Asbury Automotive (ABG) 10-K 29 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31262
Entity Registrant Name	ASBURY AUTOMOTIVE GROUP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0609375
Entity Address, Address Line One	2905 Premiere Parkway, NW,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Duluth,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	418-8200
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ABG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,920
Entity Common Stock, Shares Outstanding		20,404,121
Documents Incorporated by Reference	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K into which the document is incorporated: Portions of the registrant's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, to be filed within 120 days after the end of the registrant's fiscal year, are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001144980
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 45.7	$ 235.3
Short term investments	6.2	5.4
Contracts-in-transit, net	279.7	220.8
Accounts receivable, net	226.1	171.9
Inventories, net	1,768.3	959.2
Assets held for sale	342.2	29.1
Other current assets	388.9	288.1
Total current assets	3,057.1	1,909.8
INVESTMENTS	326.7	235
PROPERTY AND EQUIPMENT, net	2,315.7	1,941
OPERATING LEASE RIGHT-OF-USE ASSETS	241.8	235.4
GOODWILL	2,009	1,783.4
INTANGIBLE FRANCHISE RIGHTS	2,095.8	1,800.1
OTHER LONG-TERM ASSETS	113.3	116.7
Total assets	10,159.4	8,021.4
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	195.1	51
Floor plan notes payable—non-trade, net	1,590.6	0
Current maturities of long-term debt	84.9	84.5
Current maturities of operating leases	26.2	23.6
Accounts payable and accrued liabilities	748.1	645
Deferred revenue—current	228.6	218.9
Liabilities associated with assets held for sale	2.1	10.5
Total current liabilities	2,875.7	1,033.4
LONG-TERM DEBT	3,121.2	3,216.8
LONG-TERM LEASE LIABILITY	222.1	218.4
DEFERRED REVENUE	508.1	495
DEFERRED INCOME TAXES	136.4	100.7
OTHER LONG-TERM LIABILITIES	51.7	53.5
COMMITMENTS AND CONTINGENCIES (Note 21)
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; 42,352,001 and 43,593,809 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	1,288.4	1,281.4
Retained earnings	2,961.5	2,610.1
Treasury stock, at cost; 22,018,537 and 22,024,479 shares, respectively	(1,067.3)	(1,063)
Accumulated other comprehensive income	61.1	74.4
Total shareholders' equity	3,244.1	2,903.5
Total liabilities and shareholders' equity	$ 10,159.4	$ 8,021.4
Treasury stock (in shares)	22,018,537	22,024,479

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)		43,593,809
Treasury stock (in shares)	22,018,537	22,024,479

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE:
Finance and insurance, net	$ 676.2	$ 797	$ 405.1
TOTAL REVENUE	14,802.7	15,433.8	9,837.7
COST OF SALES:
New vehicle	6,927.8	6,521.6
Used vehicle	4,150.2	4,843.8
Parts and service	931	921.6
Finance and insurance	37.9	46.3	3.6
TOTAL COST OF SALES	12,046.9	12,333.3	7,935.5
GROSS PROFIT	2,755.8	3,100.6	1,902.2
OPERATING EXPENSES:
Selling, general, and administrative	1,617.4	1,763.4	1,073.9
Depreciation and amortization	67.7	69	41.9
Asset impairments	117.2	0	0
Other operating income, net	0	(4.4)	(5.4)
INCOME FROM OPERATIONS	953.5	1,272.6	791.8
OTHER EXPENSES (INCOME):
Floor plan interest expense	9.6	8.4	8.2
Other interest expense, net	156.1	152.2	93.9
Gain on dealership divestitures, net	(13.5)	(207.1)	(8)
Total other expenses (income), net	152.2	(46.5)	94.1
INCOME BEFORE INCOME TAXES	801.3	1,319.1	697.7
Income tax expense	198.8	321.8	165.3
NET INCOME	$ 602.5	$ 997.3	$ 532.4
Basic—
Net income (in dollars per share)	$ 28.87	$ 44.78	$ 26.75
Diluted—
Net income (in dollars per share)	$ 28.74	$ 44.61	$ 26.49
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	20.9	22.3	19.9
Diluted (in shares)	21	22.4	20.1
Restricted Stock Awards
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Performance share units (in shares)	0	0.1	0.1
Performance Share Units
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Performance share units (in shares)	0.1	0	0.1
New vehicle
REVENUE:
REVENUE:	$ 7,630.7	$ 7,365.6	$ 4,934.1
COST OF SALES:
New vehicle			4,443.6
Used vehicle
REVENUE:
REVENUE:	4,414.3	5,197.1	3,315.6
COST OF SALES:
Used vehicle			3,027.3
Parts and services
REVENUE:
REVENUE:	$ 2,081.5	$ 2,074.2	1,182.9
COST OF SALES:
Parts and service			$ 461

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 602.5	$ 997.3	$ 532.4
Other comprehensive (loss) income:
Change in fair value of cash flow swaps	(22.6)	103.3	6.3
Unrealized gains (losses) on available-for-sale debt securities	5.2	(4)	0.2
Income tax benefit (expense) associated with other comprehensive income items	4	(24.3)	(1.6)
Comprehensive income	$ 589.1	$ 1,072.2	$ 537.3

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, 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)
Comprehensive Income (Loss):
Net income	532.4			532.4
Unrealized gains on changes in fair value of debt securities, net of $0 tax expense	0.2					0.2
Change in fair value of cash flow swaps, net of reclassification adjustment	4.7					4.7
Comprehensive income	537.3			532.4		4.9
Share-based compensation	16.2		16.2
Proceeds from secondary offering of common stock, net (in shares)		3,795,000
Proceeds from secondary offering of common stock, net	666.9		666.9
Issuance of common stock in connection with share-based payment arrangements (in shares)		123,625
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					65,937
Repurchase of common stock associated with net share settlements of employee share-based awards	$ (10.4)				$ (10.4)
Purchase of treasury shares (in shares)	0
Balance (in shares) at Dec. 31, 2021		45,052,293			21,914,251
Balance at Dec. 31, 2021	$ 2,115.5	$ 0.4	1,278.6	1,881.3	$ (1,044.1)	(0.7)
Comprehensive Income (Loss):
Net income	997.3			997.3
Unrealized gains on changes in fair value of debt securities, net of $0 tax expense	(4)
Change in fair value of cash flow swaps, net of reclassification adjustment	78.1					78.1
Unrealized loss on changes in fair value of debt securities, net of $0.8 million tax benefit	(3.2)					(3.2)
Comprehensive income	1,072.2			997.3		74.9
Share-based compensation	20.6		20.6
Issuance of common stock in connection with share-based payment arrangements (in shares)		122,342
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					56,024
Repurchase of common stock associated with net share settlements of employee share-based awards	$ (9.2)				$ (9.2)
Purchase of treasury shares (in shares)	1,635,030				1,635,030
Share issues (repurchases)	$ (295.6)		1.4		$ (297)
Retirement of previously repurchased common stock (in shares)		(1,580,826)			(1,580,826)
Retirement of common stock			(19.1)	(268.3)	$ 287.4
Balance (in shares) at Dec. 31, 2022		43,593,809			22,024,479
Balance at Dec. 31, 2022	2,903.5	$ 0.4	1,281.4	2,610.1	$ (1,063)	74.4
Comprehensive Income (Loss):
Net income	602.5			602.5
Unrealized gains on changes in fair value of debt securities, net of $0 tax expense	5.2
Change in fair value of cash flow swaps, net of reclassification adjustment	(17.5)					(17.5)
Unrealized loss on changes in fair value of debt securities, net of $0.8 million tax benefit	4.1					4.1
Comprehensive income	589.1			602.5		(13.4)
Share-based compensation	23.5		23.5
Issuance of common stock in connection with share-based payment arrangements (in shares)		128,563
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					48,262
Repurchase of common stock associated with net share settlements of employee share-based awards	$ (11.4)				$ (11.4)
Purchase of treasury shares (in shares)	1,316,167				1,316,167
Share issues (repurchases)	$ (260.6)		0		$ (260.6)
Retirement of previously repurchased common stock (in shares)		(1,370,371)			(1,370,371)
Retirement of common stock			(16.5)	(251.1)	$ 267.7
Balance (in shares) at Dec. 31, 2023		42,352,001			22,018,537
Balance at Dec. 31, 2023	$ 3,244.1	$ 0.4	$ 1,288.4	$ 2,961.5	$ (1,067.3)	$ 61

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Unrealized gains on available-for-sale debt securities, tax	$ (1,100,000)	$ (800,000)	$ 0
Change in fair value of cash flow swaps, net of reclassification adjustment tax charge (benefit)	$ 5,100,000	$ 25,100,000	$ 1,600,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 602.5	$ 997.3	$ 532.4
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	67.7	69	41.9
Share-based compensation	23.5	20.6	16.2
Deferred income taxes	39.7	148.5	31.2
Asset impairments	117.2	0	0
Unrealized (gain) loss on investments	(2.1)	14.1	(1)
Loaner vehicle amortization	34.8	14.7	20.9
Gain on divestitures, net	(13.5)	(207.1)	(8)
Change in right-of-use asset	26.8	25.3	22.3
Other adjustments, net	(1.9)	4.6	(0.8)
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	(58.9)	(17)	48.5
Accounts receivable	(54.6)	47.6	35.3
Inventories	(144.5)	6.9	670.5
Other current assets	(564.6)	(353.7)	(227.1)
Floor plan notes payable—trade, net	144.1	13.8	(27.6)
Deferred revenue	22.8	42.9	3.6
Accounts payable and accrued liabilities	119.5	(69.8)	39.2
Operating lease liabilities	(26.7)	(25.4)	(20.6)
Other long-term assets and liabilities, net	(18.8)	(36.3)	(13.2)
Net cash provided by operating activities	313	696	1,163.7
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(142.3)	(94.6)	(74.2)
Capital expenditures—real estate	0	(13.3)	(7.8)
Purchases of previously leased real estate	0	0	(217.1)
Acquisitions, net of cash acquired	(1,500)	(5)	(3,660.4)
Proceeds from dealership divestitures	30.7	701.2	21.3
Purchases of debt securities—available-for-sale	(195.2)	(202.2)	(1.1)
Purchases of equity securities	0	(41.4)	(0.4)
Proceeds from the sale of debt securities—available-for-sale	60.3	69.7	0.8
Proceeds from the sale of equity securities	51.8	50.3	0.4
Proceeds from the sale of assets	16.3	0	21.5
Net cash (used in) provided by investing activities	(1,678.4)	464.7	(3,917)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	8,385.8	7,406.5	5,042.8
Floor plan borrowings—acquisitions	256.1	0	214.5
Floor plan repayments—non-trade	(7,059.8)	(7,891.6)	(5,357.5)
Floor plan repayments—divestitures	0	(48.4)	(0.8)
Proceeds from borrowings	0	0	2,274
Repayments of borrowings	(126)	(106.2)	(41.5)
Proceeds from revolving credit facility	329	330	439
Repayments of revolving credit facility	(329)	(499)	(270)
Proceeds from issuance of common stock	0	1.4	666.9
Payment of debt issuance costs	(1.2)	(0.4)	(26.2)
Purchase of treasury stock	(267.7)	287.4	0
Repurchases of common stock, including amounts associated with net share settlements of employee share-based awards	(11.4)	(9.2)	(10.4)
Net cash provided by (used in) financing activities	1,175.8	(1,104.3)	2,930.8
Net (decrease) increase in cash and cash equivalents	(189.6)	56.4	177.5
CASH AND CASH EQUIVALENTS, beginning of period	235.3	178.9	1.4
CASH AND CASH EQUIVALENTS, end of period	$ 45.7	$ 235.3	$ 178.9

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Asbury Automotive Group, Inc., a Delaware corporation organized in 2002, is one of the largest automotive retailers in the United States. Our store operations are conducted by our subsidiaries. As of December 31, 2023, we owned and operated 208 new vehicle franchises (158 vehicle dealership locations), representing 31 brands of automobiles, and 37 collision centers in 16 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 (collectively referred to as "parts and services" or "P&S"); and finance and insurance ("F&I") products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection ("GAP") debt cancellation and prepaid maintenance. The finance and insurance products are provided by independent third parties and Total Care Auto, Powered by Landcar ("TCA"). The Company manages its operations in two reportable segments: Dealerships and TCA. On December 11, 2023, the Company completed the acquisition of substantially all of the assets, including all real property and businesses of the Jim Koons Dealerships ("Koons") pursuant to a Purchase and Sale Agreement with various entities that comprise the Jim Koons automotive dealerships group (the "Koons acquisition") for an aggregate purchase price of approximately $1.50 billion, which includes $256.1 million of new vehicle floor plan financing and $103.8 million of assets held for sale related to Koons Lexus of Wilmington.The acquisition was funded with borrowings under Asbury’s existing credit facility and cash on hand. The Koons acquisition comprised 20 new vehicle dealerships and six collision centers. See Note 3 "Acquisitions and Divestitures" for details of the Koons acquisition. Our operating results are generally subject to seasonal variations. Demand for new vehicles is generally highest during the second, third, and fourth quarters of each year and, accordingly, we expect our revenues to generally be higher during these periods. In addition, we typically experience higher sales of luxury vehicles in the fourth quarter, which have higher average selling prices and gross profit per vehicle retailed. Revenues and operating results may be impacted significantly from quarter to quarter by changing economic conditions, inventory availability, vehicle manufacturer incentive programs, or adverse weather events. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (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 consolidated financial statements in order to conform to current presentation. Amounts presented have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute or tie to prior year financial statements due to rounding. 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. Estimates made in the accompanying consolidated financial statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, and certain assumptions related to goodwill and dealership franchise rights intangible assets. Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit, which have maturity dates of less than 90 days when purchased. Restricted Cash and Securities TCA places securities on statutory deposit with certain state agencies to retain the right to do business in those states. Securities held on deposit with various state regulatory authorities had a fair value of $3.5 million at December 31, 2023. These securities are reflected in investments in our consolidated balance sheets. Short-Term Investments Short-term investments consist of debt securities that are callable or have a maturity date within the next 12 months and are classified as current assets. Debt securities classified as short-term investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities classified as short-term investments are amortized or accreted using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Investments Investments consist of available-for-sale debt securities, equity securities, and other investments. These securities are classified as non-current investments as they are not intended to fund current operations or have stated call dates or maturity dates beyond the next 12 months. Equity securities may consist of both preferred stock and common stock. Debt securities classified as non-current investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities included in non-current investments are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities included in non-current investments are amortized or accreted, as applicable, using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Equity securities included in non-current investments are reported at fair market value with the change in value, during the reporting period, recognized in net income. We review the debt securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors. Some factors evaluated include changes in credit ratings, financial conditions of the issuer, recent payment activity, and other industry specific economic conditions. If a security is considered to have a potential credit loss, we compare the present value of expected cash flows to the amortized cost basis of the security to estimate the allowance for credit losses. The amount of the allowance is limited to the gross unrealized loss on an individual security. An unrealized loss on a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value of the security primarily due to changes in risk-free interest rates and when there has not been a significant deterioration in the financial condition of the issuer. If the Company no longer has the intent or ability to hold a security in an unrealized loss position until recovery of the security’s cost basis, a loss is realized immediately in net income. Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Inventories Inventories are stated at the lower of cost and net realizable value. We use the specific identification method to value vehicle inventories and parts and accessories are valued at the lower of cost or net realizable value. Our new vehicle sales history indicates that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for new vehicle inventory. We maintain a reserve for used vehicle inventory where cost basis exceeds net realizable value. In assessing lower of cost and net realizable value for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles, and (iii) current market conditions and trends in used vehicle sales. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (i) days of supply in our used vehicle inventory, (ii) used vehicle units sold at less than original cost as a percentage of total used vehicles sold, and (iii) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost and net realizable value, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down, and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and floor plan interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and certain floor plan interest credits are accounted for as purchase discounts, and are recorded as a reduction of inventory and recognized as a reduction to new vehicle cost of sales in the accompanying consolidated statements of income in the period the related vehicle is sold. Certain floor plan interest credits are reflected as a reduction in floor plan interest expense in the accompanying consolidated statements of income. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in depreciation and amortization on the accompanying consolidated statements of income. Leasehold improvements are capitalized and amortized over the lesser of the remaining lease term or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets. We review property and equipment for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When we test our long-lived assets for impairment, we first compare the carrying amount of the underlying assets to their net recoverable value by reviewing the undiscounted cash flows expected from the use and eventual disposition of the underlying assets. If the carrying amount of the underlying assets is less than their net recoverable value, then we calculate an impairment equal to the excess of the carrying amount over the fair market value, and the impairment loss would be charged to operations in the period identified. During the year ended December 31, 2023, we recorded a $1.1 million impairment charge included in selling, general and administrative expenses related to construction in progress. We did not record an impairment charge related to our property and equipment in 2022 and 2021. Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. Results of acquired businesses, which are primarily dealerships, are included in our accompanying consolidated statements of income commencing on the date of acquisition. Our acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Upon the completion of purchase accounting, 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. Goodwill and Franchise Rights Goodwill represents the excess cost of an acquired business over the estimated fair market value of its identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and how we review the results of our operations, that we have several geographic market-based operating segments which consist of our dealerships. We have determined that the dealerships in each of our operating segments are components that are aggregated into several geographic market-based reporting units for the purpose of testing goodwill for impairment, as they (i) have similar economic characteristics, (ii) offer similar products and services (all of our dealerships offer new and used vehicles, service, parts and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our dealerships distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. Our dealership operating segments are aggregated into our single dealerships reportable segment. Goodwill associated with TCA is tested for impairment at the operating segment level which is the same as the reporting unit for this business. 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. We have determined that manufacturer franchise rights have an indefinite life, as there are no economic, contractual or other factors that limit their useful lives, and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers' brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. Goodwill and manufacturer franchise rights are deemed to have indefinite lives and therefore are not subject to amortization. We review goodwill and manufacturer franchise rights for impairment annually as of October 1 st , or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that goodwill becomes impaired due to decreases in the fair value of our automotive retail business or manufacturer franchise rights become impaired due to decreases in the fair value of our individual franchises. Our identifiable intangible assets, other than goodwill, are our rights under franchise agreements with manufacturers, which are recorded at an individual franchise level, and the value of business acquired ("VOBA") which is recorded at the TCA segment level. We recorded VOBA of $5.6 million in connection with the acquisition of TCA. VOBA reflects the estimated fair value of the expected future profits in unearned premium for in-force service contracts acquired in the LHM acquisition. VOBA is reflected in other long-term assets within the consolidated balance sheets and is amortized over 5 years, which represents the approximate term of the underlying contracts. Debt Issuance Costs Debt issuance costs are presented as a contra-liability within current maturities of long-term debt or long-term debt on our consolidated balance sheets, except for debt issuance costs associated with our line-of-credit arrangements, which are presented as an asset within other current assets or other long-term assets on our consolidated balance sheets. Debt issuance costs are amortized to floor plan interest expense and other interest expense, net in the accompanying consolidated statements of income through maturity using the effective interest method or the straight-line method for our line-of-credit arrangements. Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our interest rate risk. The types of risks hedged are those relating to the variability of cash flows caused by fluctuations in interest rates. We document our risk management strategy and assess hedge effectiveness at each interest rate swap's inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying consolidated balance sheets. The changes in fair value on our hedges is reported as a component of accumulated other comprehensive loss on the accompanying consolidated balance sheets, and reclassified to other interest expense, net in the accompanying consolidated statements of income in the period during which the hedged transaction affects earnings. Self-insurance Programs We are self-insured for most of our employee medical claims and maintain stop-loss insurance for large-dollar individual claims. We have high deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Provisions for retained losses and deductibles are made by charges to expense based upon periodic evaluations of the estimated ultimate liabilities on reported and unreported claims. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers ("Topic 606"). Under that guidance, the transaction price is attributed to the underlying performance obligations in the contract and revenue is deferred and recognized as income as the Company satisfies the performance obligations in the contract. Incremental costs of obtaining a contract with a customer are capitalized and amortized to the extent that the Company expects to recover those costs. The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service. Sales and other taxes we collect, concurrent with revenue-producing activities, are excluded from revenue. New vehicle and used vehicle retail Revenue from the sale of new and used vehicles is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Payment is generally received at the time of sale or from a third-party financial institution within a short period of time following the sale of the vehicle. Amounts due from third-party financial institutions are reflected in contracts-in-transit or vehicle receivables within accounts receivable, net on our consolidated balance sheets. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. Payment is typically received when control of the parts and accessories transfers to the customer or within 30 days of such time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Payment for services are typically received upon completion of the services or within 30 days following the completion of the services. Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore treated as a single performance obligation. Certain of these services are provided by the Dealerships segment to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expense recorded by the TCA segment are eliminated upon consolidation. Finance and Insurance, net Within the Dealerships segment, we receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed asset protection debt cancellation, and other products, to end-users. In addition, we record commissions received from our TCA segment related to the sale of TCA's various vehicle protection F&I products. TCA offers extended vehicle service contracts, prepaid maintenance contracts, key replacement contracts, guaranteed asset protection contracts, paintless dent repair contracts, appearance protection contracts, tire and wheel, and lease wear and tear contracts. In addition, TCA provides the required contractual liability insurance if needed. The majority of these service contracts are sold through affiliated automobile dealerships. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitating the sale of a third party's products or services to our customers. The dealerships commission arrangements with TCA, third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission chargebacks ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract, and these reserves are established in the same period that the related revenue is recognized. Commissions revenue and related reserves for future chargebacks in connection with the sale of TCA F&I products by our dealerships, are eliminated in consolidation. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Within our TCA segment, all revenue, other than investment and interest income, is the result of contracts with customers. Each contract is considered to have a single performance obligation which extends over the life of the contract. Revenue is recognized ratably over the contract term based on earnings factors that align with the performance obligation. We capitalize costs to obtain customer contracts, employee sales commissions, and amortize those costs over the estimated life of the contract. Amortization of costs to obtain customer contracts is included in selling, general and administrative expenses. The portion of commissions that are paid to affiliated dealerships are eliminated upon consolidation. Unearned premium reserves are established to cover the unexpired portion of premiums written. Deferred Revenue We earn and recognize premium revenue related to the TCA segment over the period of the related service contract. Accordingly, we record deferred revenue as we ratably recognize revenue over the service contract period. Unpaid Losses and Loss Adjustment Expense Reserve Losses and loss adjustment expense reserves represent management's best estimate of the ultimate net cost of all reported and unreported losses incurred through December 31, 2023. The Company does not discount liabilities for unpaid losses or unpaid loss adjustment expense reserves. The reserves for unpaid losses and loss adjustment expenses are estimated using individual case-basis valuation and statistical analysis. Those estimates are subject to the effects of trends in loss severity and frequency. Although considerable variability is inherent in such estimates, management believes the reserves for losses and loss adjustment expenses are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in income from operations. Claims are counted when incidents that may result in a liability are reported and are based on policy coverage. Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of parts and service cost of sales on the accompanying consolidated statements of income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either new vehicle cost of sales or used vehicle cost of sales on the accompanying consolidated statements of income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory at period end. Intersegment Elimination TCA's vehicle protection products are sold through affiliated dealerships and the revenue from the related commissions are included in finance and insurance, net revenues in the Dealerships segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealerships segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expense recorded by the TCA segment are eliminated upon consolidation. Intersegment revenues and profits from contracts and services are eliminated in consolidation. See Note 20 "Segment Information" for further details . Share-Based Compensation We record share-based compensation expense under the fair value method on a straight-line basis over the vesting period, unless the awards are subject to performance conditions, in which case we recognize the expense over the requisite service period of each separate vesting tranche. In addition, we account for the forfeiture of share-based awards as they occur. Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. During the year ended December 31, 2023 and 2022, the Company repurchased 1,316,167 and 1,635,030 and retired 1,370,371 and 1,580,826 shares of our common stock under our share repurchase program, respectively. The Company did not repurchase any shares under the repurchase program or retire any treasury shares during 2021. On May 25, 2023, our Board of Directors approved a new authorization to repurchase up to $250.0 million of the Company's common stock (the "New Share Repurchase Authorization"), which replaces our previous share repurchase authorization. As of December 31, 2023, the Company had $202.6 million remaining on its share repurchase authorization. Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts received from certain automobile manufacturers. Advertising expense totaled $47.5 million, $50.1 million, and $30.7 million for the years ended December 31, 2023, 2022, and 2021, which was net of earned advertising credits of $36.5 million, $35.5 million, and $22.4 million, respectively, and is included in selling, general, and administrative expense in the accompanying consolidated statements of income. Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will n

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of Revenue Revenue from contracts with customers consists of the following: For the year ended December 31, 2023 2022 2021 (In millions) Revenue: New vehicle $ 7,630.7 $ 7,365.6 $ 4,934.1 Used vehicle retail 4,017.5 4,828.8 3,055.9 Used vehicle wholesale 396.7 368.3 259.7 New and used vehicle 12,045.0 12,562.6 8,249.7 Sale of vehicle parts and accessories 496.3 510.2 212.0 Vehicle repair and maintenance services 1,585.3 1,564.1 970.9 Parts and services 2,081.5 2,074.2 1,182.9 Finance and insurance, net 676.2 797.0 405.1 Total revenue $ 14,802.7 $ 15,433.8 $ 9,837.7 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. Certain incremental sales commissions payable to obtain an F&I revenue contract with a customer have been capitalized and are amortized using the same pattern of recognition applicable to the associated F&I revenue contract. Vehicle Repair and Maintenance Services Finance and Insurance, net Deferred Sales Commissions Total (In millions) Contract Assets, December 31, 2021 $ 12.3 $ 13.5 $ 1.4 $ 27.2 Transferred to receivables from contract assets recognized at the beginning of the period (12.3) (13.5) — (25.8) Amortization of costs incurred to obtain a contract with a customer — — (4.6) (4.6) Costs incurred to obtain a contract with a customer — — 40.3 40.3 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 14.7 14.7 — 29.4 Contract Assets, December 31, 2022 $ 14.7 $ 14.7 $ 37.2 $ 66.6 Transferred to receivables from contract assets recognized at the beginning of the period (14.7) (14.7) — (29.4) Amortization of costs incurred to obtain a contract with a customer — — (12.2) (12.2) Costs incurred to obtain a contract with a customer — — 43.3 43.3 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 20.5 13.8 — 34.3 Contract Assets, December 31, 2023 $ 20.5 $ 13.8 $ 68.4 $ 102.7 Contract Assets (current), December 31, 2023 $ 20.5 $ 13.8 $ 19.5 $ 53.8 Contract Assets (long-term), December 31, 2023 $ — $ — $ 48.9 $ 48.9 Contract Liabilities The consolidated balance sheet reflects $736.7 million and $713.9 million in deferred revenue as of December 31, 2023 and 2022, respectively. Approximately $227.9 million of deferred revenue at December 31, 2022 was recorded in finance and insurance, net revenue in the consolidated statement of income for the year ended December 31, 2023.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Koons Acquisition On December 11, 2023, we completed the acquisition of the Jim Koons Dealerships. The results of the Jim Koons Dealerships have been included in our consolidated financial statements since that date. The Koons acquisition diversifies Asbury's geographic mix, with expansion in the greater Washington-Baltimore region of the United States. As a result of the Koons acquisition, we acquired 20 new vehicle dealerships, six collision centers and the real property related thereto, for a total purchase price of approximately $1.50 billion, which includes $256.1 million of new vehicle floor plan financing and $103.8 million of assets held for sale related to Koons Lexus of Wilmington. The preliminary purchase price was paid in cash. The sources of the preliminary purchase consideration are as follows: (In millions) Cash $ 936.8 New vehicle floor plan facility 256.1 Used vehicle floor plan facility 307.1 Preliminary purchase price $ 1,500.0 Under the acquisition method of accounting, the tangible and intangible assets acquired and liabilities assumed are recorded at their estimated fair value based on information currently available. The following table summarizes the amounts recorded based on preliminary estimates of fair value: Summary of Assets Acquired and Liabilities Assumed (In millions) Assets Inventories, net $ 311.6 Other current assets 10.3 Assets held for sale 103.8 Total current assets 425.7 Property and equipment, net 420.0 Goodwill 231.7 Intangible franchise rights 429.0 Operating lease right-of-use assets 11.2 Total assets acquired $ 1,517.6 Liabilities Operating lease liabilities $ 11.2 Other liabilities 6.4 Total liabilities assumed 17.6 Net assets acquired $ 1,500.0 The preliminary acquisition accounting is based upon the Company’s estimates of fair value. The estimated fair values of the assets acquired and liabilities assumed and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management, including the books and records of Koons. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The areas of acquisition accounting that are not yet finalized primarily relate to the following significant items: (i) finalizing the review and valuation of inventory, land, land improvements, buildings and non-real property and equipment (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the depreciable assets, and (ii) finalizing the review and valuation of manufacturer franchise rights (including key assumptions, inputs and estimates). As the initial acquisition accounting is based on our preliminary assessments, actual values may differ (possibly materially) when final information becomes available that differs from our current estimates. Additionally, the total consideration transferred is subject to certain post-close adjustments. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. We will continue to evaluate these items until they are satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period. Approximately $429.0 million of the purchase price was assigned to the indefinite lived franchise rights intangible assets related to the dealer agreements applicable to each new vehicle dealership. In addition, goodwill of $231.7 million was recognized and is primarily attributable to the anticipated synergies that Asbury expects to derive from the Koons acquisition as well as the acquired assembled workforce of the Koons dealerships. The Company recorded $4.1 million of acquisition related costs during the year ended December 31, 2023. These costs are included in selling, general, and administrative in the consolidated statements of income. The Company's consolidated statements of income included revenue and net income attributable to the Jim Koons Dealerships from December 11, 2023 through December 31, 2023 of $168.2 million and $7.0 million, respectively. The following represents the unaudited pro forma information as if the Koons acquisition had been included in the consolidated results of the Company since January 1, 2022: For the Year Ended December 31, 2023 2022 (In millions) (Unaudited) Pro forma revenue $ 17,540.4 $ 18,516.1 Pro forma net income $ 660.8 $ 1,092.9 The above pro forma financial information adjusts the revenue and net income related to the Koons acquisition primarily for (1) depreciation and interest expense assuming that the fair value adjustments and indebtedness incurred in connection with the Koons acquisition had occurred on January 1, 2022 and (2) the exclusion of Koons Lexus of Wilmington, which is classified as assets held for sale as of December 31, 2023. The pro forma net income for the year ended December 31, 2023 includes $117.2 million of asset impairments recorded by the Company during the fourth quarter of 2023. LHM Acquisition On December 17, 2021, we completed the acquisition of the equity interests of, and the real property related to the businesses of the Larry H. Miller Dealerships and TCA (the "LHM acquisition"). The results of the LHM Dealerships and TCA business have been included in the consolidated financial statements since that date. The acquisition diversified Asbury's geographic mix, with entry into six Western states; Arizona, Utah, New Mexico, Idaho, California and Washington, and added to the Company’s growing Colorado presence. As a result of the LHM acquisition, we acquired 54 new vehicle dealerships, seven used car stores, 11 collision centers, a used vehicle wholesale business, the real property related thereto, and the entities comprising the TCA business for a total purchase price of approximately $3.48 billion. The purchase price was paid in cash. The sources of the purchase consideration are as follows: (In millions) Cash, net of cash acquired $ 195.0 Common stock offering 666.9 Senior notes 1,378.5 Revolving credit facility 200.0 Real estate facility 513.0 New vehicle floor plan facility 183.5 Used vehicle floor plan facility 51.0 Payable to sellers 6.0 Purchase price, net of cash acquired $ 3,193.9 Under the acquisition method of accounting, the tangible and intangible assets acquired and liabilities assumed are recorded at their estimated fair value based on information currently available. The following table summarizes the amounts recorded based on final estimates of fair value: Summary of Assets Acquired and Liabilities Assumed (In millions) Assets Cash and cash equivalents $ 287.4 Investments 133.5 Contracts-in-transit, net 99.5 Accounts receivable, net 110.0 Inventories, net 282.1 Other current assets 25.0 Total current assets 937.5 Property and equipment, net 805.6 Goodwill 1,205.3 Intangible franchise rights 1,309.7 Operating lease right-of-use assets 34.1 Deferred income taxes 139.7 Other long-term assets 5.6 Total assets acquired $ 4,437.6 Liabilities Accounts payable and accrued liabilities $ 229.5 Operating lease liabilities 34.1 Deferred revenue 667.6 Other long-term liabilities 25.2 Total liabilities assumed 956.4 Net assets acquired $ 3,481.2 The acquisition accounting is based upon the Company’s estimates of fair value. The estimated fair values of the assets acquired and liabilities assumed and the related acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management, including the books and records of LHM and TCA. The effects of the measurement-period adjustments on our consolidated statement of income for the year ended December 31, 2022 were not material. Approximately $1.31 billion of the purchase price was assigned to the indefinite lived franchise rights intangible assets related to the dealer agreements applicable to each new vehicle dealership. In addition, goodwill of $1.21 billion was recognized and is primarily attributable to the anticipated synergies that Asbury expects to derive from the LHM acquisition as well as the acquired assembled workforce of LHM and TCA. Goodwill of $536.6 million was assigned to the TCA segment while $668.7 million was assigned to the Dealerships segment. The Company recorded $4.9 million of acquisition related costs during the year ended December 31, 2021. These costs are included in selling, general, and administrative in the consolidated statements of income. The Company's consolidated statements of income included revenue and net income attributable to LHM from December 17, 2021 through December 31, 2021 of $256.4 million and $15.7 million, respectively. The following represents the unaudited pro forma information as if the LHM acquisition had been included in the consolidated results of the Company since January 1, 2020: For the Year Ended December 31, 2021 2020 (In millions) (Unaudited) Pro forma revenue $ 15,431.5 $ 12,927.3 Pro forma net income $ 777.3 $ 359.9 This pro forma information incorporates the Company's accounting policies and adjusts the results of the LHM acquisition for depreciation, rent expense, and interest expense assuming that the fair value adjustments and indebtedness incurred in connection with the LHM acquisition had occurred on January 1, 2020. They have also been adjusted to reflect the $4.9 million of acquisition related costs incurred during 2021 as having occurred on January 1, 2020. Other Acquisitions and Divestitures During the year ended December 31, 2022, we did not complete any dealership acquisitions. In addition to the LHM acquisition during the year ended December 31, 2021, we acquired the assets of 11 franchises (10 dealership locations) in the Denver, Colorado market and three franchises (one dealership location) in the Indianapolis, Indiana market for a combined purchase price of $485.7 million. We funded these acquisitions with an aggregate of $455.1 million of cash and $9.6 million of floor plan borrowings for the purchase of the related new vehicle inventory. In the aggregate, these acquisitions included purchase price holdbacks of $21.0 million for potential indemnity claims made by us with respect to the acquired franchises. 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. We acquired these properties for $217.1 million which was partly financed through the 2021 BofA Real Estate Facility. Goodwill and manufacturer franchise rights associated with our Dealerships segment acquisitions is deductible for federal and state income tax purposes ratably over a 15-year period. Below is the allocation of the purchase price for the acquisitions (other than the LHM acquisition) for the year ended December 31, 2021. The estimated fair values of the assets acquired and liabilities assumed and the related acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management. As of December 31, 2021 (In millions) Inventory $ 37.5 Real estate 99.9 Property and equipment 4.2 Goodwill 110.5 Manufacturer franchise rights 228.2 Loaner vehicles 8.9 Other (3.5) Total purchase price $ 485.7 During the year ended December 31, 2023, we sold one franchise (one dealership location) in Austin, Texas. The Company recorded a pre-tax gain totaling $13.5 million. During the year ended December 31, 2022, we sold one franchise (one dealership location) in St. Louis, Missouri, three franchises (three dealership locations) and one collision center in Denver, Colorado, two franchises (two dealership locations) in Spokane, Washington, one franchise (one dealership location) in Albuquerque, New Mexico and 11 franchises (nine dealership locations) and two collision centers in North Carolina. The Company recorded a pre-tax gain totaling $207.1 million. During the year ended December 31, 2021, we sold one franchise (one dealership location) in the Charlottesville, Virginia market. The Company recorded a pre-tax gain totaling $8.0 million.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of December 31, 2023 2022 (In millions) Vehicle receivables $ 72.5 $ 50.4 Manufacturer receivables 68.0 43.3 Other receivables 88.1 80.5 Total accounts receivable 228.6 174.1 Less—Allowance for credit losses (2.6) (2.2) Accounts receivable, net $ 226.1 $ 171.9

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of December 31, 2023 2022 (In millions) New vehicles $ 1,252.5 $ 527.7 Used vehicles 373.1 304.4 Parts and accessories 142.7 127.2 Total inventories, net (a) $ 1,768.3 $ 959.2 ____________________________ (a) Inventories, net as of December 31, 2023 and December 31, 2022, excluded $84.5 million and $3.4 million classified as assets held for sale, respectively. The lower of cost and net realizable value reserves reduced total inventory cost by $8.8 million and $10.7 million, respectively as of December 31, 2023 and December 31, 2022. As of December 31, 2023 and December 31, 2022, certain automobile manufacturer incentives reduced new vehicle inventory cost by $8.3 million and $2.7 million, respectively, and reduced new vehicle cost of sales for the year ended December 31, 2023, 2022, and 2021 by $94.1 million, $91.5 million, and $60.4 million, respectively.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals,(ii) real estate not currently used in our operations that we are actively marketing to sell and (iii) the related mortgage notes payable, if applicable. A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of December 31, 2023 2022 (In millions) Assets: Inventory $ 84.5 $ 3.4 Loaners, net 4.5 0.9 Property and equipment, net 136.6 24.0 Operating lease right-of-use assets 2.1 — Goodwill 26.1 0.9 Franchise rights 88.5 — Total assets held for sale 342.2 29.1 Liabilities: Floor plan notes payable—non-trade — 2.8 Loaners/ Notes payable — 0.8 Current maturities of long-term debt — 0.6 Current maturities of operating leases 0.2 — Long-term debt — 6.2 Operating lease liabilities 1.9 — Total liabilities associated with assets held for sale 2.1 10.5 Net assets held for sale $ 340.1 $ 18.7 As of December 31, 2023, assets held for sale consisted of 11 franchise (11 dealership locations) in addition to one real estate property not currently used in our operations. As of December 31, 2022, assets held for sale consisted of one franchise (one dealership location) in addition to one real estate property not currently used in our operations. During the year ended December 31, 2023, the Company sold one franchise (one dealership location) for a pre-tax gain totaling $13.5 million. During the year ended December 31, 2022, the Company sold 18 franchises (16 dealership locations) and three collision centers for a pre-tax gain totaling $207.1 million.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS Other current assets consisted of the following: As of December 31, 2023 2022 (In millions) Loaner vehicles $ 262.6 $ 178.2 Contract assets (see Note 2) 53.8 40.5 Prepaid expenses 41.4 43.0 Prepaid taxes 18.4 5.8 Notes receivable 5.2 12.9 Deposits 4.5 4.1 Other 3.1 3.6 Other current assets $ 388.9 $ 288.1

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS TCA has an investment portfolio funded primarily by product premiums. The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale, equity securities, and other investments measured at net asset value are as follows: As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 6.3 $ — $ (0.1) $ 6.2 U.S Treasury 13.6 0.1 (0.1) 13.5 Municipal 30.1 0.2 (0.2) 30.1 Corporate 131.5 1.6 (0.9) 132.2 Mortgage and other asset-backed securities 150.1 1.6 (0.9) 150.9 Total debt securities 331.6 3.5 (2.2) 332.9 Total investments $ 331.6 $ 3.5 $ (2.2) $ 332.9 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 5.4 $ — $ — $ 5.4 U.S Treasury 11.8 — (0.2) 11.6 Municipal 22.8 — (0.4) 22.4 Corporate 81.8 0.2 (2.3) 79.7 Mortgage and other asset-backed securities 73.8 0.3 (1.4) 72.7 Total debt securities 195.5 0.5 (4.4) 191.7 Common stock 48.7 — — 48.7 Total investments $ 244.2 $ 0.5 $ (4.4) $ 240.4 There were no equity securities held as of December 31, 2023. As of December 31, 2023 and 2022, the Company had $2.5 million and $1.3 million of accrued interest receivable, which was included in other current assets on the consolidated balance sheets. The Company does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses. A summary of amortized costs and fair value of investments by time to maturity, is as follows: As of December 31, 2023 Amortized Costs Fair Value (In millions) Due in 1 year or less $ 6.3 $ 6.2 Due in 1-5 years 116.9 116.9 Due in 5-10 years 52.9 53.4 Due after 10 years 5.4 5.5 Total by maturity 181.5 182.0 Mortgage and other asset-backed securities 150.1 150.9 Total investment securities $ 331.6 $ 332.9 During the year ended December 31, 2023, we recorded $0.5 million gross gains and $1.5 million gross losses realized related to the sales of available-for-sale debt securities carried at fair value. During the year ended December 31, 2023, we recorded $3.7 million gross gains and $0.9 million gross losses realized related to the sales of equity securities carried at fair value. During the year ended December 31, 2022, we recorded $0.1 million gross gains and $2.0 million gross losses realized related to the sales of available-for-sale debt securities carried at fair value. During the year ended December 31, 2022, we recorded $10.1 million gross gains and $3.6 million gross losses realized related to the sales of equity securities carried at fair value. There were no gross gains and losses realized related to the sales of available-for-sale debt and equity securities carried at fair value from the acquisition date of December 17, 2021 to December 31, 2021. The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of investments with unrealized losses. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position of 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was December 31, 2023. As of December 31, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In millions) Short-term investments $ — $ — $ 6.0 $ (0.1) $ 6.0 $ (0.1) U.S Treasury 3.4 (0.1) 5.0 (0.1) 8.5 (0.1) Municipal 6.4 (0.1) 10.4 (0.1) 16.8 (0.2) Corporate 11.4 (0.1) 48.0 (0.8) 59.4 (0.9) Mortgage and other asset-backed securities 29.8 (0.4) 33.1 (0.5) 62.9 (0.9) Total debt securities $ 51.1 $ (0.7) $ 102.5 $ (1.6) $ 153.6 $ (2.2) As of December 31, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In millions) U.S Treasury $ 9.2 $ (0.2) $ — $ — $ 9.2 $ (0.2) Municipal 19.0 (0.4) — — 19.0 (0.4) Corporate 66.2 (0.1) 5.2 (0.3) 71.4 (0.4) Mortgage and other asset-backed securities 51.4 (1.3) 1.5 (0.2) 52.9 (1.5) Total debt securities $ 145.7 $ (2.0) $ 6.8 $ (0.5) $ 152.6 $ (2.5)

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, 2023 2022 (In millions) Land $ 868.3 $ 673.8 Buildings and leasehold improvements 1,465.2 1,318.8 Machinery and equipment 171.9 145.4 Furniture and fixtures 97.8 91.1 Company vehicles 16.5 14.0 Construction in progress 92.0 36.5 Gross property and equipment 2,711.7 2,279.5 Less—Accumulated depreciation (396.1) (338.5) Property and equipment, net (a) $ 2,315.7 $ 1,941.0 ______________________________ (a) Property and equipment, net as of December 31, 2023 and 2022, excluded $136.6 million and $24.0 million, respectively classified as assets held for sale. In addition, property and equipment, net as of December 31, 2023 and 2022 included finance leases of $8.4 million and $8.1 million, respectively. Depreciation expense was $67.7 million, $69.0 million, and $41.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

GOODWILL AND INTANGIBLE FRANCHI

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	12 Months Ended
	Dec. 31, 2023
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. Intangible franchise rights is an asset representing our rights under franchise agreements with vehicle manufacturers. In connection with the Koons acquisition, we recorded goodwill of $231.7 million, and franchise rights of $429.0 million. Goodwill related to the Koons acquisition was allocated to the Dealerships segment. The changes in goodwill and intangible franchise rights for the years ended December 31, 2023 and 2022 are as follows: Goodwill Dealerships TCA Total (In millions) Balance as of December 31, 2021 (a) $ 1,561.4 $ 710.3 $ 2,271.7 Reclassified from assets held for sale 118.5 — 118.5 Acquisitions - measurement period adjustments (337.0) (173.7) (510.7) Divestitures (95.2) — (95.2) Reclassified to assets held for sale (0.9) — (0.9) Balance as of December 31, 2022 (a) $ 1,246.8 $ 536.6 $ 1,783.4 Reclassified from assets held for sale 0.9 — 0.9 Acquisitions 240.8 — 240.8 Divestitures (0.9) — (0.9) Impairments (14.9) — (14.9) Reclassified to assets held for sale (0.3) — (0.3) Balance as of December 31, 2023 (a) $ 1,472.4 $ 536.6 $ 2,009.0 _____________________________ (a) Net of accumulated impairment losses of $537.7 million recorded prior to the year ended December 31, 2021. Intangible Franchise Rights (In millions) Balance as of December 31, 2021 $ 1,335.7 Reclassified from assets held for sale 110.0 Acquisitions - measurement-period adjustments 517.7 Divestitures (163.3) Balance as of December 31, 2022 $ 1,800.1 Acquisitions 429.0 Impairments (102.3) Reclassified to assets held for sale (31.0) Balance as of December 31, 2023 $ 2,095.8 Based on the underperformance of certain stores, limited primarily to two brands, along with an increase in discount rates, we performed quantitative impairment tests of franchise rights for certain stores in our Dealerships segment as of October 1, 2023. The quantitative impairment tests for franchise rights included a comparison of the estimated fair value to the carrying value of each franchise right asset. The Company estimates fair value by using a discounted cash flow model (income approach) based on market participant assumptions related to the cash flows directly attributable to the franchise. These assumptions include year-over-year and terminal growth rates, weighted average cost of capital, future gross margins, and future selling, general, and administrative expenses. The results of the quantitative impairment testing identified that the carrying values of certain of our franchise rights intangible assets exceeded their fair value. As a result, we recognized a $73.1 million pre-tax non-cash impairment charge related to our franchise rights intangible assets during the year ended December 31, 2023. These asset impairment charges are reflected in asset impairments in our consolidated statements of income. Additionally, in connection with a change in reporting units in our Dealerships segment, we performed quantitative impairment tests of goodwill for the affected reporting units as of October 1, 2023, both before and after the change in reporting units. The quantitative impairment tests of goodwill included a comparison of the estimated fair value to the carrying value of the reporting unit. The Company estimates fair value by using a discounted cash flow model (income approach) based on market participant assumptions. These assumptions include year-over-year and terminal growth rates, weighted average cost of capital, future gross margins, and future selling, general, and administrative expenses.The results of our quantitative goodwill impairment tests related to certain reporting units indicated that the fair value of these reporting units exceeded their carrying values. We also performed qualitative assessments on the remaining franchise rights and goodwill reporting units as of October 1, 2023. The results of our qualitative assessment on the remaining franchise rights indicated that the fair values of the franchise rights related to those dealerships more likely than not exceeded their carrying values. The results of our qualitative assessments of goodwill impairment related to the remaining reporting units indicated that the fair values of the reporting units more likely than not exceeded their carrying values. In December 2023, certain dealerships met the held for sale criteria and the assets and liabilities associated with these dealerships were reclassified as assets held for sale and liabilities associated with assets held for sale in our consolidated balance sheets. As a result, we evaluated the disposal groups to ensure their recording at the lower of their carrying value or fair value less costs to sell. The quantitative impairment tests of each disposal group included a comparison of the estimated fair value to the carrying value of the disposal group less costs to sell. The Company determined the estimated fair value of each disposal group based on the estimated sales proceeds less cost to sell. As a result of this analysis, we recorded asset impairment charges of $44.1 million. These asset impairment charges are reflected in asset impairments in our consolidated statements of income. Since the resulting impairment charges and the decision to dispose of these dealerships represented a triggering event for goodwill, we performed quantitative impairment tests of goodwill for the affected reporting units in December 2023. The results of our quantitative goodwill impairment tests for the affected reporting units indicated that the fair value of these reporting units exceeded their carrying values. We elected to perform a qualitative assessment for our October 1, 2022 goodwill and franchise rights impairment testing and determined that it was more likely than not that the fair value of our franchise rights and reporting units exceeded their carrying value.

FLOOR PLAN NOTES PAYABLE_TRADE

FLOOR PLAN NOTES PAYABLE—TRADE	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE—TRADE	FLOOR PLAN NOTES PAYABLE—TRADE We consider floor plan notes payable to a party that is affiliated with the entity from which we purchase our new vehicle inventory as floor plan notes payable—trade on our consolidated balance sheets. Floor plan notes payable—trade, net consisted of the following: As of December 31, 2023 2022 (In millions) Floor plan notes payable—trade $ 245.6 $ 65.1 Floor plan notes payable offset account (50.5) (14.2) Total floor plan notes payable—trade, net $ 195.1 $ 51.0 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. These transfers reduce the amount of outstanding new vehicle floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within one to two days. As a result of using our floor plan offset account, we experienced a reduction in floor plan interest expense in our consolidated statements of income.The representations and covenants contained in the agreement governing our floor plan facility with Ford Credit are customary for financing transactions of this nature. Further, the agreement governing our floor plan facility with Ford Credit also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, the Company could be required to immediately repay all outstanding amounts under our floor plan facility with Ford Credit.

FLOOR PLAN NOTES PAYABLE_NON-TR

FLOOR PLAN NOTES PAYABLE—NON-TRADE	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
FLOOR PLAN NOTES PAYABLE—NON-TRADE	FLOOR PLAN NOTES PAYABLE—NON-TRADE We consider floor plan notes payable to a party that is not affiliated with the entity from which we purchase our new vehicle inventory as floor plan notes payable—non-trade on our consolidated balance sheets. Floor plan notes payable—non-trade, net consisted of the following: As of December 31, 2023 2022 (In millions) Floor plan notes payable—new non-trade (a) $ 1,328.1 $ 613.6 Floor plan notes payable—used non-trade 307.1 — Floor plan notes payable offset account (b) (44.7) (613.6) Total floor plan notes payable—non-trade, net $ 1,590.6 $ — __________________________ (a) Floor plan notes payable—new non-trade as of December 31, 2022 excludes $2.8 million, classified as liabilities associated with assets held for sale. (b) In addition to the $613.6 million shown above as of December 31, 2022, we held $164.0 million in the floor plan notes payable offset account of which $100.8 million was reflected within cash and cash equivalents and $63.2 million was shown as an offset to loaner vehicles notes payable which is included in accounts payable and accrued liabilities within the consolidated balance sheets. 2023 Senior Credit Facility On October 20, 2023, the Company and certain of its subsidiaries entered into a fourth amended and restated credit agreement with Bank of America, N.A. ("Bank of America"), as administrative agent, and the other lenders party thereto (the "2023 Senior Credit Facility"). The 2023 Senior Credit Facility amended and restated the Company’s pre-existing third amended and restated credit agreement, dated as of September 25, 2019, among the Company, certain of its subsidiaries, Bank of America, as administrative agent, and the other lenders party thereto. The 2023 Senior Credit Facility provides for the following, in each case subject to limitations on availability as set forth therein: • $500.0 million revolving credit facility (the “Revolving Credit Facility”); • $1.93 billion new vehicle revolving floorplan facility (the “New Vehicle Floorplan Facility”); and • $375.0 million used vehicle revolving floorplan facility (the “Used Vehicle Floorplan Facility”). Proceeds from borrowings under the 2023 Senior Credit Facility will be used, among other things, (i) to finance the purchase of new and used vehicles by the Company and certain of its subsidiaries, (ii) for working capital needs of the Company and certain of its subsidiaries, and (iii) for other general corporate purposes of the Company and certain of its subsidiaries. Subject to compliance with certain conditions, the 2023 Senior Credit Facility provides that we have the ability, at our option and subject to the receipt of additional commitments from existing or new lenders, to increase the size of the facilities by up to $750.0 million in the aggregate without lender consent. We have the ability to convert a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to convert is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to convert any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility. In connection with the New Vehicle Floor Plan Facility, we continue to maintain an offset account with Bank of America that allows us to transfer cash as an offset to floor plan notes payable. These transfers reduce the amount of outstanding new vehicle floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within one to two days. As a result of the use of our floor plan offset account, we experienced a reduction in floor plan interest expense in our consolidated statements of income. Borrowings outstanding under the 2023 Senior Credit Facility bear interest, at the option of the Company, based on Daily Simple SOFR (as defined in the 2023 Senior Credit Facility) or the Base Rate, in each case plus an Applicable Rate. The Base Rate is the highest of (i) the Federal Funds Rate (as defined in the 2023 Senior Credit Agreement) plus 0.50%, (ii) the Bank of America prime rate, and (iii) Daily Simple SOFR plus 1.00% and (iv) 1.00%. Applicable Rate means with respect to the Revolving Credit Facility, a range from 1.00% to 2.00% for Daily Simple SOFR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio. Borrowings under the New Vehicle Floorplan Facility bear interest, at the option of the Company, based on Daily Simple SOFR plus 1.10%, or the Base Rate plus 0.10%. Borrowings under the Used Vehicle Floorplan Facility bear interest, at the option of the Company, based on Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40%. In addition to the payment of interest on borrowings outstanding under the 2023 Senior Credit Facility, we are required to pay a quarterly commitment fee on total unused commitments thereunder. The fee for unused commitments under the Revolving Credit Facility is between 0.15% and 0.40% per year, based on the Company's total lease adjusted leverage ratio, and the fee for unused commitments under the New Vehicle Facility Floor Plan and the Used Vehicle Facility Floor Plan Facility is 0.15% per year. The 2023 Senior Credit Facility matures, and all amounts outstanding thereunder will be due and payable, on October 20, 2028. The representations and covenants contained in the 2023 Senior Credit Agreement are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2023 Senior Credit Agreement. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2023 Senior Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the Revolving Credit Facility or the Used Vehicle Floorplan Facility could be, or result in, an event of default under the New Vehicle Floorplan Facility, and vice versa. Upon the occurrence of an event of default, the Company could be required to immediately repay all amounts outstanding under the applicable facility. See the "Representations and Covenants" section below under our "Long-Term Debt" footnote for a description of the representations, covenants and events of default contained in the 2023 Senior Credit Facility. 2019 Senior Credit Facility On October 29, 2021, we entered into a third amendment to the third amended and restated credit agreement dated September 25, 2019 with Bank of America, as administrative agent, and the other lenders party thereto (the "2019 Senior Credit Facility"). On September 30, 2022, the Company and certain of its subsidiaries entered into the fifth amendment to the 2019 Senior Credit Facility. The amendment, among other things, increased the cap that the real estate component of the Revolving Borrowing Base can contribute to the Revolving Borrowing Base from 25% to 40% of the Aggregate Revolving Commitments, increased the amounts that any conversion of the Aggregate Revolving Commitments to Aggregate New Vehicle Floor Plan Commitments and/or Aggregate Used Vehicle Floor Plan Commitments (each way) can contribute to Aggregate Commitments from 20% to 40%, removed the $50 million limit on the portion of the Floorplan Offset Amount that may be subtracted from certain amounts outstanding under the floorplan facility and made certain changes to the criteria for Eligible Borrowing Base Real Property and the deliverables in connection with those properties (such capitalized terms, in each case, as defined in the amendment). The amendment did not update or amend the maturity date, interest rates or total loan commitments under the 2019 Senior Credit Agreement. On May 25, 2022, we and certain of our subsidiaries, as applicable, entered into an amendment to our 2019 Senior Credit Facility to revise the benchmark reference rate of LIBOR to SOFR applicable to interest payable under the New Vehicle Floor Plan Facility and the Used Vehicle Floor Plan Facility. On June 3, 2022, $389.0 million of our availability under the Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of lower commitment fee rates. On March 31, 2023, we designated this $389.0 million back to the Revolving Credit Facility. In addition to our new and used vehicle floor plan facilities, we have loaner vehicle floor plan facilities with Bank of America and certain original equipment manufacturers (“OEMs”). Loaner vehicles notes payable related to Bank of America was $127.2 million as of December 31, 2023 and $10.8 million, net of offsets of $63.2 million as of December 31, 2022. Loaner vehicles notes payable related to OEMs as of December 31, 2023 and 2022 were $111.9 million and $83.7 million, respectively.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following: As of December 31, 2023 2022 (In millions) Accounts payable $ 155.6 $ 147.4 Loaner vehicles notes payable (a) 239.1 94.5 Taxes payable 74.9 91.8 Accrued compensation 56.8 89.0 Accrued interest 46.6 33.0 Customer deposits 30.2 23.5 Accrued insurance 28.4 39.2 Accrued finance and insurance chargebacks 24.7 29.1 Accrued licenses and regulatory fees 16.7 9.9 Unearned premium 14.1 13.6 Customer we owe liabilities 7.3 7.0 Accrued advertising 6.9 4.3 Acquisition related liabilities 6.4 21.3 Other 40.3 41.5 Accounts payable and accrued liabilities $ 748.1 $ 645.0 ____________________________

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following: As of December 31, 2023 2022 (In millions) 4.50% Senior Notes due 2028 $ 405.0 $ 405.0 4.625% Senior Notes due 2029 800.0 800.0 4.75% Senior Notes due 2030 445.0 445.0 5.00% Senior Notes due 2032 600.0 600.0 Mortgage notes payable bearing interest at fixed rates (the weighted average interest rates were 5.9% and 5.4% for the year ended December 31, 2023 and 2022, respectively) (a) 31.9 38.3 2021 Real Estate Facility 614.4 660.6 2021 BofA Real Estate Facility 165.9 173.3 2018 Bank of America Facility (b) 50.3 54.5 2018 Wells Fargo Master Loan Facility 72.0 76.9 2013 BofA Real Estate Facility — 24.9 2015 Wells Fargo Master Loan Facility 37.2 42.3 2023 Syndicated Revolving Credit Facility — — Finance lease liability 8.4 8.4 Total debt outstanding 3,230.1 3,329.2 Add—unamortized premium on 4.50% Senior Notes due 2028 0.6 0.8 Add—unamortized premium on 4.75% Senior Notes due 2030 1.3 1.6 Less—debt issuance costs (25.9) (30.4) Long-term debt, including current portion 3,206.2 3,301.2 Less—current portion, net of debt issuance costs (84.9) (84.5) Long-term debt $ 3,121.2 $ 3,216.8 ____________________________ (a) Mortgage notes payable as of December 31, 2022 excludes $2.7 million classified as liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Bank of America Facility as of December 31, 2022 exclude $4.1 million classified as liabilities associated with assets held for sale. The aggregate maturities of long-term debt as of December 31, 2023 are as follows (in millions): 2024 $ 85.7 2025 134.1 2026 553.0 2027 12.4 2028 464.6 Thereafter 1,980.2 Total maturities of long-term debt $ 3,230.1 Senior Notes issued in 2021 In connection with the LHM acquisition, on November 19, 2021, the Company completed its offering of $800 million aggregate principal amount of 4.625% senior notes due 2029 (the "2029 Notes") and $600 million aggregate principal amount of 5.000% senior notes due 2032 (the "2032 Notes"). The Company paid lender fees of $17.5 million in conjunction with the offering of the 2029 Notes and 2032 Notes and incurred additional debt issuance costs of $4.0 million. The lender fees and other debt issuance costs incurred are being amortized over the terms of the 2029 and 2032 Notes using the effective interest method. The 2029 Notes will mature on November 15, 2029. We may redeem some or all of the 2029 Notes at any time on and after November 15, 2024 at redemption prices specified in the 2029 Notes Indenture. Prior to November 15, 2024, we may also redeem up to 40% of the aggregate principal amount of the 2029 Notes using the proceeds from certain equity offerings at a redemption price of 104.625% of their principal amount plus accrued and unpaid interest, if any, to, but not including the redemption date. In addition, we may redeem some or all of the 2029 Notes at any time prior to November 15, 2024 at a price equal to 100% of the principal amount thereof plus a make-whole premium set forth in the 2029 Notes Indenture, and accrued and unpaid interest, if any. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2029 Notes. The 2032 Notes mature on February 15, 2032. We may redeem some or all of the 2032 Notes at any time on and after November 15, 2026 at redemption prices specified in the 2032 Notes Indenture. Prior to November 15, 2026, we may also redeem up to 40% of the aggregate principal amount of the 2032 Notes using the proceeds from certain equity offerings at a redemption price of 105.000% of their principal amount plus accrued and unpaid interest to, if any, but not including the redemption date. In addition, we may redeem some or all of the 2032 Notes at any time prior to November 15, 2026 at a price equal to 100% of the principal amount thereof plus a make-whole premium set forth in the 2032 Notes Indenture, and accrued and unpaid interest, if any. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2032 Notes. We are a holding company with no independent assets or operations. For all relevant periods presented, our 2029 Notes and 2032 Notes have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries other than Landcar Administration Company, Landcar Agency, Inc., and Landcar Casualty Company (collectively, the "TCA Non-Guarantor Subsidiaries"). Senior Notes issued in 2020 In connection with the proposed acquisition of the Park Place dealerships announced in December 2019 ("2019 Acquisition"), on February 19, 2020, the Company completed its offering of senior unsecured notes (the "February 2020 Offering"), consisting of $525.0 million aggregate principal amount of 4.50% Senior Notes due 2028 (the "Existing 2028 Notes") and together with the Additional 2028 Notes ((as defined below), the "2028 Notes") and $600.0 million aggregate principal amount of 4.75% Senior Notes due 2030 (the "Existing 2030 Notes" and, together with the Existing 2028 Notes, the "Existing Notes") and together with the Additional 2030 Notes ((as defined below), the "2030 Notes"). The Company paid lender fees of $6.8 million in conjunction with the February 2020 Offering and incurred additional debt issuance costs of $3.1 million. As a result of the termination of the 2019 Acquisition, the Company delivered a notice of special mandatory redemption to holders of its Existing 2028 Notes and Existing 2030 Notes pursuant to which it would redeem on a pro rata basis (1) $245.0 million of the Existing 2028 Notes and (2) $280.0 million of the 2030 Existing Notes, in each case, at 100% of the respective principal amount plus accrued and unpaid interest to but excluding, the special mandatory redemption date. On March 30, 2020, the Company completed the redemption. In September 2020, following the consummation of the Park Place acquisition, the Company completed an issuance of $250.0 million aggregate principal amount of additional senior unsecured notes (the "September 2020 Offering") consisting of $125.0 million aggregate principal amount of additional 4.50% Senior Notes due 2028 (the "Additional 2028 Notes") at a price of 101.00% of par, plus accrued interest from September 1, 2020, and $125.0 million aggregate principal amount of additional 4.75% Senior Notes due 2030 (the "Additional 2030 Notes" and together with the Additional 2028 Notes, the "Additional Notes") at a price of 101.75% of par, plus accrued interest from September 1, 2020. After deducting the initial purchasers' discounts of $2.8 million, we received net proceeds of approximately $250.6 million from the September 2020 Offering. The $3.5 million premium paid by the initial purchasers of the Additional Notes was recorded as a component of long-term debt on our consolidated balance sheet and is being amortized as a reduction of interest expense over the remaining term of the Additional Notes. The proceeds of the September 2020 Offering were used to redeem certain seller notes issued in connection with the Park Place acquisition and repay approximately $50.0 million in aggregate principal amount outstanding under our Revolving Credit Facility. The lender fees and other debt issuance costs incurred are being amortized over the terms of the Notes using the effective interest method. The 2028 Notes and 2030 Notes mature on March 1, 2028 and March 1, 2030, respectively. Interest is payable semiannually, on March 1 and September 1 of each year. The February 2020 Offering, together with additional borrowings and cash on hand, was incurred to (i) fund the acquisition of substantially all of the assets of Park Place, (ii) redeem all of our outstanding $600.0 million aggregate principal amount of the 6.0% Notes (the "6.0% Notes") and (iii) pay fees and expenses in connection with the foregoing. The remaining outstanding 2028 Notes and 2030 Notes are subject to customary covenants, events of default and optional redemption provisions. In addition, the remaining outstanding 2028 Notes and 2030 Notes were required to be registered under the Securities Act of 1933 within 270 days of the closing date for the offering. The Company completed the registration of the 2028 Notes and 2030 Notes in October 2020. We are a holding company with no independent assets or operations. For all relevant periods presented, our 2028 Notes and 2030 Notes have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries other than the TCA Non-Guarantor Subsidiaries. Mortgage Financings We have multiple mortgage agreements with finance companies affiliated with our vehicle manufacturers ("captive mortgages"). As of December 31, 2023 and 2022, we had total mortgage notes payable outstanding of $31.9 million and $38.3 million, respectively, that are collateralized by the associated real estate, which excludes amounts classified as liabilities associated with assets held for sale. The total mortgage notes payable is due to be repaid in 2024. 2021 Real Estate Facility On December 17, 2021, we entered into a real estate term loan credit agreement with 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 $689.7 million (the "2021 Real Estate Facility"). The Company used the proceeds from these borrowings to finance the purchase of the real property in connection with the LHM acquisition as well as other acquisitions and unencumbered real property. Term loans under the 2021 Real Estate Facility bear interest, at our option, based on (1) Daily Simple SOFR plus 1.55% - 1.95% per annum (as determined by the consolidated total lease adjusted leverage ratio), or (2) the Base Rate (as described below) plus 0.55% - 0.95% per annum (as determined by the consolidated total lease adjusted leverage ratio). The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) the Daily Simple SOFR plus 1.0% and (iv) 1.00%. We will be required to make 20 consecutive quarterly principal payments of 1.25% 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 Real Estate Facility matures five years from the initial funding date. Borrowings under the 2021 Real Estate Facility are guaranteed by us, and are collateralized by first priority liens, subject to certain permitted exceptions, on all of the real property financed thereunder. As of December 31, 2023 and 2022, we had $614.4 million and $660.6 million, respectively, in term loans outstanding under the 2021 Real Estate Facility. 2021 BofA Real Estate Facility On May 25, 2022, we entered into the second amendment to the credit agreement to, among other things, revise the benchmark interest rate payable on term loans under our 2021 BofA Real Estate Facility. Interest is payable, at our option, based on (1) SOFR plus 0.10%, plus 1.65% per annum or (2) the Base Rate 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, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%. 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. We are 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. The representations and covenants in the 2021 BofA Real Estate Facility are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2021 BofA Real Estate Facility. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2021 BofA Real Estate Facility also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2021 BofA Real Estate Facility to immediately repay all amounts outstanding thereunder. As of December 31, 2023 and 2022, we had $165.9 million and $173.3 million, respectively, in term loans outstanding under the 2021 BofA Real Estate Facility. 2018 BofA Real Estate Facility On May 25, 2022, we entered into the third amendment to the credit agreement to revise the benchmark interest rate payable on term loans under our 2018 BofA Real Estate Facility. Interest is payable, at our option, based on SOFR plus 0.10%, plus 1.50% or the Base Rate plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%. On November 13, 2018, we entered into a real estate term loan credit agreement (as amended, restated or supplemented from time to time, the "2018 BofA Real Estate Credit Agreement") with Bank of America, as lender, providing for term loans in an aggregate amount not to exceed $128.1 million, subject to customary terms and conditions (the "2018 BofA Real Estate Facility"). Our right to make draws under the 2018 BofA Real Estate Facility terminated on November 13, 2019. We are required to make quarterly principal payments of 1.25% of the initial amount of each loan on a twenty As of December 31, 2023 and 2022, we had $50.3 million and $54.5 million, respectively, in term loans outstanding under the 2018 BofA Real Estate Facility, which excludes amounts classified as liabilities associated with assets held for sale. 2018 Wells Fargo Master Loan Facility On June 1, 2022, certain of our subsidiaries entered into the second amendment to the master loan agreement that revised interest payable from a LIBOR reference rate to SOFR plus 0.10%, plus an applicable margin based on a pricing grid ranging from 1.50% to 1.85% per annum based on our consolidated total lease adjusted leverage ratio. On November 16, 2018, certain of our subsidiaries entered into a master loan agreement (the "2018 Wells Fargo Master Loan Agreement" and, together with the 2013 BofA Real Estate Credit Agreement, the 2015 Wells Fargo Master Loan Agreement and the 2018 BofA Real Estate Agreement, the "Existing Real Estate Credit Agreements") with Wells Fargo Bank, National Association, as lender, which provides for term loans to certain of our subsidiaries that are borrowers under the Wells Fargo Master Loan Agreement in an aggregate amount not to exceed $100.0 million (the "Wells Fargo Master Loan Facility"), subject to customary terms and conditions (the "2018 Wells Fargo Master Loan Facility"). Our right to make draws under the 2018 Wells Fargo Master Loan Facility terminated on June 30, 2020. We are required to make quarterly principal payments with respect to the initial amount of each loan in 108 equal monthly principal payments based on a hypothetical nineteen As of December 31, 2023 and 2022, we had $72.0 million and $76.9 million, respectively, outstanding borrowings under the 2018 Wells Fargo Master Loan Facility. 2015 Wells Fargo Master Loan Facility On June 1, 2022, certain of our subsidiaries entered into the second amendment to the master loan agreement that revised interest payable from a LIBOR reference rate to SOFR plus 0.10%, plus 1.85% per annum. On February 3, 2015, certain of our subsidiaries entered into an amended and restated master loan agreement (as amended, restated or supplemented from time to time, the "2015 Wells Fargo Master Loan Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as lender, which provides form term loans to certain of our subsidiaries that are borrowers under the 2015 Wells Fargo Master Loan Agreement in an aggregate amount not to exceed $100.0 million (the "2015 Wells Fargo Master Loan Facility"). Our right to make draws under the 2015 Wells Fargo Master Loan Facility terminated on February 1, 2016. We are required to make quarterly principal payments with respect to the initial amount of each loan in 108 equal monthly principal payments based on a hypothetical nineteen As of December 31, 2023 and 2022, we had $37.2 million and $42.3 million, respectively, outstanding under the 2015 Wells Fargo Master Loan Facility. 2013 BofA Real Estate Facility On May 25, 2022, we entered into the third amendment to the credit agreement to revise the benchmark interest rate payable on term loans under our 2013 BofA Real Estate Facility. Interest is payable, at our option, based on SOFR plus 0.10%, plus 1.50% or the Base Rate plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%. Our right to make draws under the 2013 BofA Real Estate Facility terminated on December 26, 2013. On September 26, 2013, we entered into a real estate term loan credit agreement (the "2013 BofA Real Estate Credit Agreement") with Bank of America, N.A. ("Bank of America"), as lender, providing for term loans in an aggregate amount not to exceed $75.0 million, subject to customary terms and conditions (the "2013 BofA Real Estate Facility"). Our right to make draws under the 2013 BofA Real Estate Facility terminated on December 26, 2013. In June 2023, the Company prepaid the aggregate principal amounts remaining under the 2013 BofA Real Estate Facility for an aggregate amount of approximately $23.9 million with cash on hand. Summary of Mortgages Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and year of maturity as of December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Mortgage Agreement Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Captive mortgages (a) $ 31.9 $ 86.3 2024 $ 38.3 $ 98.0 2023-2024 2021 Real Estate Facility 614.4 852.4 2026 660.6 864.6 2026 2021 BofA Real Estate Facility 165.9 198.4 2031 173.3 197.3 2031 2018 BofA Real Estate Facility (b) 50.3 72.7 2025 54.5 78.7 2025 2018 Wells Fargo Master Loan Facility 72.0 103.6 2028 76.9 105.0 2028 2013 BofA Real Estate Facility — — N/A 24.9 61.7 2023 2015 Wells Fargo Master Loan Facility 37.2 83.1 2025 42.3 84.2 2025 Total mortgage debt $ 971.7 $ 1,396.5 $ 1,070.8 $ 1,489.5 ___________________________ (a) Amounts reflected for the mortgage notes payable as of December 31, 2022, exclude $2.7 million classified as liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Bank of America Facility as of December 31, 2022, exclude $4.1 million classified as liabilities associated with assets held for sale. Revolving Credit Facility As discussed above under our "Floor Plan Notes Payable—Non-Trade" footnote, the 2023 Senior Credit Facility includes a $500.0 million Revolving Credit Facility. We may request Bank of America to issue letters of credit on our behalf thereunder up to $50.0 million. Availability under the Revolving Credit Facility is limited by borrowing base calculations and is reduced on a dollar-for-dollar basis by the aggregate face amount of any outstanding letters of credit. As of December 31, 2023, we had $14.0 million in outstanding letters of credit, nothing drawn on our Revolving Credit Facility and $332.1 million of borrowing availability As of December 31, 2022, we had $12.7 million in outstanding letters of credit, nothing drawn on our Revolving Credit Facility and $48.3 million of borrowing availability, with an additional $389.0 million available to convert from our new vehicle floorplan facility. Proceeds from borrowings from time to time under the revolving credit facility may be used for among other things, acquisitions, working capital and capital expenditures. Stock Repurchase and Dividend Restrictions The 2023 Senior Credit Facility and the Indentures currently allow for restricted payments without limit so long as our Consolidated Total Leverage Ratio (as defined in the 2023 Senior Credit Facility and the Indentures) is no greater than 3.0 to 1.0 after giving effect to such proposed restricted payments. Restricted payments generally include items such as dividends, share repurchases, unscheduled repayments of subordinated debt, or purchases of certain investments. Subject to our continued compliance with a consolidated fixed charge coverage ratio and a maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Indentures, restricted payments capacity additions (or subtractions if negative) equal to a base level plus the cumulative amount of (i) 50% of our net income (as defined in the 2023 Senior Credit Facility) plus (ii) 100% of any cash proceeds we receive from the sale of equity interests minus (iii) the dollar amount of share purchases made and dividends paid during the defined measurement periods, subject to certain exceptions. In the event that our Consolidated Total Leverage Ratio does (or would) exceed 3.0 to 1.0, the 2023 Senior Credit Facility and the Indentures would then also allow for restricted payments under mutually exclusive parameters, subject to certain exclusions. The Company may otherwise make restricted payments only up to the aforementioned cumulative capacity. Our restricted payment capacity balance as of December 31, 2023 and 2022 was $1.18 billion and $1.11 billion, respectively. Representations and Covenants We are subject to a number of covenants in our various debt and lease agreements, including those described below. We were in compliance with all of our covenants throughout 2023. Failure to comply with any of our debt covenants would constitute a default under the relevant debt agreements, which would entitle the lenders under such agreements to terminate our ability to borrow under the relevant agreements and accelerate our obligations to repay outstanding borrowings, if any, unless compliance with the covenants is waived. In many cases, defaults under one of our agreements could trigger cross-default provisions in our other agreements. If we are unable to remain in compliance with our financial or other covenants, we would be required to seek waivers or modifications of our covenants from our lenders, or we would need to raise debt and/or equity financing or sell assets to generate proceeds sufficient to repay such debt. We cannot give any assurance that we would be able to successfully take any of these actions on terms, or at times, that may be necessary or desirable. The representations and covenants contained in the agreement governing the 2023 Senior Credit Facility are customary for financing transactions of this nature including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the agreement governing the 2023 Senior Credit Facility. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. The agreement governing the 2023 Senior Credit Facility also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the Revolving Credit Facility or the Used Vehicle Floor Plan Facility could be, or result in, an event of default under the New Vehicle Floor Plan Facility, and vice versa. Upon the occurrence of an event of default, the Company could be required to immediately repay all amounts outstanding under the applicable facility. The representations and covenants contained in the 2021 BofA Real Estate Facility are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2021 BofA Real Estate Facility. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2021 BofA Real Estate Facility also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required to immediately repay all amounts outstanding thereunder. The representations and covenants contained in the 2021 Real Estate Facility are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2021 Real Estate Facility. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2021 Real Estate Facility also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required to immediately repay all amounts outstanding thereunder. The representations and covenants contained in the 2018 BofA Real Estate Credit Agreement are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the 2018 BofA Real Estate Credit Agreement. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2018 BofA Real Estate Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2018 BofA Real Estate Credit Agreement to immediately repay all amounts outstanding thereunder. The representations, warranties and covenants contained in the 2018 Wells Fargo Master Loan Agreement and the related documents are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2018 Wells Fargo Master Loan Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2018 Wells Fargo Master Loan Facility to immediately repay all amounts outstanding thereunder. The representations, warranties and covenants contained in the 2015 Wells Fargo Master Loan Agreement and the related documents are customary for financing transactions of this nature, including, among others, a requirement to comply with a minimum consolidated fixed charge coverage ratio and maximum consolidated total lease adjusted leverage ratio. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The 2015 Wells Fargo Master Loan Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event of default, we could be required by the 2015 Wells Fargo Master Loan Facility to immediately repay all amounts outstanding thereunder.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	12 Months Ended
	Dec. 31, 2023
Derivatives and Fair Value [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange-traded debt securities that are not actively traded or do not have a high trading volume, and certain real estate properties on a non-recurring basis. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and intangible franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, investments, 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, approximate fair value primarily 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. A summary of the carrying values and fair values of our Notes is as follows: As of December 31, 2023 2022 (In millions) Carrying Value: 4.50% Senior Notes due 2028 $ 402.8 $ 409.5 4.625% Senior Notes due 2029 790.4 789.1 4.75% Senior Notes due 2030 442.2 441.7 5.00% Senior Notes due 2032 592.3 591.5 Total carrying value $ 2,227.7 $ 2,231.8 Fair Value: 4.50% Senior Notes due 2028 $ 384.8 $ 354.4 4.625% Senior Notes due 2029 744.0 672.0 4.75% Senior Notes due 2030 410.3 372.7 5.00% Senior Notes due 2032 546.0 492.0 Total fair value $ 2,085.1 $ 1,891.1 Interest Rate Swap Agreements We currently have six interest rate swap agreements. In January 2022, we entered into two new interest rate swap agreements with a combined notional principal amount of $550.0 million. These swaps are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the SOFR rate. All interest rate swap agreements with an inception date of 2021 and prior were amended on June 1, 2022 to provide a hedge against changes in variable rate cash flows regarding fluctuations in SOFR as compared to the previous benchmark rate of one-month LIBOR. The revisions to the interest rate swap agreements did not impact our hedge accounting because we applied the accounting expedients outlined in ASU 2020-04 and ASU 2021-01 of ASC Topic 848, Reference Rate Reform . The following table provides information on the attributes of each swap as of December 31, 2023: Inception Date Notional Value at Inception Notional Value as of December 31, 2023 Notional Value at Maturity Maturity Date (In millions) January 2022 $ 300.0 $ 273.8 $ 228.8 December 2026 January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031 May 2021 $ 184.4 $ 165.9 $ 110.6 May 2031 July 2020 $ 93.5 $ 76.2 $ 50.6 December 2028 July 2020 $ 85.5 $ 68.0 $ 57.3 November 2025 June 2015 $ 100.0 $ 58.8 $ 53.1 February 2025 The fair value of cash flow swaps is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than this input, all other inputs used in the valuation for these swaps are designated to be Level 2 fair values. The fair value of our swaps for the years ended December 31, 2023 and 2022, reflect a net asset of $79.8 million and $102.4 million, respectively. The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the consolidated balance sheets: As of December 31, 2023 2022 (In millions) Other current assets $ 27.5 $ 29.6 Other long-term assets 52.3 72.8 Total fair value $ 79.8 $ 102.4 Our interest rate swaps qualify for cash flow hedge accounting treatment. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Information about the effect of our interest rate swap agreements in the accompanying consolidated statements of income and consolidated statements of comprehensive income, is as follows (in millions): For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Income (Loss) Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Income (Loss) 2023 $ 12.1 Other interest expense, net $ (34.7) 2022 $ 100.8 Other interest expense, net $ (2.4) 2021 $ 11.0 Other interest expense, net $ 4.7 On the basis of yield curve conditions as of December 31, 2023 and including assumptions about future changes in fair value, we expect the amount to be reclassified out of accumulated other comprehensive loss into earnings within the next 12 months will be gains of $27.5 million. Investments The table below presents the Company’s investment securities that are measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 31, 2023 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 4.8 $ — $ — $ 4.8 Short-term investments 2.0 4.2 — 6.2 U.S Treasury 13.5 — — 13.5 Municipal — 30.1 — 30.1 Corporate — 132.2 — 132.2 Mortgage and other asset backed securities — 150.9 — 150.9 Total debt securities 15.5 317.4 — 332.9 Total $ 15.5 $ 317.4 $ — $ 332.9 Total Investments, at fair value $ 332.9 As of December 31, 2022 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 6.6 $ — $ — $ 6.6 Short-term investments 0.6 4.8 — 5.4 U.S Treasury 11.6 — — 11.6 Municipal — 22.4 — 22.4 Corporate — 79.7 — 79.7 Mortgage and other asset backed securities — 72.6 — 72.6 Total debt securities 12.2 179.5 — 191.7 Common stock 48.7 — — 48.7 Total $ 60.9 $ 179.5 $ — $ 240.4 Total Investments, at fair value $ 240.4 We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain investments. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. Available-for-sale debt securities are recorded at fair value and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to finance and insurance, net revenue in the period or periods during which the debt securities are sold and the gains or losses are realized. Information about the effect of our available-for-sale debt securities in the accompanying consolidated statements of income and consolidated statements of comprehensive income, is as follows (in millions): For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Income (Loss) Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Income (Loss) 2023 $ 4.1 Revenue-Finance and Insurance, net $ (1.1) 2022 $ (6.0) Revenue-Finance and Insurance, net $ (1.9) 2021 $ — Revenue-Finance and Insurance, net $ —

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of income tax expense are as follows: For the Year Ended December 31, 2023 2022 2021 (In millions) Current: Federal $ 128.9 $ 142.0 $ 113.9 State 30.1 30.8 20.8 Total current income tax expense 159.0 172.8 134.7 Deferred: Federal 33.8 130.7 24.8 State 6.0 18.3 5.8 Total deferred income tax expense 39.8 149.0 30.6 Total income tax expense $ 198.8 $ 321.8 $ 165.3 A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions) : For the Year Ended December 31, 2023 % 2022 % 2021 % Income tax provision at the statutory rate $ 168.3 21.0 $ 277.0 21.0 $ 146.5 21.0 State income tax expense, net of federal benefit 29.8 3.7 42.7 3.2 21.0 3.0 Non-deductible items 1.7 0.2 1.6 0.1 0.6 0.1 Other, net (1.0) (0.1) 0.5 0.1 (2.8) (0.4) Income tax expense $ 198.8 24.8 $ 321.8 24.4 $ 165.3 23.7 Deferred income tax asset and liability components consisted of the following: As of December 31, 2023 2022 (In millions) Deferred income tax assets: Deferred revenue $ 38.0 $ 35.7 F&I chargeback liabilities 12.1 13.2 Other accrued liabilities 2.9 6.6 Stock-based compensation 3.7 3.1 Operating lease right-of-use assets 61.5 59.1 Other, net 12.9 9.4 Total deferred income tax assets $ 131.2 $ 127.1 Deferred income tax liabilities: Intangible asset amortization 110.8 91.0 Depreciation 56.9 52.1 Operating lease liabilities 59.9 57.5 Investments, net 20.0 24.0 Deferred sales commissions 18.3 — Other, net 1.6 3.2 Total deferred income tax liabilities $ 267.6 $ 227.8 Net deferred income tax liabilities $ (136.4) $ (100.7) There were no valuation allowances recorded against the deferred tax assets as of December 31, 2023 or 2022. As of December 31, 2023, we had an income tax receivable of $11.5 million, included in Other current assets. As of December 31, 2022, we had income tax payable of $21.5 million, included in accounts payable and accrued liabilities. As of December 31, 2023, we had a state net operating loss ("NOL") carryforward of $63.8 million and a deferred tax asset of $2.2 million to reflect the benefit. This NOL will expire in 2042. The statutes of limitation related to our consolidated Federal income tax returns are closed for all tax years up to and including 2019. The expiration of the statutes of limitation related to the various state income tax returns that we and our subsidiaries file varies by state. The 2018 through 2022 tax years generally remain subject to examination by most state tax authorities. We believe that our tax positions comply with applicable tax law and that we have adequately provided for these matters.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: As of December 31, 2023 2022 (In millions) Unearned premiums $ 21.8 $ 23.1 Accrued finance and insurance chargebacks 24.3 24.9 Unclaimed property 5.3 5.1 Other 0.4 0.5 Other long-term liabilities $ 51.7 $ 53.5

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the years ended December 31, 2023, 2022, and 2021, we made interest payments, including amounts capitalized, totaling $149.3 million, $147.2 million, and $92.2 million, respectively. Included in these interest payments are $4.0 million, $8.4 million, and $8.7 million, of floor plan interest payments for the years ended December 31, 2023, 2022, and 2021, respectively. During the years ended December 31, 2023, 2022, and 2021 we made income tax payments, net of refunds received, totaling $191.9 million, $198.4 million, and $114.2 million, respectively. During the years ended December 31, 2023, 2022, and 2021, we transferred $431.2 million, $281.4 million, and $216.3 million, respectively, of loaner vehicles from other current assets to inventory in our consolidated balance sheets.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use ("ROU") asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of December 31, Leases Classification 2023 2022 (In millions) Assets: Current Operating Assets held for sale $ 2.1 $ — Non-Current Operating Operating lease right-of-use assets 241.8 235.4 Finance Property and equipment, net 8.4 8.1 Total right-of-use assets $ 252.3 $ 243.5 Liabilities: Current Operating Current maturities of operating leases $ 26.2 $ 23.6 Operating Liabilities held for sale 0.2 — Finance Current maturities of long-term debt — — Non-Current Operating Operating lease liabilities 222.1 218.4 Operating Liabilities held for sale 1.9 — Finance Long-term debt 8.4 8.4 Total lease liabilities $ 258.8 $ 250.4 Lease Term and Discount Rate As of December 31, 2023 2022 Weighted Average Lease Term - Operating Leases 13.2 years 14.4 years Weighted Average Lease Term - Finance Lease 36.7 years 37.7 years Weighted Average Discount Rate - Operating Leases 4.9 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.4 % 4.4 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Finance lease cost (Interest) $ 0.4 $ 0.4 Operating lease cost 36.2 38.1 Short-term lease cost 3.6 4.3 Variable lease cost 1.0 2.4 $ 41.3 $ 45.1 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.4 $ 0.4 Operating cash flows from operating leases 36.2 38.1 Right-of-use assets obtained in exchange for new operating lease liabilities 35.0 6.2 During the years ended December 31, 2023 and 2022, we obtained $35.0 million and $6.2 million, respectively, of right-of-use assets in exchange for new operating lease liabilities. The activity during the year ended December 31, 2023 was primarily as a result of business combinations. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2023, including leases related to liabilities associated with assets held for sale . Finance Operating (In millions) 2024 $ 0.4 $ 38.1 2025 0.4 35.5 2026 0.4 28.3 2027 0.4 25.0 2028 0.4 23.1 Thereafter 15.7 194.7 Total minimum lease payments $ 17.7 $ 344.6 Less: Amount of lease payments representing interest (9.4) (94.1) Present value of future minimum lease payments $ 8.4 $ 250.5 Less: current obligations under leases (a) — (26.4) Long-term lease obligation (b) $ 8.4 $ 224.1 __________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.9 million of operating lease liabilities classified as liabilities associated with assets held for sale.
LEASES	LEASES We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use ("ROU") asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation As of December 31, Leases Classification 2023 2022 (In millions) Assets: Current Operating Assets held for sale $ 2.1 $ — Non-Current Operating Operating lease right-of-use assets 241.8 235.4 Finance Property and equipment, net 8.4 8.1 Total right-of-use assets $ 252.3 $ 243.5 Liabilities: Current Operating Current maturities of operating leases $ 26.2 $ 23.6 Operating Liabilities held for sale 0.2 — Finance Current maturities of long-term debt — — Non-Current Operating Operating lease liabilities 222.1 218.4 Operating Liabilities held for sale 1.9 — Finance Long-term debt 8.4 8.4 Total lease liabilities $ 258.8 $ 250.4 Lease Term and Discount Rate As of December 31, 2023 2022 Weighted Average Lease Term - Operating Leases 13.2 years 14.4 years Weighted Average Lease Term - Finance Lease 36.7 years 37.7 years Weighted Average Discount Rate - Operating Leases 4.9 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.4 % 4.4 % Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Finance lease cost (Interest) $ 0.4 $ 0.4 Operating lease cost 36.2 38.1 Short-term lease cost 3.6 4.3 Variable lease cost 1.0 2.4 $ 41.3 $ 45.1 Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.4 $ 0.4 Operating cash flows from operating leases 36.2 38.1 Right-of-use assets obtained in exchange for new operating lease liabilities 35.0 6.2 During the years ended December 31, 2023 and 2022, we obtained $35.0 million and $6.2 million, respectively, of right-of-use assets in exchange for new operating lease liabilities. The activity during the year ended December 31, 2023 was primarily as a result of business combinations. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2023, including leases related to liabilities associated with assets held for sale . Finance Operating (In millions) 2024 $ 0.4 $ 38.1 2025 0.4 35.5 2026 0.4 28.3 2027 0.4 25.0 2028 0.4 23.1 Thereafter 15.7 194.7 Total minimum lease payments $ 17.7 $ 344.6 Less: Amount of lease payments representing interest (9.4) (94.1) Present value of future minimum lease payments $ 8.4 $ 250.5 Less: current obligations under leases (a) — (26.4) Long-term lease obligation (b) $ 8.4 $ 224.1 __________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.9 million of operating lease liabilities classified as liabilities associated with assets held for sale.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of December 31, 2023, the Company had two reportable segments: (1) Dealerships and (2) TCA. Our dealership operations are organized by management into geographic market-based groups within the Dealerships segment. The operations of our F&I product provider is reflected within our TCA segment. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources at the geographic market level for our dealerships and at the TCA segment level for our F&I product provider's operations. The geographic dealership group operating segments have been aggregated into one reportable segment as their operations (i) have similar economic characteristics (our markets all have similar long-term average gross margins), (ii) offer similar products and services (all of our markets offer new and used vehicles, parts and service, and finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our markets distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. TCA's vehicle protection products are sold through affiliated dealerships and the revenue from the related commissions is included in finance and insurance, net revenue in the Dealerships segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealerships segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. Upon consolidation, the associated service revenue and costs recorded by the Dealerships segment are eliminated against claims expense recorded by the TCA segment. The preliminary amount of goodwill acquired in the Koons acquisition of $231.7 million was allocated to the Dealerships segment. The majority of TCA’s revenue arises from sales through our affiliated dealerships. Intercompany profits and losses are eliminated in consolidation. Reportable segment financial information for the years ended December 31, 2023 and 2022 is as follows: As of and for the year ended December 31, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 14,699.0 $ 285.2 $ (181.5) $ 14,802.7 Gross profit 2,671.1 77.1 7.6 2,755.8 Depreciation and amortization 67.1 0.7 — 67.7 Selling, general and administrative expense 1,638.5 7.4 (28.5) 1,617.4 Interest expense Floor plan interest expense 9.6 — — 9.6 Other interest expense, net 156.1 — — 156.1 Total interest expense $ 165.7 $ — $ — $ 165.7 Capital expenditures 142.3 — — 142.3 Total assets $ 9,199.4 $ 913.9 $ 46.1 $ 10,159.4 As of and for the year ended December 31, 2022 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 15,341.1 $ 245.8 $ (153.0) $ 15,433.8 Gross profit 3,036.0 53.8 10.8 3,100.6 Depreciation and amortization 68.2 0.8 — 69.0 Selling, general and administrative expense 1,786.3 7.0 (30.0) 1,763.4 Interest expense Floor plan interest expense 8.4 — — 8.4 Other interest expense, net 152.2 — — 152.2 Total interest expense $ 160.6 $ — $ — $ 160.6 Capital expenditures 94.6 — — 94.6 Total assets $ 7,170.8 $ 869.2 $ (18.6) $ 8,021.4

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On August 3, 2022, we received a Civil Investigative Demand (“CID”) from the FTC requesting information and documents concerning the Company’s corporate structure and operation of six of its dealerships. We responded to the CID by producing information and documents for the period August 1, 2019 to April 24, 2023. On February 8, 2024, the FTC staff counsel sent to us a proposed consent order and draft complaint, alleging that the Company and three of our dealerships had violated Section 5 of the Federal Trade Commission Act (“FTC Act”) and certain provisions of the Equal Credit Opportunity Act (“ECOA”) in connection with the sale of add-on products (e.g., vehicle service contracts, maintenance plans, etc.), and advising that it would recommend the filing of an enforcement action if the Company did not settle the FTC’s claims. The Company disputes the FTC’s allegations that it violated the FTC Act and the ECOA, and is currently involved in discussions with the FTC staff regarding the matter. There can be no assurance that negotiations between us and the FTC for a favorable settlement will be successful, or that we will succeed in any litigation as a result of the investigation. At this time, we are unable to reasonably predict the possible outcome of this matter, or provide a reasonably possible range of loss, if any, as a result of the investigation. If the FTC files a suit against us based on these allegations, whether meritorious or not, it may adversely affect our ability to attract customers, result in the loss of existing customers, harm our reputation and cause us to incur defense costs and other expenses. Our dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing, or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects that we might not have planned for or otherwise determined to undertake. From time to time, we and our dealerships are or may become involved in various claims relating to, and arising out of, our business and our operations. These claims may involve, but not be limited to, financial and other audits by vehicle manufacturers or lenders and certain federal, state, and local government authorities, which have historically related primarily to (i) incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements or policies, (ii) compliance with lender rules and covenants, and (iii) payments made to government authorities relating to federal, state, and local taxes, as well as compliance with other government regulations. Claims may also arise through litigation, government proceedings, and other dispute resolution processes. Such claims, including class actions, could relate to, but may not be limited to, the practice of charging administrative fees and other fees and commissions, employment-related matters, truth-in-lending and other dealer assisted financing obligations, contractual disputes, actions brought by governmental authorities, and other matters. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. We believe we have adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. Based on our review of the various types of claims currently known to us, there is no indication of material reasonably possible losses in excess of amounts accrued in the aggregate. We currently do not anticipate that any known claim will materially adversely affect our financial condition, liquidity, or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on our financial condition, liquidity, or results of operations. A significant portion of our business involves the sale of vehicles, parts, or vehicles composed of parts that are manufactured outside the United States. As a result, our operations are subject to customary risks of importing merchandise, including fluctuations in the relative values of currencies, import duties, exchange controls, trade restrictions, work stoppages, and general political and socio-economic conditions in foreign countries. The United States or the countries from which our products are imported may, from time to time, impose new quotas, duties, tariffs, or other restrictions; or adjust presently prevailing quotas, duties, or tariffs, which may affect our operations, and our ability to purchase imported vehicles and/or parts at reasonable prices. Substantially all of our facilities are subject to federal, state and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had, nor do we expect such compliance to have, any material effect upon our capital expenditures, net earnings, financial condition, liquidity or competitive position. We believe that our current practices and procedures for the control and disposition of such materials comply with applicable federal, state, and local requirements. No assurances can be provided, however, that future laws or regulations, or changes in existing laws or regulations, would not require us to expend significant resources in order to comply therewith. We had $14.0 million of letters of credit outstanding as of December 31, 2023, which are required by certain of our insurance providers. In addition, as of December 31, 2023, we maintained a $20.6 million surety bond line in the ordinary course of our business. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Compensation Related Costs [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS On March 13, 2012, our Board of Directors, upon the recommendation of our Compensation and Human Resources Committee, approved the 2012 Equity Incentive Plan (the "2012 Plan"). On April 18, 2012, our shareholders approved the 2012 Plan, which replaced our previous equity incentive plan. The 2012 Plan expired on March 13, 2022 and provided for the grant of options, performance share units, restricted share units, and shares of restricted stock to our directors, officers, and employees in the total amount of 1.5 million shares. On April 17, 2019, the stockholders of the Company approved the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan (the "2019 Plan") and authorized a total of 1,590,000 shares of common stock for issuance under the 2019 Plan ("Plan Shares"). The Plan Shares include 641,363 shares of common stock which remained unissued under the 2012 Plan. No further grants of awards will be made under the 2012 Plan; however outstanding awards under the 2012 Plan will continue in effect in accordance with their terms and conditions. There were approximately 1.4 million shares available for grant in accordance with the 2019 Plan as of December 31, 2023. We issue shares of our common stock upon the vesting of performance share units or restricted share units. These shares are issued from our authorized and not outstanding common stock. In addition, in connection with the vesting of equity-based awards, we repurchase a portion of the shares issued equal to the amount of employee income tax withholding. We recognized $23.5 million ($5.8 million tax benefit), $20.6 million ($5.0 million tax benefit), and $16.2 million ($3.9 million tax benefit) in share-based compensation expense for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, there was $17.8 million of total unrecognized share-based compensation expense related to non-vested share-based awards granted under the 2012 Plan and 2019 Plan, and the weighted average period over which it is expected to be recognized is 1.5 years. Further, we expect to recognize $2.2 million of this expense in 2024, $10.1 million in 2025, $5.5 million in 2026. Performance Share Units During the year ended December 31, 2023, the Compensation and Human Resources Committee of the Board of Directors approved the grant of up to 70,758 performance share units, which represents 150% of the target award. Performance share units provide an opportunity for the employee-recipient to receive a number of shares of our common stock based on our performance during a specified year period following the grant as measured against objective performance goals as determined by the Compensation and Human Resources Committee of our Board of Directors. The actual number of units earned may range from 0% to 150% of the target number of units depending upon achievement of the performance goals. Performance share units vest in three three The following table summarizes information about performance share units for 2023: Shares Weighted Average Grant Date Non-vested at January 1, 2023 103,659 $ 165.94 Granted 70,758 232.24 Vested (47,802) 146.65 Forfeited or unearned (26,552) 182.94 Non-vested at December 31, 2023 100,063 $ 207.28 The weighted average grant-date fair value of performance share units and total fair value of performance share units vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of performance share units granted $ 232.24 $ 185.05 $ 132.52 Total fair value of performance share units vested (in millions) $ 7.0 $ 5.7 $ 5.7 Restricted Share Units During the year ended December 31, 2023, the Compensation and Human Resources Committee of the Board of Directors approved the grant of 79,141 shares of restricted share units. Restricted share units generally vest in three three The following table summarizes information about restricted share units for 2023: Shares Weighted Average Grant Date Non-vested at January 1, 2023 118,765 $ 157.34 Granted 79,141 231.70 Vested (80,738) 162.06 Forfeited (8,374) 204.15 Non-vested at December 31, 2023 108,794 $ 204.35 The weighted average grant-date fair value of restricted share units and total fair value of restricted share units vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of restricted share units granted $ 231.70 $ 184.67 $ 150.38 Total fair value of restricted share units vested (in millions) $ 13.1 $ 8.5 $ 3.8 Restricted Stock Awards Restricted stock awards vest in three three The following table summarizes information about restricted stock awards for 2023: Shares Weighted Average Grant Non-vested at January 1, 2023 5,067 $ 69.08 Granted — — Vested (2,898) 69.01 Forfeited — — Non-vested at December 31, 2023 2,169 $ 69.18 The weighted average grant-date fair value of restricted stock awards and total fair value of restricted stock awards vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of restricted stock granted $ — $ — $ — Total fair value of restricted stock awards vested (in millions) $ 0.2 $ 2.3 $ 8.6 Employee Retirement Plan The Company sponsors the Asbury Automotive Retirement Savings Plan (the "Retirement Savings Plan"), a 401(k) plan, for eligible employees. Employees electing to participate in the Retirement Savings Plan may contribute up to 75% of their annual eligible compensation. IRS rules limited total participant contributions during 2023 to $22,500, or $30,000 if age 50 or more. After one year of employment, we match 50% of employees' contributions up to 6% of their eligible compensation. Employer contributions vest on a graded basis over 4 years after the date of hire. The Company's expense related to employer matching contributions totaled $16.0 million, $18.0 million, and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 602.5	$ 997.3	$ 532.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (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 consolidated financial statements in order to conform to current presentation. Amounts presented have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute or tie to prior year financial statements due to rounding.
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. Estimates made in the accompanying consolidated financial statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, and certain assumptions related to goodwill and dealership franchise rights intangible assets.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit, which have maturity dates of less than 90 days when purchased.
Restricted Cash and Securities	Restricted Cash and Securities
Investments	Short-Term Investments Short-term investments consist of debt securities that are callable or have a maturity date within the next 12 months and are classified as current assets. Debt securities classified as short-term investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities classified as short-term investments are amortized or accreted using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Investments Investments consist of available-for-sale debt securities, equity securities, and other investments. These securities are classified as non-current investments as they are not intended to fund current operations or have stated call dates or maturity dates beyond the next 12 months. Equity securities may consist of both preferred stock and common stock. Debt securities classified as non-current investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities included in non-current investments are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities included in non-current investments are amortized or accreted, as applicable, using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Equity securities included in non-current investments are reported at fair market value with the change in value, during the reporting period, recognized in net income.
Contracts-In-Transit	Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us.
Inventories	nventories Inventories are stated at the lower of cost and net realizable value. We use the specific identification method to value vehicle inventories and parts and accessories are valued at the lower of cost or net realizable value. Our new vehicle sales history indicates that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for new vehicle inventory. We maintain a reserve for used vehicle inventory where cost basis exceeds net realizable value. In assessing lower of cost and net realizable value for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles, and (iii) current market conditions and trends in used vehicle sales. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (i) days of supply in our used vehicle inventory, (ii) used vehicle units sold at less than original cost as a percentage of total used vehicles sold, and (iii) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost and net realizable value, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down, and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and floor plan interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and certain floor plan interest credits are accounted for as purchase discounts, and are recorded as a reduction of inventory and recognized as a reduction to new vehicle cost of sales in the accompanying consolidated statements of income in the period the related vehicle is sold. Certain floor plan interest credits are reflected as a reduction in floor plan interest expense in the accompanying consolidated statements of income.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in depreciation and amortization on the accompanying consolidated statements of income. Leasehold improvements are capitalized and amortized over the lesser of the remaining lease term or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets. We review property and equipment for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When we test our long-lived assets for impairment, we first compare the carrying amount of the underlying assets to their net recoverable value by reviewing the undiscounted cash flows expected from the use and eventual disposition of the underlying assets. If the carrying amount of the underlying assets is less than their net recoverable value, then we calculate an impairment equal to the excess of the carrying amount over the fair market value, and the impairment loss would be charged to operations in the period identified. During the year ended December 31, 2023, we recorded a $1.1 million impairment charge included in selling, general and administrative expenses related to construction in progress. We did not record an impairment charge related to our property and equipment in 2022 and 2021.
Acquisitions	Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. Results of acquired businesses, which are primarily dealerships, are included in our accompanying consolidated statements of income commencing on the date of acquisition. Our acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Upon the completion of purchase accounting, 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.
Goodwill and Other Intangible Assets	Goodwill and Franchise Rights Goodwill represents the excess cost of an acquired business over the estimated fair market value of its identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and how we review the results of our operations, that we have several geographic market-based operating segments which consist of our dealerships. We have determined that the dealerships in each of our operating segments are components that are aggregated into several geographic market-based reporting units for the purpose of testing goodwill for impairment, as they (i) have similar economic characteristics, (ii) offer similar products and services (all of our dealerships offer new and used vehicles, service, parts and third-party finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our dealerships distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments. Our dealership operating segments are aggregated into our single dealerships reportable segment. Goodwill associated with TCA is tested for impairment at the operating segment level which is the same as the reporting unit for this business. 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. We have determined that manufacturer franchise rights have an indefinite life, as there are no economic, contractual or other factors that limit their useful lives, and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers' brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. Goodwill and manufacturer franchise rights are deemed to have indefinite lives and therefore are not subject to amortization. We review goodwill and manufacturer franchise rights for impairment annually as of October 1 st , or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that goodwill becomes impaired due to decreases in the fair value of our automotive retail business or manufacturer franchise rights become impaired due to decreases in the fair value of our individual franchises. Our identifiable intangible assets, other than goodwill, are our rights under franchise agreements with manufacturers, which are recorded at an individual franchise level, and the value of business acquired ("VOBA") which is recorded at the TCA segment level. We recorded VOBA of $5.6 million in connection with the acquisition of TCA. VOBA reflects the estimated fair value of the expected future profits in unearned premium for in-force service contracts acquired in the LHM acquisition. VOBA is reflected in other long-term assets within the consolidated balance sheets and is amortized over 5 years, which represents the approximate term of the underlying contracts.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are presented as a contra-liability within current maturities of long-term debt or long-term debt on our consolidated balance sheets, except for debt issuance costs associated with our line-of-credit arrangements, which are presented as an asset within other current assets or other long-term assets on our consolidated balance sheets. Debt issuance costs are amortized to floor plan interest expense and other interest expense, net in the accompanying consolidated statements of income through maturity using the effective interest method or the straight-line method for our line-of-credit arrangements.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our interest rate risk. The types of risks hedged are those relating to the variability of cash flows caused by fluctuations in interest rates. We document our risk management strategy and assess hedge effectiveness at each interest rate swap's inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying consolidated balance sheets. The changes in fair value on our hedges is reported as a component of accumulated other comprehensive loss on the accompanying consolidated balance sheets, and reclassified to other interest expense, net in the accompanying consolidated statements of income in the period during which the hedged transaction affects earnings.
Self-insurance Programs	Self-insurance Programs We are self-insured for most of our employee medical claims and maintain stop-loss insurance for large-dollar individual claims. We have high deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Provisions for retained losses and deductibles are made by charges to expense based upon periodic evaluations of the estimated ultimate liabilities on reported and unreported claims.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers ("Topic 606"). Under that guidance, the transaction price is attributed to the underlying performance obligations in the contract and revenue is deferred and recognized as income as the Company satisfies the performance obligations in the contract. Incremental costs of obtaining a contract with a customer are capitalized and amortized to the extent that the Company expects to recover those costs. The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service. Sales and other taxes we collect, concurrent with revenue-producing activities, are excluded from revenue. New vehicle and used vehicle retail Revenue from the sale of new and used vehicles is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Payment is generally received at the time of sale or from a third-party financial institution within a short period of time following the sale of the vehicle. Amounts due from third-party financial institutions are reflected in contracts-in-transit or vehicle receivables within accounts receivable, net on our consolidated balance sheets. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. Payment is typically received when control of the parts and accessories transfers to the customer or within 30 days of such time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Payment for services are typically received upon completion of the services or within 30 days following the completion of the services. Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore treated as a single performance obligation. Certain of these services are provided by the Dealerships segment to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expense recorded by the TCA segment are eliminated upon consolidation. Finance and Insurance, net Within the Dealerships segment, we receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed asset protection debt cancellation, and other products, to end-users. In addition, we record commissions received from our TCA segment related to the sale of TCA's various vehicle protection F&I products. TCA offers extended vehicle service contracts, prepaid maintenance contracts, key replacement contracts, guaranteed asset protection contracts, paintless dent repair contracts, appearance protection contracts, tire and wheel, and lease wear and tear contracts. In addition, TCA provides the required contractual liability insurance if needed. The majority of these service contracts are sold through affiliated automobile dealerships. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitating the sale of a third party's products or services to our customers. The dealerships commission arrangements with TCA, third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission chargebacks ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract, and these reserves are established in the same period that the related revenue is recognized. Commissions revenue and related reserves for future chargebacks in connection with the sale of TCA F&I products by our dealerships, are eliminated in consolidation. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Within our TCA segment, all revenue, other than investment and interest income, is the result of contracts with customers. Each contract is considered to have a single performance obligation which extends over the life of the contract. Revenue is recognized ratably over the contract term based on earnings factors that align with the performance obligation. We capitalize costs to obtain customer contracts, employee sales commissions, and amortize those costs over the estimated life of the contract. Amortization of costs to obtain customer contracts is included in selling, general and administrative expenses. The portion of commissions that are paid to affiliated dealerships are eliminated upon consolidation. Unearned premium reserves are established to cover the unexpired portion of premiums written. Deferred Revenue We earn and recognize premium revenue related to the TCA segment over the period of the related service contract. Accordingly, we record deferred revenue as we ratably recognize revenue over the service contract period. Unpaid Losses and Loss Adjustment Expense Reserve Losses and loss adjustment expense reserves represent management's best estimate of the ultimate net cost of all reported and unreported losses incurred through December 31, 2023. The Company does not discount liabilities for unpaid losses or unpaid loss adjustment expense reserves. The reserves for unpaid losses and loss adjustment expenses are estimated using individual case-basis valuation and statistical analysis. Those estimates are subject to the effects of trends in loss severity and frequency. Although considerable variability is inherent in such estimates, management believes the reserves for losses and loss adjustment expenses are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in income from operations. Claims are counted when incidents that may result in a liability are reported and are based on policy coverage.
Consolidation	Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of parts and service cost of sales on the accompanying consolidated statements of income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either new vehicle cost of sales or used vehicle cost of sales on the accompanying consolidated statements of income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory at period end. Intersegment Elimination TCA's vehicle protection products are sold through affiliated dealerships and the revenue from the related commissions are included in finance and insurance, net revenues in the Dealerships segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealerships segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expense recorded by the TCA segment are eliminated upon consolidation. Intersegment revenues and profits from contracts and services are eliminated in consolidation. See Note 20 "Segment Information" for further details
Share-based Compensation	Share-Based Compensation
Share Repurchase	Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. During the year ended December 31, 2023 and 2022, the Company repurchased 1,316,167 and 1,635,030 and retired 1,370,371 and 1,580,826 shares of our common stock under our share repurchase program, respectively. The Company did not repurchase any shares under the repurchase program or retire any treasury shares during 2021. On May 25, 2023, our Board of Directors approved a new authorization to repurchase up to $250.0 million of the Company's common stock (the "New Share Repurchase Authorization"), which replaces our previous share repurchase authorization. As of December 31, 2023, the Company had $202.6 million remaining on its share repurchase authorization.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
Advertising	Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts received from certain automobile manufacturers. Advertising expense totaled $47.5 million, $50.1 million, and $30.7 million for the years ended December 31, 2023, 2022, and 2021, which was net of earned advertising credits of $36.5 million, $35.5 million, and $22.4 million, respectively, and is included in selling, general, and administrative expense in the accompanying consolidated statements of income.
Income Taxes	Income Taxes
Assets Held for Sale and Liabilities Associated with Assets Held for Sale	Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as assets held for sale as of December 31, 2023 and 2022 in the accompanying consolidated balance sheets. Assets and liabilities classified as held for sale include assets and liabilities associated with pending dealership disposals, real estate we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. 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 through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2023 Senior Credit Facility") and all floor plan notes payable relating to used vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade"), are classified as financing activities in the accompanying consolidated statements of cash flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity in the accompanying consolidated statements of cash flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as a financing activity. 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 our 2023 Senior Credit Facility that includes lenders affiliated with the manufacturers and lenders not affiliated with the manufacturers from which we purchased the related inventory. The majority of our floor plan notes are payable to our 2023 Senior Credit Facility, with the exception of floor plan notes payable relating to the financing of new Ford and Lincoln vehicles. Loaner vehicles account for a significant portion of other current assets. We acquire loaner vehicles either with available cash or through borrowings from either our manufacturer affiliated lenders or through our 2023 Senior Credit Facility. Loaner vehicles are initially used by our service department for a short period of time (typically 6 to 12 months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in other current assets and the borrowings and repayments of loaner vehicle notes payable in accounts payable and accrued liabilities in the accompanying consolidated statements of cash flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from other current assets to used vehicle inventory. These transfers are reflected as non-cash transfers between other current assets and inventory in the accompanying consolidated statements of cash flows.
Business and Credit Concentration Risk	Business and Credit Concentration Risk Financial instruments, which potentially subject us to a concentration of credit risk, consist principally of cash deposits and investments. We maintain cash balances at financial institutions with strong credit ratings. Generally, amounts maintained with these financial institutions are in excess of FDIC insurance limits. In addition, we limit our exposure through the kind, quality and concentration of these investments. As of December 31, 2023, the Company had total investments of $332.9 million. We have substantial debt service obligations. As of December 31, 2023, we had total debt of $3.23 billion, which excludes floor plan notes payable, debt issuance costs, and the debt premium on the 4.5% Senior Notes (the "4.5% Notes") and 4.75% Senior Notes (the "4.75% Notes") due 2028 and 2030, respectively. In addition, we and our subsidiaries have the ability to obtain additional debt from time to time to finance acquisitions, real property purchases, capital expenditures, share repurchases or for other purposes, although such borrowings are subject to the restrictions contained in the fourth amended and restated senior secured credit agreement with Bank of America, N.A. ("Bank of America"), as administrative agent, and the other lenders party thereto (the "2023 Senior Credit Facility"), the indentures governing our 4.5% Notes, 4.625% Notes, 4.75% Notes and 5.0% Notes (the "Indentures"), and our other debt instruments. We will have substantial debt service obligations, consisting of required cash payments of principal and interest, for the foreseeable future. We are subject to operating and financial restrictions and covenants in certain of our leases and in our debt instruments, including the 2023 Senior Credit Facility, the Indentures, and the credit agreements covering our mortgage obligations. These agreements contain restrictions on, among other things, our ability to incur additional indebtedness, to create liens or other encumbrances, and to make certain payments (including dividends and repurchases of our shares and investments). These agreements may also require us to maintain compliance with certain financial and other ratios. Our failure to comply with any of these covenants in the future would constitute a default under the relevant agreement, which would, depending on the relevant agreement, (i) entitle the creditors under such agreement to terminate our ability to borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; (ii) require us to apply our available cash to repay these borrowings; (iii) entitle the creditors under such agreement to foreclose on the property securing the relevant indebtedness; and/or (iv) prevent us from making debt service payments on certain of our other indebtedness, any of which would have a material adverse effect on our business, financial condition or results of operations. In many cases, a default under one of our debt or mortgage agreements could trigger cross-default provisions in one or more of our other debt or mortgages. A number of our dealerships are located on properties that we lease. Each of the leases governing such properties has certain covenants with which we must comply. If we fail to comply with the covenants under our leases, the respective landlords could terminate the leases and seek damages from us. Concentrations of credit risk with respect to contracts-in-transit and accounts receivable are limited primarily to automotive manufacturers and financial institutions. Credit risk arising from receivables with commercial customers is minimal due to the large number of customers comprising our customer base. A significant portion of our new vehicle sales are derived from a limited number of automotive manufacturers. For the year ended December 31, 2023, manufacturers representing 5% or more of our revenues from new vehicle sales were as follows: Manufacturer (Vehicle Brands): % of Total Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus) 27 % Stellantis N.V. ( Chrysler, Dodge, Jeep, Ram and Fiat ) 12 % American Honda Motor Co., Inc. (Honda and Acura) 12 % Ford Motor Company (Ford and Lincoln) 11 % Mercedes-Benz USA, LLC ( Mercedes-Benz and Sprinter ) 9 % General Motors Company ( Chevrolet, Buick and GMC) 6 % Hyundai Motor North America ( Hyundai and Genesis ) 5 % No other manufacturers individually accounted for more than 5% of our total new vehicle revenue for the year ended December 31, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued final guidance in ASU 2023-09, Improvements to Income Tax Disclosures , in December 2023 which primarily expands the disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 and should be applied prospectively with the option of retrospective application. We are evaluating the impact of this new guidance on our consolidated financial statements. I n November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances the disclosures primarily around segment expenses. In addition, the amendments expand the scope of quarterly financial reporting by requiring disclosure of both existing annual segment reporting disclosures and the expanded disclosures outlined in ASU 2023-07. The guidance should be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. We are evaluating the impact of this new guidance on our consolidated financial statements. I n September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs. This standard serves to improve transparency about supplier finance programs. The ASU requires certain disclosures around key terms of outstanding supply chain finance programs and changes in obligations during a reporting period related to vendors participating in these programs. The new disclosure requirements do not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective for fiscal years beginning after December 15, 2022, except for rollforward information, which is effective in the first quarter of 2024. Early adoption is permitted. The adoption of this new guidance on January 1, 2023 did not have a material impact on our condensed consolidated financial statements. See Notes11 "Floor Plan Notes Payable-Trade" and Note 12 "Floor Plan Notes Payable-Non-Trade." In March 2020, the FASB issued ASU 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 ASU 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 was utilized in our debt (including mortgages), revolving credit facilities, floorplan facilities, and interest rate swaps. During the quarter ended June 30, 2022, we amended our LIBOR-based debt arrangements and related hedging financial instruments to revise their interest basis from LIBOR to a Secured Overnight Financing Rate ("SOFR"). See Note 14 "Debt" for further details. The impact of these amendments to our debt arrangements and related interest rate swap derivative agreements, along with the adoption of the provisions from this standard, did not have a material impact on our consolidated financial statements.

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Property and equipment, net consisted of the following: As of December 31, 2023 2022 (In millions) Land $ 868.3 $ 673.8 Buildings and leasehold improvements 1,465.2 1,318.8 Machinery and equipment 171.9 145.4 Furniture and fixtures 97.8 91.1 Company vehicles 16.5 14.0 Construction in progress 92.0 36.5 Gross property and equipment 2,711.7 2,279.5 Less—Accumulated depreciation (396.1) (338.5) Property and equipment, net (a) $ 2,315.7 $ 1,941.0 ______________________________
Schedule of Revenue by Major Brand	For the year ended December 31, 2023, manufacturers representing 5% or more of our revenues from new vehicle sales were as follows: Manufacturer (Vehicle Brands): % of Total Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus) 27 % Stellantis N.V. ( Chrysler, Dodge, Jeep, Ram and Fiat ) 12 % American Honda Motor Co., Inc. (Honda and Acura) 12 % Ford Motor Company (Ford and Lincoln) 11 % Mercedes-Benz USA, LLC ( Mercedes-Benz and Sprinter ) 9 % General Motors Company ( Chevrolet, Buick and GMC) 6 % Hyundai Motor North America ( Hyundai and Genesis ) 5 %

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue from contracts with customers consists of the following: For the year ended December 31, 2023 2022 2021 (In millions) Revenue: New vehicle $ 7,630.7 $ 7,365.6 $ 4,934.1 Used vehicle retail 4,017.5 4,828.8 3,055.9 Used vehicle wholesale 396.7 368.3 259.7 New and used vehicle 12,045.0 12,562.6 8,249.7 Sale of vehicle parts and accessories 496.3 510.2 212.0 Vehicle repair and maintenance services 1,585.3 1,564.1 970.9 Parts and services 2,081.5 2,074.2 1,182.9 Finance and insurance, net 676.2 797.0 405.1 Total revenue $ 14,802.7 $ 15,433.8 $ 9,837.7
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. Certain incremental sales commissions payable to obtain an F&I revenue contract with a customer have been capitalized and are amortized using the same pattern of recognition applicable to the associated F&I revenue contract. Vehicle Repair and Maintenance Services Finance and Insurance, net Deferred Sales Commissions Total (In millions) Contract Assets, December 31, 2021 $ 12.3 $ 13.5 $ 1.4 $ 27.2 Transferred to receivables from contract assets recognized at the beginning of the period (12.3) (13.5) — (25.8) Amortization of costs incurred to obtain a contract with a customer — — (4.6) (4.6) Costs incurred to obtain a contract with a customer — — 40.3 40.3 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 14.7 14.7 — 29.4 Contract Assets, December 31, 2022 $ 14.7 $ 14.7 $ 37.2 $ 66.6 Transferred to receivables from contract assets recognized at the beginning of the period (14.7) (14.7) — (29.4) Amortization of costs incurred to obtain a contract with a customer — — (12.2) (12.2) Costs incurred to obtain a contract with a customer — — 43.3 43.3 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 20.5 13.8 — 34.3 Contract Assets, December 31, 2023 $ 20.5 $ 13.8 $ 68.4 $ 102.7 Contract Assets (current), December 31, 2023 $ 20.5 $ 13.8 $ 19.5 $ 53.8 Contract Assets (long-term), December 31, 2023 $ — $ — $ 48.9 $ 48.9

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Schedule of Business Acquisitions	The sources of the preliminary purchase consideration are as follows: (In millions) Cash $ 936.8 New vehicle floor plan facility 256.1 Used vehicle floor plan facility 307.1 Preliminary purchase price $ 1,500.0 The sources of the purchase consideration are as follows: (In millions) Cash, net of cash acquired $ 195.0 Common stock offering 666.9 Senior notes 1,378.5 Revolving credit facility 200.0 Real estate facility 513.0 New vehicle floor plan facility 183.5 Used vehicle floor plan facility 51.0 Payable to sellers 6.0 Purchase price, net of cash acquired $ 3,193.9 Summary of Assets Acquired and Liabilities Assumed (In millions) Assets Cash and cash equivalents $ 287.4 Investments 133.5 Contracts-in-transit, net 99.5 Accounts receivable, net 110.0 Inventories, net 282.1 Other current assets 25.0 Total current assets 937.5 Property and equipment, net 805.6 Goodwill 1,205.3 Intangible franchise rights 1,309.7 Operating lease right-of-use assets 34.1 Deferred income taxes 139.7 Other long-term assets 5.6 Total assets acquired $ 4,437.6 Liabilities Accounts payable and accrued liabilities $ 229.5 Operating lease liabilities 34.1 Deferred revenue 667.6 Other long-term liabilities 25.2 Total liabilities assumed 956.4 Net assets acquired $ 3,481.2 As of December 31, 2021 (In millions) Inventory $ 37.5 Real estate 99.9 Property and equipment 4.2 Goodwill 110.5 Manufacturer franchise rights 228.2 Loaner vehicles 8.9 Other (3.5) Total purchase price $ 485.7
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the amounts recorded based on preliminary estimates of fair value: Summary of Assets Acquired and Liabilities Assumed (In millions) Assets Inventories, net $ 311.6 Other current assets 10.3 Assets held for sale 103.8 Total current assets 425.7 Property and equipment, net 420.0 Goodwill 231.7 Intangible franchise rights 429.0 Operating lease right-of-use assets 11.2 Total assets acquired $ 1,517.6 Liabilities Operating lease liabilities $ 11.2 Other liabilities 6.4 Total liabilities assumed 17.6 Net assets acquired $ 1,500.0
Schedule of Pro Forma Information	The following represents the unaudited pro forma information as if the Koons acquisition had been included in the consolidated results of the Company since January 1, 2022: For the Year Ended December 31, 2023 2022 (In millions) (Unaudited) Pro forma revenue $ 17,540.4 $ 18,516.1 Pro forma net income $ 660.8 $ 1,092.9 The following represents the unaudited pro forma information as if the LHM acquisition had been included in the consolidated results of the Company since January 1, 2020: For the Year Ended December 31, 2021 2020 (In millions) (Unaudited) Pro forma revenue $ 15,431.5 $ 12,927.3 Pro forma net income $ 777.3 $ 359.9

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of December 31, 2023 2022 (In millions) Vehicle receivables $ 72.5 $ 50.4 Manufacturer receivables 68.0 43.3 Other receivables 88.1 80.5 Total accounts receivable 228.6 174.1 Less—Allowance for credit losses (2.6) (2.2) Accounts receivable, net $ 226.1 $ 171.9

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of December 31, 2023 2022 (In millions) New vehicles $ 1,252.5 $ 527.7 Used vehicles 373.1 304.4 Parts and accessories 142.7 127.2 Total inventories, net (a) $ 1,768.3 $ 959.2 ____________________________ (a) Inventories, net as of December 31, 2023 and December 31, 2022, excluded $84.5 million and $3.4 million classified as assets held for sale, respectively.

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets Held for Sale and Liabilities Associated with Assets Held for Sale	A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of December 31, 2023 2022 (In millions) Assets: Inventory $ 84.5 $ 3.4 Loaners, net 4.5 0.9 Property and equipment, net 136.6 24.0 Operating lease right-of-use assets 2.1 — Goodwill 26.1 0.9 Franchise rights 88.5 — Total assets held for sale 342.2 29.1 Liabilities: Floor plan notes payable—non-trade — 2.8 Loaners/ Notes payable — 0.8 Current maturities of long-term debt — 0.6 Current maturities of operating leases 0.2 — Long-term debt — 6.2 Operating lease liabilities 1.9 — Total liabilities associated with assets held for sale 2.1 10.5 Net assets held for sale $ 340.1 $ 18.7

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: As of December 31, 2023 2022 (In millions) Loaner vehicles $ 262.6 $ 178.2 Contract assets (see Note 2) 53.8 40.5 Prepaid expenses 41.4 43.0 Prepaid taxes 18.4 5.8 Notes receivable 5.2 12.9 Deposits 4.5 4.1 Other 3.1 3.6 Other current assets $ 388.9 $ 288.1

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Carrying Amounts of Investment Securities and Fair Values	The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale, equity securities, and other investments measured at net asset value are as follows: As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 6.3 $ — $ (0.1) $ 6.2 U.S Treasury 13.6 0.1 (0.1) 13.5 Municipal 30.1 0.2 (0.2) 30.1 Corporate 131.5 1.6 (0.9) 132.2 Mortgage and other asset-backed securities 150.1 1.6 (0.9) 150.9 Total debt securities 331.6 3.5 (2.2) 332.9 Total investments $ 331.6 $ 3.5 $ (2.2) $ 332.9 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 5.4 $ — $ — $ 5.4 U.S Treasury 11.8 — (0.2) 11.6 Municipal 22.8 — (0.4) 22.4 Corporate 81.8 0.2 (2.3) 79.7 Mortgage and other asset-backed securities 73.8 0.3 (1.4) 72.7 Total debt securities 195.5 0.5 (4.4) 191.7 Common stock 48.7 — — 48.7 Total investments $ 244.2 $ 0.5 $ (4.4) $ 240.4
Schedule of Amortized Cost and Fair Value of TCA's Investment	A summary of amortized costs and fair value of investments by time to maturity, is as follows: As of December 31, 2023 Amortized Costs Fair Value (In millions) Due in 1 year or less $ 6.3 $ 6.2 Due in 1-5 years 116.9 116.9 Due in 5-10 years 52.9 53.4 Due after 10 years 5.4 5.5 Total by maturity 181.5 182.0 Mortgage and other asset-backed securities 150.1 150.9 Total investment securities $ 331.6 $ 332.9
Schedule of Unrealized Loss on Investments	The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of investments with unrealized losses. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position of 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was December 31, 2023. As of December 31, 2023 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In millions) Short-term investments $ — $ — $ 6.0 $ (0.1) $ 6.0 $ (0.1) U.S Treasury 3.4 (0.1) 5.0 (0.1) 8.5 (0.1) Municipal 6.4 (0.1) 10.4 (0.1) 16.8 (0.2) Corporate 11.4 (0.1) 48.0 (0.8) 59.4 (0.9) Mortgage and other asset-backed securities 29.8 (0.4) 33.1 (0.5) 62.9 (0.9) Total debt securities $ 51.1 $ (0.7) $ 102.5 $ (1.6) $ 153.6 $ (2.2) As of December 31, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In millions) U.S Treasury $ 9.2 $ (0.2) $ — $ — $ 9.2 $ (0.2) Municipal 19.0 (0.4) — — 19.0 (0.4) Corporate 66.2 (0.1) 5.2 (0.3) 71.4 (0.4) Mortgage and other asset-backed securities 51.4 (1.3) 1.5 (0.2) 52.9 (1.5) Total debt securities $ 145.7 $ (2.0) $ 6.8 $ (0.5) $ 152.6 $ (2.5)

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The ranges of estimated useful lives are as follows (in years): Buildings and improvements 10-40 Machinery and equipment 5-10 Furniture and fixtures 3-10 Company vehicles 3-5 Property and equipment, net consisted of the following: As of December 31, 2023 2022 (In millions) Land $ 868.3 $ 673.8 Buildings and leasehold improvements 1,465.2 1,318.8 Machinery and equipment 171.9 145.4 Furniture and fixtures 97.8 91.1 Company vehicles 16.5 14.0 Construction in progress 92.0 36.5 Gross property and equipment 2,711.7 2,279.5 Less—Accumulated depreciation (396.1) (338.5) Property and equipment, net (a) $ 2,315.7 $ 1,941.0 ______________________________

GOODWILL AND INTANGIBLE FRANC_2

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangibles	The changes in goodwill and intangible franchise rights for the years ended December 31, 2023 and 2022 are as follows: Goodwill Dealerships TCA Total (In millions) Balance as of December 31, 2021 (a) $ 1,561.4 $ 710.3 $ 2,271.7 Reclassified from assets held for sale 118.5 — 118.5 Acquisitions - measurement period adjustments (337.0) (173.7) (510.7) Divestitures (95.2) — (95.2) Reclassified to assets held for sale (0.9) — (0.9) Balance as of December 31, 2022 (a) $ 1,246.8 $ 536.6 $ 1,783.4 Reclassified from assets held for sale 0.9 — 0.9 Acquisitions 240.8 — 240.8 Divestitures (0.9) — (0.9) Impairments (14.9) — (14.9) Reclassified to assets held for sale (0.3) — (0.3) Balance as of December 31, 2023 (a) $ 1,472.4 $ 536.6 $ 2,009.0 _____________________________ (a) Net of accumulated impairment losses of $537.7 million recorded prior to the year ended December 31, 2021. Intangible Franchise Rights (In millions) Balance as of December 31, 2021 $ 1,335.7 Reclassified from assets held for sale 110.0 Acquisitions - measurement-period adjustments 517.7 Divestitures (163.3) Balance as of December 31, 2022 $ 1,800.1 Acquisitions 429.0 Impairments (102.3) Reclassified to assets held for sale (31.0) Balance as of December 31, 2023 $ 2,095.8

FLOOR PLAN NOTES PAYABLE_TRADE

FLOOR PLAN NOTES PAYABLE—TRADE (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable - Trade	Floor plan notes payable—trade, net consisted of the following: As of December 31, 2023 2022 (In millions) Floor plan notes payable—trade $ 245.6 $ 65.1 Floor plan notes payable offset account (50.5) (14.2) Total floor plan notes payable—trade, net $ 195.1 $ 51.0

FLOOR PLAN NOTES PAYABLE_NON-_2

FLOOR PLAN NOTES PAYABLE—NON-TRADE (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Floor Plan Notes Payable - Non-Trade	Floor plan notes payable—non-trade, net consisted of the following: As of December 31, 2023 2022 (In millions) Floor plan notes payable—new non-trade (a) $ 1,328.1 $ 613.6 Floor plan notes payable—used non-trade 307.1 — Floor plan notes payable offset account (b) (44.7) (613.6) Total floor plan notes payable—non-trade, net $ 1,590.6 $ — __________________________ (a) Floor plan notes payable—new non-trade as of December 31, 2022 excludes $2.8 million, classified as liabilities associated with assets held for sale.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: As of December 31, 2023 2022 (In millions) Accounts payable $ 155.6 $ 147.4 Loaner vehicles notes payable (a) 239.1 94.5 Taxes payable 74.9 91.8 Accrued compensation 56.8 89.0 Accrued interest 46.6 33.0 Customer deposits 30.2 23.5 Accrued insurance 28.4 39.2 Accrued finance and insurance chargebacks 24.7 29.1 Accrued licenses and regulatory fees 16.7 9.9 Unearned premium 14.1 13.6 Customer we owe liabilities 7.3 7.0 Accrued advertising 6.9 4.3 Acquisition related liabilities 6.4 21.3 Other 40.3 41.5 Accounts payable and accrued liabilities $ 748.1 $ 645.0 ____________________________

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of December 31, 2023 2022 (In millions) 4.50% Senior Notes due 2028 $ 405.0 $ 405.0 4.625% Senior Notes due 2029 800.0 800.0 4.75% Senior Notes due 2030 445.0 445.0 5.00% Senior Notes due 2032 600.0 600.0 Mortgage notes payable bearing interest at fixed rates (the weighted average interest rates were 5.9% and 5.4% for the year ended December 31, 2023 and 2022, respectively) (a) 31.9 38.3 2021 Real Estate Facility 614.4 660.6 2021 BofA Real Estate Facility 165.9 173.3 2018 Bank of America Facility (b) 50.3 54.5 2018 Wells Fargo Master Loan Facility 72.0 76.9 2013 BofA Real Estate Facility — 24.9 2015 Wells Fargo Master Loan Facility 37.2 42.3 2023 Syndicated Revolving Credit Facility — — Finance lease liability 8.4 8.4 Total debt outstanding 3,230.1 3,329.2 Add—unamortized premium on 4.50% Senior Notes due 2028 0.6 0.8 Add—unamortized premium on 4.75% Senior Notes due 2030 1.3 1.6 Less—debt issuance costs (25.9) (30.4) Long-term debt, including current portion 3,206.2 3,301.2 Less—current portion, net of debt issuance costs (84.9) (84.5) Long-term debt $ 3,121.2 $ 3,216.8 ____________________________ (a) Mortgage notes payable as of December 31, 2022 excludes $2.7 million classified as liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Bank of America Facility as of December 31, 2022 exclude $4.1 million classified as liabilities associated with assets held for sale.
Schedule of Aggregate Maturities	The aggregate maturities of long-term debt as of December 31, 2023 are as follows (in millions): 2024 $ 85.7 2025 134.1 2026 553.0 2027 12.4 2028 464.6 Thereafter 1,980.2 Total maturities of long-term debt $ 3,230.1
Schedule of Mortgage Notes Payable	Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and year of maturity as of December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Mortgage Agreement Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Aggregate Principal Outstanding Carrying Value of Collateralized Related Real Estate Maturity Dates Captive mortgages (a) $ 31.9 $ 86.3 2024 $ 38.3 $ 98.0 2023-2024 2021 Real Estate Facility 614.4 852.4 2026 660.6 864.6 2026 2021 BofA Real Estate Facility 165.9 198.4 2031 173.3 197.3 2031 2018 BofA Real Estate Facility (b) 50.3 72.7 2025 54.5 78.7 2025 2018 Wells Fargo Master Loan Facility 72.0 103.6 2028 76.9 105.0 2028 2013 BofA Real Estate Facility — — N/A 24.9 61.7 2023 2015 Wells Fargo Master Loan Facility 37.2 83.1 2025 42.3 84.2 2025 Total mortgage debt $ 971.7 $ 1,396.5 $ 1,070.8 $ 1,489.5 ___________________________ (a) Amounts reflected for the mortgage notes payable as of December 31, 2022, exclude $2.7 million classified as liabilities associated with assets held for sale. (b) Amounts reflected for the 2018 Bank of America Facility as of December 31, 2022, exclude $4.1 million classified as liabilities associated with assets held for sale.

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
Derivatives and Fair Value [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our Notes is as follows: As of December 31, 2023 2022 (In millions) Carrying Value: 4.50% Senior Notes due 2028 $ 402.8 $ 409.5 4.625% Senior Notes due 2029 790.4 789.1 4.75% Senior Notes due 2030 442.2 441.7 5.00% Senior Notes due 2032 592.3 591.5 Total carrying value $ 2,227.7 $ 2,231.8 Fair Value: 4.50% Senior Notes due 2028 $ 384.8 $ 354.4 4.625% Senior Notes due 2029 744.0 672.0 4.75% Senior Notes due 2030 410.3 372.7 5.00% Senior Notes due 2032 546.0 492.0 Total fair value $ 2,085.1 $ 1,891.1
Schedule of Derivative Instruments	The following table provides information on the attributes of each swap as of December 31, 2023: Inception Date Notional Value at Inception Notional Value as of December 31, 2023 Notional Value at Maturity Maturity Date (In millions) January 2022 $ 300.0 $ 273.8 $ 228.8 December 2026 January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031 May 2021 $ 184.4 $ 165.9 $ 110.6 May 2031 July 2020 $ 93.5 $ 76.2 $ 50.6 December 2028 July 2020 $ 85.5 $ 68.0 $ 57.3 November 2025 June 2015 $ 100.0 $ 58.8 $ 53.1 February 2025
Schedule of Derivative Instruments Fair Value	The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the consolidated balance sheets: As of December 31, 2023 2022 (In millions) Other current assets $ 27.5 $ 29.6 Other long-term assets 52.3 72.8 Total fair value $ 79.8 $ 102.4
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Income (Loss) Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Income (Loss) 2023 $ 12.1 Other interest expense, net $ (34.7) 2022 $ 100.8 Other interest expense, net $ (2.4) 2021 $ 11.0 Other interest expense, net $ 4.7
Schedule of Fair Value, Assets Measured on Recurring Basis	The table below presents the Company’s investment securities that are measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 31, 2023 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 4.8 $ — $ — $ 4.8 Short-term investments 2.0 4.2 — 6.2 U.S Treasury 13.5 — — 13.5 Municipal — 30.1 — 30.1 Corporate — 132.2 — 132.2 Mortgage and other asset backed securities — 150.9 — 150.9 Total debt securities 15.5 317.4 — 332.9 Total $ 15.5 $ 317.4 $ — $ 332.9 Total Investments, at fair value $ 332.9 As of December 31, 2022 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 6.6 $ — $ — $ 6.6 Short-term investments 0.6 4.8 — 5.4 U.S Treasury 11.6 — — 11.6 Municipal — 22.4 — 22.4 Corporate — 79.7 — 79.7 Mortgage and other asset backed securities — 72.6 — 72.6 Total debt securities 12.2 179.5 — 191.7 Common stock 48.7 — — 48.7 Total $ 60.9 $ 179.5 $ — $ 240.4 Total Investments, at fair value $ 240.4
Debt Securities, Available-for-sale	Information about the effect of our available-for-sale debt securities in the accompanying consolidated statements of income and consolidated statements of comprehensive income, is as follows (in millions): For the Year Ended December 31, Results Recognized in Accumulated Other Comprehensive Income (Loss) Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings Results Reclassified from Accumulated Other Comprehensive Income (Loss) 2023 $ 4.1 Revenue-Finance and Insurance, net $ (1.1) 2022 $ (6.0) Revenue-Finance and Insurance, net $ (1.9) 2021 $ — Revenue-Finance and Insurance, net $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense are as follows: For the Year Ended December 31, 2023 2022 2021 (In millions) Current: Federal $ 128.9 $ 142.0 $ 113.9 State 30.1 30.8 20.8 Total current income tax expense 159.0 172.8 134.7 Deferred: Federal 33.8 130.7 24.8 State 6.0 18.3 5.8 Total deferred income tax expense 39.8 149.0 30.6 Total income tax expense $ 198.8 $ 321.8 $ 165.3
Reconciliation of the Statutory Federal Rate to the Effective Rate	A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions) : For the Year Ended December 31, 2023 % 2022 % 2021 % Income tax provision at the statutory rate $ 168.3 21.0 $ 277.0 21.0 $ 146.5 21.0 State income tax expense, net of federal benefit 29.8 3.7 42.7 3.2 21.0 3.0 Non-deductible items 1.7 0.2 1.6 0.1 0.6 0.1 Other, net (1.0) (0.1) 0.5 0.1 (2.8) (0.4) Income tax expense $ 198.8 24.8 $ 321.8 24.4 $ 165.3 23.7
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax asset and liability components consisted of the following: As of December 31, 2023 2022 (In millions) Deferred income tax assets: Deferred revenue $ 38.0 $ 35.7 F&I chargeback liabilities 12.1 13.2 Other accrued liabilities 2.9 6.6 Stock-based compensation 3.7 3.1 Operating lease right-of-use assets 61.5 59.1 Other, net 12.9 9.4 Total deferred income tax assets $ 131.2 $ 127.1 Deferred income tax liabilities: Intangible asset amortization 110.8 91.0 Depreciation 56.9 52.1 Operating lease liabilities 59.9 57.5 Investments, net 20.0 24.0 Deferred sales commissions 18.3 — Other, net 1.6 3.2 Total deferred income tax liabilities $ 267.6 $ 227.8 Net deferred income tax liabilities $ (136.4) $ (100.7)

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: As of December 31, 2023 2022 (In millions) Unearned premiums $ 21.8 $ 23.1 Accrued finance and insurance chargebacks 24.3 24.9 Unclaimed property 5.3 5.1 Other 0.4 0.5 Other long-term liabilities $ 51.7 $ 53.5

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Assets And Liabilities, Lessee	Balance Sheet Presentation As of December 31, Leases Classification 2023 2022 (In millions) Assets: Current Operating Assets held for sale $ 2.1 $ — Non-Current Operating Operating lease right-of-use assets 241.8 235.4 Finance Property and equipment, net 8.4 8.1 Total right-of-use assets $ 252.3 $ 243.5 Liabilities: Current Operating Current maturities of operating leases $ 26.2 $ 23.6 Operating Liabilities held for sale 0.2 — Finance Current maturities of long-term debt — — Non-Current Operating Operating lease liabilities 222.1 218.4 Operating Liabilities held for sale 1.9 — Finance Long-term debt 8.4 8.4 Total lease liabilities $ 258.8 $ 250.4
Lease Term and Discount Rate, Lessee	Lease Term and Discount Rate As of December 31, 2023 2022 Weighted Average Lease Term - Operating Leases 13.2 years 14.4 years Weighted Average Lease Term - Finance Lease 36.7 years 37.7 years Weighted Average Discount Rate - Operating Leases 4.9 % 4.7 % Weighted Average Discount Rate - Finance Lease 4.4 % 4.4 %
Lease, Cost	The following table provides certain information related to the lease costs for finance and operating leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Finance lease cost (Interest) $ 0.4 $ 0.4 Operating lease cost 36.2 38.1 Short-term lease cost 3.6 4.3 Variable lease cost 1.0 2.4 $ 41.3 $ 45.1
Schedule of Cash Flow, Supplemental Disclosures	The following table presents supplemental cash flow information for leases during the years ended December 31, 2023 and 2022. For the Year Ended December 31, 2023 2022 (In millions) Supplemental Cash Flow: Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from finance lease $ 0.4 $ 0.4 Operating cash flows from operating leases 36.2 38.1 Right-of-use assets obtained in exchange for new operating lease liabilities 35.0 6.2
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2023, including leases related to liabilities associated with assets held for sale . Finance Operating (In millions) 2024 $ 0.4 $ 38.1 2025 0.4 35.5 2026 0.4 28.3 2027 0.4 25.0 2028 0.4 23.1 Thereafter 15.7 194.7 Total minimum lease payments $ 17.7 $ 344.6 Less: Amount of lease payments representing interest (9.4) (94.1) Present value of future minimum lease payments $ 8.4 $ 250.5 Less: current obligations under leases (a) — (26.4) Long-term lease obligation (b) $ 8.4 $ 224.1 __________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.9 million of operating lease liabilities classified as liabilities associated with assets held for sale.
Finance Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2023, including leases related to liabilities associated with assets held for sale . Finance Operating (In millions) 2024 $ 0.4 $ 38.1 2025 0.4 35.5 2026 0.4 28.3 2027 0.4 25.0 2028 0.4 23.1 Thereafter 15.7 194.7 Total minimum lease payments $ 17.7 $ 344.6 Less: Amount of lease payments representing interest (9.4) (94.1) Present value of future minimum lease payments $ 8.4 $ 250.5 Less: current obligations under leases (a) — (26.4) Long-term lease obligation (b) $ 8.4 $ 224.1 __________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.9 million of operating lease liabilities classified as liabilities associated with assets held for sale.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Reportable segment financial information for the years ended December 31, 2023 and 2022 is as follows: As of and for the year ended December 31, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 14,699.0 $ 285.2 $ (181.5) $ 14,802.7 Gross profit 2,671.1 77.1 7.6 2,755.8 Depreciation and amortization 67.1 0.7 — 67.7 Selling, general and administrative expense 1,638.5 7.4 (28.5) 1,617.4 Interest expense Floor plan interest expense 9.6 — — 9.6 Other interest expense, net 156.1 — — 156.1 Total interest expense $ 165.7 $ — $ — $ 165.7 Capital expenditures 142.3 — — 142.3 Total assets $ 9,199.4 $ 913.9 $ 46.1 $ 10,159.4 As of and for the year ended December 31, 2022 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 15,341.1 $ 245.8 $ (153.0) $ 15,433.8 Gross profit 3,036.0 53.8 10.8 3,100.6 Depreciation and amortization 68.2 0.8 — 69.0 Selling, general and administrative expense 1,786.3 7.0 (30.0) 1,763.4 Interest expense Floor plan interest expense 8.4 — — 8.4 Other interest expense, net 152.2 — — 152.2 Total interest expense $ 160.6 $ — $ — $ 160.6 Capital expenditures 94.6 — — 94.6 Total assets $ 7,170.8 $ 869.2 $ (18.6) $ 8,021.4

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Compensation Related Costs [Abstract]
Schedule of Performance Share Units	The following table summarizes information about performance share units for 2023: Shares Weighted Average Grant Date Non-vested at January 1, 2023 103,659 $ 165.94 Granted 70,758 232.24 Vested (47,802) 146.65 Forfeited or unearned (26,552) 182.94 Non-vested at December 31, 2023 100,063 $ 207.28 The weighted average grant-date fair value of performance share units and total fair value of performance share units vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of performance share units granted $ 232.24 $ 185.05 $ 132.52 Total fair value of performance share units vested (in millions) $ 7.0 $ 5.7 $ 5.7
Schedule of Restricted Stock	The following table summarizes information about restricted share units for 2023: Shares Weighted Average Grant Date Non-vested at January 1, 2023 118,765 $ 157.34 Granted 79,141 231.70 Vested (80,738) 162.06 Forfeited (8,374) 204.15 Non-vested at December 31, 2023 108,794 $ 204.35 The weighted average grant-date fair value of restricted share units and total fair value of restricted share units vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of restricted share units granted $ 231.70 $ 184.67 $ 150.38 Total fair value of restricted share units vested (in millions) $ 13.1 $ 8.5 $ 3.8 The following table summarizes information about restricted stock awards for 2023: Shares Weighted Average Grant Non-vested at January 1, 2023 5,067 $ 69.08 Granted — — Vested (2,898) 69.01 Forfeited — — Non-vested at December 31, 2023 2,169 $ 69.18 The weighted average grant-date fair value of restricted stock awards and total fair value of restricted stock awards vested are summarized in the following table: For the Year Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of restricted stock granted $ — $ — $ — Total fair value of restricted stock awards vested (in millions) $ 0.2 $ 2.3 $ 8.6

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Description (Details) $ in Millions	Dec. 11, 2023 USD ($) collisionCenter	Dec. 17, 2021 USD ($) collisionCenter usedVehicleStore	Dec. 31, 2023 dealership_location CollisionRepairCenters states franchise VehicleBrands
Business Organization [Line Items]
Number of franchises (in franchises) | franchise			208
Number of vehicle brands (in vehicle brands) | VehicleBrands			31
Number of dealership locations (in dealership locations) | dealership_location			158
Number of collision repair centers (in collision repair centers) | CollisionRepairCenters			37
Number of states (in states) | states			16
LHM Acquisition
Business Organization [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships)		54
Number of used cars stores acquired (in used cars stores) | usedVehicleStore		7
Number of collision centers acquired (in collision centers)		11
Aggregate purchase price | $		$ 3,193.9
Jim Koons Dealerships
Business Organization [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships)	20
Number of collision centers acquired (in collision centers)	6
Aggregate purchase price | $	$ 1,500

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)			12 Months Ended
	Dec. 11, 2023 USD ($) collisionCenter	Dec. 17, 2021 USD ($) collisionCenter usedVehicleStore	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) reportableSegment	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	May 25, 2023 USD ($)	Sep. 30, 2022	Nov. 19, 2021	Feb. 19, 2020
Accounting Policies [Line Items]
Restricted securities			$ 3,500,000	$ 3,500,000	$ 3,500,000	$ 3,500,000	$ 3,500,000	$ 3,500,000
Impairment of real estate				1,100,000					$ 0	$ 0
Advertising expense				47,500,000					50,100,000	30,700,000
Advertising credits and volume discounts				36,500,000					35,500,000	22,400,000
Investments			332,900,000	332,900,000	332,900,000	332,900,000	332,900,000	332,900,000
Total debt outstanding			3,230,100,000	3,230,100,000	3,230,100,000	$ 3,230,100,000	$ 3,230,100,000	$ 3,230,100,000	3,329,200,000
Revenues by major brand, disclosure percentage threshold							5%
Number of reportable segments						2		2
Goodwill			2,009,000,000	2,009,000,000	$ 2,009,000,000	$ 2,009,000,000	$ 2,009,000,000	$ 2,009,000,000	$ 1,783,400,000	$ 2,271,700,000
Purchase of treasury shares (in shares) | shares					1,316,167				1,635,030	0
Treasury stock, shares, retired (in shares) | shares					1,370,371				1,580,826	0
Stock repurchase program, authorized amount											$ 250,000,000
Remaining authorized repurchase amount			202,600,000	202,600,000	$ 202,600,000	202,600,000	202,600,000	202,600,000
Carrying Value of Collateralized Related Real Estate			3,230,000,000	3,230,000,000	3,230,000,000	3,230,000,000	3,230,000,000	3,230,000,000
Dealerships
Accounting Policies [Line Items]
Goodwill			1,472,400,000	1,472,400,000	1,472,400,000	1,472,400,000	1,472,400,000	1,472,400,000	$ 1,246,800,000	$ 1,561,400,000
LHM Acquisition
Accounting Policies [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter		54
Number of used cars stores acquired (in used cars stores) | usedVehicleStore		7
Number of collision centers acquired (in collision centers) | collisionCenter		11
Goodwill		$ 1,205,300,000
Other long-term assets		5,600,000
Deferred revenue		667,600,000
Aggregate purchase price		$ 3,193,900,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		5 years
LHM Acquisition | Insurance
Accounting Policies [Line Items]
Goodwill		$ 536,600,000
LHM Acquisition | Dealerships
Accounting Policies [Line Items]
Goodwill		$ 668,700,000
Jim Koons Dealerships
Accounting Policies [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter	20
Number of collision centers acquired (in collision centers) | collisionCenter	6
Goodwill	$ 231,700,000
Aggregate purchase price	1,500,000,000
Assets held for sale	103,800,000
New Floor Plan Facility | Jim Koons Dealerships
Accounting Policies [Line Items]
Aggregate purchase price	$ 256,100,000
Senior Notes
Accounting Policies [Line Items]
Carrying Value of Collateralized Related Real Estate			$ 2,227,700,000	$ 2,227,700,000	$ 2,227,700,000	$ 2,227,700,000	$ 2,227,700,000	$ 2,227,700,000	2,231,800,000
Senior Notes | 4.50% Senior Notes due 2028
Accounting Policies [Line Items]
Stated interest rate of debt instrument			4.50%	4.50%	4.50%	4.50%	4.50%	4.50%				4.50%		4.50%
Carrying Value of Collateralized Related Real Estate			$ 402,800,000	$ 402,800,000	$ 402,800,000	$ 402,800,000	$ 402,800,000	$ 402,800,000	409,500,000
Senior Notes | 4.75% Senior Notes due 2030
Accounting Policies [Line Items]
Stated interest rate of debt instrument			4.75%	4.75%	4.75%	4.75%	4.75%	4.75%				4.75%		4.75%
Carrying Value of Collateralized Related Real Estate			$ 442,200,000	$ 442,200,000	$ 442,200,000	$ 442,200,000	$ 442,200,000	$ 442,200,000	441,700,000
Senior Notes | 5.00% Senior Notes due 2032
Accounting Policies [Line Items]
Stated interest rate of debt instrument			5%	5%	5%	5%	5%	5%					5%
Carrying Value of Collateralized Related Real Estate			$ 592,300,000	$ 592,300,000	$ 592,300,000	$ 592,300,000	$ 592,300,000	$ 592,300,000	591,500,000
Senior Notes | 4.625% Senior Notes due 2029
Accounting Policies [Line Items]
Stated interest rate of debt instrument			4.625%	4.625%	4.625%	4.625%	4.625%	4.625%					4.625%
Carrying Value of Collateralized Related Real Estate			$ 790,400,000	$ 790,400,000	$ 790,400,000	$ 790,400,000	$ 790,400,000	$ 790,400,000	$ 789,100,000
Minimum
Accounting Policies [Line Items]
Loaner vehicle period of use before sale (in months)			6 months
Maximum
Accounting Policies [Line Items]
Loaner vehicle period of use before sale (in months)			12 months

DESCRIPTION OF BUSINESS AND S_6

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property and Equipment Useful Lives (Details)	Dec. 31, 2023
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Company vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Company vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

DESCRIPTION OF BUSINESS AND S_7

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenues by Major Brand (Details) - New vehicles	12 Months Ended
	Dec. 31, 2023
Toyota Motor Sales, U.S.A., Inc. (Toyota and Lexus)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	27%
Stellantis N.V. (Chrysler, Dodge, Jeep, Ram and Fiat)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	12%
American Honda Motor Co., Inc. (Honda and Acura)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	12%
Ford Motor Company (Ford and Lincoln)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	11%
Mercedes-Benz USA, LLC (Mercedes-Benz and Sprinter)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	9%
Hyundai Motor North America (Hyundai and Genesis)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	5%
General Motors Company (Chevrolet, Buick and GMC)
Schedule of Revenues by Major Brand [Line Items]
Revenues by major brand, percentage	6%

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 14,802.7	$ 15,433.8	$ 9,837.7
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	12,045	12,562.6	8,249.7
New and used vehicle | New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	7,630.7	7,365.6	4,934.1
New and used vehicle | Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	4,017.5	4,828.8	3,055.9
New and used vehicle | Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	396.7	368.3	259.7
Parts and services
Disaggregation of Revenue [Line Items]
Total revenue	2,081.5	2,074.2	1,182.9
Parts and services | Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	496.3	510.2	212
Parts and services | Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	1,585.3	1,564.1	970.9
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 676.2	$ 797	$ 405.1

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	$ 66.6	$ 27.2
Transferred to receivables from contract assets recognized at the beginning of the period	(29.4)	(25.8)
Amortization of costs incurred to obtain a contract with a customer	(12.2)	(4.6)
Costs incurred to obtain a contract with a customer	43.3	40.3
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	34.3	29.4
Ending balance	102.7	66.6
Contract assets (see Note 2)	53.8	40.5
Contract Assets (long-term), December 31, 2023	48.9
Deferred Sales Commissions
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	37.2	1.4
Transferred to receivables from contract assets recognized at the beginning of the period	0	0
Amortization of costs incurred to obtain a contract with a customer	(12.2)	(4.6)
Costs incurred to obtain a contract with a customer	43.3	40.3
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	0	0
Ending balance	68.4	37.2
Contract assets (see Note 2)	19.5
Contract Assets (long-term), December 31, 2023	48.9
Finance and insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	14.7	13.5
Transferred to receivables from contract assets recognized at the beginning of the period	(14.7)	(13.5)
Amortization of costs incurred to obtain a contract with a customer	0	0
Costs incurred to obtain a contract with a customer	0	0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.8	14.7
Ending balance	13.8	14.7
Contract assets (see Note 2)	13.8
Contract Assets (long-term), December 31, 2023	0
Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	14.7	12.3
Transferred to receivables from contract assets recognized at the beginning of the period	(14.7)	(12.3)
Amortization of costs incurred to obtain a contract with a customer	0	0
Costs incurred to obtain a contract with a customer	0	0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	20.5	14.7
Ending balance	20.5	$ 14.7
Contract assets (see Note 2)	20.5
Contract Assets (long-term), December 31, 2023	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 17, 2021
Disaggregation of Revenue [Line Items]
Assumed contract liabilities	$ 736.7	$ 713.9
Revenue, Finance And Insurance
Disaggregation of Revenue [Line Items]
Assumed contract liabilities	$ 227.9
LHM Acquisition
Disaggregation of Revenue [Line Items]
Deferred revenue			$ 667.6

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Millions					1 Months Ended	12 Months Ended
	Dec. 11, 2023 USD ($) collisionCenter	Dec. 31, 2021 USD ($)	Dec. 17, 2021 USD ($) collisionCenter usedVehicleStore	May 20, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) dealership_location franchise collisionCenter	Dec. 31, 2022 USD ($) franchise dealership_location center	Dec. 31, 2021 USD ($) franchise dealership_location
Business Acquisition [Line Items]
Goodwill		$ 2,271.7			$ 2,009	$ 2,009	$ 1,783.4	$ 2,271.7
Acquisition related costs						4.1
Revenue						14,802.7	15,433.8	9,837.7
Net income						602.5	997.3	532.4
OPERATING LEASE RIGHT-OF-USE ASSETS					241.8	241.8	$ 235.4
Operating lease, liability					250.5	$ 250.5
Number of dealership locations, sold (in dealership locations) | dealership_location						1	16
Number of collision centers, sold (in collision centers) | collisionCenter						3
Gain on divestitures						$ 13.5	$ 207.1	8
Asset Purchase Agreement
Business Acquisition [Line Items]
OPERATING LEASE RIGHT-OF-USE ASSETS				$ 99.5
Operating lease, liability				99.5
Operating lease				$ 217.1
Colorado | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise							3
Number of dealership locations, sold (in dealership locations) | dealership_location							3
Number of collision centers, sold (in collision centers) | center							1
MISSOURI | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise							1
Number of dealership locations, sold (in dealership locations) | dealership_location							1
WASHINGTON | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise							2
Number of dealership locations, sold (in dealership locations) | dealership_location							2
NEW MEXICO | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise							1
Number of dealership locations, sold (in dealership locations) | dealership_location							1
NORTH CAROLINA | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise							11
Number of dealership locations, sold (in dealership locations) | dealership_location							9
Number of collision centers, sold (in collision centers) | center							2
Virginia
Business Acquisition [Line Items]
Gain on divestitures								$ 8
Virginia | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise								1
Number of dealership locations, sold (in dealership locations) | dealership_location								1
Texas | Disposed of by Sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise						1
Number of dealership locations, sold (in dealership locations) | dealership_location						1
Dealerships
Business Acquisition [Line Items]
Goodwill		1,561.4			1,472.4	$ 1,472.4	$ 1,246.8	$ 1,561.4
Jim Koons Dealerships
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter	20
Number of collision centers acquired (in collision centers) | collisionCenter	6
Aggregate purchase price	$ 1,500
Assets held for sale	103.8
Intangible franchise rights	429
Goodwill	231.7
Revenue					168.2
Net income					7
Payments to acquire businesses, gross	936.8
Jim Koons Dealerships | New Floor Plan Facility
Business Acquisition [Line Items]
Aggregate purchase price	$ 256.1
LHM Acquisition
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter			54
Number of used cars stores acquired (in used cars stores) | usedVehicleStore			7
Number of collision centers acquired (in collision centers) | collisionCenter			11
Aggregate purchase price			$ 3,193.9
Intangible franchise rights			1,309.7
Goodwill			1,205.3
Transaction costs					4.9	4.9
Revenue		256.4
Net income		$ 15.7
Payments to acquire businesses, gross			3,480
Payable to sellers			6
LHM Acquisition | Insurance
Business Acquisition [Line Items]
Goodwill			536.6
LHM Acquisition | Dealerships
Business Acquisition [Line Items]
Goodwill			$ 668.7
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price						485.7
Intangible franchise rights					228.2	228.2
Goodwill					$ 110.5	110.5
Payments to acquire businesses, gross						455.1
Payable to sellers						9.6
Purchase price holdbacks						$ 21
Series of Individually Immaterial Business Acquisitions | Colorado
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise						11
Number of dealership locations acquired (in dealership locations) | dealership_location						10
Goodwill and manufacturer franchise rights, period for federal and state tax deductions							15 years
Series of Individually Immaterial Business Acquisitions | Indiana
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise						3
Number of dealership locations acquired (in dealership locations) | dealership_location						1

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Purchase Consideration (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 11, 2023	Dec. 17, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash, net of cash acquired			$ 1,500	$ 5	$ 3,660.4
Jim Koons Dealerships
Business Acquisition [Line Items]
Aggregate purchase price	$ 1,500
Jim Koons Dealerships | New Floor Plan Facility
Business Acquisition [Line Items]
Aggregate purchase price	256.1
Jim Koons Dealerships | Used Floor Plan Facility
Business Acquisition [Line Items]
Aggregate purchase price	$ 307.1
LHM Acquisition
Business Acquisition [Line Items]
Cash, net of cash acquired		$ 195
Aggregate purchase price		3,193.9
Common stock offering		666.9
Payable to sellers		6
LHM Acquisition | Senior Notes
Business Acquisition [Line Items]
Purchase price holdbacks		1,378.5
LHM Acquisition | Revolving Credit Facility
Business Acquisition [Line Items]
Purchase price holdbacks		200
LHM Acquisition | 2021 Real Estate Facility
Business Acquisition [Line Items]
Purchase price holdbacks		513
LHM Acquisition | New Vehicle Floor Plan Facility
Business Acquisition [Line Items]
Purchase price holdbacks		183.5
LHM Acquisition | Used Vehicle Floor Plan Facility
Business Acquisition [Line Items]
Purchase price holdbacks		$ 51

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 11, 2023	Dec. 17, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Goodwill			$ 2,009	$ 1,783.4	$ 2,271.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Total liabilities assumed			6.4	$ 21.3
Jim Koons Dealerships
Assets
Payments to acquire businesses, gross	$ 936.8
Inventories, net	311.6
Other current assets	10.3
Assets held for sale	103.8
Total current assets	425.7
Property and equipment, net	420
Goodwill	231.7
Intangible franchise rights	429
Operating lease right-of-use assets	11.2
Total assets acquired	1,517.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Operating lease liabilities	11.2
Other long-term liabilities	6.4
Total liabilities assumed	17.6
Net assets acquired	$ 1,500
LHM Acquisition
Assets
Payments to acquire businesses, gross		$ 3,480
Common stock offering		666.9
Payable to sellers		6
Cash and cash equivalents		287.4
Investments		133.5
Contracts-in-transit, net		99.5
Accounts receivable, net		110
Inventories, net		282.1
Other current assets		25
Total current assets		937.5
Property and equipment, net		805.6
Goodwill		1,205.3
Intangible franchise rights		1,309.7
Operating lease right-of-use assets		34.1
Deferred income taxes		139.7
Other long-term assets		5.6
Total assets acquired		4,437.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable and accrued liabilities		229.5
Operating lease liabilities		34.1
Deferred revenue		667.6
Other long-term liabilities		25.2
Total liabilities assumed		956.4
Net assets acquired		$ 3,481.2
Series of Individually Immaterial Business Acquisitions
Assets
Payments to acquire businesses, gross			455.1
Purchase price holdbacks			21
Payable to sellers			9.6
Real estate			99.9
Inventories, net			37.5
Other			(3.5)
Loaner vehicles			8.9
Property and equipment, net			4.2
Goodwill			110.5
Intangible franchise rights			228.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Net assets acquired			$ 485.7

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LHM Acquisition
Business Acquisition [Line Items]
Pro forma revenue	$ 15,431.5	$ 12,927.3
Pro forma net income	777.3	359.9
Jim Koons Dealerships
Business Acquisition [Line Items]
Pro forma revenue	17,540.4	18,516.1
Pro forma net income	$ 660.8	$ 1,092.9

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES - Other Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) dealership_location franchise	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 2,009	$ 1,783.4	$ 2,271.7
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Inventories, net	37.5
Real estate	99.9
Property and equipment, net	4.2
Goodwill	110.5
Intangible franchise rights	228.2
Loaner vehicles	8.9
Other	(3.5)
Net assets acquired	$ 485.7
Colorado | Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise	11
Number of dealership locations acquired (in dealership locations) | dealership_location	10
Indiana | Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of franchises acquired (in franchises) | franchise	3
Number of dealership locations acquired (in dealership locations) | dealership_location	1

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 228.6	$ 174.1
Less—Allowance for credit losses	(2.6)	(2.2)
Accounts receivable, net	226.1	171.9
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	72.5	50.4
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	68	43.3
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 88.1	$ 80.5

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Components of Inventory [Line Items]
Total inventories	$ 1,768.3	$ 959.2
Held-for-sale
Components of Inventory [Line Items]
Total inventories	84.5	3.4
New vehicles
Components of Inventory [Line Items]
Total inventories	1,252.5	527.7
Used vehicles
Components of Inventory [Line Items]
Total inventories	373.1	304.4
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 142.7	$ 127.2

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Components of Inventory [Line Items]
Lower of cost or market inventory reserves	$ 8.8	$ 10.7
New vehicles
Schedule of Components of Inventory [Line Items]
Reduction of new vehicle inventory cost by automobile manufacturer incentives	8.3	2.7
Reduction to new vehicle cost of sales by automobile manufacturer incentives	$ 94.1	$ 91.5	$ 60.4

ASSETS HELD FOR SALE - Assets H

ASSETS HELD FOR SALE - Assets Held for Sale and Liabilities Associated with the Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Inventories	$ 84.5	$ 3.4
Loaners, net	4.5	0.9
Property and equipment, net	136.6	24
Operating lease right-of-use assets	2.1	0
Goodwill	26.1	0.9
Franchise rights	88.5	0
Total Assets	342.2	29.1
Liabilities:
Floor plan notes payable—non-trade	0	2.8
Loaners/ Notes payable	0	0.8
Current maturities of long-term debt	0	0.6
Current maturities of operating leases	0.2	0
Long-term debt	0	6.2
Operating lease liabilities	1.9	0
Total liabilities associated with assets held for sale	2.1	10.5
Net assets held for sale	$ 340.1	$ 18.7

ASSETS HELD FOR SALE - Narrativ

ASSETS HELD FOR SALE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property franchise dealership_location collisionCenter	Dec. 31, 2022 USD ($) property franchise dealership_location	Dec. 31, 2021 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 340.1	$ 18.7
Liabilities associated with assets held for sale	$ 2.1	$ 10.5
Number of franchise, sold (in franchises) | franchise	1	18
Number of dealership locations, sold (in dealership locations) | dealership_location	1	16
Number of collision centers, sold (in collision centers) | collisionCenter	3
Gain on divestitures	$ 13.5	$ 207.1	$ 8
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | franchise	11	1
Assets held for sale		$ 29.1
Liabilities associated with assets held for sale		$ 10.5
Number of dealership locations acquired (in dealership locations) | dealership_location	11	1
Held-for-sale | Real Estate Not Currently Used in Operations
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties | property	1	1
Assets held for sale	$ 342.2
Liabilities associated with assets held for sale	$ 2.1

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Loaner vehicles	$ 262.6	$ 178.2
Contract assets (see Note 2)	53.8	40.5
Prepaid expenses	41.4	43
Notes receivable	5.2	12.9
Prepaid taxes	18.4	5.8
Deposits	4.5	4.1
Other	3.1	3.6
Other current assets	$ 388.9	$ 288.1

INVESTMENTS - Carrying Amounts

INVESTMENTS - Carrying Amounts of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 331.6	$ 244.2
Gross Unrealized Gains	3.5	0.5
Gross Unrealized Losses	(2.2)	(4.4)
Fair Value	332.9	240.4
Interest receivable	2.5	1.3
Less than 12 months, fair value	51.1	145.7
Less than 12 months, gross unrealized losses	(0.7)	(2)
12 months or longer, fair value	102.5	6.8
12 months or longer, gross unrealized losses	(1.6)	(0.5)
Fair Value	153.6	152.6
Unrealized Losses	(2.2)	(2.5)
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6.3	5.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	0
Fair Value	6.2	5.4
Less than 12 months, fair value	0
Less than 12 months, gross unrealized losses	0
12 months or longer, fair value	6
12 months or longer, gross unrealized losses	(0.1)
Fair Value	6
Unrealized Losses	(0.1)
U.S Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13.6	11.8
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	(0.1)	(0.2)
Fair Value	13.5	11.6
Less than 12 months, fair value	3.4	9.2
Less than 12 months, gross unrealized losses	(0.1)	(0.2)
12 months or longer, fair value	5	0
12 months or longer, gross unrealized losses	(0.1)	0
Fair Value	8.5	9.2
Unrealized Losses	(0.1)	(0.2)
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30.1	22.8
Gross Unrealized Gains	0.2	0
Gross Unrealized Losses	(0.2)	(0.4)
Fair Value	30.1	22.4
Less than 12 months, fair value	6.4	19
Less than 12 months, gross unrealized losses	(0.1)	(0.4)
12 months or longer, fair value	10.4	0
12 months or longer, gross unrealized losses	(0.1)	0
Fair Value	16.8	19
Unrealized Losses	(0.2)	(0.4)
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	131.5	81.8
Gross Unrealized Gains	1.6	0.2
Gross Unrealized Losses	(0.9)	(2.3)
Fair Value	132.2	79.7
Less than 12 months, fair value	11.4	66.2
Less than 12 months, gross unrealized losses	(0.1)	(0.1)
12 months or longer, fair value	48	5.2
12 months or longer, gross unrealized losses	(0.8)	(0.3)
Fair Value	59.4	71.4
Unrealized Losses	(0.9)	(0.4)
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	150.1	73.8
Gross Unrealized Gains	1.6	0.3
Gross Unrealized Losses	(0.9)	(1.4)
Fair Value	150.9	72.7
Less than 12 months, fair value	29.8	51.4
Less than 12 months, gross unrealized losses	(0.4)	(1.3)
12 months or longer, fair value	33.1	1.5
12 months or longer, gross unrealized losses	(0.5)	(0.2)
Fair Value	62.9	52.9
Unrealized Losses	(0.9)	(1.5)
Total debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	331.6	195.5
Gross Unrealized Gains	3.5	0.5
Gross Unrealized Losses	(2.2)	(4.4)
Fair Value	$ 332.9	191.7
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		48.7
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		$ 48.7

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($)		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity securities, FV-NI, unrealized gain (loss)		$ 0
Interest receivable		2,500,000	$ 1,300,000
Debt securities, available-for-sale, realized gain		500,000	100,000
Debt securities, available-for-sale, realized loss		1,500,000	2,000,000
Debt securities, available-for-sale, gain (loss)	$ 0
Equity securities, FV-NI, realized gain		3,700,000	10,100,000
Equity securities, FV-NI, realized loss		900,000	3,600,000
Allowance	$ 0	$ 0	$ 0

INVESTMENTS - Amortized Cost an

INVESTMENTS - Amortized Cost and Fair Value of TCA's Investment (Details) $ in Millions	Dec. 31, 2023 USD ($)
Available-for-Sale, Amortized Cost
Due in 1 year or less	$ 6.3
Due in 1-5 years	116.9
Due in 5-10 years	52.9
Due after 10 years	5.4
Total by maturity	181.5
Available-for-Sale, Fair Value
Due in 1 year or less	6.2
Due in 1-5 years	116.9
Due in 5-10 years	53.4
Due after 10 years	5.5
Total by maturity	$ 182

INVESTMENTS - Schedule of Gross

INVESTMENTS - Schedule of Gross Realized Gains and Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 51.1	$ 145.7
Less than 12 months, gross unrealized losses	(0.7)	(2)
12 months or longer, fair value	102.5	6.8
12 months or longer, gross unrealized losses	(1.6)	(0.5)
Total Fair Value	153.6	152.6
Total Gross Unrealized Losses	(2.2)	(2.5)
U.S Treasury
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	3.4	9.2
Less than 12 months, gross unrealized losses	(0.1)	(0.2)
12 months or longer, fair value	5	0
12 months or longer, gross unrealized losses	(0.1)	0
Total Fair Value	8.5	9.2
Total Gross Unrealized Losses	(0.1)	(0.2)
Municipal
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	6.4	19
Less than 12 months, gross unrealized losses	(0.1)	(0.4)
12 months or longer, fair value	10.4	0
12 months or longer, gross unrealized losses	(0.1)	0
Total Fair Value	16.8	19
Total Gross Unrealized Losses	(0.2)	(0.4)
Corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	11.4	66.2
Less than 12 months, gross unrealized losses	(0.1)	(0.1)
12 months or longer, fair value	48	5.2
12 months or longer, gross unrealized losses	(0.8)	(0.3)
Total Fair Value	59.4	71.4
Total Gross Unrealized Losses	(0.9)	(0.4)
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	29.8	51.4
Less than 12 months, gross unrealized losses	(0.4)	(1.3)
12 months or longer, fair value	33.1	1.5
12 months or longer, gross unrealized losses	(0.5)	(0.2)
Total Fair Value	62.9	52.9
Total Gross Unrealized Losses	$ (0.9)	$ (1.5)

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 2,711.7	$ 2,279.5
Less—Accumulated depreciation	(396.1)	(338.5)
Property and equipment, net	2,315.7	1,941
Finance lease	8.4	8.1
Held-for-sale
Property, Plant and Equipment [Line Items]
Property and equipment, net	136.6	24
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	868.3	673.8
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,465.2	1,318.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	171.9	145.4
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	97.8	91.1
Company vehicles
Property, Plant and Equipment [Line Items]
Gross property and equipment	16.5	14
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 92	$ 36.5

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 67.7	$ 69	$ 41.9

GOODWILL AND INTANGIBLE FRANC_3

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS - Narrative (Details)			1 Months Ended	12 Months Ended
	Dec. 11, 2023 USD ($) collisionCenter	Dec. 17, 2021 USD ($) collisionCenter usedVehicleStore	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill acquired				$ 240,800,000
Goodwill			$ 2,009,000,000	2,009,000,000	$ 1,783,400,000	$ 2,271,700,000
Asset impairment charges			44,100,000
Dealerships
Business Acquisition [Line Items]
Goodwill acquired				240,800,000
Goodwill			$ 1,472,400,000	1,472,400,000	1,246,800,000	$ 1,561,400,000
Franchise rights
Business Acquisition [Line Items]
Intangible assets acquired					517,700,000
Goodwill and intangible asset impairment				117,200,000	$ 0
Non-cash, impairment of intangible assets, finite-lived, pre-tax				$ 73,100,000
LHM Acquisition
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter		54
Number of used cars stores acquired (in used cars stores) | usedVehicleStore		7
Number of collision centers acquired (in collision centers) | collisionCenter		11
Aggregate purchase price		$ 3,193,900,000
Goodwill		1,205,300,000
Intangible franchise rights		1,309,700,000
Other long-term assets		5,600,000
LHM Acquisition | Insurance
Business Acquisition [Line Items]
Goodwill		536,600,000
LHM Acquisition | Dealerships
Business Acquisition [Line Items]
Goodwill		$ 668,700,000
Jim Koons Dealerships
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in new vehicle dealerships) | collisionCenter	20
Number of collision centers acquired (in collision centers) | collisionCenter	6
Aggregate purchase price	$ 1,500,000,000
Goodwill	231,700,000
Intangible franchise rights	429,000,000
Jim Koons Dealerships | Franchise rights
Business Acquisition [Line Items]
Intangible franchise rights	$ 429,000,000

GOODWILL AND INTANGIBLE FRANC_4

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended		216 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019
Goodwill [Roll Forward]
Net, beginning balance	$ 1,783.4	$ 2,271.7
Reclassified from assets held for sale	0.9	118.5
Acquisitions - measurement period adjustments	(0.9)	(510.7)
Divestitures	(14.9)	(95.2)
Acquisitions	240.8
Reclassified to assets held for sale	(0.3)	(0.9)
Net, ending balance	2,009	1,783.4
Goodwill, impairment			$ 537.7
Dealerships
Goodwill [Roll Forward]
Net, beginning balance	1,246.8	1,561.4
Reclassified from assets held for sale	0.9	118.5
Acquisitions - measurement period adjustments	(0.9)	(337)
Divestitures	(14.9)	(95.2)
Acquisitions	240.8
Reclassified to assets held for sale	(0.3)	(0.9)
Net, ending balance	1,472.4	1,246.8
TCA
Goodwill [Roll Forward]
Net, beginning balance	536.6	710.3
Reclassified from assets held for sale	0	0
Acquisitions - measurement period adjustments	0	(173.7)
Divestitures	0	0
Acquisitions	0
Reclassified to assets held for sale	0	0
Net, ending balance	$ 536.6	$ 536.6

GOODWILL AND INTANGIBLE FRANC_5

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS - Franchise Rights (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Roll Forward]
Asset impairments	$ 117.2	$ 0	$ 0
Franchise rights
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	1,800.1	1,335.7
Reclassified from assets held for sale	31	(110)
Acquisitions - measurement-period adjustments		517.7
Divestitures		(163.3)
Asset impairments	(102.3)
Ending balance	$ 2,095.8	$ 1,800.1	$ 1,335.7

FLOOR PLAN NOTES PAYABLE_TRAD_2

FLOOR PLAN NOTES PAYABLE—TRADE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Floor plan notes payable—trade	$ 245.6	$ 65.1
Floor plan notes payable offset account	(50.5)	(14.2)
Total floor plan notes payable—trade, net	$ 195.1	$ 51

FLOOR PLAN NOTES PAYABLE_NON-_3

FLOOR PLAN NOTES PAYABLE—NON-TRADE - Consist of (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Floor plan notes payable—new non-trade	$ 1,328.1	$ 613.6
Floor plan notes payable—used non-trade	307.1	0
Floor plan notes payable offset account	(44.7)	(613.6)
Total floor plan notes payable—non-trade, net	1,590.6	0
Floor plan notes payable—non-trade, liabilities associated with assets held for sale		$ 2.8
Floor plan, notes payable, offset account, additional amount	164
Cash and Cash Equivalents
Debt Instrument [Line Items]
Floor plan, notes payable, offset account, additional amount	100.8
Accounts payable and accrued liabilities
Debt Instrument [Line Items]
Floor plan, notes payable, offset account, additional amount	$ 63.2

FLOOR PLAN NOTES PAYABLE_NON-_4

FLOOR PLAN NOTES PAYABLE—NON-TRADE - Narrative (Details)		12 Months Ended
	Oct. 20, 2023	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2022	May 27, 2022 USD ($)	Oct. 29, 2021 USD ($)	Oct. 16, 2014 USD ($)
Debt Instrument [Line Items]
Amount available under revolving loan credit facility transferred to new vehicle floor plan facility			$ 389,000,000				$ 389,000,000
Floor plan, notes payable, offset account, additional amount		$ 164,000,000
Accounts payable and accrued liabilities
Debt Instrument [Line Items]
Floor plan, notes payable, offset account, additional amount		$ 63,200,000
Senior Notes
Debt Instrument [Line Items]
Face amount					$ 250,000,000
2023 Senior Credit Facility
Debt Instrument [Line Items]
Debt instrument, variable rate, minimum	0.0100
2023 Senior Credit Facility | Minimum | Base Rate Component, Federal Funds
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
2023 Senior Credit Facility | Minimum | Base Rate Component, SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1%
2023 Senior Credit Facility | Minimum | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1%
2023 Senior Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
2023 Senior Credit Facility | Maximum | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2%
2023 Senior Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
New Vehicle Floor Plan Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
New Vehicle Floor Plan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Used Vehicle Floor Plan Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Used Vehicle Floor Plan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.40%
Revolving Credit Facility1 | Minimum | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage		0.15%
Revolving Credit Facility1 | Maximum | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage		0.40%
New Vehicle and Used Vehicle Floor Plan | Line of Credit
Debt Disclosure [Abstract]
Unused capacity, commitment fee percentage		0.15%
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.15%
2019 Bank of America Revolving Credit Facility | Senior Notes
Debt Instrument [Line Items]
Debt instrument, covenant terms, debt offset amount, decrease in limit		$ 50,000,000
2019 Bank of America Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Revolving borrowing base						0.25
Aggregate commitments						0.20
2019 Bank of America Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Revolving borrowing base		0.40
Aggregate commitments		0.40
Loaner Vehicle Notes Payable - Bank of America
Debt Instrument [Line Items]
Notes Payable		$ 127,200,000		$ 10,800,000
Loaner Vehicle Notes Payable - OEMs
Debt Instrument [Line Items]
Notes Payable		$ 111,900,000		$ 83,700,000
Revolving Credit Facility | 2019 Senior Credit Facility | Bank of America
Debt Instrument [Line Items]
Aggregate commitments								$ 500,000,000
New Vehicle Revolving Floor Plan Facility | 2019 Senior Credit Facility | Bank of America
Debt Instrument [Line Items]
Aggregate commitments								1,930,000,000
Used Vehicle Revolving Floor Plan Facility
Debt Instrument [Line Items]
Commitment fee percentage		0.15%
Used Vehicle Revolving Floor Plan Facility | 2019 Senior Credit Facility | Bank of America
Debt Instrument [Line Items]
Aggregate commitments								$ 375,000,000
Senior Credit Facility | 2019 Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Standby Letters of Credit | Bank of America
Debt Instrument [Line Items]
Face amount		$ 50,000,000							$ 50,000,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 155.6	$ 147.4
Loaner vehicles notes payable	239.1	94.5
Taxes payable	74.9	91.8
Accrued compensation	56.8	89
Accrued insurance	28.4	39.2
Accrued interest	46.6	33
Accrued finance and insurance chargebacks	24.7	29.1
Customer deposits	30.2	23.5
Acquisition related liabilities	6.4	21.3
Unearned premiums	14.1	13.6
Accrued licenses and regulatory fees	16.7	9.9
Customer we owe liabilities	7.3	7
Accrued advertising	6.9	4.3
Other	40.3	41.5
Accounts payable and accrued liabilities	748.1	645
Loaners/ Notes payable	$ 0	$ 0.8

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Nov. 19, 2021	Feb. 19, 2020
Debt Instrument [Line Items]
Finance lease liability	$ 8.4	$ 8.4
Total debt outstanding	3,230.1	3,329.2
Less: debt issuance costs	(25.9)	(30.4)
Long-term debt, including current portion	3,206.2	3,301.2
Less—current portion, net of debt issuance costs	(84.9)	(84.5)
Long-term debt	3,121.2	3,216.8
2021 Real Estate Facility | Bank of America
Debt Instrument [Line Items]
Long-term debt, gross	614.4	660.6
2021 BofA Real Estate Facility | Wells Fargo
Debt Instrument [Line Items]
Long-term debt, gross	165.9	173.3
2018 BofA Real Estate Facility | Bank of America
Debt Instrument [Line Items]
Long-term debt, gross	50.3	54.5
2018 Wells Fargo Master Loan Facility | Wells Fargo
Debt Instrument [Line Items]
Long-term debt, gross	72	76.9
2013 BofA Real Estate Facility | Bank of America
Debt Instrument [Line Items]
Long-term debt, gross	0	24.9
2015 Wells Fargo Master Loan Facility | Wells Fargo
Debt Instrument [Line Items]
Long-term debt, gross	37.2	42.3
2023 Syndicated Revolving Credit Facility | Bank of America
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 31.9	$ 38.3
Weighted average interest rate	5.90%	5.40%
Senior Notes
Debt Instrument [Line Items]
Add: unamortized premium			$ 3.5
Less: debt issuance costs				$ (17.5)	$ (6.8)
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 405	$ 405
Add: unamortized premium	$ 0.6	0.8
Stated interest rate of debt instrument	4.50%		4.50%		4.50%
Senior Notes | 4.625% Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 800	800
Stated interest rate of debt instrument	4.625%			4.625%
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt, gross	$ 445	445
Add: unamortized premium	$ 1.3	1.6
Stated interest rate of debt instrument	4.75%		4.75%		4.75%
Senior Notes | 5.00% Senior Notes due 2032
Debt Instrument [Line Items]
Long-term debt, gross	$ 600	$ 600
Stated interest rate of debt instrument	5%			5%

DEBT - Schedule of Aggregate Ma

DEBT - Schedule of Aggregate Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 85.7
2025	134.1
2026	553
2027	12.4
2028	464.6
Thereafter	1,980.2
Total maturities of long-term debt	$ 3,230.1

DEBT - New Senior Notes and Sel

DEBT - New Senior Notes and Seller Notes (Details) - USD ($)		1 Months Ended
	Nov. 19, 2021	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Feb. 19, 2020
Debt Instrument [Line Items]
Unamortized debt issuance expense			$ 25,900,000	$ 30,400,000
Senior Notes
Debt Instrument [Line Items]
Face amount					$ 250,000,000
Unamortized debt issuance expense	$ 17,500,000					$ 6,800,000
Additional debt issuance costs	4,000,000					$ 3,100,000
Percent of principal amount						100%
Initial purchasers' discounts and expenses		$ 2,800,000
Proceeds from issuance of debt		250,600,000
Unamortized premium					3,500,000
Extinguishment of debt, amount		$ 50,000,000
Senior Notes | 4.625% Senior Notes due 2029
Debt Instrument [Line Items]
Face amount	$ 800,000,000
Stated interest rate of debt instrument	4.625%		4.625%
Maximum redemption as percent from aggregate principal amount	40%
Redemption price, percentage	104.625%
Percent of principal amount	100%
Senior Notes | 5.00% Senior Notes due 2032
Debt Instrument [Line Items]
Face amount	$ 600,000,000
Stated interest rate of debt instrument	5%		5%
Maximum redemption as percent from aggregate principal amount	40%
Redemption price, percentage	105%
Percent of principal amount	100%
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Face amount					$ 125,000,000	$ 525,000,000
Stated interest rate of debt instrument			4.50%		4.50%	4.50%
Redemption price, percentage		101%
Redemption amount pro rata basis						$ 245,000,000
Unamortized premium			$ 600,000	800,000
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Face amount					$ 125,000,000	$ 600,000,000
Stated interest rate of debt instrument			4.75%		4.75%	4.75%
Redemption price, percentage		101.75%
Redemption amount pro rata basis						$ 280,000,000
Unamortized premium			$ 1,300,000	$ 1,600,000
Senior Subordinated Notes | 6.0% Senior Subordinated Notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument			6%

DEBT - 2021 Real Estate Facilit

DEBT - 2021 Real Estate Facility (Details) - Bank of America - 2021 Real Estate Facility $ in Millions	Dec. 17, 2021 USD ($) numberOfPayments	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 689.7
Number of quarterly principal payments | numberOfPayments	20
Quarterly principal payments as percent of initial amount	1.25%
Long-term debt, gross		$ 614.4	$ 660.6
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1%
SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.95%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.55%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%
Federal Funds
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

DEBT - 2021 BofA Real Estate Fa

DEBT - 2021 BofA Real Estate Facility (Details) - 2021 BofA Real Estate Facility $ in Millions	May 25, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 20, 2021 USD ($) numberOfPayments
Debt Instrument [Line Items]
Basis spread on variable rate	65%
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	100%
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate, minimum	1
SOFR Plus Basis Spread
Debt Instrument [Line Items]
Basis spread on variable rate	165%
Base Rate Component, Federal Funds | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	50%
Bank of America
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 184.4
Number of quarterly principal payments | numberOfPayments				39
Quarterly principal payments as percent of initial amount				1%
Wells Fargo
Debt Instrument [Line Items]
Long-term debt, gross		$ 165.9	$ 173.3

DEBT - 2018 BofA Real Estate Fa

DEBT - 2018 BofA Real Estate Facility (Details) - 2018 BofA Real Estate Facility $ in Millions	May 25, 2022	Nov. 13, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Basis spread on variable rate	50%
Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate, minimum	1
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	100%
SOFR Plus Basis Spread
Debt Instrument [Line Items]
Basis spread on variable rate	150%
Base Rate Component, Federal Funds | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	50%
Base Rate Component, SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Bank of America
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 128.1
Quarterly principal payments as percent of initial amount		1.25%
Repayment schedule		20 years
Long-term debt, gross			$ 50.3	$ 54.5

DEBT - 2018 Wells Fargo Master

DEBT - 2018 Wells Fargo Master Loan Facility (Details) - 2018 Wells Fargo Master Loan Facility $ in Millions	Jun. 01, 2022	Nov. 06, 2018	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 16, 2018 USD ($) payment
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR Plus Basis Spread | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	150%
SOFR Plus Basis Spread | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	185%
Wells Fargo
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100
Number of equal monthly principal payments | payment					108
Amortization schedule		19 years
Long-term debt, gross			$ 72	$ 76.9

DEBT - 2015 Wells Fargo Master

DEBT - 2015 Wells Fargo Master Loan Facility (Details) - 2015 Wells Fargo Master Loan Facility $ in Millions	Jun. 01, 2022	Feb. 03, 2015 USD ($) payment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR Plus Basis Spread
Debt Instrument [Line Items]
Basis spread on variable rate	185%
Wells Fargo
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100
Number of equal monthly principal payments | payment		108
Amortization schedule		19 years
Long-term debt, gross			$ 37.2	$ 42.3

DEBT - 2013 BofA Real Estate Fa

DEBT - 2013 BofA Real Estate Facility (Details) - 2013 BofA Real Estate Facility $ in Millions		1 Months Ended
	May 25, 2022	Jun. 30, 2023 USD ($)	Sep. 26, 2013 USD ($)
Debt Instrument [Line Items]
Basis spread on variable rate	50%
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	100%
Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate, minimum	1
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	10%
SOFR Plus Basis Spread
Debt Instrument [Line Items]
Basis spread on variable rate	150%
Base Rate Component, Federal Funds | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	50%
Bank of America
Debt Instrument [Line Items]
Debt Instrument, Repaid, Principal		$ 23.9
Maximum borrowing capacity			$ 75

DEBT - Schedule of Mortgage Not

DEBT - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value of Collateralized Related Real Estate	$ 3,230
Captive mortgages
Debt Instrument [Line Items]
Liabilities associated with assets held for sale		$ 2.7
2018 BofA Real Estate Facility
Debt Instrument [Line Items]
Liabilities associated with assets held for sale		4.1
Mortgages
Debt Instrument [Line Items]
Aggregate Principal Outstanding	971.7	1,070.8
Carrying Value of Collateralized Related Real Estate	1,396.5	1,489.5
Mortgages | Captive mortgages
Debt Instrument [Line Items]
Aggregate Principal Outstanding	31.9	38.3
Carrying Value of Collateralized Related Real Estate	86.3	98
Mortgages | 2021 Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	614.4	660.6
Carrying Value of Collateralized Related Real Estate	852.4	864.6
Mortgages | 2021 BofA Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	165.9	173.3
Carrying Value of Collateralized Related Real Estate	198.4	197.3
Mortgages | 2018 BofA Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	50.3	54.5
Carrying Value of Collateralized Related Real Estate	72.7	78.7
Mortgages | 2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	72	76.9
Carrying Value of Collateralized Related Real Estate	103.6	105
Mortgages | 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	0	24.9
Carrying Value of Collateralized Related Real Estate	0	61.7
Mortgages | 2015 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Aggregate Principal Outstanding	37.2	42.3
Carrying Value of Collateralized Related Real Estate	$ 83.1	$ 84.2

DEBT - 2019 Senior Credit Facil

DEBT - 2019 Senior Credit Facility (Details) - 2019 Bank of America Revolving Credit Facility $ in Millions	Dec. 31, 2023 USD ($)	Sep. 29, 2022
Senior Notes
Debt Instrument [Line Items]
Debt instrument, covenant terms, debt offset amount, decrease in limit	$ 50
Minimum
Debt Instrument [Line Items]
Revolving borrowing base		0.25
Aggregate commitments		0.20
Maximum
Debt Instrument [Line Items]
Revolving borrowing base	0.40
Aggregate commitments	0.40

DEBT- Revolving Credit Facility

DEBT- Revolving Credit Facility and Stock Restrictions (Details) - Bank of America - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Oct. 16, 2014
Reastated Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity			$ 500,000,000
Reastated Credit Agreement | Guarantee Obligations
Debt Instrument [Line Items]
Amount of letters of credit outstanding	$ 14,000,000	$ 12,700,000
Borrowing availability	332,100,000	$ 48,300,000
Additional amount available for conversion	389,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Face amount	$ 50,000,000		$ 50,000,000

DEBT - Stock Repurchase and Div

DEBT - Stock Repurchase and Dividend Restrictions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Senior Subordinated Notes
Debt Instrument [Line Items]
General restricted payments allowance	$ 1,180	$ 1,110
2019 Senior Credit Facility
Debt Instrument [Line Items]
Restricted payments capacity, percent of net income	50%
Percent of cash proceeds receive from sale of equity interests	100%
Maximum | 2019 Senior Credit Facility
Debt Instrument [Line Items]
Consolidated total leverage ratio	3

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE - Narrative (Details)	Dec. 31, 2023 USD ($) numberOfInstruments	Dec. 31, 2022 USD ($)	Jan. 31, 2022 numberOfInstruments	May 31, 2021 USD ($)
Level 2 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps	$ 79,800,000	$ (102,400,000)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Number of Instruments Held | numberOfInstruments	6		2
Notional principal amount of derivative liability				$ 550,000,000
Fair value of interest rate swaps	$ (79,800,000)	$ (102,400,000)
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (27,500,000)

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE - Summary of Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Nov. 19, 2021	Feb. 19, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 3,230
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	2,227.7	$ 2,231.8
Total fair value	$ 2,085.1	1,891.1
4.50% Senior Notes due 2028 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%		4.50%		4.50%
Total carrying value	$ 402.8	409.5
Total fair value	$ 384.8	354.4
4.625% Senior Notes due 2029 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.625%			4.625%
Total carrying value	$ 790.4	789.1
Total fair value	$ 744	672
4.75% Senior Notes due 2030 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%		4.75%		4.75%
Total carrying value	$ 442.2	441.7
Total fair value	$ 410.3	372.7
5.00% Senior Notes due 2032 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	5%			5%
Total carrying value	$ 592.3	591.5
Total fair value	$ 546	$ 492

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE - Interest Rate Swap Agreements (Details) - USD ($)	Dec. 31, 2023	Jan. 31, 2022	May 31, 2021	Jul. 31, 2020	Jun. 30, 2018
Interest Rate swap Due December 2026
Derivative [Line Items]
Notional principal amount of derivative liability	$ 273,800,000	$ 300,000,000
Notional principal amount of derivative liability, at maturity		228,800,000
Interest Rate swap Due December 2031
Derivative [Line Items]
Notional principal amount of derivative liability	250,000,000	250,000,000
Notional principal amount of derivative liability, at maturity		$ 250,000,000
Interest Rate swap Due May 2031
Derivative [Line Items]
Notional principal amount of derivative liability	165,900,000		$ 184,400,000
Notional principal amount of derivative liability, at maturity			$ 110,600,000
Interest Rate swap Due December 2028
Derivative [Line Items]
Notional principal amount of derivative liability	76,200,000			$ 93,500,000
Notional principal amount of derivative liability, at maturity				50,600,000
Interest Rate swap Due November 2025
Derivative [Line Items]
Notional principal amount of derivative liability	68,000,000			85,500,000
Notional principal amount of derivative liability, at maturity				$ 57,300,000
Interest Rate swap Due February 2025
Derivative [Line Items]
Notional principal amount of derivative liability	$ 58,800,000				$ 100,000,000
Notional principal amount of derivative liability, at maturity					$ 53,100,000

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Fair value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps assets (liabilities)	$ 79.8	$ 102.4
Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps assets (liabilities)	27.5	29.6
Other long-term assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps assets (liabilities)	$ (52.3)	$ (72.8)

FINANCIAL INSTRUMENTS AND FAI_7

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Derivative Instruments Effect on the Consolidated Income Statement, Including Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in AOCI (Effective Portion)	$ (4)	$ 24.3	$ 1.6
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in AOCI (Effective Portion)	12.1	100.8	11
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from AOCI to Earnings	$ (34.7)	$ (2.4)	$ 4.7

FINANCIAL INSTRUMENTS AND FAI_8

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Investments at Fair Value (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	$ 332.9	$ 240.4
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4.8	6.6
Total Investments, at fair value	332.9	240.4
Total | Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	332.9	191.7
Total | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	6.2	5.4
Total | U.S Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	13.5	11.6
Total | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	30.1	22.4
Total | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	132.2	79.7
Total | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	150.9	72.6
Total | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value		48.7
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4.8	6.6
Total Investments, at fair value	15.5	60.9
Level 1 | Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	15.5	12.2
Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	2	0.6
Level 1 | U.S Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	13.5	11.6
Level 1 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 1 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 1 | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 1 | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value		48.7
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total Investments, at fair value	317.4	179.5
Level 2 | Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	317.4	179.5
Level 2 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	4.2	4.8
Level 2 | U.S Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 2 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	30.1	22.4
Level 2 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	132.2	79.7
Level 2 | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	150.9	72.6
Level 2 | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total Investments, at fair value	0	0
Level 3 | Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 3 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 3 | U.S Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 3 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 3 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	0	0
Level 3 | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value	$ 0	0
Level 3 | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments, at fair value		$ 0

FINANCIAL INSTRUMENTS AND FAI_9

FINANCIAL INSTRUMENTS AND FAIR VALUE - Information About the Effect of AFS Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Results Recognized in Accumulated Other Comprehensive Income (Loss) (Effective Portion)	$ 4.1	$ (6)	$ 0
Results Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings	$ (1.1)	$ (1.9)	$ 0

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 128.9	$ 142	$ 113.9
State	30.1	30.8	20.8
Total Current Income Tax Expense	159	172.8	134.7
Deferred:
Federal	33.8	130.7	24.8
State	6	18.3	5.8
Total Deferred Income Tax Expense	39.8	149	30.6
Total Income Tax Expense	$ 198.8	$ 321.8	$ 165.3

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
Income tax provision at the statutory rate	$ 168.3	$ 277	$ 146.5
State income tax expense, net	29.8	42.7	21
Non-deductible items	1.7	1.6	0.6
Other, net	(1)	0.5	(2.8)
Total Income Tax Expense	$ 198.8	$ 321.8	$ 165.3
Percent
Income tax provision at the statutory rate	21%	21%	21%
State income tax expense, net	3.70%	3.20%	3%
Non-deductible items	0.20%	0.10%	0.10%
Other, net	(0.10%)	0.10%	(0.40%)
Income tax provision	24.80%	24.40%	23.70%

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Deferred revenue	$ 38	$ 35.7
F&I chargeback liabilities	12.1	13.2
Other accrued liabilities	2.9	6.6
Stock-based compensation	3.7	3.1
Operating lease right-of-use assets	61.5	59.1
Other, net	12.9	9.4
Total deferred income tax assets	131.2	127.1
Deferred income tax liabilities:
Intangible asset amortization	110.8	91
Depreciation	56.9	52.1
Operating lease liabilities	59.9	57.5
Investments, net	20	24
Deferred sales commissions	18.3	0
Other, net	1.6	3.2
Total deferred income tax liabilities	267.6	227.8
Net deferred income tax liabilities	$ (136.4)	$ (100.7)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 0	$ 0
Income taxes receivable	11,500,000
Prepaid taxes	18,400,000	5,800,000
Operating loss carryforwards	63,800,000
Deferred tax assets	$ 2,200,000
Accounts payable and accrued liabilities
Operating Loss Carryforwards [Line Items]
Taxes payable		$ 21,500,000

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Unearned premiums	$ 21.8	$ 23.1
Accrued finance and insurance chargebacks	24.3	24.9
Unclaimed property	5.3	5.1
Other	0.4	0.5
Other long-term liabilities	$ 51.7	$ 53.5
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 149.3	$ 147.2	$ 92.2
Cash paid during the period related to floor plan interest	4	8.4	8.7
Income taxes paid	191.9	198.4	114.2
Loaner vehicles transferred from other current assets to inventory	$ 431.2	$ 281.4	$ 216.3

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset	$ 241.8	$ 235.4
Operating lease, liability	$ 250.5

LEASES - Balance Sheets (Detail

LEASES - Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Assets held for sale	$ 2.1	$ 0
Operating lease right-of-use assets	$ 241.8	$ 235.4
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	PROPERTY AND EQUIPMENT, net	PROPERTY AND EQUIPMENT, net
Assets, Finance	$ 8.4	$ 8.1
Total right-of-use assets	252.3	243.5
Liabilities, Current, Operating	26.2	23.6
Operating Lease, Liability Held-for-Sale, Current	0.2	0
Liabilities, Current, Finance	0	0
Liabilities, Non-Current, Operating	222.1	218.4
Operating Lease, Liability Held-for-Sale, Noncurrent	$ 1.9	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	LONG-TERM DEBT	LONG-TERM DEBT
Liabilities, Non-Current, Finance	$ 8.4	$ 8.4
Total lease liabilities	$ 258.8	$ 250.4

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted Average Lease Term - Operating Leases	13 years 2 months 12 days	14 years 4 months 24 days
Weighted Average Lease Term - Finance Lease	36 years 8 months 12 days	37 years 8 months 12 days
Weighted Average Discount Rate - Operating Leases	4.90%	4.70%
Weighted Average Discount Rate - Finance Leases	4.40%	4.40%

LEASES - Cost (Details)

LEASES - Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease cost (Interest)	$ 0.4	$ 0.4
Operating lease cost	36.2	38.1
Short-term lease cost	3.6	4.3
Variable lease cost	1	2.4
Total lease cost	$ 41.3	$ 45.1

LEASES - Other Information (Det

LEASES - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from finance lease	$ 0.4	$ 0.4
Operating cash flows from operating leases	36.2	38.1
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 35	$ 6.2

LEASES - Liabilities (Details)

LEASES - Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finance Lease, Liability, Payment, Due [Abstract]
2024	$ 0.4
2025	0.4
2026	0.4
2027	0.4
2028	0.4
Thereafter	15.7
Total minimum lease payments	17.7
Less: Amount of lease payments representing interest	(9.4)
Present value of future minimum lease payments	8.4	$ 8.4
Less: current obligations under leases (a)	0	0
Long-term lease obligation (b)	8.4	$ 8.4
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	38.1
2025	35.5
2026	28.3
2027	25
2028	23.1
Thereafter	194.7
Total minimum lease payments	344.6
Less: Amount of lease payments representing interest	(94.1)
Present value of future minimum lease payments	250.5
Less: current obligations under leases	(26.4)
Long-term lease obligation	224.1
Liabilities Associated with Assets Held-for-Sale
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Less: current obligations under leases	(0.2)
Long-term lease obligation	$ 1.9

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reportableSegment	Dec. 31, 2023 USD ($) segment	Dec. 11, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	2	2
Goodwill	$ 2,009	$ 2,009		$ 1,783.4	$ 2,271.7
Jim Koons Dealerships
Segment Reporting Information [Line Items]
Goodwill			$ 231.7

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 14,802.7	$ 15,433.8	$ 9,837.7
Gross profit	2,755.8	3,100.6	1,902.2
Depreciation and amortization	67.7	69	41.9
Selling, general, and administrative	1,617.4	1,763.4	1,073.9
Floor plan interest expense	9.6	8.4	8.2
Other interest expense, net	156.1	152.2	$ 93.9
Total interest expense	165.7	160.6
Capital expenditures	142.3	94.6
Total assets	10,159.4	8,021.4
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(181.5)	(153)
Gross profit	7.6	10.8
Depreciation and amortization	0	0
Selling, general, and administrative	(28.5)	(30)
Floor plan interest expense	0	0
Other interest expense, net	0	0
Total interest expense	0	0
Capital expenditures	0	0
Total assets	46.1	(18.6)
Dealerships | Operating Segments
Segment Reporting Information [Line Items]
Revenue	14,699	15,341.1
Gross profit	2,671.1	3,036
Depreciation and amortization	67.1	68.2
Selling, general, and administrative	1,638.5	1,786.3
Floor plan interest expense	9.6	8.4
Other interest expense, net	156.1	152.2
Total interest expense	165.7	160.6
Capital expenditures	142.3	94.6
Total assets	9,199.4	7,170.8
Insurance | Operating Segments
Segment Reporting Information [Line Items]
Revenue	285.2	245.8
Gross profit	77.1	53.8
Depreciation and amortization	0.7	0.8
Selling, general, and administrative	7.4	7
Floor plan interest expense	0	0
Other interest expense, net	0	0
Total interest expense	0	0
Capital expenditures	0	0
Total assets	$ 913.9	$ 869.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 20.6
Reastated Credit Agreement | Bank of America
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 14	$ 12.7

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Share-based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 17, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of instruments provided for grant	1,500,000
Number of shares still available for grant (in shares)	1,400,000
Share-based compensation expense	$ 23.5	$ 20.6	$ 16.2
Share-based compensation expense, tax benefit	5.8	$ 5	$ 3.9
Total unrecognized share-based compensation expense related to nonvested awards	$ 17.8
Weighted average period of recognition	1 year 6 months
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2022	$ 2.2
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2023	10.1
Expected future recognition of unrecognized compensation expense related to nonvested share-based awards, 2024	$ 5.5
2019 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,590,000
Number of shares still available for grant (in shares)				641,363

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Schedule of Performance Share Units (Details) - Performance Share Units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percent of target earned	150%
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	103,659
Vested (in shares)	(47,802)
Forfeited (in shares)	(26,552)
Outsanding, ending balance (in shares)	100,063	103,659
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 165.94
Granted, weighted average grant date fair value (in dollars per share)	232.24	$ 185.05	$ 132.52
Vested, weighted average grant date fair value (in dollars per share)	146.65
Forfeited, weighted average grant date fair value (in dollars per share)	182.94
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 207.28	$ 165.94
Total fair value of performance share units vested (in millions)	$ 7	$ 5.7	$ 5.7
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that could be earned, range	0%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	70,758
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that could be earned, range	150%

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Schedule of Restricted Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	118,765
Granted (in shares)	79,141
Vested (in shares)	(80,738)
Forfeited (in shares)	(8,374)
Outsanding, ending balance (in shares)	108,794	118,765
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 157.34
Granted, weighted average grant date fair value (in dollars per share)	231.70	$ 184.67	$ 150.38
Vested, weighted average grant date fair value (in dollars per share)	162.06
Forfeited, weighted average grant date fair value (in dollars per share)	204.15
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 204.35	$ 157.34
Total fair value of restricted stock awards vested	$ 13,100,000	$ 8,500,000	$ 3,800,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outsanding, beginning balance (in shares)	5,067
Granted (in shares)	0
Vested (in shares)	(2,898)
Forfeited (in shares)	0
Outsanding, ending balance (in shares)	2,169	5,067
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 69.08
Granted, weighted average grant date fair value (in dollars per share)	0	$ 0	$ 0
Vested, weighted average grant date fair value (in dollars per share)	69.01
Forfeited, weighted average grant date fair value (in dollars per share)	0
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 69.18	$ 69.08
Total fair value of restricted stock awards vested	$ 200,000	$ 2,300,000	$ 8,600,000

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Employee Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employee, percent	75%
Maximum annual contribution per employee	$ 22,500
Minimum age requirement	50 years
Employer matching contribution, employment requirement period for matching eligibility, minimum	1 year
Employer matching contribution after one year of employment, percent	50%
Employer matching contribution, percent of employees' gross pay	6%
Vesting period	4 years
Employer matching contributions	$ 16,000,000	$ 18,000,000	$ 5,300,000
Age 50 or More
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contribution per employee	$ 30,000