millions) Deferred income tax assets: F&I chargeback liabilities $ 11.5 $ 11.8 Other accrued liabilities 4.7 2.1 Stock-based compensation 2.3 2.2 Operating lease right-of-use assets 77.8 18.7 Other, net 10.2 9.0 Total deferred income tax assets 106.5 43.8 Deferred income tax liabilities: Intangible asset amortization (23.9) (16.4) Depreciation (39.2) (33.4) Operating lease liabilities (76.8) (17.7) Other, net (1.2) (2.3) Total deferred income tax liabilities (141.1) (69.8) Net deferred income tax liabilities $ (34.6) $ (26.0) There were no valuation allowances recorded against the deferred tax assets as of December 31, 2020 or 2019. As of December 31, 2020 and 2019, we had income taxes payable of $25.0 million and $1.3 million, respectively included in Accounts Payable and Accrued Liabilities. As of December 31, 2020, there was $2.1 million of unrecognized tax benefit. There was no unrecognized tax benefits as of December 31, 2019 or 2018. The statutes of limitation related to our consolidated Federal income tax returns are closed for all tax years up to and including 2016. The expiration of the statutes of limitation related to the various state income tax returns that we and our subsidiaries file varies by state. The 2013 through 2019 tax years generally remain subject to examination by most state tax authorities. We believe that our tax positions comply with applicable tax law and that we have adequately provided for these matters. Tax Reform

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: As of December 31, 2020 2019 (In millions) Accrued finance and insurance chargebacks $ 22.9 $ 22.9 Deferred payroll tax 9.1 — Sale and leaseback liability 7.0 — Interest rate swap 4.4 2.9 Unclaimed property 3.1 2.9 Other 4.4 3.7 Other long-term liabilities $ 50.9 $ 32.4

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the year ended December 31, 2020, 2019, and 2018, we made interest payments, including amounts capitalized, totaling $62.6 million, $91.2 million, and $82.5 million, respectively. Included in these interest payments are $19.4 million, $38.6 million, and $31.2 million, of floor plan interest payments for the year ended December 31, 2020, 2019, and 2018, respectively. During the year ended December 31, 2020, 2019, and 2018 we made income tax payments, net of refunds received, totaling $48.6 million, $48.4 million, and $40.4 million, respectively. During the year ended December 31, 2020, 2019, and 2018, we transferred $163.5 million, $141.0 million, and $193.9 million, respectively, of loaner vehicles from Other current assets to Inventory on our Consolidated Balance Sheets. The following items are included in Other adjustments, net to reconcile net income to net cash provided by operating activities: For the Year Ended December 31, 2020 2019 2018 Amortization of debt issuance costs $ 1.8 $ 2.5 $ 2.5 Loss on disposal of fixed assets 0.7 2.6 0.9 Other individually immaterial items (1.2) (0.3) (0.3) Other adjustments, net $ 1.3 $ 4.8 $ 3.1

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
LEASES	LEASES Effective January 1, 2019, the Company adopted the new lease accounting guidance in ASC 842. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms in excess of 12 months. Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. The Company elected the package of practical expedients permitted in ASC 842. Accordingly, the Company accounted for its existing operating leases as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842, (b) whether classification of the operating lease would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company opted for the transition relief method specified in Accounting Standards Update No. 2018-11, which allowed for the effective date of the new leases standard as the date of initial application on transition. As a result of this election the Company (a) did not adjust comparative period financial information for the effects of ASC 842; (b) made the new required lease disclosures for periods after the effective date; and (c) carried forward our ASC 840 disclosures - see Note 19 "Leases (Prior to Adoption of ASC 842)" for comparative periods. As a result of the adoption of ASC 842, the Company recorded a right-of-use asset of $86.9 million, which represents the lease liability reduced for deferred rent amounts of $4.4 million and a lease liability of $91.3 million, which represents the present value of remaining lease payments, discounted using the Company’s incremental borrowing rates based on the remaining lease terms. We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a ROU asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of December 31, Leases Classification 2020 2019 (In millions) Assets: Current Operating Operating lease right-of-use assets 317.4 65.6 Operating Assets held for sale — 6.9 Non-Current Finance Property and equipment, net 14.6 14.6 Total right-of-use assets $ 332.0 $ 87.1 Liabilities: Current Operating Current maturities of operating leases 24.8 17.0 Operating Liabilities held for sale — 4.2 Finance Current maturities of long-term debt 16.6 0.6 Non-Current Operating Operating lease liabilities 296.7 52.6 Operating Liabilities held for sale — 2.7 Finance Long-term debt — 16.6 Total lease liabilities $ 338.1 $ 93.7 Lease Term and Discount Rate As of December 31, 2020 2019 Weighted Average Lease Term - Operating Leases 14.3 years 5.7 years Weighted Average Lease Term - Finance Lease 0.2 years 1.2 years Weighted Average Discount Rate - Operating Leases 4.5 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 % 4.1 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Finance lease cost (Interest) $ 0.7 $ 0.7 Operating lease cost 28.2 23.3 Short-term lease cost 1.5 2.7 Variable lease cost 2.4 1.0 $ 32.8 $ 27.7 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.7 $ 0.7 Operating cash flows from operating leases $ 27.6 $ 23.7 Financing cash flows from finance lease $ 0.6 $ 0.4 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ 272.3 $ 14.4 Changes to finance lease right-of-use asset resulting from lease reassessment event $ — $ (3.1) During the year ended December 31, 2020, we obtained $272.3 million of right-of-use assets in exchange for new operating lease liabilities, primarily as a result of business combination acquisition transactions. During the twelve months ended December 31, 2019, we reassessed and remeasured an existing real estate lease, which was previously accounted for as an operating lease and finance lease for the land and building elements, respectively, due to the presence of a purchase price option which we concluded we are now reasonably certain to exercise. As reflected within the table above, we reduced a portion of the new finance lease right-of-use asset based on the existing finance lease liability at the time of remeasurement. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2020 . Finance Operating (In millions) 2021 $ 16.7 $ 38.2 2022 — 37.4 2023 — 33.7 2024 — 30.3 2025 — 29.3 Thereafter — 277.5 Total minimum lease payments $ 16.7 $ 446.4 Less: Amount of lease payments representing interest (0.1) (124.9) Present value of future minimum lease payments $ 16.6 $ 321.5 Less: current obligations under leases (16.6) (24.8) Long-term lease obligation $ — $ 296.7
LEASES	LEASES Effective January 1, 2019, the Company adopted the new lease accounting guidance in ASC 842. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms in excess of 12 months. Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. The Company elected the package of practical expedients permitted in ASC 842. Accordingly, the Company accounted for its existing operating leases as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842, (b) whether classification of the operating lease would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company opted for the transition relief method specified in Accounting Standards Update No. 2018-11, which allowed for the effective date of the new leases standard as the date of initial application on transition. As a result of this election the Company (a) did not adjust comparative period financial information for the effects of ASC 842; (b) made the new required lease disclosures for periods after the effective date; and (c) carried forward our ASC 840 disclosures - see Note 19 "Leases (Prior to Adoption of ASC 842)" for comparative periods. As a result of the adoption of ASC 842, the Company recorded a right-of-use asset of $86.9 million, which represents the lease liability reduced for deferred rent amounts of $4.4 million and a lease liability of $91.3 million, which represents the present value of remaining lease payments, discounted using the Company’s incremental borrowing rates based on the remaining lease terms. We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a ROU asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of December 31, Leases Classification 2020 2019 (In millions) Assets: Current Operating Operating lease right-of-use assets 317.4 65.6 Operating Assets held for sale — 6.9 Non-Current Finance Property and equipment, net 14.6 14.6 Total right-of-use assets $ 332.0 $ 87.1 Liabilities: Current Operating Current maturities of operating leases 24.8 17.0 Operating Liabilities held for sale — 4.2 Finance Current maturities of long-term debt 16.6 0.6 Non-Current Operating Operating lease liabilities 296.7 52.6 Operating Liabilities held for sale — 2.7 Finance Long-term debt — 16.6 Total lease liabilities $ 338.1 $ 93.7 Lease Term and Discount Rate As of December 31, 2020 2019 Weighted Average Lease Term - Operating Leases 14.3 years 5.7 years Weighted Average Lease Term - Finance Lease 0.2 years 1.2 years Weighted Average Discount Rate - Operating Leases 4.5 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 % 4.1 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Finance lease cost (Interest) $ 0.7 $ 0.7 Operating lease cost 28.2 23.3 Short-term lease cost 1.5 2.7 Variable lease cost 2.4 1.0 $ 32.8 $ 27.7 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.7 $ 0.7 Operating cash flows from operating leases $ 27.6 $ 23.7 Financing cash flows from finance lease $ 0.6 $ 0.4 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ 272.3 $ 14.4 Changes to finance lease right-of-use asset resulting from lease reassessment event $ — $ (3.1) During the year ended December 31, 2020, we obtained $272.3 million of right-of-use assets in exchange for new operating lease liabilities, primarily as a result of business combination acquisition transactions. During the twelve months ended December 31, 2019, we reassessed and remeasured an existing real estate lease, which was previously accounted for as an operating lease and finance lease for the land and building elements, respectively, due to the presence of a purchase price option which we concluded we are now reasonably certain to exercise. As reflected within the table above, we reduced a portion of the new finance lease right-of-use asset based on the existing finance lease liability at the time of remeasurement. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2020 . Finance Operating (In millions) 2021 $ 16.7 $ 38.2 2022 — 37.4 2023 — 33.7 2024 — 30.3 2025 — 29.3 Thereafter — 277.5 Total minimum lease payments $ 16.7 $ 446.4 Less: Amount of lease payments representing interest (0.1) (124.9) Present value of future minimum lease payments $ 16.6 $ 321.5 Less: current obligations under leases (16.6) (24.8) Long-term lease obligation $ — $ 296.7

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases Obligations	LEASES (PRIOR TO ADOPTION OF ASC 842) We lease real estate and equipment primarily under operating lease agreements, most of which have terms ranging from one During the year ended December 31, 2018, we entered into one transaction in which we purchased previously leased real estate for $4.4 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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. We had $12.7 million of letters of credit outstanding as of December 31, 2020, which are required by certain of our insurance providers. In addition, as of December 31, 2020, we maintained a $7.5 million surety bond line in the ordinary course of our business. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS On March 13, 2012, our Board of Directors, upon the recommendation of our Compensation and Human Resources Committee, approved the 2012 Equity Incentive Plan (the "2012 Plan"). On April 18, 2012, our shareholders approved the 2012 Plan, which replaced our previous equity incentive plan. The 2012 Plan expires on March 13, 2022 and provides for the grant of options, performance share units, restricted share units, and shares of restricted stock to our directors, officers, and employees in the total amount of 1.5 million shares. On April 17, 2019, the stockholders of the Company approved the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan (the "2019 Plan") and authorized a total of 1,590,000 shares of common stock for issuance under the 2019 Plan ("Plan Shares"). The Plan Shares include 641,363 shares of common stock which remained unissued under the 2012 Plan. No further grants of awards will be made under the 2012 Plan; however outstanding awards under the 2012 Plan will continue in effect in accordance with their terms and conditions. There were approximately 1.5 million shares available for grant in accordance with the 2019 Plan as of December 31, 2020. We issue shares of our common stock upon the vesting of performance share units or restricted share units. These shares are issued from our authorized and not outstanding common stock. In addition, in connection with the vesting of equity based awards, we repurchase a portion of the shares issued equal to the amount of employee income tax withholding. We have recognized $12.6 million ($3.2 million tax benefit), $12.5 million ($3.1 million tax benefit), and $10.5 million ($2.6 million tax benefit) in share-based compensation expense for the year ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, there was $13.5 million of total unrecognized share-based compensation expense related to non-vested share-based awards granted under the 2012 Plan, and the weighted average period over which it is expected to be recognized is 1.81 years. Further, we expect to recognize $1.3 million of this expense in 2021, $7.1 million in 2022, $4.9 million in 2023, and $0.2 million in 2024. Performance Share Units During the year ended December 31, 2020, the Compensation and Human Resources Committee of the Board of Directors approved the grant of up to 107,798 performance share units, which represents 150% of the target award. Performance share units provide an opportunity for the employee-recipient to receive a number of shares of our common stock based on our performance during a specified year period following the grant as measured against objective performance goals as determined by the Compensation and Human Resources Committee of our Board of Directors. The actual number of units earned may range from 0% to 150% of the target number of units depending upon achievement of the performance goals. Performance share units vest in three three The following table summarizes information about performance share units for 2020: Shares Weighted Average Grant Date Non-vested at January 1, 2020 205,290 $ 66.92 Granted 107,798 96.31 Vested (75,587) 65.20 Forfeited or unearned (43,015) 69.16 Non-vested at December 31, 2020 194,486 $ 82.70 The weighted average grant-date fair value of performance share units and total fair value of performance share units vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of performance share units granted $ 96.31 $ 69.67 $ 68.50 Total fair value of performance share units vested (in millions) $ 4.9 $ 6.0 $ 6.4 Restricted Share Units During the year ended December 31, 2020, the Compensation and Human Resources Committee of the Board of Directors approved the grant of 109,062 shares of restricted share units. Restricted share units vest in three three The following table summarizes information about restricted stock units for 2020: Shares Weighted Average Grant Non-vested at January 1, 2020 — $ — Granted 109,062 94.07 Vested (2,908) 95.66 Forfeited (3,561) 95.66 Non-vested at December 31, 2020 102,593 93.97 The weighted average grant-date fair value of restricted stock units and total fair value of restricted stock units vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted stock units granted $ 94.07 $ — $ — Total fair value of restricted stock units vested (in millions) $ 0.3 $ — $ — Restricted Stock Awards Restricted stock awards vest in three three The following table summarizes information about restricted stock awards for 2020: Shares Weighted Average Grant Non-vested at January 1, 2020 203,471 $ 68.06 Granted — — Vested (76,646) 67.13 Forfeited (28,195) 68.49 Non-vested at December 31, 2020 98,630 $ 68.66 The weighted average grant-date fair value of restricted stock awards and total fair value of restricted stock awards vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted stock granted $ — $ 69.18 $ 71.18 Total fair value of restricted stock awards vested (in millions) $ 5.1 $ 5.1 $ 5.5 Employee Retirement Plan We sponsor the Asbury Automotive Retirement Savings Plan (the "Retirement Savings Plan"), a 401(k) plan, for eligible employees. Employees electing to participate in the Retirement Savings Plan may contribute up to 75% of their annual eligible compensation. IRS rules limited total participant contributions during 2020 to $19,500, or $26,000 if age 50 or more. For non-highly compensated employees, after one year of employment we match 50% of employees' contributions up to 4% of their eligible compensation. The Company's match was suspended during part of 2020 as a result of the economic uncertainty associated with the COVID-19 pandemic. Employer contributions vest on a graded basis over 4 years after the date of hire. Park Place employees that joined Asbury as a result of the acquisition continued to participate in their existing plan during 2020. The Company's expense related to employer matching contributions totaled $2.5 million, $3.7 million, and $3.2 million for the year ended December 31, 2020, 2019, and 2018, respectively.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and 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 Consolidated Financial Statements in order to conform to current presentation.
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 Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit, which have maturity dates of less than 90 days when purchased.
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.
Inventories	Inventories Inventories are stated at the lower of cost and net realizable value. We use the specific identification method to value vehicle inventories and the "first-in, first-out" method ("FIFO") to account for our parts inventories. Our new vehicle sales histories have indicated that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for new vehicle inventory. We maintain a reserve for used vehicle inventory where cost basis exceeds net realizable value. In assessing lower of cost and net realizable value for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles, and (iii) current market conditions and trends in used vehicle sales. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (i) days of supply in our used vehicle inventory, (ii) used vehicle units sold at less than original cost as a percentage of total used vehicles sold, and (iii) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost and net realizable value, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down, and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and floor plan interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and floor plan interest credits are accounted for as purchase discounts, and are recorded as a reduction of inventory and recognized as a reduction to New vehicle cost of sales in the accompanying Consolidated Statements of Income in the period the related vehicle is sold.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in Depreciation and amortization on the accompanying Consolidated Statements of Income. Leasehold improvements are capitalized and amortized over the lesser of the remaining lease term or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets.
Acquisitions	Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. The results of operations of acquired dealerships are included in the accompanying Consolidated Statements of Income, commencing on the date of acquisition.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess cost of an acquired business over the estimated fair market value of its identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and how we review the results of our operations, that we have several geographic market-based operating segments. We have determined that the dealerships in each of our operating segments are components that are aggregated into several geographic market-based reporting units for the purpose of testing goodwill for impairment, as they (i) have similar economic characteristics, (ii) offer similar products and services (all of our dealerships offer new and used vehicles, service, parts and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our dealerships distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. Our only significant identifiable intangible assets, other than goodwill, are our rights under franchise agreements with manufacturers, which are recorded at an individual franchise level. The fair value of our manufacturer franchise rights are determined at the acquisition date, by discounting the projected cash flows specific to each franchise. We have determined that manufacturer franchise rights have an indefinite life, as there are no economic, contractual or other factors that limit their useful lives, and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers' brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. Goodwill and manufacturer franchise rights are deemed to have indefinite lives and therefore are not subject to amortization. We review goodwill and manufacturer franchise rights for impairment annually as of October 1 st , or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that goodwill becomes impaired due to decreases in the fair value of our automotive retail business or manufacturer franchise rights become impaired due to decreases in the fair value of our individual franchises.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are presented as a contra-liability within Current maturities of long-term debt or Long-term debt on our Consolidated Balance Sheets, except for debt issuance costs associated with our line-of-credit arrangements, which are presented as an asset within Other current assets or Other long-term assets on our Consolidated Balance Sheets. Debt issuance costs are amortized to Floor plan interest expense and Other interest expense, net in the accompanying Consolidated Statements of Income through maturity using the effective interest method or the straight-line method for our line-of-credit arrangements.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our interest rate risk. The types of risks hedged are those relating to the variability of cash flows caused by fluctuations in interest rates. We document our risk management strategy and assess hedge effectiveness at each interest rate swap's inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. The unrealized gains or losses on our hedges is reported as a component of Accumulated Other Comprehensive Loss on the accompanying Consolidated Balance Sheets, and reclassified to Other interest expense, net in the accompanying Consolidated Statements of Income in the period during which the hedged transaction affects earnings.
Insurance	Insurance We are self-insured for employee medical claims and maintain stop-loss insurance for large-dollar individual claims. We have high deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Provisions for retained losses and deductibles are made by charges to expense based upon periodic evaluations of the estimated ultimate liabilities on reported and unreported claims.
Internal Profit	Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and service cost of sales on the accompanying Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New vehicle cost of sales or Used vehicle cost of sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory.
Share-based Compensation	Share-Based CompensationWe record share-based compensation expense under the fair value method on a straight-line basis over the vesting period, unless the awards are subject to performance conditions, in which case we recognize the expense over the requisite service period of each separate vesting tranche. In addition, we account for the forfeiture of share-based awards as they occur.
Share Repurchase	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. The Company did not repurchase any shares under the Repurchase Program or retire any treasury shares during 2020.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
Advertising	Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts received from certain automobile manufacturers. Advertising expense totaled $25.5 million, $34.4 million and $30.6 million for the year ended December 31, 2020, 2019 and 2018, which was net of earned advertising credits of $19.6 million, $21.1 million, and $21.0 million, respectively, and is included in Selling, general, and administrative expense in the accompanying Consolidated Statements of Income.
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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized.
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 as of December 31, 2020 and 2019 in the accompanying Consolidated Balance Sheets. Assets and liabilities classified as held for sale 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. 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. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale.
Statements of Cash Flows	Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade"), are classified as financing activities on the accompanying Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity on the accompanying 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 a financing activity in the accompanying Consolidated Statement of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowings 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 only a short period of time (typically 6 to 12 months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other current assets and the borrowings
Business and Credit Concentration Risk	Business and Credit Concentration Risk Financial instruments, which potentially subject us to a concentration of credit risk, consist principally of cash deposits. We maintain cash balances at financial institutions with strong credit ratings. Generally, amounts maintained with these financial institutions are in excess of FDIC insurance limits. We have substantial debt service obligations. As of December 31, 2020, we had total debt of $1.21 billion, which excluded $8.9 million mortgage notes payable classified as Liabilities associated with assets held for sale, floor plan notes payable, debt issuance costs, and the debt premium on the 4.5% Senior Notes (the "4.5% Notes") and 4.75% Senior Notes (the "4.75% Notes") due 2028 and 2030, respectively. In addition, we and our subsidiaries have the ability to obtain additional debt from time to time to finance acquisitions, real property purchases, capital expenditures, share repurchases or for other purposes, although such borrowings are subject to the restrictions contained in the third amended and restated senior secured credit agreement with Bank of America, N.A. ("Bank of America"), as administrative agent, and the other lenders party thereto (the "2019 Senior Credit Facility"), the indentures governing our 4.5% Notes and 4.75% Notes (the "Indentures"), and our other debt instruments. We will have substantial debt service obligations, consisting of required cash payments of principal and interest, for the foreseeable future. We are subject to operating and financial restrictions and covenants in certain of our leases and in our debt instruments, including the 2019 Senior Credit Facility, the Indentures, and the credit agreements covering our mortgage obligations. These agreements contain restrictions on, among other things, our ability to incur additional indebtedness, to create liens or other encumbrances, and to make certain payments (including dividends and repurchases of our shares and investments). These agreements may also require us to maintain compliance with certain financial and other ratios. Our failure to comply with any of these covenants in the future would constitute a default under the relevant agreement, which would, depending on the relevant agreement, (i) entitle the creditors under such agreement to terminate our ability to borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; (ii) require us to apply our available cash to repay these borrowings; (iii) entitle the creditors under such agreement to foreclose on the property securing the relevant indebtedness; and/or (iv) prevent us from making debt service payments on certain of our other indebtedness, any of which would have a material adverse effect on our business, financial condition or results of operations. In many cases, a default under one of our debt or mortgage agreements could trigger cross-default provisions in one or more of our other debt or mortgages. A number of our dealerships are located on properties that we lease. Each of the leases governing such properties has certain covenants with which we must comply. If we fail to comply with the covenants under our leases, the respective landlords could terminate the leases and seek damages from us. Concentrations of credit risk with respect to contracts-in-transit and accounts receivable are limited primarily to automotive manufacturers and financial institutions. Credit risk arising from receivables with commercial customers is minimal due to the large number of customers comprising our customer base. A significant portion of our new vehicle sales are derived from a limited number of automotive manufacturers. For the year ended December 31, 2020, manufacturers representing 5% or more of our revenues from new vehicle sales were as follows: Manufacturer (Vehicle Brands): % of Total Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus) 21 % American Honda Motor Co., Inc. (Honda and Acura) 20 % Mercedes-Benz USA, LLC ( Mercedes-Benz and Sprinter ) 10 % Ford Motor Company (Ford and Lincoln) 9 % Nissan North America, Inc. (Nissan and Infiniti) 7 % BMW of North America, LLC (BMW and Mini) 6 % No other manufacturers individually accounted for more than 5% of our total new vehicle revenue for the year ended December 31, 2020.
Segment Reporting	Segment Reporting Our operations are organized by management into geographic market-based dealership groups. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources at the geographic market level. The geographic operating segments have been aggregated into one reportable segment as their operations (i) have similar economic characteristics (our markets all have similar long-term average gross margins), (ii) offer similar products and services (all of our markets offer new and used vehicles, parts and service, and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our markets distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments.
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 consolidated financial statements. Effective January 1, 2019, the Company adopted the new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“ASC 842”). For additional information, please refer to Note 18 "Leases" within the accompanying Notes to Consolidated Financial Statements for additional information. Effective January 1, 2019, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02")." ASU 2018-02 allows entities to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. The Company elected to reclassify $0.2 million related to the change in deferred taxes associated with our cash flow hedges from accumulated other comprehensive income to retained earnings. This reclassification was recognized as a cumulative effect adjustment in the Consolidated Statements of Shareholders' Equity. On January 1, 2019, the Company adopted ASU No. 2017-12, "Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). This update intended to simplify hedge accounting by better aligning how an entity's risk management activities and hedging relationships are presented in its financial statements and simplifies the application of hedge accounting guidance in certain situations. This update expands and refines hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow hedges existing at the adoption date, this update required adoption on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the effective date and the amendments to presentation guidance and disclosure requirements were required to be adopted prospectively. The adoption of this update did not have a material impact on our Consolidated Financial Statements.
Revenue Recognition	The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue.

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Property and equipment, net consisted of the following: As of December 31, 2020 2019 (In millions) Land $ 350.5 $ 343.8 Buildings and leasehold improvements 691.6 622.9 Machinery and equipment 107.4 99.8 Furniture and fixtures 72.9 63.9 Company vehicles 9.5 8.1 Construction in progress 19.9 42.4 Gross property and equipment 1,251.8 1,180.9 Less—Accumulated depreciation (295.6) (271.2) Property and equipment, net (a) $ 956.2 $ 909.7 ______________________________
Schedule of Revenue by Major Brand	For the year ended December 31, 2020, manufacturers representing 5% or more of our revenues from new vehicle sales were as follows: Manufacturer (Vehicle Brands): % of Total Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus) 21 % American Honda Motor Co., Inc. (Honda and Acura) 20 % Mercedes-Benz USA, LLC ( Mercedes-Benz and Sprinter ) 10 % Ford Motor Company (Ford and Lincoln) 9 % Nissan North America, Inc. (Nissan and Infiniti) 7 % BMW of North America, LLC (BMW and Mini) 6 %

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue from contracts with customers consists of the following: For the year ended December 31, 2020 2019 2018 Revenue: New vehicle $ 3,767.4 $ 3,863.3 $ 3,788.7 Used vehicle retail 1,930.0 1,941.3 1,783.3 Used vehicle wholesale 239.5 190.3 189.1 New and used vehicle 5,936.9 5,994.9 5,761.1 Sale of vehicle parts and accessories 140.1 148.8 139.2 Vehicle repair and maintenance services 749.7 750.6 681.8 Parts and services 889.8 899.4 821.0 Finance and insurance, net 305.1 316.0 292.3 Total revenue $ 7,131.8 $ 7,210.3 $ 6,874.4
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, 2018 $ 6.4 $ 10.0 $ 16.4 Transferred to receivables from contract assets recognized at the beginning of the period (6.4) (10.0) (16.4) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.1 10.6 14.7 Contract Assets (Current), December 31, 2018 4.1 10.6 14.7 Transferred to receivables from contract assets recognized at the beginning of the period (4.1) (10.6) (14.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 4.8 12.3 17.1 Contract Assets (Current), December 31, 2019 4.8 12.3 17.1 Transferred to receivables from contract assets recognized at the beginning of the period (4.8) (12.3) (17.1) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 7.1 13.3 20.4 Contract Assets (Current), December 31, 2020 $ 7.1 $ 13.3 $ 20.4

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of Preliminary Purchase Consideration	The sources of the 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 Purchase price $ 889.9
Schedule of Allocation of Estimated Purchase Price	The following table summarizes the allocation of the 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 38.0 Goodwill 358.9 Manufacturer franchise rights 324.0 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 Year Ended December 31, 2020 2019 (In millions) (Unaudited) Pro Forma Revenue $ 7,989.6 $ 8,828.1 Pro Forma Net Income $ 276.2 $ 234.0
Schedule of Business Acquisitions	Below is the allocation of the purchase price for the acquisitions (other than Park Place) for the year ended December 31, 2020 and 2019. 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. For the Year Ended December 31, 2020 2019 (In millions) Inventory $ 29.8 $ 70.9 Real estate 14.5 43.1 Property and equipment 0.4 4.5 Goodwill 5.4 25.9 Manufacturer franchise rights 13.8 65.3 Loaner vehicles — 1.5 Liabilities assumed — (0.8) Other $ (0.3) $ — Total purchase price $ 63.6 $ 210.4

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of December 31, 2020 2019 (In millions) Vehicle receivables $ 61.2 $ 44.8 Manufacturer receivables 57.1 50.4 Other receivables 38.4 42.4 Total accounts receivable 156.7 137.6 Less—Allowance for credit losses (1.2) (1.4) Accounts receivable, net $ 155.5 $ 136.2

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of December 31, 2020 2019 (In millions) New vehicles $ 640.0 $ 802.6 Used vehicles 188.5 140.1 Parts and accessories 46.7 42.3 Total inventories $ 875.2 $ 985.0

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 2019 Assets: Inventory $ — $ 67.7 Loaners, net — 3.0 Property and equipment, net 28.3 69.0 Operating lease right-of-use assets — 6.9 Goodwill — 5.3 Franchise rights — 2.3 Total Assets held for sale 28.3 154.2 Liabilities: Floor plan notes payable—trade — 21.9 Floor plan notes payable—non-trade — 40.9 Loaners/ Notes payable — 3.1 Current maturities of long-term debt 0.5 0.3 Current maturities of operating leases — 4.2 Long-term debt 8.4 27.8 Operating lease liabilities — 2.7 Total Liabilities associated with assets held for sale 8.9 100.9 Net assets held for sale $ 19.4 $ 53.3

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: As of December 31, 2020 2019 (In millions) Loaner vehicles $ 136.0 $ 83.8 Contract assets (see Note 2) 20.4 17.1 Prepaid expenses 13.4 5.8 Prepaid taxes 7.1 4.7 Deposits 1.1 11.0 Other 5.8 6.6 Other current assets $ 183.8 $ 129.0

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Property and equipment, net consisted of the following: As of December 31, 2020 2019 (In millions) Land $ 350.5 $ 343.8 Buildings and leasehold improvements 691.6 622.9 Machinery and equipment 107.4 99.8 Furniture and fixtures 72.9 63.9 Company vehicles 9.5 8.1 Construction in progress 19.9 42.4 Gross property and equipment 1,251.8 1,180.9 Less—Accumulated depreciation (295.6) (271.2) Property and equipment, net (a) $ 956.2 $ 909.7 ______________________________

GOODWILL AND INTANGIBLE FRANC_2

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangibles	The changes in goodwill and intangible franchise rights for the year ended December 31, 2020 and 2019 are as follows: Goodwill (In millions) Balance as of December 31, 2018 (a) $ 181.2 Acquisitions 25.9 Divestitures (0.1) Reclassified to assets held for sale (5.3) Balance as of December 31, 2019 (a) 201.7 Acquisitions 364.3 Divestitures (9.1) Reclassified from assets held for sale 5.3 Balance as of December 31, 2020 (a) $ 562.2 _____________________________ (a) Net of accumulated impairment losses of $537.7 million recorded prior to the year ended December 31, 2018. Intangible Franchise Rights (In millions) Balance as of December 31, 2018 $ 65.8 Acquisitions 65.3 Impairments (7.1) Reclassified to assets held for sale (2.3) Balance as of December 31, 2019 $ 121.7 Acquisitions 337.8 Divestitures (11.3) Impairments (23.0) Balance as of December 31, 2020 $ 425.2

FLOOR PLAN NOTES PAYABLE_TRADE

FLOOR PLAN NOTES PAYABLE—TRADE (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable - Trade	Floor plan notes payable—trade, net consisted of the following: As of December 31, 2020 2019 (In millions) Floor plan notes payable—trade (a) $ 71.7 $ 146.5 Floor plan notes payable offset account (6.8) (16.2) Total floor plan notes payable—trade, net $ 64.9 $ 130.3 ____________________________ (a) Amounts reflected for floor plan notes payable—trade as of December 31, 2019, excluded $21.9 million classified as Liabilities associated with assets held for sale.

FLOOR PLAN NOTES PAYABLE_NON-_2

FLOOR PLAN NOTES PAYABLE—NON-TRADE (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable - Non-Trade	Floor plan notes payable—non-trade, net consisted of the following: As of December 31, 2020 2019 (In millions) Floor plan notes payable—new non-trade (a) $ 715.9 $ 773.6 Floor plan notes payable offset account (78.6) (115.9) Total floor plan notes payable—non-trade, net $ 637.3 $ 657.7 ____________________________ (a) 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.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: As of December 31, 2020 2019 (In millions) Accounts payable $ 97.6 $ 81.7 Loaner vehicles notes payable (a) 132.7 83.9 Taxes payable 69.1 30.5 Accrued compensation 43.7 30.5 Accrued insurance 24.3 25.3 Accrued finance and insurance chargebacks 23.3 22.9 Accrued interest 16.4 6.0 Accrued licenses and regulatory fees 9.6 3.0 Customer deposits 8.7 5.1 Accrued advertising 3.2 5.1 Customer we owe liabilities 2.8 3.3 Other 19.5 11.4 Accounts payable and accrued liabilities $ 450.9 $ 308.7 ____________________________ (a) Amounts reflected for Loaner vehicles notes payable as of December 31, 2019, excluded $3.1 million classified as Liabilities associated with assets held for sale.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of December 31, 2020 2019 (In millions) 6.0% 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 (the weighted average interest rates were 5.4% and 5.3% for the year ended December 31, 2020 and 2019, respectively) 79.2 100.5 2018 Bank of America Facility (a) 84.2 88.3 2018 Wells Fargo Master Loan Facility (b) 86.9 25.0 2013 BofA Real Estate Facility 33.6 35.5 2015 Wells Fargo Master Loan Facility (c) 61.7 76.8 Finance lease liability 16.6 17.2 Total debt outstanding 1,212.2 943.3 Add—unamortized premium on 6.0% Senior Subordinated Notes due 2024 — 5.1 Add—unamortized premium on 4.50% Senior Notes due 2028 1.2 — Add—unamortized premium on 4.75% Senior Notes due 2030 2.1 — Less—debt issuance costs (13.7) (9.0) Long-term debt, including current portion 1,201.8 939.4 Less—current portion, net of debt issuance costs (36.6) (32.4) Long-term debt $ 1,165.2 $ 907.0 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility 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 of December 31, 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 of December 31, 2020 and December 31, 2019, exclude $3.8 million and $1.5 million classified as Liabilities associated with assets held for sale, respectively.
Schedule of Aggregate Maturities	The aggregate maturities of long-term debt as of December 31, 2020 are as follows (in millions): 2021 $ 37.1 2022 20.6 2023 34.2 2024 53.0 2025 144.6 Thereafter 931.6 Total maturities of long-term debt $ 1,221.1
Schedule of Mortgage Notes Payable	Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and year of maturity as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Mortgage Agreement Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Captive mortgages $ 77.4 $ 201.7 2020-2024 $ 80.8 $ 182.1 2019-2024 Other mortgage debt 1.8 43.2 2020-2022 19.7 43.9 2020-2022 2018 BofA Real Estate Facility (a) 84.2 106.2 2025 88.3 123.6 2025 2018 Wells Fargo Master Loan Facility (b) 86.9 112.9 2028 25.0 113.7 2028 2013 BofA Real Estate Facility 33.6 73.3 2023 35.5 74.6 2023 2015 Wells Fargo Master Loan Facility (c) 61.7 109.6 2025 76.8 120.6 2025 Total mortgage debt $ 345.6 $ 646.9 $ 326.1 $ 658.5 ____________________________ (a) Amounts reflected for the 2018 BofA Real Estate Facility 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 of December 31, 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 of December 31, 2020 and 2019, exclude $3.8 million and $1.5 million, respectively, classified as Liabilities associated with assets held for sale.

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2020
Derivatives and Fair Value [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our 6.0% Notes and our mortgage notes payable is as follows: As of December 31, 2020 2019 (In millions) Carrying Value: 6.0% Senior Subordinated Notes due 2024 $ — $ 598.8 4.50% Senior Notes due 2028 400.9 — 4.75% Senior Notes due 2030 440.6 — Mortgage notes payable (a) 343.7 323.4 Total carrying value $ 1,185.2 $ 922.2 Fair Value: 6.0% Senior Subordinated Notes due 2024 $ — $ 619.5 4.50% Senior Notes due 2028 423.2 — 4.75% Senior Notes due 2030 476.2 — Mortgage notes payable (a) 354.5 364.2 Total fair value $ 1,253.9 $ 983.7 ____________________________ (a) Excludes amounts classified as Liabilities associated with assets held for sale.
Schedule of Derivative Instruments	The following table provides information on the attributes of each swap as of December 31, 2020: Inception Date Notional Principal Amount Notional Value as of December 31, 2020 Maturity Value Maturity Date (In millions) July 2020 $ 93.5 $ 91.8 $ 50.6 December 2028 July 2020 $ 85.5 $ 84.1 $ 57.3 November 2025 June 2015 $ 100.0 $ 74.6 $ 53.1 February 2025 November 2013 $ 75.0 $ 49.0 $ 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 Consolidated Balance Sheets: As of December 31, 2020 2019 (In millions) Other current liabilities $ 2.8 $ 0.9 Other long-term liabilities 4.4 2.9 Total fair value $ 7.2 $ 3.8
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Loss Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Loss 2020 $ (6.1) Other interest expense, net $ (2.5) 2019 $ (4.4) Other interest expense, net $ — 2018 $ 1.8 Swap interest expense $ (0.5)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense are as follows: For the Year Ended December 31, 2020 2019 2018 (In millions) Current: Federal $ 64.5 $ 46.3 $ 43.8 State 9.8 8.0 7.1 Total current income tax expense 74.3 54.3 50.9 Deferred: Federal 9.2 5.5 3.9 State 0.2 (0.3) 2.0 Total deferred income tax expense 9.4 5.2 5.9 Total income tax expense $ 83.7 $ 59.5 $ 56.8
Reconciliation of the Statutory Federal Rate to the Effective Rate	A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions) : For the Year Ended December 31, 2020 % 2019 % 2018 % Income tax provision at the statutory rate $ 71.0 21.0 $ 51.2 21.0 $ 47.2 21.0 State income tax expense, net of federal benefit 10.1 3.0 7.8 3.2 8.7 3.9 Non-deductible / non-tax items 1.3 0.4 0.6 0.2 0.4 0.2 Effect of enactment of tax reform — — — — 0.6 0.2 Other, net 1.3 0.4 (0.1) — (0.1) — Income tax expense $ 83.7 24.8 $ 59.5 24.4 $ 56.8 25.3
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax asset and liability components consisted of the following: As of December 31, 2020 2019 (In millions) Deferred income tax assets: F&I chargeback liabilities $ 11.5 $ 11.8 Other accrued liabilities 4.7 2.1 Stock-based compensation 2.3 2.2 Operating lease right-of-use assets 77.8 18.7 Other, net 10.2 9.0 Total deferred income tax assets 106.5 43.8 Deferred income tax liabilities: Intangible asset amortization (23.9) (16.4) Depreciation (39.2) (33.4) Operating lease liabilities (76.8) (17.7) Other, net (1.2) (2.3) Total deferred income tax liabilities (141.1) (69.8) Net deferred income tax liabilities $ (34.6) $ (26.0)

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: As of December 31, 2020 2019 (In millions) Accrued finance and insurance chargebacks $ 22.9 $ 22.9 Deferred payroll tax 9.1 — Sale and leaseback liability 7.0 — Interest rate swap 4.4 2.9 Unclaimed property 3.1 2.9 Other 4.4 3.7 Other long-term liabilities $ 50.9 $ 32.4

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following items are included in Other adjustments, net to reconcile net income to net cash provided by operating activities: For the Year Ended December 31, 2020 2019 2018 Amortization of debt issuance costs $ 1.8 $ 2.5 $ 2.5 Loss on disposal of fixed assets 0.7 2.6 0.9 Other individually immaterial items (1.2) (0.3) (0.3) Other adjustments, net $ 1.3 $ 4.8 $ 3.1 The following table presents supplemental cash flow information for leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.7 $ 0.7 Operating cash flows from operating leases $ 27.6 $ 23.7 Financing cash flows from finance lease $ 0.6 $ 0.4 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ 272.3 $ 14.4 Changes to finance lease right-of-use asset resulting from lease reassessment event $ — $ (3.1)

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Assets And Liabilities, Lessee	Balance Sheet Presentation As of December 31, Leases Classification 2020 2019 (In millions) Assets: Current Operating Operating lease right-of-use assets 317.4 65.6 Operating Assets held for sale — 6.9 Non-Current Finance Property and equipment, net 14.6 14.6 Total right-of-use assets $ 332.0 $ 87.1 Liabilities: Current Operating Current maturities of operating leases 24.8 17.0 Operating Liabilities held for sale — 4.2 Finance Current maturities of long-term debt 16.6 0.6 Non-Current Operating Operating lease liabilities 296.7 52.6 Operating Liabilities held for sale — 2.7 Finance Long-term debt — 16.6 Total lease liabilities $ 338.1 $ 93.7
Lease Term and Discount Rate, Lessee	Lease Term and Discount Rate As of December 31, 2020 2019 Weighted Average Lease Term - Operating Leases 14.3 years 5.7 years Weighted Average Lease Term - Finance Lease 0.2 years 1.2 years Weighted Average Discount Rate - Operating Leases 4.5 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.1 % 4.1 %
Lease, Cost	The following table provides certain information related to the lease costs for finance and operating leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Finance lease cost (Interest) $ 0.7 $ 0.7 Operating lease cost 28.2 23.3 Short-term lease cost 1.5 2.7 Variable lease cost 2.4 1.0 $ 32.8 $ 27.7
Schedule of Cash Flow, Supplemental Disclosures	The following items are included in Other adjustments, net to reconcile net income to net cash provided by operating activities: For the Year Ended December 31, 2020 2019 2018 Amortization of debt issuance costs $ 1.8 $ 2.5 $ 2.5 Loss on disposal of fixed assets 0.7 2.6 0.9 Other individually immaterial items (1.2) (0.3) (0.3) Other adjustments, net $ 1.3 $ 4.8 $ 3.1 The following table presents supplemental cash flow information for leases during the year ended December 31, 2020 and December 31, 2019. For the Year Ended December 31, 2020 2019 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.7 $ 0.7 Operating cash flows from operating leases $ 27.6 $ 23.7 Financing cash flows from finance lease $ 0.6 $ 0.4 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 17.7 Right-of-use assets obtained in exchange for new operating lease liabilities $ 272.3 $ 14.4 Changes to finance lease right-of-use asset resulting from lease reassessment event $ — $ (3.1)
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2020 . Finance Operating (In millions) 2021 $ 16.7 $ 38.2 2022 — 37.4 2023 — 33.7 2024 — 30.3 2025 — 29.3 Thereafter — 277.5 Total minimum lease payments $ 16.7 $ 446.4 Less: Amount of lease payments representing interest (0.1) (124.9) Present value of future minimum lease payments $ 16.6 $ 321.5 Less: current obligations under leases (16.6) (24.8) Long-term lease obligation $ — $ 296.7
Finance Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2020 . Finance Operating (In millions) 2021 $ 16.7 $ 38.2 2022 — 37.4 2023 — 33.7 2024 — 30.3 2025 — 29.3 Thereafter — 277.5 Total minimum lease payments $ 16.7 $ 446.4 Less: Amount of lease payments representing interest (0.1) (124.9) Present value of future minimum lease payments $ 16.6 $ 321.5 Less: current obligations under leases (16.6) (24.8) Long-term lease obligation $ — $ 296.7

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Schedule of Performance Share Units	The following table summarizes information about performance share units for 2020: Shares Weighted Average Grant Date Non-vested at January 1, 2020 205,290 $ 66.92 Granted 107,798 96.31 Vested (75,587) 65.20 Forfeited or unearned (43,015) 69.16 Non-vested at December 31, 2020 194,486 $ 82.70 The weighted average grant-date fair value of performance share units and total fair value of performance share units vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of performance share units granted $ 96.31 $ 69.67 $ 68.50 Total fair value of performance share units vested (in millions) $ 4.9 $ 6.0 $ 6.4
Schedule of Restricted Stock	The following table summarizes information about restricted stock units for 2020: Shares Weighted Average Grant Non-vested at January 1, 2020 — $ — Granted 109,062 94.07 Vested (2,908) 95.66 Forfeited (3,561) 95.66 Non-vested at December 31, 2020 102,593 93.97 The weighted average grant-date fair value of restricted stock units and total fair value of restricted stock units vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted stock units granted $ 94.07 $ — $ — Total fair value of restricted stock units vested (in millions) $ 0.3 $ — $ — The following table summarizes information about restricted stock awards for 2020: Shares Weighted Average Grant Non-vested at January 1, 2020 203,471 $ 68.06 Granted — — Vested (76,646) 67.13 Forfeited (28,195) 68.49 Non-vested at December 31, 2020 98,630 $ 68.66 The weighted average grant-date fair value of restricted stock awards and total fair value of restricted stock awards vested are summarized in the following table: For the Year Ended December 31, 2020 2019 2018 Weighted average grant-date fair value of restricted stock granted $ — $ 69.18 $ 71.18 Total fair value of restricted stock awards vested (in millions) $ 5.1 $ 5.1 $ 5.5

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Description) (Details) $ in Millions	Aug. 24, 2020USD ($)DealershipLocationscollision_centerfranchise	Jul. 06, 2020franchisecollision_centernumberOfSubsidiariesdealership_location	Dec. 31, 2020dealership_locationautoAuctionstatesCollisionRepairCentersfranchiseMetropolitanMarketsVehicleBrands
Business Organization [Line Items]
Number of franchises (in franchises)			112
Number of dealership locations (in dealership locations) | dealership_location			91
Number of vehicle brands (in vehicle brands) | VehicleBrands			31
Number of collision repair centers (in collision repair centers) | CollisionRepairCenters			25
Number of auto auctions (in auto auction) | autoAuction			1
Number of metropolitan markets (in metropolitan markets) | MetropolitanMarkets			16
Number of states (in states) | states			9
Number of franchises acquired (in franchises)		12
Number of dealership locations acquired (in dealership locations) | dealership_location		8
Number of collision centers acquired (in collision centers) | collision_center		2
Asset Purchase Agreement
Business Organization [Line Items]
Number of subsidiaries | numberOfSubsidiaries		2
Number of franchises acquired (in franchises)	12
Number of dealership locations acquired (in dealership locations) | DealershipLocations	8
Number of collision centers acquired (in collision centers) | collision_center	2
Consideration transferred | $	$ 889.9
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix			41.00%
Luxury Brands
Business Organization [Line Items]
Weighted brand mix			39.00%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix			20.00%

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended	12 Months Ended			204 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Feb. 19, 2020
Accounting Policies [Line Items]
Impairment of real estate		$ 700,000	$ 0	$ 0
Goodwill, impairment					$ 537,700,000
Repurchase or retirement of previously repurchased common stock		0	0	0
Advertising expense		25,500,000	34,400,000	30,600,000
Advertising credits and volume discounts		19,600,000	21,100,000	21,000,000
Provisional adjustment to deferred tax asset	$ 600,000
Total debt outstanding		$ 1,212,200,000	943,300,000
Revenues by major brand, disclosure percentage threshold		5.00%
Number of reportable segments | segment		1
Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings		$ 200,000
Mortgages
Accounting Policies [Line Items]
Long-term debt, gross		79,200,000	100,500,000
Senior Notes | 4.50% Senior Notes due 2028
Accounting Policies [Line Items]
Long-term debt, gross		$ 405,000,000	0
Stated interest rate of debt instrument		4.50%				4.50%
Senior Notes | 4.75% Senior Notes due 2030
Accounting Policies [Line Items]
Long-term debt, gross		$ 445,000,000	0
Stated interest rate of debt instrument		4.75%				4.75%
Retained Earnings
Accounting Policies [Line Items]
Repurchase or retirement of previously repurchased common stock			12,800,000	4,800,000
Treasury Stock
Accounting Policies [Line Items]
Repurchase or retirement of previously repurchased common stock			$ (15,300,000)	$ (5,900,000)
Minimum
Accounting Policies [Line Items]
Loaner vehicle period of use before sale (in months)		6 months
Maximum
Accounting Policies [Line Items]
Loaner vehicle period of use before sale (in months)		12 months
Liabilities Associated with Assets Held for Sale | Mortgages
Accounting Policies [Line Items]
Long-term debt, gross		$ 8,900,000

DESCRIPTION OF BUSINESS AND S_6

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property and Equipment Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2020
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Company vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Company vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

DESCRIPTION OF BUSINESS AND S_7

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Revenues by Major Brand) (Details) - New vehicles	12 Months Ended
	Dec. 31, 2020
Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	21.00%
American Honda Motor Co., Inc. (Honda and Acura)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	20.00%
Mercedes-Benz USA, LLC (Mercedes-Benz and Sprinter)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	10.00%
Ford Motor Company (Ford and Lincoln)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	9.00%
Nissan North America, Inc. (Nissan and Infiniti)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	7.00%
BMW of North America, LLC (BMW and Mini)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	6.00%

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 7,131.8	$ 7,210.3	$ 6,874.4
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	5,936.9	5,994.9	5,761.1
New and used vehicle | New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	3,767.4	3,863.3	3,788.7
New and used vehicle | Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	1,930	1,941.3	1,783.3
New and used vehicle | Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	239.5	190.3	189.1
Parts and services
Disaggregation of Revenue [Line Items]
Total revenue	889.8	899.4	821
Parts and services | Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	140.1	148.8	139.2
Parts and services | Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	749.7	750.6	681.8
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 305.1	$ 316	$ 292.3

REVENUE RECOGNITION (Contract A

REVENUE RECOGNITION (Contract Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2018	$ 17.1	$ 14.7	$ 16.4
Transferred to receivables from contract assets recognized at the beginning of the period	(17.1)	(14.7)	(16.4)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	20.4	17.1	14.7
Contract Assets (Current), March 31, 2018	20.4	17.1	14.7
New and used vehicle | Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2018	4.8	4.1	6.4
Transferred to receivables from contract assets recognized at the beginning of the period	(4.8)	(4.1)	(6.4)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	7.1	4.8	4.1
Contract Assets (Current), March 31, 2018	7.1	4.8	4.1
Finance and insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2018	12.3	10.6	10
Transferred to receivables from contract assets recognized at the beginning of the period	(12.3)	(10.6)	(10)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.3	12.3	10.6
Contract Assets (Current), March 31, 2018	$ 13.3	$ 12.3	$ 10.6

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES (Park Place Acquisition) (Details)	Aug. 24, 2020USD ($)DealershipLocationscollision_centerfranchise	Jul. 06, 2020franchisecollision_centernumberOfSubsidiariesdealership_location	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 24, 2020USD ($)
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 centers) | collision_center		2
Goodwill			$ 562,200,000	$ 562,200,000	$ 201,700,000	$ 181,200,000
Revenues				7,131,800,000	7,210,300,000	6,874,400,000
Net income				254,400,000	$ 184,400,000	$ 168,000,000
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 dealership locations acquired (in dealership locations) | DealershipLocations	8
Number of collision centers acquired (in collision centers) | collision_center	2
Transaction costs			1,300,000	$ 1,300,000
Revenues			589,600,000
Net income			$ 27,600,000

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
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	38
Goodwill	358.9
Manufacturer franchise rights	324
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Pro Forma Revenue	$ 7,989.6	$ 8,828.1
Pro Forma Net Income	$ 276.2	$ 234

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES (Acquisitions- Narrative) (Details) $ in Millions	Jul. 06, 2020franchisecollision_centerdealership_location	Dec. 31, 2020USD ($)dealership_locationfranchise	Dec. 31, 2019USD ($)collision_centerdealership_locationfranchise	Dec. 31, 2018USD ($)franchisedealership_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 centers) | collision_center	2
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price			$ 210.4	$ 93.2
Cash paid for acquisition			153.9	68.6
Floor plan borrowings for puchase of related inventory			55.3	22.7
Purchase price holdbacks			1.2	$ 1.9
Release of purchase price holdbacks related to a prior year acquisition			$ 0.8
Goodwill and manufacturer franchise rights, period for federal and state tax deductions		15 years
Indiana | Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise			9	1
Number of dealership locations acquired (in dealership locations) | dealership_location			5	1
Number of collision centers acquired (in collision centers) | collision_center			1
Colorado | Series of Individually Immaterial Business Acquisitions
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
Purchase price holdbacks		2
Consideration transferred, other, release		$ 2.5
Georgia | Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise				2
Number of dealership locations acquired (in dealership locations) | dealership_location				2

ACQUISITIONS AND DIVESTITURES_7

ACQUISITIONS AND DIVESTITURES (Schedule of Business Acquisitions) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 562.2	$ 201.7	$ 181.2
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Inventory	29.8	70.9
Real estate	14.5	43.1
Property and equipment	0.4	4.5
Goodwill	5.4	25.9
Manufacturer franchise rights	13.8	65.3
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	12 Months Ended
	Dec. 31, 2020USD ($)dealership_locationcenterfranchise	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)dealership_location
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dealership locations, sold (in dealership locations)			0
Proceeds from divestiture | $	$ 177.9	$ 39.1	$ 0
Gain on divestitures | $	$ 62.3	11.7	$ 0
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	2
Number of dealership locations, sold (in dealership locations)	2
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)	5
Number of collision centers, sold (in collision centers) | 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)	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)	1
Number of collision centers, sold (in collision centers) | center	1
Proceeds from divestiture | $		$ 30.1

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 156.7	$ 137.6
Less—Allowance for credit losses	(1.2)	(1.4)
Accounts receivable, net	155.5	136.2
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	61.2	44.8
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	57.1	50.4
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 38.4	$ 42.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Inventory [Line Items]
Total inventories	$ 875.2	$ 985
Lower of cost or market inventory reserves	6.7	6.1
Held-for-sale
Components of Inventory [Line Items]
Total inventories		67.7
New vehicles
Components of Inventory [Line Items]
Total inventories	640	802.6
Reduction of new vehicle inventory cost by automobile manufacturer incentives	8.3	9.6
Reduction to new vehicle cost of sales by automobile manufacturer incentives	47	45.7	$ 42.4
Used vehicles
Components of Inventory [Line Items]
Total inventories	188.5	140.1
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 46.7	$ 42.3

ASSETS HELD FOR SALE (Assets He

ASSETS HELD FOR SALE (Assets Held for Sale and Liabilities Associated with the Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Inventories	$ 0	$ 67.7
Loaners, net	0	3
Property and equipment, net	28.3	69
Operating lease right-of-use assets	0	6.9
Goodwill	0	5.3
Franchise rights	0	2.3
Total Assets	28.3	154.2
Liabilities:
Floor plan notes payable—trade	0	21.9
Floor plan notes payable—non-trade	0	40.9
Loaners/ Notes payable	0	3.1
Current maturities of long-term debt	0.5	0.3
Current maturities of operating leases	0	4.2
Long-term debt	8.4	27.8
Operating lease liabilities	0	2.7
Total Liabilities associated with assets held for sale	8.9	100.9
Net assets held for sale	$ 19.4	$ 53.3

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)propertydealership_locationfranchise	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 31, 2021property	Dec. 31, 2019dealership_location	Dec. 31, 2019franchise	Dec. 31, 2019collision_center	Dec. 31, 2019property
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 19,400,000	$ 53,300,000
Liabilities associated with assets held for sale	$ 8,900,000	100,900,000
Number of dealership locations (in dealership locations) | dealership_location	91
Gain on divestitures	$ 62,300,000	11,700,000	$ 0
Impairment of real estate	$ 700,000	0	$ 0
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties	3					7	1	4
Assets held for sale		154,200,000
Liabilities associated with assets held for sale		100,900,000
Number of dealership locations (in dealership locations) | dealership_location					6
Gain on divestitures	$ 33,700,000
Impairment of real estate	700,000	0
Held-for-sale | Subsequent Event
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | property				1
Held-for-sale | Real Estate Not Currently Used in Operations
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	28,300,000
Liabilities associated with assets held for sale	$ 8,900,000
Disposed of by Sale | Vacant Property
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | property	1							2
Real estate held-for-sale	$ 3,700,000	$ 14,600,000

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Loaner vehicles	$ 136	$ 83.8
Contract assets (see Note 2)	20.4	17.1	$ 14.7	$ 16.4
Prepaid expenses	13.4	5.8
Prepaid taxes	7.1	4.7
Deposits	1.1	11
Other	5.8	6.6
Other current assets	$ 183.8	$ 129

PROPERTY AND EQUIPMENT, NET (Sc

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 1,251.8	$ 1,180.9
Less—Accumulated depreciation	(295.6)	(271.2)
Property and equipment, net	956.2	909.7
Finance lease	14.6	14.6
OPERATING LEASE RIGHT-OF-USE ASSETS	317.4	65.6
Held-for-sale
Property, Plant and Equipment [Line Items]
Property and equipment, net	28.3	69
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	350.5	343.8
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	691.6	622.9
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	107.4	99.8
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	72.9	63.9
Company vehicles
Property, Plant and Equipment [Line Items]
Gross property and equipment	9.5	8.1
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 19.9	$ 42.4

PROPERTY AND EQUIPMENT, NET (Na

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Interest costs capitalized	$ 0.4	$ 0.6	$ 0.5
Depreciation and capital lease obligation amortization	$ 38.5	$ 36.2	$ 33.7

GOODWILL AND INTANGIBLE FRANC_3

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended		204 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Net, beginning balance	$ 201.7	$ 181.2
Acquisitions	364.3	25.9
Divestitures	(9.1)	(0.1)
Reclassified (to) from assets held for sale	5.3	(5.3)
Net, ending balance	$ 562.2	$ 201.7	$ 181.2
Goodwill, impairment			$ 537.7

GOODWILL AND INTANGIBLE FRANC_4

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Franchise Rights) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Roll Forward]
Impairments		$ (23)	$ (7.1)	$ (3.7)
Franchise rights impairment	$ 23	23	7.1	3.7
Franchise rights
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 121.7	121.7	65.8
Acquisitions		337.8	65.3
Divestitures		(11.3)
Impairments		(23)	(7.1)
Reclassified to assets held for sale			(2.3)
Ending balance		$ 425.2	$ 121.7	$ 65.8

FLOOR PLAN NOTES PAYABLE_TRAD_2

FLOOR PLAN NOTES PAYABLE—TRADE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Floor plan notes payable—trade	$ 71.7	$ 146.5
Floor plan notes payable offset account	(6.8)	(16.2)
Total floor plan notes payable—trade, net	$ 64.9	130.3
Floor plan notes payable—trade, liabilities associated with assets held for sale		$ 21.9

FLOOR PLAN NOTES PAYABLE_NON-_3

FLOOR PLAN NOTES PAYABLE—NON-TRADE (Consist of) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Floor plan notes payable—new non-trade	$ 715.9	$ 773.6
Floor plan notes payable offset account	(78.6)	(115.9)
Total floor plan notes payable—non-trade, net	$ 637.3	657.7
Floor plan notes payable—non-trade, liabilities associated with assets held for sale		$ 40.9

FLOOR PLAN NOTES PAYABLE_NON-_4

FLOOR PLAN NOTES PAYABLE—NON-TRADE (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 17, 2020	Dec. 31, 2019	Oct. 16, 2014
Debt Instrument [Line Items]
Floor plan notes payable, offsets	$ 85,400,000		$ 132,100,000
Revolving Credit Facility1 | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Revolving Credit Facility1 | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Revolving Credit Facility1 | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility1 | Line of Credit | Federal Funds
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility1 | Bank of America | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility1 | Bank of America | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility1 | Bank of America | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Revolving Credit Facility1 | Bank of America | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
New Vehicle Floor Plan Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
New Vehicle Floor Plan Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Used Vehicle Floor Plan Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Used Vehicle Floor Plan Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.40%
New Vehicle and Used Vehicle Floor Plan | Line of Credit
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.15%
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 190,000,000	$ 190,000,000
Revolving Credit Facility | Bank of America
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000
Standby Letters of Credit | Bank of America
Debt Instrument [Line Items]
Face amount	50,000,000			$ 50,000,000
New Vehicle Revolving Floor Plan Facility | Bank of America
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,040,000,000
Used Vehicle Revolving Floor Plan Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Used Vehicle Revolving Floor Plan Facility | Bank of America
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 160,000,000
Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 97.6	$ 81.7
Loaner vehicles notes payable	132.7	83.9
Taxes payable	69.1	30.5
Accrued compensation	43.7	30.5
Accrued insurance	24.3	25.3
Accrued finance and insurance chargebacks	23.3	22.9
Accrued interest	16.4	6
Accrued licenses and regulatory fees	9.6	3
Customer deposits	8.7	5.1
Accrued advertising	3.2	5.1
Customer we owe liabilities	2.8	3.3
Other	19.5	11.4
Accounts payable and accrued liabilities	450.9	308.7
Loaners/ Notes payable	$ 0	$ 3.1

LONG-TERM DEBT (Schedule of Lon

LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Feb. 19, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance Lease, Liability	$ 16.6		$ 17.2
Total debt outstanding	1,212.2		943.3
Add: unamortized premium	0		5.1
Less: debt issuance costs	(13.7)		(9)
Long-term debt, including current portion	1,201.8		939.4
Less—current portion, net of debt issuance costs	(36.6)		(32.4)
Long-term debt	1,165.2		907
2018 BofA Real Estate Facility
Debt Instrument [Line Items]
Mortgage note payable classified as liabilities associated with assets held-for-sale			26.6
2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Mortgage note payable classified as liabilities associated with assets held-for-sale	5.1
2015 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Mortgage note payable classified as liabilities associated with assets held-for-sale	3.8		1.5
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		600
Stated interest rate of debt instrument	6.00%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 79.2		$ 100.5
Weighted average interest rate	5.40%		5.30%
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]
Long-term debt, gross	405		$ 0
Add: unamortized premium	$ 1.2		0
Stated interest rate of debt instrument	4.50%	4.50%
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt, gross	$ 445		0
Add: unamortized premium	$ 2.1		$ 0
Stated interest rate of debt instrument	4.75%	4.75%

LONG-TERM DEBT (Schedule of Agg

LONG-TERM DEBT (Schedule of Aggregate Maturities of Long-Term Debt) (Details) $ in Millions	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 37.1
2022	20.6
2023	34.2
2024	53
2025	144.6
Thereafter	931.6
Total maturities of long-term debt	$ 1,221.1

LONG-TERM DEBT (New Senior Note

LONG-TERM DEBT (New Senior Notes and Seller Notes) (Details) - USD ($)	Mar. 30, 2020	Mar. 04, 2020	Sep. 30, 2020	Dec. 31, 2020	Aug. 24, 2020	Feb. 19, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance expense				$ 13,700,000			$ 9,000,000
Unamortized premium				0			5,100,000
Senior Notes
Debt Instrument [Line Items]
Face amount				250,000,000
Unamortized debt issuance expense						$ 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				$ 1,200,000			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				$ 2,100,000			$ 0
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument				6.00%
Redemption price, percentage		103.00%
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 (6.0% Senior Sub

LONG-TERM DEBT (6.0% Senior Subordinated Notes due 2024) (Details) - USD ($) $ in Millions	Mar. 04, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on extinguishment of long-term debt, net		$ 20.6	$ 0	$ 0
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument		6.00%
Redemption price, percentage	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 (Mortgage Notes

LONG-TERM DEBT (Mortgage Notes Payable) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 79.2	$ 100.5

LONG-TERM DEBT (2018 BofA Real

LONG-TERM DEBT (2018 BofA Real Estate Facility) (Details) - Bank of America - 2018 BofA Real Estate Facility - USD ($) $ in Millions	Nov. 13, 2018	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 128.1
Quarterly principal payments as percent of initial amount	1.25%
Repayment schedule	20 years
Long-term debt, gross		$ 84.2	$ 88.3
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Federal Funds
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
One month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

LONG-TERM DEBT (2018 Wells Farg

LONG-TERM DEBT (2018 Wells Fargo Master Loan Facility) (Details) - 2018 Wells Fargo Master Loan Facility - Wells Fargo $ in Millions	Nov. 06, 2018	Dec. 31, 2020USD ($)	Jun. 26, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 16, 2018USD ($)payment
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100
Number of equal monthly principal payments | payment					108
Amortization schedule	19 years
Long-term debt, gross		$ 86.9	$ 69.4	$ 25
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%

LONG-TERM DEBT (2015 Wells Farg

LONG-TERM DEBT (2015 Wells Fargo Master Loan Facility) (Details) - 2015 Wells Fargo Master Loan Facility - Wells Fargo $ in Millions	Feb. 03, 2015USD ($)payment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100
Number of equal monthly principal payments | payment	108
Amortization schedule	19 years
Long-term debt, gross		$ 61.7	$ 76.8
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%

LONG-TERM DEBT (2013 BofA Real

LONG-TERM DEBT (2013 BofA Real Estate Facility) (Details) - 2013 BofA Real Estate Facility - Bank of America - USD ($) $ in Millions	Sep. 26, 2013	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75
Quarterly principal payments as percent of initial amount	1.25%
Repayment schedule	20 years
Long-term debt, gross		$ 33.6	$ 35.5
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Federal Funds
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
One month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

LONG-TERM DEBT (Schedule of Mor

LONG-TERM DEBT (Schedule of Mortgage Notes Payable) (Details) - Mortgages - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Aggregate Principal Outstanding	$ 345.6	$ 326.1
Carrying Value of Collateralized Related Real Estate	646.9	658.5
Captive mortgages
Debt Instrument [Line Items]
Aggregate Principal Outstanding	77.4	80.8
Carrying Value of Collateralized Related Real Estate	201.7	182.1
Other mortgage debt
Debt Instrument [Line Items]
Aggregate Principal Outstanding	1.8	19.7
Carrying Value of Collateralized Related Real Estate	43.2	43.9
2018 BofA Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	84.2	88.3
Carrying Value of Collateralized Related Real Estate	106.2	123.6
2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	86.9	25
Carrying Value of Collateralized Related Real Estate	112.9	113.7
2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	33.6	35.5
Carrying Value of Collateralized Related Real Estate	73.3	74.6
2015 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	61.7	76.8
Carrying Value of Collateralized Related Real Estate	$ 109.6	$ 120.6

LONG-TERM DEBT (Revolving Credi

LONG-TERM DEBT (Revolving Credit Facility and Stock Restrictions) (Details) - USD ($)	Dec. 31, 2020	Oct. 16, 2014
Reastated Credit Agreement
Debt Instrument [Line Items]
General restricted payments allowance	$ 150,000,000
Restricted payments capacity additions as percent of net income	50.00%
Restricted payments capacity additions as percent of cash proceeds from sale of equity	100.00%
Reastated Credit Agreement | Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	300.00%
Annual principal payment	$ 20,000,000
Bank of America | Reastated Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity		$ 250,000,000
Remaining borrowing capacity	$ 237,300,000
Bank of America | Reastated Credit Agreement | Federal Funds
Debt Instrument [Line Items]
Interest rate	0.50%
Bank of America | Reastated Credit Agreement | LIBOR
Debt Instrument [Line Items]
Interest rate	1.25%
Bank of America | Reastated Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate	1.00%
Bank of America | Reastated Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate	2.00%
Bank of America | Reastated Credit Agreement | Base Rate
Debt Instrument [Line Items]
Interest rate	0.25%
Bank of America | Reastated Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate	0.15%
Bank of America | Reastated Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate	1.00%
Bank of America | Reastated Credit Agreement | Guarantee Obligations
Debt Instrument [Line Items]
Amount of letters of credit outstanding	$ 12,700,000
Bank of America | Standby Letters of Credit
Debt Instrument [Line Items]
Face amount	$ 50,000,000	$ 50,000,000
Bank of America | New Vehicle Floor Plan Facility | LIBOR
Debt Instrument [Line Items]
Interest rate	1.10%
Bank of America | New Vehicle Floor Plan Facility | Base Rate
Debt Instrument [Line Items]
Interest rate	0.10%
Bank of America | Used Vehicle Floor Plan Facility | LIBOR
Debt Instrument [Line Items]
Interest rate	1.40%
Bank of America | Used Vehicle Floor Plan Facility | Base Rate
Debt Instrument [Line Items]
Interest rate	0.40%

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details)	Dec. 31, 2020USD ($)numberOfInstruments	Jul. 31, 2020USD ($)numberOfInstruments	Dec. 31, 2019USD ($)	Jun. 30, 2015USD ($)
Fair Value, Inputs, Level 2 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps	$ 7,200,000		$ (3,800,000)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional principal amount of derivative liability	$ 74,600,000			$ 100,000,000
Notional principal amount of derivative liability, at maturity				$ 53,100,000
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Number of Instruments Held | numberOfInstruments	4	2
Notional principal amount of derivative liability	$ 91,800,000	$ 93,500,000
Notional principal amount of derivative liability, at maturity		$ 50,600,000
Fair value of interest rate swaps	7,200,000		$ 3,800,000
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (2,800,000)

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Feb. 19, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 1,185.2		$ 922.2
Total fair value	1,253.9		983.7
Mortgages Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	343.7		323.4
Total fair value	$ 354.5		364.2
6.0% Senior Subordinated Notes due 2024 | Senior Subordinated Notes
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
4.50% Senior Notes due 2028 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%	4.50%
Total carrying value	$ 400.9		0
Total fair value	$ 423.2		0
4.75% Senior Notes due 2030 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%	4.75%
Total carrying value	$ 440.6		0
Total fair value	$ 476.2		$ 0

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE (Interest Rate Swap Agreements) (Details) - Interest Rate Swap - USD ($)	Dec. 31, 2020	Jul. 31, 2020	Jun. 30, 2015	Nov. 30, 2013
Derivative [Line Items]
Notional principal amount of derivative liability	$ 91,800,000	$ 93,500,000
Notional principal amount of derivative liability, at maturity		50,600,000
Notional principal amount of derivative liability	84,100,000	85,500,000
Notional principal amount of derivative liability, at maturity		$ 57,300,000
Notional principal amount of derivative liability	74,600,000		$ 100,000,000
Notional principal amount of derivative liability, at maturity			$ 53,100,000
Notional principal amount of derivative liability	$ 49,000,000			$ 75,000,000
Notional principal amount of derivative liability, at maturity				$ 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	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 7.2	$ 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	$ 4.4	$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in AOCI (Effective Portion)	$ (3.6)	$ (4.4)	$ 2.3
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in AOCI (Effective Portion)	(6.1)	(4.4)	1.8
Amount Reclassified from AOCI to Earnings		$ 0
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from AOCI to Earnings	$ (2.5)		$ (0.5)

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 64.5	$ 46.3	$ 43.8
State	9.8	8	7.1
Total Current Income Tax Expense	74.3	54.3	50.9
Deferred:
Federal	9.2	5.5	3.9
State	0.2	(0.3)	2
Total Deferred Income Tax Expense	9.4	5.2	5.9
Total Income Tax Expense	$ 83.7	$ 59.5	$ 56.8

INCOME TAXES (Schedule of Effec

INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amount
Income tax provision at the statutory rate	$ 71	$ 51.2	$ 47.2
State income tax expense, net	10.1	7.8	8.7
Non-deductible / non-tax items	1.3	0.6	0.4
Effect of enactment of tax reform	0	0		$ 0.6
Other, net	1.3	(0.1)	(0.1)
Total Income Tax Expense	$ 83.7	$ 59.5	$ 56.8
Percent
Income tax provision at the statutory rate	21.00%	21.00%	21.00%
State income tax expense, net	3.00%	3.20%	3.90%
Non-deductible / non-tax items	0.40%	0.20%	0.20%
Effect of enactment of tax reform	0	0	0.002
Other, net	0.40%	0.00%	0.00%
Income tax provision	24.80%	24.40%	25.30%

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
F&I chargeback liabilities	$ 11.5	$ 11.8
Other accrued liabilities	4.7	2.1
Stock-based compensation	2.3	2.2
Operating lease right-of-use assets	77.8	18.7
Other, net	10.2	9
Total deferred income tax assets	106.5	43.8
Deferred income tax liabilities:
Intangible asset amortization	(23.9)	(16.4)
Depreciation	(39.2)	(33.4)
Operating lease liabilities	(76.8)	(17.7)
Other, net	(1.2)	(2.3)
Total deferred income tax liabilities	(141.1)	(69.8)
Net deferred income tax (liabilities) assets	$ (34.6)	$ (26)

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Prepaid taxes		$ 7,100,000	$ 4,700,000
Unrecognized tax benefits		2,100,000	0		$ 0
Effect of enactment of tax reform		0	0	$ 600,000
Provisional adjustment to deferred tax asset	$ 600,000
Accounts payable and accrued liabilities
Operating Loss Carryforwards [Line Items]
Taxes payable			$ 1,300,000
Other current assets
Operating Loss Carryforwards [Line Items]
Taxes payable		$ 25,000,000

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Accrued finance and insurance chargebacks	$ 22.9	$ 22.9
Deferred payroll tax	9.1	0
Sale and leaseback liability	7	0
Interest rate swap	4.4	2.9
Unclaimed property	3.1	2.9
Other	4.4	3.7
Other long-term liabilities	$ 50.9	$ 32.4

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 62.6	$ 91.2	$ 82.5
Cash paid during the period related to floor plan interest	19.4	38.6	31.2
Income taxes paid	48.6	48.4	40.4
Loaner vehicles transferred from other current assets to inventory	$ 163.5	$ 141	$ 193.9

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Schedule of Other Adjustments to Reconcile Net Income to Cash Flow from Operating Activities) (Details) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Amortization of debt issuance costs	$ 1.8	$ 2.5	$ 2.5
Loss on disposal of fixed assets	0.7	2.6	0.9
Other individually immaterial items	(1.2)	(0.3)	(0.3)
Other adjustments, net	$ 1.3	$ 4.8	$ 3.1

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 317.4	$ 65.6
Operating lease, liability	321.5
Accounting Standards Update 2018-11
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	86.9
Lease liability reduced for deferent rent	4.4
Operating lease, liability	$ 91.3

LEASES (Balance Sheets) (Detail

LEASES (Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 317.4	$ 65.6
Operating Lease, Asset Held-for-Sale	0	6.9
Assets, Finance	14.6	14.6
Total right-of-use assets	332	87.1
Liabilities, Current, Operating	24.8	17
Operating Lease, Liability Held-for-Sale, Current	0	4.2
Liabilities, Current, Finance	16.6	0.6
Liabilities, Non-Current, Operating	296.7	52.6
Operating Lease, Liability Held-for-Sale, Noncurrent	0	2.7
Liabilities, Non-Current, Finance	0	16.6
Total lease liabilities	$ 338.1	$ 93.7

LEASES (Lease Term and Discount

LEASES (Lease Term and Discount Rate) (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted Average Lease Term - Operating Leases	14 years 3 months 18 days	5 years 8 months 12 days
Weighted Average Lease Term - Finance Lease	2 months 12 days	1 year 2 months 12 days
Weighted Average Discount Rate - Operating Leases	4.50%	4.70%
Weighted Average Discount Rate - Finance Leases	4.10%	4.10%

LEASES (Cost) (Details)

LEASES (Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Finance lease cost (Interest)	$ 0.7	$ 0.7
Operating lease cost	28.2	23.3
Short-term lease cost	1.5	2.7
Variable lease cost	2.4	1
Total lease cost	$ 32.8	$ 27.7

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from finance lease	$ 0.7	$ 0.7
Operating cash flows from operating leases	27.6	23.7
Financing cash flows from finance lease	0.6	0.4
Right-of-use assets obtained in exchange for new finance lease liabilities	0	17.7
Right-of-use assets obtained in exchange for new operating lease liabilities	272.3	14.4
Changes to finance lease right-of-use asset resulting from lease reassessment event	$ 0	$ (3.1)

LEASES (Liabilities) (Details)

LEASES (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finance Lease, Liability, Payment, Due [Abstract]
2021	$ 16.7
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total minimum lease payments	16.7
Less: Amount of lease payments representing interest	(0.1)
Present value of future minimum lease payments	16.6	$ 17.2
Less: current obligations under leases	(16.6)	(0.6)
Long-term lease obligation	0	16.6
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	38.2
2022	37.4
2023	33.7
2024	30.3
2025	29.3
Thereafter	277.5
Total minimum lease payments	446.4
Less: Amount of lease payments representing interest	(124.9)
Present value of future minimum lease payments	321.5
Less: current obligations under leases	(24.8)	$ (17)
Long-term lease obligation	$ 296.7

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)transaction
Operating Leased Assets [Line Items]
Operating lease rent expense	$ 25.6
Previously leased real estate purchased, number of purchases | transaction	1
Previously leased real estate purchased, purchase price	$ 4.4
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining term	1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining term	20 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations $ in Millions	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 7.5
Reastated Credit Agreement | Bank of America
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 12.7

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Share-based Compensation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 17, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of instruments provided for grant	1,500,000
Number of shares still available for grant (in shares)	1,500,000
Share-based compensation expense	$ 12.6	$ 12.5	$ 10.5
Share-based compensation expense, tax benefit	3.2	$ 3.1	$ 2.6
Total unrecognized share-based compensation expense related to nonvested awards	$ 13.5
Weighted average period of recognition	1 year 9 months 21 days
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2021	$ 1.3
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2022	7.1
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2023	4.9
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2024	$ 0.2
2019 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,590,000
Number of shares still available for grant (in shares)				641,363

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Schedule of Performance Share Units) (Details) - Performance Share Units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percent of target earned	150.00%
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	205,290
Vested (in shares)	(75,587)
Forfeited (in shares)	(43,015)
Outsanding, ending balance (in shares)	194,486	205,290
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 66.92
Granted, weighted average grant date fair value (in dollars per share)	96.31	$ 69.67	$ 68.50
Vested, weighted average grant date fair value (in dollars per share)	65.20
Forfeited, weighted average grant date fair value (in dollars per share)	69.16
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 82.70	$ 66.92
Total fair value of performance share units vested (in millions)	$ 4.9	$ 6	$ 6.4
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that could be earned, range	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	107,798
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that could be earned, range	150.00%

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Schedule of Restricted Stock) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	0
Granted (in shares)	109,062
Vested (in shares)	(2,908)
Forfeited (in shares)	(3,561)
Outsanding, ending balance (in shares)	102,593	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 0
Granted, weighted average grant date fair value (in dollars per share)	94.07	$ 0	$ 0
Vested, weighted average grant date fair value (in dollars per share)	95.66
Forfeited, weighted average grant date fair value (in dollars per share)	95.66
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 93.97	$ 0
Total fair value of restricted stock awards vested	$ 0.3	$ 0	$ 0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	203,471
Granted (in shares)	0
Vested (in shares)	(76,646)
Forfeited (in shares)	(28,195)
Outsanding, ending balance (in shares)	98,630	203,471
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 68.06
Granted, weighted average grant date fair value (in dollars per share)	0	$ 69.18	$ 71.18
Vested, weighted average grant date fair value (in dollars per share)	67.13
Forfeited, weighted average grant date fair value (in dollars per share)	68.49
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 68.66	$ 68.06
Total fair value of restricted stock awards vested	$ 5.1	$ 5.1	$ 5.5

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Employee Benefit Plans) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employee, percent	75.00%
Maximum annual contribution per employee	$ 19,500
Employer matching contribution, employment requirement period for matching eligibility, minimum	1 year
Employer matching contribution after one year of employment, percent	50.00%
Employer matching contribution, percent of employees' gross pay	4.00%
Employers matching contribution, vesting period after date of hire (in years)	4 years
Employer matching contributions	$ 2,500,000	$ 3,700,000	$ 3,200,000
Age 50 or More
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contribution per employee	$ 26,000