Asbury Automotive (ABG) 10-Q 28 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-31262
Entity Registrant Name	ASBURY AUTOMOTIVE GROUP, INC.
Entity Central Index Key	0001144980
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0609375
Entity Address, Address Line One	2905 Premiere Parkway NW,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	418-8200
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ABG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,341,374

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 102.3	$ 1.4
Contracts-in-transit	145.8	161.5
Accounts receivable, net	112.9	155.5
Inventories	560.2	875.2
Assets held for sale	31.6	28.3
Other current assets	179.7	183.8
Total current assets	1,132.5	1,405.7
PROPERTY AND EQUIPMENT, net	1,177.6	956.2
OPERATING LEASE RIGHT-OF-USE ASSETS	213	317.4
GOODWILL	563.2	562.2
INTANGIBLE FRANCHISE RIGHTS	425.2	425.2
OTHER LONG-TERM ASSETS	13.4	9.6
Total assets	3,524.9	3,676.3
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	13.9	64.9
Floor plan notes payable—non-trade, net	227.6	637.3
Current maturities of long-term debt	43.2	36.6
Current maturities of operating leases	17.6	24.8
Accounts payable and accrued liabilities	451.9	450.9
Liabilities associated with assets held for sale	5.1	8.9
Total current liabilities	759.3	1,223.4
LONG-TERM DEBT	1,335	1,165.2
OPERATING LEASE LIABILITIES	199.8	296.7
DEFERRED INCOME TAXES	34.6	34.6
OTHER LONG-TERM LIABILITIES	47.9	50.9
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $.01 par value; 90,000,000 shares authorized; 41,254,715 and 41,133,668 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	603.9	595.5
Retained earnings	1,593.8	1,348.9
Treasury stock, at cost; 21,913,341 and 21,848,314 shares, respectively	(1,043.9)	(1,033.7)
Accumulated other comprehensive loss	(5.9)	(5.6)
Total shareholders' equity	1,148.3	905.5
Total liabilities and shareholders' equity	$ 3,524.9	$ 3,676.3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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)	41,254,715	41,133,668
Treasury stock, shares (in shares)	21,913,341	21,848,314

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE:
New vehicle	$ 1,368,400,000	$ 761,800,000	$ 2,520,100,000	$ 1,583,900,000
Used vehicle	816,200,000	447,500,000	1,507,100,000	940,700,000
Parts and service	292,400,000	169,200,000	554,400,000	390,800,000
Finance and insurance, net	107,000,000	66,600,000	195,300,000	137,000,000
TOTAL REVENUE	2,584,000,000	1,445,100,000	4,776,900,000	3,052,400,000
COST OF SALES:
New vehicle	1,244,300,000	723,200,000	2,320,500,000	1,508,900,000
Used vehicle	732,700,000	410,400,000	1,367,800,000	872,900,000
Parts and service	109,800,000	68,700,000	208,700,000	155,400,000
TOTAL COST OF SALES	2,086,800,000	1,202,300,000	3,897,000,000	2,537,200,000
GROSS PROFIT	497,200,000	242,800,000	879,900,000	515,200,000
OPERATING EXPENSES:
Selling, general, and administrative	269,700,000	152,200,000	509,500,000	346,900,000
Depreciation and amortization	10,100,000	9,700,000	19,900,000	19,200,000
Franchise rights impairment	0	0	0	23,000,000
Other operating (income) expense, net	(1,000,000)	(1,300,000)	(4,200,000)	8,900,000
INCOME FROM OPERATIONS	218,400,000	82,200,000	354,700,000	117,200,000
OTHER EXPENSES (INCOME):
Floor plan interest expense	2,100,000	4,100,000	5,000,000	11,100,000
Other interest expense, net	14,400,000	11,800,000	28,400,000	28,800,000
Loss on extinguishment of long-term debt	0	0	0	20,600,000
Gain on dealership divestitures, net	0	0	0	(33,700,000)
Total other expense, net	16,500,000	15,900,000	33,400,000	26,800,000
INCOME BEFORE INCOME TAXES	201,900,000	66,300,000	321,300,000	90,400,000
Income tax expense	49,800,000	16,700,000	76,400,000	21,300,000
NET INCOME	$ 152,100,000	$ 49,600,000	$ 244,900,000	$ 69,100,000
Basic—
Net income (in dollars per share)	$ 7.88	$ 2.58	$ 12.69	$ 3.60
Diluted—
Net income (in dollars per share)	$ 7.80	$ 2.57	$ 12.56	$ 3.58
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	19.3	19.2	19.3	19.2
Restricted stock (in shares)	0.1	0	0.1	0
Performance share units (in shares)	0.1	0.1	0.1	0.1
Diluted (in shares)	19.5	19.3	19.5	19.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 152.1	$ 49.6	$ 244.9	$ 69.1
Other comprehensive (loss) income:
Change in fair value of cash flow swaps	(6.5)	(0.6)	(0.3)	(5.1)
Income tax benefit associated with cash flow swaps	1.6	0.2	0	1.3
Comprehensive income	$ 147.2	$ 49.2	$ 244.6	$ 65.3

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2019		41,072,080			21,791,707
Balance at Dec. 31, 2019	$ 646.3	$ 0.4	$ 582.9	$ 1,094.5	$ (1,028.6)	$ (2.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19.5			19.5
Change in fair value of cash flow swaps, net of reclassification adjustment	(3.4)					(3.4)
Comprehensive income	16.1			19.5		(3.4)
Share-based compensation	3.8		3.8
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		68,577
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	(0.3)		(0.3)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					53,915
Repurchase of common stock associated with net share settlements of employee share-based awards	(5)				$ (5)
Balance (in shares) at Mar. 31, 2020		41,140,657			21,845,622
Balance at Mar. 31, 2020	660.9	$ 0.4	586.4	1,114	$ (1,033.6)	(6.3)
Balance (in shares) at Dec. 31, 2019		41,072,080			21,791,707
Balance at Dec. 31, 2019	646.3	$ 0.4	582.9	1,094.5	$ (1,028.6)	(2.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	69.1
Balance (in shares) at Jun. 30, 2020		41,137,741			21,848,174
Balance at Jun. 30, 2020	713.1	$ 0.4	589.5	1,163.6	$ (1,033.7)	(6.7)
Balance (in shares) at Mar. 31, 2020		41,140,657			21,845,622
Balance at Mar. 31, 2020	660.9	$ 0.4	586.4	1,114	$ (1,033.6)	(6.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49.6			49.6
Change in fair value of cash flow swaps, net of reclassification adjustment	(0.4)					(0.4)
Comprehensive income	49.2			49.6		(0.4)
Share-based compensation	3.1		3.1
Forfeitures in connection with share-based payment arrangements (in shares)		(2,916)
Forfeitures in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					2,552
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.1)				$ (0.1)
Balance (in shares) at Jun. 30, 2020		41,137,741			21,848,174
Balance at Jun. 30, 2020	713.1	$ 0.4	589.5	1,163.6	$ (1,033.7)	(6.7)
Balance (in shares) at Dec. 31, 2020		41,133,668			21,848,314
Balance at Dec. 31, 2020	905.5	$ 0.4	595.5	1,348.9	$ (1,033.7)	(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92.8			92.8
Change in fair value of cash flow swaps, net of reclassification adjustment	4.6					4.6
Comprehensive income	97.4			92.8		4.6
Share-based compensation	4.7		4.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		115,881
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					61,893
Repurchase of common stock associated with net share settlements of employee share-based awards	(9.6)				$ (9.6)
Balance (in shares) at Mar. 31, 2021		41,249,549			21,910,207
Balance at Mar. 31, 2021	998	$ 0.4	600.2	1,441.7	$ (1,043.3)	(1)
Balance (in shares) at Dec. 31, 2020		41,133,668			21,848,314
Balance at Dec. 31, 2020	905.5	$ 0.4	595.5	1,348.9	$ (1,033.7)	(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	244.9
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		5,166
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					3,134
Balance (in shares) at Jun. 30, 2021		41,254,715			21,913,341
Balance at Jun. 30, 2021	1,148.3	$ 0.4	603.9	1,593.8	$ (1,043.9)	(5.9)
Balance (in shares) at Mar. 31, 2021		41,249,549			21,910,207
Balance at Mar. 31, 2021	998	$ 0.4	600.2	1,441.7	$ (1,043.3)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.1			152.1
Change in fair value of cash flow swaps, net of reclassification adjustment	(4.9)					(4.9)
Comprehensive income	147.2			152.1		(4.9)
Share-based compensation	3.7		3.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		5,166
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					3,134
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.6)				$ (0.6)
Balance (in shares) at Jun. 30, 2021		41,254,715			21,913,341
Balance at Jun. 30, 2021	$ 1,148.3	$ 0.4	$ 603.9	$ 1,593.8	$ (1,043.9)	$ (5.9)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax	$ (1.6)	$ 1.6	$ (0.2)	$ (1.1)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 244,900,000	$ 69,100,000
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	19,900,000	19,200,000
Share-based compensation	8,300,000	6,600,000
Franchise rights impairment	0	23,000,000
Loss on extinguishment of long-term debt	0	20,600,000
Loaner vehicle amortization	12,500,000	10,800,000
Gain on divestitures, net	0	(33,700,000)
Change in right-of-use assets	11,100,000	9,300,000
Other adjustments, net	(500,000)	500,000
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	15,700,000	79,600,000
Accounts receivable	42,300,000	48,600,000
Inventories	424,600,000	463,500,000
Other current assets	(121,700,000)	(61,900,000)
Floor plan notes payable—trade, net	(51,000,000)	(77,000,000)
Accounts payable and other current liabilities	(3,100,000)	(21,700,000)
Operating lease liabilities	(11,200,000)	(9,500,000)
Other long-term assets and liabilities, net	(4,500,000)	7,600,000
Net cash provided by operating activities	587,300,000	554,600,000
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(26,700,000)	(18,200,000)
Capital expenditures—real estate	(5,500,000)	(2,300,000)
Purchases of previously leased real estate	(217,100,000)	0
Acquisitions	(1,000,000)	(63,100,000)
Divestitures	0	115,500,000
Proceeds from the sale of assets	21,500,000	4,200,000
Net cash provided by (used in) investing activities	(228,800,000)	36,100,000
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	2,401,000,000	1,633,800,000
Floor plan borrowings—acquisitions	0	27,100,000
Floor plan repayments—non-trade	(2,808,900,000)	(1,858,000,000)
Floor plan repayments—non-trade divestitures	0	(50,500,000)
Proceeds from borrowings	184,400,000	1,424,700,000
Repayments of borrowings	(23,900,000)	(1,157,200,000)
Proceeds from sale and leaseback transaction	0	7,300,000
Payment of debt issuance costs	0	(3,100,000)
Repurchases of common stock, including shares associated with net share settlement of employee share-based awards	(10,200,000)	(5,100,000)
Net cash provided by (used in) financing activities	(257,600,000)	19,000,000
Net increase in cash and cash equivalents	100,900,000	609,700,000
CASH AND CASH EQUIVALENTS, beginning of period	1,400,000	3,500,000
CASH AND CASH EQUIVALENTS, end of period	$ 102,300,000	$ 613,200,000

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES We are one of the largest automotive retailers in the United States. As of June 30, 2021, we owned and operated 112 new vehicle franchises (91 dealership locations) representing 31 automobile brands and 25 collision repair 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 service, which includes repair and maintenance services, replacement parts and collision repair services; and finance and insurance products. As of June 30, 2021, our new vehicle revenue brand mix consisted of 45% luxury, 39% imports, and 16% domestic brands. Our retail network is made up of dealerships operating primarily under the following locally-branded dealership groups: • Coggin dealerships operating primarily in Jacksonville, Fort Pierce and Orlando, Florida; • Courtesy dealerships operating in Tampa, Florida; • Crown dealerships operating in North Carolina, South Carolina and Virginia; • Greenville Automotive dealerships operating in Greenville, South Carolina; • Hare and Estes dealerships operating in the Indianapolis, Indiana area; • McDavid dealerships operating in metropolitan Austin and Dallas-Fort Worth, Texas; • Nalley dealerships operating in metropolitan Atlanta, Georgia; • Park Place dealerships operating in the Dallas-Fort Worth, Texas area; • Plaza dealerships operating in metropolitan St. Louis, Missouri; and • Mike Shaw dealerships in the Denver, Colorado area. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations. Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions. Revenue Recognition Please refer to Note 2 "Revenue Recognition." Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales in the accompanying Condensed Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory. Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 113 restricted share units and 12 performance share units and 904 restricted share units and 324 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan, from its computation of diluted earnings per share for the three and six months ended June 30, 2021, respectively, because they were anti-dilutive. There were no anti-dilutive share increments for the three and six months ended June 30, 2020. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale may include assets and liabilities associated with pending dealership disposals, real estate we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties. Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade") are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2019 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of the original guidance. The guidance in these standards apply to contract accounting, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides optional expedients and exceptions for a limited time to ease the potential burden in accounting for reference rate reform. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. LIBOR benchmarking is utilized in our debt (including mortgages), revolving credit facilities, floorplan facilities, and interest rate swaps. We are in the process of completing our evaluation of the impact that the adoption of the provisions from this standard will have on our Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITIONThe Company satisfies performance obligations either over time or at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2021 and 2020: For the Three Months Ended June 30, 2021 2020 (In millions) Revenue: New vehicle $ 1,368.4 $ 761.8 Used vehicle retail 759.4 412.6 Used vehicle wholesale 56.8 34.9 New and used vehicle 2,184.6 1,209.3 Sale of vehicle parts and accessories 49.0 25.9 Vehicle repair and maintenance services 243.4 143.3 Parts and services 292.4 169.2 Finance and insurance, net 107.0 66.6 Total revenue $ 2,584.0 $ 1,445.1 For the Six Months Ended June 30, 2021 2020 (In millions) Revenue: New vehicle $ 2,520.1 $ 1,583.9 Used vehicle retail 1,366.9 858.6 Used vehicle wholesale 140.2 82.1 New and used vehicle 4,027.2 2,524.6 Sale of vehicle parts and accessories 91.8 62.7 Vehicle repair and maintenance services 462.6 328.1 Parts and services 554.4 390.8 Finance and insurance, net 195.3 137.0 Total revenue $ 4,776.9 $ 3,052.4 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, 2021 $ 7.1 $ 13.3 $ 20.4 Transferred to receivables from contract assets recognized at the beginning of the period (7.1) (3.3) (10.4) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 8.2 3.0 11.2 Contract Assets (Current), March 31, 2021 $ 8.2 $ 13.0 $ 21.2 Transferred to receivables from contract assets recognized at the beginning of the period (8.2) (3.5) (11.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 10.0 3.3 13.3 Contract Assets (Current), June 30, 2021 10.0 12.8 22.8

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2021
Business Combinations and Discontinued Operations and Disposal Groups [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Results of acquired dealerships are included in our accompanying Condensed Consolidated Statements of Income commencing on the date of acquisition. Our acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The fair value of our manufacturer franchise rights are determined as of the acquisition date by discounting the projected cash flows specific to each franchise. Included in this analysis are market participant assumptions 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, as a result of the uncertainties related to the COVID-19 pandemic, we delivered notice to the sellers terminating the 2019 Acquisition pursuant to the terms of the related agreements and transactions in exchange for the payment of $10.0 million of liquidated damages which is reflected in our accompanying Condensed Consolidated Statements of Income as Other operating expense (income), net. On July 6, 2020, the Company, through two of its subsidiaries, entered into an Asset Purchase Agreement with certain members of the Park Place Dealership group, to acquire substantially all of the assets of, and lease the real property related to, 12 new vehicle dealership franchises (8 dealership locations), two collision centers and an auto auction (collectively, the "Park Place acquisition"). The Park Place acquisition was completed on August 24, 2020 and financed through a combination of cash, floor plan facilities and seller financing. The seller financing comprised $150.0 million in aggregate principal amount of a 4.00% promissory note due August 2021 and $50.0 million in aggregate principal amount of 4.00% promissory note due February 2022 (collectively, the "Seller Notes"). In September 2020, the Company redeemed the Seller Notes with proceeds from the offering of 4.50% Notes due 2028 and 4.75% Notes due 2030. 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. During the six months ended June 30, 2021, we recorded a $1.5 million measurement period adjustment to Property and equipment and Goodwill, respectively. The following table summarizes the allocation of the purchase price: Summary of Assets Acquired and Liabilities Assumed (In millions) Inventories $ 120.8 Loaner vehicles 57.0 Property and equipment 36.5 Goodwill and intangible assets 360.4 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 On May 20, 2021, we exercised the purchase option for certain Park Place real estate leases whose original operating lease right-of-use assets and liabilities totaled $99.5 million. The purchase option price for these properties was $216.9 million which was partly financed through the 2021 BofA Real Estate Facility. See Note 9 "Debt" for further details. The Company's Condensed Consolidated Statements of Income included revenue attributable to Park Place for the six months ended June 30, 2021 of $887.6 million. Other Acquisitions and Divestitures There were no business combinations or divestitures during the six months ended June 30, 2021; however, we did release $1.0 million of purchase price holdback related to a prior year acquisition during the six months ended June 30, 2021. During the six months ended June 30, 2020, we acquired the assets of three franchises (one dealership location) in the Denver, Colorado market for a 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. 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 amount above, we released $1.5 million of purchase price holdbacks related to a prior year acquisition during the six months ended June 30, 2020. The goodwill and manufacturer franchise rights associated with our acquisitions will be deductible for federal and state income tax purposes ratably over a 15 year period. Below is the allocation of purchase price for the acquisition completed during the six months ended June 30, 2020. For the Six Months Ended June 30, 2020 (In millions) Inventory $ 29.8 Real estate 14.5 Property and equipment 0.4 Goodwill and manufacturer franchise rights 19.2 Other (0.3) Total purchase price $ 63.6 During the six months ended June 30, 2020, we sold one franchise (one dealership location) in the Atlanta, Georgia market and we sold six franchises (five dealership locations) and one collision center in the Jackson, Mississippi market. The Company recorded a pre-tax gain totaling $33.7 million, which is presented in our accompanying Condensed Consolidated Statements of Income as Gain on dealership divestitures, net. The divested businesses would not be considered significant subsidiaries as defined in Rule 1-02(w) of Regulation S-X.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) Vehicle receivables $ 35.5 $ 61.2 Manufacturer receivables 36.3 57.1 Other receivables 42.6 38.4 Total accounts receivable 114.4 156.7 Less—Allowance for credit losses (1.5) (1.2) Accounts receivable, net $ 112.9 $ 155.5

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) New vehicles $ 224.2 $ 640.0 Used vehicles 284.4 188.5 Parts and accessories 51.6 46.7 Total inventories (a) $ 560.2 $ 875.2 ____________________________ (a) Amounts reflected for inventory as of June 30, 2021, excluded $3.0 million of inventories classified as Assets held for sale. The lower of cost and net realizable value reserves reduced total inventories by $4.9 million and $6.7 million as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, certain automobile manufacturer incentives reduced new vehicle inventory cost by $2.9 million and $8.3 million, respectively, and reduced new vehicle cost of sales for the six months ended June 30, 2021 and 2020 by $31.3 million and $19.8 million, respectively. New vehicle inventories as of June 30, 2021 have decreased from December 31, 2020 as a result of manufacturer production challenges caused by the semiconductor chip shortage.

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals, (ii) real estate not currently used in our operations that we are actively marketing to sell and (iii) the related mortgage notes payable, if applicable. A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of June 30, 2021 December 31, 2020 (In millions) Assets: Inventory $ 3.0 $ — Loaner vehicles 0.6 — Property and equipment, net 27.1 28.3 Operating lease right-of-use assets 0.4 — Goodwill 0.5 — Total Assets held for sale 31.6 28.3 Liabilities: Floor plan notes payable—non-trade 1.8 — Loaners vehicle payable 0.6 — Current maturities of long-term debt 0.2 0.5 Current maturities of operating leases 0.2 — Long-term debt 2.1 8.4 Operating lease liabilities 0.2 — Total Liabilities associated with assets held for sale 5.1 8.9 Net assets held for sale $ 26.5 $ 19.4 As of June 30, 2021 assets held for sale consisted of one franchise (one dealership location) and one real estate property not currently used in our operations. The assets and liabilities associated with these properties totaled $31.6 million and $5.1 million, respectively. As of December 31, 2020, assets held for sale consisted of three real estate properties that were not being used in our operations. The assets and liabilities totaled $28.3 million and $8.9 million, respectively. During the six months ended June 30, 2021, the Company sold two vacant properties with a net book value of $12.5 million. During the six months ended June 30, 2020, the Company sold seven franchises (six dealership locations) and one collision center for a pre-tax gain totaling $33.7 million. Additionally, we sold one vacant property with a net book value of $3.7 million.

GOODWILL AND INTANGIBLE FRANCHI

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	GOODWILL AND INTANGIBLE FRANCHISE RIGHTS Our acquisitions have resulted in the recording of goodwill and intangible franchise rights. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Franchise rights are indefinite-lived intangible assets representing our rights under franchise agreements with vehicle manufacturers. Goodwill and intangible franchise rights are tested annually as of October 1st, or more frequently in the event that facts and circumstances indicate a triggering event has occurred. The results of the quantitative impairment testing for certain franchise rights as of March 31, 2020, identified that the carrying values of certain of our franchise rights assets exceeded their fair value. As a result, we recognized a $23.0 million pre-tax non-cash impairment charge during the three months ended March 31, 2020. We did not perform impairment testing related to goodwill and franchise rights for the six months ended June 30, 2021 as no triggering events had occurred.

FLOOR PLAN NOTES PAYABLE

FLOOR PLAN NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) Floor plan notes payable—trade $ 13.9 $ 71.7 Floor plan notes payable offset account — (6.8) Floor plan notes payable—trade, net $ 13.9 $ 64.9 Floor plan notes payable—new non-trade (a) $ 302.6 $ 715.9 Floor plan notes payable offset account (75.0) (78.6) Floor plan notes payable—non-trade, net $ 227.6 $ 637.3 ____________________________ (a) Amounts reflected for floor plan notes payable—new non-trade as of June 30, 2021, excluded $1.8 million classified as Liabilities associated with assets held for sale. We have a floor plan facility with Ford Motor Credit Company ("Ford Credit") to purchase new Ford and Lincoln vehicle inventory. Our floor plan facility with Ford Credit was amended in July 2020 and can be terminated by either the Company or Ford Credit with a 30-day notice period. We have established a floor plan notes payable offset account with Ford Credit that allows us to transfer cash to the account as an offset to our outstanding Floor Plan Notes Payable—Trade. In addition, we have a similar floor plan offset account with Bank of America that allows us to offset our Floor Plan Notes Payable—Non-Trade. These accounts allow us to transfer cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within one to two days. As of June 30, 2021 and December 31, 2020, we had $75.0 million and $85.4 million, respectively, in these floor plan offset accounts. At our option, we have the ability to re-designate a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to re-designate is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to re-designate any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. On April 6, 2021, $190.0 million of availability under the Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of lower commitment fee rates. Long-term debt consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) 4.50% Senior Notes due 2028 $ 405.0 $ 405.0 4.75% Senior Notes due 2030 445.0 445.0 Mortgage notes payable bearing interest at fixed rates (a) 74.3 79.2 2021 BofA Real Estate Facility 184.4 — 2018 Bank of America Facility 81.5 84.2 2018 Wells Fargo Master Loan Facility (b) 84.4 86.9 2013 BofA Real Estate Facility 32.3 33.6 2015 Wells Fargo Master Loan Facility (c) 55.8 61.7 Finance lease liability 24.9 16.6 Total debt outstanding 1,387.6 1,212.2 Add—unamortized premium on 4.50% Senior Notes due 2028 1.1 1.2 Add—unamortized premium on 4.75% Senior Notes due 2030 2.0 2.1 Less—debt issuance costs (12.5) (13.7) Long-term debt, including current portion 1,378.2 1,201.8 Less—current portion, net of current portion of debt issuance costs (43.2) (36.6) Long-term debt $ 1,335.0 $ 1,165.2 ____________________________ (a) Amounts reflected for the Mortgage notes payable as of June 30, 2021, exclude $2.3 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of 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 defined herein) as of December 31, 2020, exclude $3.8 million classified as Liabilities associated with assets held for sale. We are a holding company with no independent assets or operations. For all relevant periods presented, our 4.50% Senior Notes due 2028 and 4.75% Senior Notes due 2030 have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries. Any subsidiaries that have not guaranteed such notes are "minor" (as defined in Rule 3-10(h) of Regulation S-X). As of June 30, 2021, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. 2021 BofA Real Estate Facility On May 20, 2021, the Company and certain of its subsidiaries borrowed $184.4 million under a real estate term loan credit agreement, dated as of May 10, 2021 (the “2021 BofA Real Estate Credit Agreement”), by and among the Company and certain of its subsidiaries, Bank of America, N.A., as administrative agent and the various financial institutions party thereto, as lenders, which provides for term loans in an aggregate amount equal to $184.4 million, subject to customary terms and conditions (the “2021 BofA Real Estate Facility”). The Company used the proceeds from these borrowings to finance the exercise of its option to purchase certain of the leased real property under the definitive agreements entered into in connection with the acquisition of the Park Place dealerships. The Company completed the purchase of the leased real property on May 20, 2021. Term loans under our 2021 BofA Real Estate Facility bear interest, at our option, based on (1) LIBOR plus 1.65% per annum or (2) the Base Rate (as described below) plus 0.65% per annum. 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 will be required to make 39 consecutive quarterly principal payments of 1.00% of the initial amount of each loan, with a balloon repayment of the outstanding principal amount of loans due on the maturity date. The 2021 BofA Real Estate Facility matures ten years from the initial funding date. Borrowings under the 2021 BofA Real Estate Facility are guaranteed by us and each of our operating dealership subsidiaries that leased the real estate now financed under the 2021 BofA Real Estate Facility, and are collateralized by first priority liens, subject to certain permitted exceptions, on all of the real property financed thereunder.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) Floor plan notes payable—trade $ 13.9 $ 71.7 Floor plan notes payable offset account — (6.8) Floor plan notes payable—trade, net $ 13.9 $ 64.9 Floor plan notes payable—new non-trade (a) $ 302.6 $ 715.9 Floor plan notes payable offset account (75.0) (78.6) Floor plan notes payable—non-trade, net $ 227.6 $ 637.3 ____________________________ (a) Amounts reflected for floor plan notes payable—new non-trade as of June 30, 2021, excluded $1.8 million classified as Liabilities associated with assets held for sale. We have a floor plan facility with Ford Motor Credit Company ("Ford Credit") to purchase new Ford and Lincoln vehicle inventory. Our floor plan facility with Ford Credit was amended in July 2020 and can be terminated by either the Company or Ford Credit with a 30-day notice period. We have established a floor plan notes payable offset account with Ford Credit that allows us to transfer cash to the account as an offset to our outstanding Floor Plan Notes Payable—Trade. In addition, we have a similar floor plan offset account with Bank of America that allows us to offset our Floor Plan Notes Payable—Non-Trade. These accounts allow us to transfer cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within one to two days. As of June 30, 2021 and December 31, 2020, we had $75.0 million and $85.4 million, respectively, in these floor plan offset accounts. At our option, we have the ability to re-designate a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to re-designate is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to re-designate any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. On April 6, 2021, $190.0 million of availability under the Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of lower commitment fee rates. Long-term debt consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) 4.50% Senior Notes due 2028 $ 405.0 $ 405.0 4.75% Senior Notes due 2030 445.0 445.0 Mortgage notes payable bearing interest at fixed rates (a) 74.3 79.2 2021 BofA Real Estate Facility 184.4 — 2018 Bank of America Facility 81.5 84.2 2018 Wells Fargo Master Loan Facility (b) 84.4 86.9 2013 BofA Real Estate Facility 32.3 33.6 2015 Wells Fargo Master Loan Facility (c) 55.8 61.7 Finance lease liability 24.9 16.6 Total debt outstanding 1,387.6 1,212.2 Add—unamortized premium on 4.50% Senior Notes due 2028 1.1 1.2 Add—unamortized premium on 4.75% Senior Notes due 2030 2.0 2.1 Less—debt issuance costs (12.5) (13.7) Long-term debt, including current portion 1,378.2 1,201.8 Less—current portion, net of current portion of debt issuance costs (43.2) (36.6) Long-term debt $ 1,335.0 $ 1,165.2 ____________________________ (a) Amounts reflected for the Mortgage notes payable as of June 30, 2021, exclude $2.3 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of 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 defined herein) as of December 31, 2020, exclude $3.8 million classified as Liabilities associated with assets held for sale. We are a holding company with no independent assets or operations. For all relevant periods presented, our 4.50% Senior Notes due 2028 and 4.75% Senior Notes due 2030 have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries. Any subsidiaries that have not guaranteed such notes are "minor" (as defined in Rule 3-10(h) of Regulation S-X). As of June 30, 2021, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. 2021 BofA Real Estate Facility On May 20, 2021, the Company and certain of its subsidiaries borrowed $184.4 million under a real estate term loan credit agreement, dated as of May 10, 2021 (the “2021 BofA Real Estate Credit Agreement”), by and among the Company and certain of its subsidiaries, Bank of America, N.A., as administrative agent and the various financial institutions party thereto, as lenders, which provides for term loans in an aggregate amount equal to $184.4 million, subject to customary terms and conditions (the “2021 BofA Real Estate Facility”). The Company used the proceeds from these borrowings to finance the exercise of its option to purchase certain of the leased real property under the definitive agreements entered into in connection with the acquisition of the Park Place dealerships. The Company completed the purchase of the leased real property on May 20, 2021. Term loans under our 2021 BofA Real Estate Facility bear interest, at our option, based on (1) LIBOR plus 1.65% per annum or (2) the Base Rate (as described below) plus 0.65% per annum. 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 will be required to make 39 consecutive quarterly principal payments of 1.00% of the initial amount of each loan, with a balloon repayment of the outstanding principal amount of loans due on the maturity date. The 2021 BofA Real Estate Facility matures ten years from the initial funding date. Borrowings under the 2021 BofA Real Estate Facility are guaranteed by us and each of our operating dealership subsidiaries that leased the real estate now financed under the 2021 BofA Real Estate Facility, and are collateralized by first priority liens, subject to certain permitted exceptions, on all of the real property financed thereunder.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the presumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange-traded debt securities that are not actively traded or do not have a high trading volume, mortgage notes payable, and certain real estate properties on a non-recurring basis. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and manufacturer franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, contracts-in-transit, accounts receivable, cash surrender value of corporate-owned life insurance policies, accounts payable, floor plan notes payable, subordinated long-term debt, mortgage notes payable, and interest rate swap instruments. The carrying values of our financial instruments, with the exception of subordinated long-term debt and mortgage notes payable, approximate fair value due to (i) their short-term nature, (ii) recently completed market transactions, or (iii) existence of variable interest rates, which approximate market rates. The fair value of our subordinated long-term debt is based on reported market prices in an inactive market that reflects Level 2 inputs. We estimate the fair value of our mortgage notes payable using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. A summary of the carrying values and fair values of our Notes and our Mortgage notes payable is as follows: As of June 30, 2021 December 31, 2020 (In millions) Carrying Value: 4.50% Senior Notes due 2028 401.3 400.9 4.75% Senior Notes due 2030 440.9 440.6 Mortgage notes payable (a) 511.1 343.7 Total carrying value $ 1,353.3 $ 1,185.2 Fair Value: 4.50% Senior Notes due 2028 417.2 423.2 4.75% Senior Notes due 2030 463.9 476.2 Mortgage notes payable (a) 523.3 354.5 Total fair value $ 1,404.4 $ 1,253.9 ____________________________ (a) Excludes amounts classified as Liabilities associated with assets held for sale. Interest Rate Swap Agreements We currently have five interest rate swap agreements. In May 2021, we entered into a new interest rate swap agreement with a notional principal amount of $184.4 million which will reduce to $110.6 million at maturity. This swap, along with our existing swaps, was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR rate, through each swap's maturity date as noted in the table below. The following table provides information on the attributes of each swap as of June 30, 2021: Inception Date Notional Principal at Inception Notional Value as of June 30, 2021 Notional Principal at Maturity Maturity Date (In millions) May 2021 $ 184.4 $ 184.4 $ 110.6 May 2031 July 2020 $ 93.5 $ 89.2 $ 50.6 December 2028 July 2020 $ 85.5 $ 81.5 $ 57.3 November 2025 June 2015 $ 100.0 $ 71.9 $ 53.1 February 2025 November 2013 $ 75.0 $ 47.1 $ 38.7 September 2023 The fair value of cash flow swaps is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than this input, all other inputs used in the valuation of these swaps are designated to be Level 2 fair values. The fair value of our swaps was a $7.5 million and a $7.2 million liability as of June 30, 2021 and December 31, 2020, respectively. The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets: As of June 30, 2021 December 31, 2020 (In millions) Other current liabilities $ (5.2) $ (2.8) Other long-term assets $ 4.2 — Other long-term liabilities (6.5) (4.4) Total fair value $ (7.5) $ (7.2) Our interest rate swaps qualify for cash flow hedge accounting treatment. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2021 $ (7.3) Other interest expense, net $ 0.9 2020 $ (0.6) Other interest expense, net $ 0.6 For the Six Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2021 $ (1.9) Other interest expense, net $ 1.7 2020 $ (5.1) Other interest expense, net $ 0.9

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the six months ended June 30, 2021 and 2020, we made interest payments, including amounts capitalized, totaling $32.8 million and $32.6 million, respectively. Included in these interest payments are $5.8 million and $13.2 million, of floor plan interest payments during the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, we made income tax payments, net of refunds received, totaling $74.9 million and $1.3 million, respectively. During the six months ended June 30, 2021 and 2020, we transferred $112.6 million and $71.6 million, respectively, of loaner vehicles from Other current assets to Inventories on our Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Our dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing, or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects that we might not have planned for or otherwise determined to undertake. From time to time, we and our dealerships are or may become involved in various claims relating to, and arising out of, our business and our operations. These claims may involve, but not be limited to, financial and other audits by vehicle manufacturers or lenders and certain federal, state, and local government authorities, which have historically related primarily to (i) incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements or policies, (ii) compliance with lender rules and covenants, and (iii) payments made to government authorities relating to federal, state, and local taxes, as well as compliance with other government regulations. Claims may also arise through litigation, government proceedings, and other dispute resolution processes. Such claims, including class actions, could relate to, but may not be limited to, the practice of charging administrative fees and other fees and commissions, employment-related matters, truth-in-lending and other dealer assisted financing obligations, contractual disputes, actions brought by governmental authorities, and other matters. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. We believe we have adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. Based on our review of the various types of claims currently known to us, there is no indication of material reasonably possible losses in excess of amounts accrued in the aggregate. We currently do not anticipate that any known claim will materially adversely affect our financial condition, liquidity, or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on our financial condition, liquidity, or results of operations. A significant portion of our business involves the sale of vehicles, parts, or vehicles composed of parts that are manufactured outside the United States. As a result, our operations are subject to customary risks of importing merchandise, including fluctuations in the relative values of currencies, import duties, exchange controls, trade restrictions, work stoppages, and general political and socio-economic conditions in foreign countries. The United States or the countries from which our products are imported may, from time to time, impose new quotas, duties, tariffs, or other restrictions, or adjust presently prevailing quotas, duties, or tariffs, which may affect our operations, and our ability to purchase imported vehicles and/or parts at reasonable prices. Substantially all of our facilities are subject to federal, state and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had, nor do we expect such compliance to have, any material effect upon our capital expenditures, net earnings, financial condition, liquidity or competitive position. We believe that our current practices and procedures for the control and disposition of such materials comply with applicable federal, state, and local requirements. No assurances can be provided, however, that future laws or regulations, or changes in existing laws or regulations, would not require us to expend significant resources in order to comply therewith. As of June 30, 2021, we had $10.8 million of letters of credit outstanding and we maintained a $11.6 million surety bond line in the ordinary course of our business, both of which are also required by certain of our insurance providers. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations.
Contracts-In-Transit	Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us.
Accounts Receivable	Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions.
Internal Profit	Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales in the accompanying Condensed Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory.
Income Taxes	Income TaxesWe use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates.
Share Repurchases	Share RepurchasesShare repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 113 restricted share units and 12 performance share units and 904 restricted share units and 324 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan, from its computation of diluted earnings per share for the three and six months ended June 30, 2021, respectively, because they were anti-dilutive. There were no anti-dilutive share increments for the three and six months ended June 30, 2020. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
Assets Held for Sale and Liabilities Associated with Assets Held for Sale	Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale may include assets and liabilities associated with pending dealership disposals, real estate we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties.
Statements of Cash Flows	Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade") and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade") are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2019 Senior Credit Facility"). Loaner vehicles are initially used by our service department for a short period of time (typically six
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of the original guidance. The guidance in these standards apply to contract accounting, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides optional expedients and exceptions for a limited time to ease the potential burden in accounting for reference rate reform. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. LIBOR benchmarking is utilized in our debt (including mortgages), revolving credit facilities, floorplan facilities, and interest rate swaps. We are in the process of completing our evaluation of the impact that the adoption of the provisions from this standard will have on our Consolidated Financial Statements.
Revenue Recognition	The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2021 and 2020: For the Three Months Ended June 30, 2021 2020 (In millions) Revenue: New vehicle $ 1,368.4 $ 761.8 Used vehicle retail 759.4 412.6 Used vehicle wholesale 56.8 34.9 New and used vehicle 2,184.6 1,209.3 Sale of vehicle parts and accessories 49.0 25.9 Vehicle repair and maintenance services 243.4 143.3 Parts and services 292.4 169.2 Finance and insurance, net 107.0 66.6 Total revenue $ 2,584.0 $ 1,445.1 For the Six Months Ended June 30, 2021 2020 (In millions) Revenue: New vehicle $ 2,520.1 $ 1,583.9 Used vehicle retail 1,366.9 858.6 Used vehicle wholesale 140.2 82.1 New and used vehicle 4,027.2 2,524.6 Sale of vehicle parts and accessories 91.8 62.7 Vehicle repair and maintenance services 462.6 328.1 Parts and services 554.4 390.8 Finance and insurance, net 195.3 137.0 Total revenue $ 4,776.9 $ 3,052.4
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, 2021 $ 7.1 $ 13.3 $ 20.4 Transferred to receivables from contract assets recognized at the beginning of the period (7.1) (3.3) (10.4) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 8.2 3.0 11.2 Contract Assets (Current), March 31, 2021 $ 8.2 $ 13.0 $ 21.2 Transferred to receivables from contract assets recognized at the beginning of the period (8.2) (3.5) (11.7) Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 10.0 3.3 13.3 Contract Assets (Current), June 30, 2021 10.0 12.8 22.8

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations and Discontinued Operations and Disposal Groups [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 Business Acquisitions	The following table summarizes the allocation of the purchase price: Summary of Assets Acquired and Liabilities Assumed (In millions) Inventories $ 120.8 Loaner vehicles 57.0 Property and equipment 36.5 Goodwill and intangible assets 360.4 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 Below is the allocation of purchase price for the acquisition completed during the six months ended June 30, 2020. For the Six Months Ended June 30, 2020 (In millions) Inventory $ 29.8 Real estate 14.5 Property and equipment 0.4 Goodwill and manufacturer franchise rights 19.2 Other (0.3) Total purchase price $ 63.6

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) Vehicle receivables $ 35.5 $ 61.2 Manufacturer receivables 36.3 57.1 Other receivables 42.6 38.4 Total accounts receivable 114.4 156.7 Less—Allowance for credit losses (1.5) (1.2) Accounts receivable, net $ 112.9 $ 155.5

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) New vehicles $ 224.2 $ 640.0 Used vehicles 284.4 188.5 Parts and accessories 51.6 46.7 Total inventories (a) $ 560.2 $ 875.2 ____________________________ (a) Amounts reflected for inventory as of June 30, 2021, excluded $3.0 million of inventories classified as Assets held for sale.

ASSETS AND LIABILITIES HELD F_2

ASSETS AND LIABILITIES HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 December 31, 2020 (In millions) Assets: Inventory $ 3.0 $ — Loaner vehicles 0.6 — Property and equipment, net 27.1 28.3 Operating lease right-of-use assets 0.4 — Goodwill 0.5 — Total Assets held for sale 31.6 28.3 Liabilities: Floor plan notes payable—non-trade 1.8 — Loaners vehicle payable 0.6 — Current maturities of long-term debt 0.2 0.5 Current maturities of operating leases 0.2 — Long-term debt 2.1 8.4 Operating lease liabilities 0.2 — Total Liabilities associated with assets held for sale 5.1 8.9 Net assets held for sale $ 26.5 $ 19.4

FLOOR PLAN NOTES PAYABLE (Table

FLOOR PLAN NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable	Floor plan notes payable consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) Floor plan notes payable—trade $ 13.9 $ 71.7 Floor plan notes payable offset account — (6.8) Floor plan notes payable—trade, net $ 13.9 $ 64.9 Floor plan notes payable—new non-trade (a) $ 302.6 $ 715.9 Floor plan notes payable offset account (75.0) (78.6) Floor plan notes payable—non-trade, net $ 227.6 $ 637.3 ____________________________ (a) Amounts reflected for floor plan notes payable—new non-trade as of June 30, 2021, excluded $1.8 million classified as Liabilities associated with assets held for sale.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of June 30, 2021 December 31, 2020 (In millions) 4.50% Senior Notes due 2028 $ 405.0 $ 405.0 4.75% Senior Notes due 2030 445.0 445.0 Mortgage notes payable bearing interest at fixed rates (a) 74.3 79.2 2021 BofA Real Estate Facility 184.4 — 2018 Bank of America Facility 81.5 84.2 2018 Wells Fargo Master Loan Facility (b) 84.4 86.9 2013 BofA Real Estate Facility 32.3 33.6 2015 Wells Fargo Master Loan Facility (c) 55.8 61.7 Finance lease liability 24.9 16.6 Total debt outstanding 1,387.6 1,212.2 Add—unamortized premium on 4.50% Senior Notes due 2028 1.1 1.2 Add—unamortized premium on 4.75% Senior Notes due 2030 2.0 2.1 Less—debt issuance costs (12.5) (13.7) Long-term debt, including current portion 1,378.2 1,201.8 Less—current portion, net of current portion of debt issuance costs (43.2) (36.6) Long-term debt $ 1,335.0 $ 1,165.2 ____________________________ (a) Amounts reflected for the Mortgage notes payable as of June 30, 2021, exclude $2.3 million classified as Liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Wells Fargo Master Loan Facility (as defined herein) as of 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 defined herein) as of December 31, 2020, exclude $3.8 million classified as Liabilities associated with assets held for sale.

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our Notes and our Mortgage notes payable is as follows: As of June 30, 2021 December 31, 2020 (In millions) Carrying Value: 4.50% Senior Notes due 2028 401.3 400.9 4.75% Senior Notes due 2030 440.9 440.6 Mortgage notes payable (a) 511.1 343.7 Total carrying value $ 1,353.3 $ 1,185.2 Fair Value: 4.50% Senior Notes due 2028 417.2 423.2 4.75% Senior Notes due 2030 463.9 476.2 Mortgage notes payable (a) 523.3 354.5 Total fair value $ 1,404.4 $ 1,253.9 ____________________________ (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 June 30, 2021: Inception Date Notional Principal at Inception Notional Value as of June 30, 2021 Notional Principal at Maturity Maturity Date (In millions) May 2021 $ 184.4 $ 184.4 $ 110.6 May 2031 July 2020 $ 93.5 $ 89.2 $ 50.6 December 2028 July 2020 $ 85.5 $ 81.5 $ 57.3 November 2025 June 2015 $ 100.0 $ 71.9 $ 53.1 February 2025 November 2013 $ 75.0 $ 47.1 $ 38.7 September 2023
Schedule of Derivative Instruments Fair Value	The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets: As of June 30, 2021 December 31, 2020 (In millions) Other current liabilities $ (5.2) $ (2.8) Other long-term assets $ 4.2 — Other long-term liabilities (6.5) (4.4) Total fair value $ (7.5) $ (7.2)
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions): For the Three Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2021 $ (7.3) Other interest expense, net $ 0.9 2020 $ (0.6) Other interest expense, net $ 0.6 For the Six Months Ended June 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2021 $ (1.9) Other interest expense, net $ 1.7 2020 $ (5.1) Other interest expense, net $ 0.9

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jul. 06, 2020franchisecollision_center	Jun. 30, 2021CollisionRepairCentersautoAuctiondealership_locationMetropolitanMarketsfranchisestatesVehicleBrandsshares	Jun. 30, 2021CollisionRepairCentersautoAuctiondealership_locationMetropolitanMarketsfranchisestatesVehicleBrandsshares
Business Organization [Line Items]
Number of franchises (in franchises) | franchise		112	112
Number of dealership locations (in dealership locations) | dealership_location		91	91
Number of collision repair centers (in collision repair centers) | CollisionRepairCenters		25	25
Number of auto actions (in auto actions) | autoAuction		1	1
Number of metropolitan markets (in metropolitan markets) | MetropolitanMarkets		16	16
Number of states (in states) | states		9	9
Number of vehicle brands (in vehicle brands) | VehicleBrands		31	31
Number of franchises acquired (in franchises) | franchise	12
Number of collision centers acquired (in collision repair centers) | collision_center	2
Restricted Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share | shares		113	904
Performance Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share | shares		12	324
Minimum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)			6 months
Maximum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)			12 months
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)			45.00%
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix (percent)			39.00%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix (percent)			16.00%

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,584	$ 1,445.1	$ 4,776.9	$ 3,052.4
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	2,184.6	1,209.3	4,027.2	2,524.6
New and used vehicle | New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	1,368.4	761.8	2,520.1	1,583.9
New and used vehicle | Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	759.4	412.6	1,366.9	858.6
New and used vehicle | Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	56.8	34.9	140.2	82.1
Parts and services
Disaggregation of Revenue [Line Items]
Total revenue	292.4	169.2	554.4	390.8
Parts and services | Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	49	25.9	91.8	62.7
Parts and services | Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	243.4	143.3	462.6	328.1
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 107	$ 66.6	$ 195.3	$ 137

REVENUE RECOGNITION (Contract A

REVENUE RECOGNITION (Contract Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2021	$ 21.2	$ 20.4
Transferred to receivables from contract assets recognized at the beginning of the period	(11.7)	(10.4)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.3	11.2
Contract Assets (Current), March 31, 2021	22.8	21.2
Vehicle Repair and Maintenance Services | Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2021	8.2	7.1
Transferred to receivables from contract assets recognized at the beginning of the period	(8.2)	(7.1)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	10	8.2
Contract Assets (Current), March 31, 2021	10	8.2
Finance and Insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Contract Assets (Current), January 1, 2021	13	13.3
Transferred to receivables from contract assets recognized at the beginning of the period	(3.5)	(3.3)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	3.3	3
Contract Assets (Current), March 31, 2021	$ 12.8	$ 13

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES (Park Place Acquisition) (Details)	May 20, 2021USD ($)	Jul. 06, 2020numberOfSubsidiariesdealership_locationfranchisecollision_center	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Aug. 24, 2020USD ($)	Mar. 24, 2020USD ($)
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 repair centers) | collision_center		2
Operating lease, right-of-use asset			$ 213,000,000		$ 213,000,000		$ 317,400,000
Revenues			$ 2,584,000,000	$ 1,445,100,000	$ 4,776,900,000	$ 3,052,400,000
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%
Senior Notes | 4.50% Senior Notes due 2028
Business Acquisition [Line Items]
Stated interest rate of debt instrument			4.50%		4.50%
Senior Notes | 4.75% Senior Notes due 2030
Business Acquisition [Line Items]
Stated interest rate of debt instrument			4.75%		4.75%
Asset Purchase Agreement
Business Acquisition [Line Items]
Number of subsidiaries | numberOfSubsidiaries		2
Measurement period adjustment, property and equipment					$ 1,500,000
Measurement period adjustment, goodwill					1,500,000
Operating lease, right-of-use asset	$ 99,500,000
Operating lease, liability	99,500,000
Purchase option price	$ 216,900,000
Revenues					$ 887,600,000

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES (Park Place- Preliminary Purchase Price) (Details) - Asset Purchase Agreement $ in Millions	Jul. 06, 2020USD ($)
Business 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 ($)
Business Acquisition [Line Items]
Inventory	$ 120.8
Loaner vehicles	57
Property and equipment	36.5
Goodwill and intangible assets	360.4
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 (Acquisitions - Narrative) (Details) $ in Millions	Jul. 06, 2020dealership_locationfranchise	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)dealership_locationfranchise
Business Acquisition [Line Items]
Holdback release		$ 1
Number of franchises acquired (in franchises) | franchise	12
Number of dealership locations acquired (in dealership locations) | dealership_location	8
Series of Individual Business Acquisitions
Business Acquisition [Line Items]
Goodwill and manufacturer franchise rights, period for federal and state tax deductions			15 years
Series of Individual Business Acquisitions | Colorado
Business Acquisition [Line Items]
Holdback release			$ 1.5
Number of franchises acquired (in franchises) | franchise			3
Number of dealership locations acquired (in dealership locations) | dealership_location			1
Aggregate purchase price			$ 63.6
Cash paid for acquisition			34.5
Floor plan borrowings for puchase of related inventory			27.1
Holdback			$ 2

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES (Purchase Price Allocation) (Details) - Series of Individual Business Acquisitions $ in Millions	Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Inventory	$ 29.8
Real estate	14.5
Property and equipment	0.4
Goodwill and manufacturer franchise rights	19.2
Other	(0.3)
Net assets acquired	$ 63.6

ACQUISITIONS AND DIVESTITURES_7

ACQUISITIONS AND DIVESTITURES (Divestitures - Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)franchisedealership_locationcollision_center	Jun. 30, 2020USD ($)	Mar. 24, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on dealership divestitures	$ 0	$ 0	$ 0	$ 33.7
Divestitures			$ 0	$ 115.5
Payment of liquidated damages					$ 10
Disposed of by sale | Georgia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of franchises, sold (in franchises) | franchise			1
Number of dealership locations, sold (in dealership locations) | dealership_location			1
Disposed of by sale | Mississippi
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of franchises, sold (in franchises) | franchise			6
Number of dealership locations, sold (in dealership locations) | dealership_location			5
Number of collision centers, sold (in collision centers) | collision_center			1

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 114.4	$ 156.7
Less—Allowance for doubtful accounts	(1.5)	(1.2)
Accounts receivable, net	112.9	155.5
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	35.5	61.2
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	36.3	57.1
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 42.6	$ 38.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Components of Inventory [Line Items]
Total inventories	$ 560.2		$ 875.2
Lower of cost or market inventory reserves	4.9		6.7
Held-for-sale
Components of Inventory [Line Items]
Total inventories	3
New vehicles
Components of Inventory [Line Items]
Total inventories	224.2		640
Reduction of new vehicle inventory cost by automobile manufacturer incentives	(2.9)		(8.3)
Reduction to cost of sales	31.3	$ 19.8
Used vehicles
Components of Inventory [Line Items]
Total inventories	284.4		188.5
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 51.6		$ 46.7

ASSETS AND LIABILITIES HELD F_3

ASSETS AND LIABILITIES HELD FOR SALE (Assets Held for Sale and Liabilities Associated with the Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Inventory	$ 3	$ 0
Loaner vehicles	0.6	0
Property and equipment, net	27.1	28.3
Operating lease right-of-use assets	0.4	0
Goodwill	0.5	0
Total Assets held for sale	31.6	28.3
Liabilities:
Floor plan notes payable—non-trade	1.8	0
Loaners vehicle payable	0.6	0
Current maturities of long-term debt	0.2	0.5
Current maturities of operating leases	0.2	0
Long-term debt	2.1	8.4
Operating lease liabilities	0.2	0
Total Liabilities associated with assets held for sale	5.1	8.9
Net assets held for sale	$ 26.5	$ 19.4

ASSETS AND LIABILITIES HELD F_4

ASSETS AND LIABILITIES HELD FOR SALE (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021dealership_location	Jun. 30, 2021franchise	Jun. 30, 2021property	Dec. 31, 2020USD ($)property	Jun. 30, 2020dealership_location	Jun. 30, 2020franchise	Jun. 30, 2020property	Jun. 30, 2020collision_center
Long Lived Assets Held-for-sale [Line Items]
Number of dealership locations (in dealership locations) | dealership_location					91
Assets held-for-sale	$ 26.5		$ 26.5					$ 19.4
Liabilities associated with assets held for sale	5.1		5.1					$ 8.9
Gain on dealership divestitures	0	$ 0	0	$ 33.7
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties						1	1	3		7		1
Number of dealership locations (in dealership locations) | dealership_location					1				6
Assets held-for-sale	31.6		31.6					$ 28.3
Liabilities associated with assets held for sale	5.1		5.1					$ 8.9
Gain on dealership divestitures				33.7
Disposed of by sale | Vacant property
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | property							2				1
Real estate held-for-sale	$ 12.5	$ 3.7	$ 12.5	$ 3.7

GOODWILL AND INTANGIBLE FRANC_2

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Franchise rights impairment	$ 0	$ 0	$ 0	$ 23,000,000

FLOOR PLAN NOTES PAYABLE (Sched

FLOOR PLAN NOTES PAYABLE (Schedule) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Floor plan notes payable—trade	$ 13.9	$ 71.7
Floor plan notes payable offset account	0	(6.8)
Floor plan notes payable—trade, net	13.9	64.9
Floor plan notes payable—non-trade	302.6	715.9
Floor plan notes payable offset account	(75)	(78.6)
Floor plan notes payable—non-trade, net	$ 227.6	637.3
Floor plan notes payable—non-trade, liabilities associated with assets held for sale		$ 1.8

FLOOR PLAN NOTES PAYABLE (Narra

FLOOR PLAN NOTES PAYABLE (Narrative) (Details) - USD ($)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2021	Dec. 31, 2020	Mar. 13, 2020
Debt Disclosure [Abstract]
Floor plan notes payable, offsets		$ (75,000,000)	$ (85,400,000)
Ford Credit | Ford Motor Credit Company
Debt Instrument [Line Items]
Period of rolling renewals	30 days
Standby Letters of Credit | Bank of America, N.A.
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Revolving Credit Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Remaining borrowing capacity				$ 190,000,000

LONG-TERM DEBT (Schedule of Deb

LONG-TERM DEBT (Schedule of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2021	May 20, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease liability	$ 24.9		$ 16.6
Total debt outstanding	1,387.6		1,212.2
Less—debt issuance costs	(12.5)		(13.7)
Long-term debt, including current portion	1,378.2		1,201.8
Less—current portion, net of current portion of debt issuance costs	(43.2)		(36.6)
Long-term debt	1,335		1,165.2
2021 BofA Real Estate Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	184.4	$ 184.4	0
2018 Bank of America Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale	2.3
2018 Bank of America Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	81.5		84.2
2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale	5.1
2018 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	84.4		86.9
2013 BofA Real Estate Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	32.3		33.6
2015 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale	3.8
2015 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	$ 55.8		61.7
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
Long-term debt, gross	$ 405		405
Add—unamortized premium	$ 1.1		1.2
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%
Long-term debt, gross	$ 445		445
Add—unamortized premium	2		2.1
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 74.3		$ 79.2

LONG-TERM DEBT (Notes) (Details

LONG-TERM DEBT (Notes) (Details) - Senior Notes	Jun. 30, 2021
4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%

LONG-TERM DEBT (New BofA Real E

LONG-TERM DEBT (New BofA Real Estate Facility) (Details) - 2021 BofA Real Estate Facility - Bank of America, N.A. $ in Millions	May 20, 2021USD ($)dealership_location	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 184.4	$ 184.4	$ 0
Number of consecutive quarterly principal payments required | dealership_location	39
Consecutive quarterly principal payments as percent of initial amount of loan	1.00%
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
Federal Funds Rate
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%
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 184.4

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 1,353.3	$ 1,185.2
Total fair value	$ 1,404.4	1,253.9
Senior Notes | 4.50% Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%
Total carrying value	$ 401.3	400.9
Total fair value	$ 417.2	423.2
Senior Notes | 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%
Total carrying value	$ 440.9	440.6
Total fair value	463.9	476.2
Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	511.1	343.7
Total fair value	$ 523.3	$ 354.5

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details)	Jun. 30, 2021USD ($)numberOfInstruments	May 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Inputs, Level 2 | Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps	$ 7,500,000		$ (7,200,000)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments held | numberOfInstruments	5
Notional amount		$ 184,400,000
Notional principal amount at maturity		$ 110,600,000
Fair value of interest rate swaps	$ (7,500,000)		$ (7,200,000)
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (5,200,000)

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE (Interest Rate Swap Agreements) (Details) - USD ($)	Jun. 30, 2021	May 31, 2021	Jul. 31, 2020	Jun. 30, 2015	Nov. 30, 2013
Interest Rate Swap, May 2021
Derivative [Line Items]
Notional Principal at Inception	$ 184,400,000	$ 184,400,000
Notional Principal at Maturity		$ 110,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	89,200,000		$ 93,500,000
Notional Principal at Maturity			50,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	81,500,000		85,500,000
Notional Principal at Maturity			$ 57,300,000
Interest Rate Swap, June 2015
Derivative [Line Items]
Notional Principal at Inception	71,900,000			$ 100,000,000
Notional Principal at Maturity				$ 53,100,000
Interest Rate Swap, November 2013
Derivative [Line Items]
Notional Principal at Inception	$ 47,100,000				$ 75,000,000
Notional Principal 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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ (7.5)	$ (7.2)
Other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	(5.2)	(2.8)
Other long-term assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps		0	$ 4.2
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ (6.5)	$ (4.4)

FINANCIAL INSTRUMENTS AND FAI_7

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Derivative Instruments Effect on the Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ (6.5)	$ (0.6)	$ (0.3)	$ (5.1)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	(7.3)	(0.6)	(1.9)	(5.1)
Interest Rate Swap | Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 0.9		$ 1.7
Interest Rate Swap | Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings		$ 0.6		$ 0.9

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 32.8	$ 32.6
Cash paid during the period related to floor plan interest	5.8	13.2
Income taxes paid, net	74.9	1.3
Loaner vehicles transferred from other current assets to inventory	$ 112.6	$ 71.6

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations $ in Millions	Jun. 30, 2021USD ($)
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 11.6
Reastated Credit Agreement | Bank of America, N.A.
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 10.8