Asbury Automotive (ABG) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,587,459
Entity Central Index Key	0001144980
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 60.3	$ 45.7
Short-term investments	9	6.2
Contracts-in-transit, net	203.9	279.7
Accounts receivable, net	256.6	226.1
Inventories, net	2,030.8	1,768.3
Assets held for sale	162.8	342.2
Other current assets	381.1	388.9
Total current assets	3,104.5	3,057.1
INVESTMENTS	321.8	326.7
PROPERTY AND EQUIPMENT, net	2,442.7	2,315.7
OPERATING LEASE RIGHT-OF-USE ASSETS	222.4	241.8
GOODWILL	2,011.3	2,009
INTANGIBLE FRANCHISE RIGHTS	1,956.7	2,095.8
OTHER LONG-TERM ASSETS	114.1	113.3
Total assets	10,173.6	10,159.4
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	307.2	195.1
Floor plan notes payable—non-trade, net	1,178.8	1,590.6
Current maturities of long-term debt	83.4	84.9
Current maturities of operating leases	26.4	26.2
Accounts payable and accrued liabilities	761.1	748.1
Deferred revenue—current	235.4	228.6
Liabilities associated with assets held for sale	2	2.1
Total current liabilities	2,594.2	2,875.7
LONG-TERM DEBT	3,299.5	3,121.2
LONG-TERM LEASE LIABILITY	204	222.1
DEFERRED REVENUE	528.4	508.1
DEFERRED INCOME TAXES	132.6	136.4
OTHER LONG-TERM LIABILITIES	52.7	51.7
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $.01 par value; 90,000,000 shares authorized; 41,652,707 and 42,352,001 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	1,299.7	1,288.4
Retained earnings	3,090.9	2,961.5
Treasury stock, at cost; 22,065,248 and 22,018,537 shares, respectively	(1,079.1)	(1,067.3)
Accumulated other comprehensive income	50.5	61.1
Total shareholders' equity	3,362.4	3,244.1
Total liabilities and shareholders' equity	$ 10,173.6	$ 10,159.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	41,652,707	42,352,001
Treasury stock (in shares)	22,065,248	22,018,537

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE:
TOTAL REVENUE	$ 4,236.7	$ 3,666.2	$ 12,684.1	$ 10,991
COST OF SALES:
TOTAL COST OF SALES	3,518.6	2,992.7	10,485.3	8,908.2
GROSS PROFIT	718	673.5	2,198.8	2,082.8
OPERATING EXPENSES:
Selling, general, and administrative	466.5	391.7	1,411.6	1,203.3
Depreciation and amortization	18.9	17	55.8	50.5
Asset impairments	0	0	135.4	0
INCOME FROM OPERATIONS	232.7	264.7	596	829
OTHER EXPENSES (INCOME):
Floor plan interest expense	22.3	0	66.1	1.5
Other interest expense, net	45.7	38.7	134.9	115.3
Gain on dealership divestitures	(5)	0	(8.6)	(13.5)
Total other expenses, net	63	38.7	192.4	103.3
INCOME BEFORE INCOME TAXES	169.7	226	403.6	725.7
Income tax expense	43.4	56.8	102.1	178.7
NET INCOME	$ 126.3	$ 169.2	$ 301.5	$ 547
Basic—
Net income (in dollars per share)	$ 6.40	$ 8.22	$ 15.03	$ 26.02
Diluted—
Net income (in dollars per share)	$ 6.37	$ 8.19	$ 14.99	$ 25.91
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	19.7	20.6	20.1	21
Diluted (in shares)	19.8	20.7	20.1	21.1
New vehicle
REVENUE:
TOTAL REVENUE	$ 2,163.5	$ 1,861.9	$ 6,392.6	$ 5,572.2
COST OF SALES:
TOTAL COST OF SALES	2,013.1	1,693.6	5,924.4	5,040.1
Used vehicle
REVENUE:
TOTAL REVENUE	1,294.7	1,111.7	3,959.6	3,345.6
COST OF SALES:
TOTAL COST OF SALES	1,235.3	1,049.6	3,767.3	3,135.6
Parts and service
REVENUE:
TOTAL REVENUE	593.1	526.5	1,764.3	1,568.2
COST OF SALES:
TOTAL COST OF SALES	256	235.3	753.2	702.9
Finance and insurance, net
REVENUE:
TOTAL REVENUE	185.4	166.1	567.5	505
COST OF SALES:
TOTAL COST OF SALES	$ 14.2	$ 14.1	$ 40.5	$ 29.6
Restricted stock
WEIGHTED AVERAGE SHARES OUTSTANDING:
Incremental common shares (in shares)	0.1	0.1	0	0.1
Performance share units
WEIGHTED AVERAGE SHARES OUTSTANDING:
Incremental common shares (in shares)	0	0	0.1	0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 126.3	$ 169.2	$ 301.5	$ 547
Other comprehensive income:
Change in fair value of cash flow swaps	(29.2)	11.4	(19.8)	9
Income tax benefit (expense) associated with cash flow swaps	7.3	(2.8)	5	(2.2)
Unrealized gains (losses) on available-for-sale debt securities	9.8	(3.7)	5.4	(5.4)
Income tax (expense) benefit associated with available-for-sale debt securities	(2)	0.9	(1.1)	1.4
Comprehensive income	$ 112.1	$ 175	$ 290.9	$ 549.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		43,593,809
Beginning balance at Dec. 31, 2022	$ 2,903.5	$ 0.4	$ 1,281.4	$ 2,610.1	$ (1,063)	$ 74.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2022					22,024,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	181.4			181.4
Change in fair value of cash flow swaps, net of reclassification adjustment	(14.6)					(14.6)
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	2					2
Comprehensive income	168.7			181.4		(12.6)
Share-based compensation	8.6		8.6
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		120,575
Shares repurchased (in shares)					110,323
Share repurchases	(20.7)				$ (20.7)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					45,613
Repurchase of common stock associated with net share settlement of employee share-based awards	(10.9)				$ (10.9)
Repurchase and retirement of common stock (in shares)		(164,527)			(164,527)
Retirement of common stock	0		(2)	(28.2)	$ 30.2
Ending balance (in shares) at Mar. 31, 2023		43,549,857
Ending balance at Mar. 31, 2023	3,049.2	$ 0.4	1,288	2,763.3	$ (1,064.3)	61.8
Treasury stock, ending balance (in shares) at Mar. 31, 2023					22,015,888
Beginning balance (in shares) at Dec. 31, 2022		43,593,809
Beginning balance at Dec. 31, 2022	2,903.5	$ 0.4	1,281.4	2,610.1	$ (1,063)	74.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2022					22,024,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	547
Comprehensive income	$ 549.8
Shares repurchased (in shares)	1,070,126
Ending balance (in shares) at Sep. 30, 2023		42,594,062			22,017,396
Ending balance at Sep. 30, 2023	$ 3,248.5	$ 0.4	1,287.2	2,950.4	$ (1,066.6)	77.2
Beginning balance (in shares) at Mar. 31, 2023		43,549,857
Beginning balance at Mar. 31, 2023	3,049.2	$ 0.4	1,288	2,763.3	$ (1,064.3)	61.8
Treasury stock, beginning balance (in shares) at Mar. 31, 2023					22,015,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	196.4			196.4
Change in fair value of cash flow swaps, net of reclassification adjustment	12.8					12.8
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	(3.2)					(3.2)
Comprehensive income	206			196.4		9.6
Share-based compensation	5.5		5.5
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		1,043
Shares repurchased (in shares)					959,803
Share repurchases	(192.1)				$ (192.1)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					379
Repurchase of common stock associated with net share settlement of employee share-based awards	(0.1)				$ (0.1)
Repurchase and retirement of common stock (in shares)		(959,803)			(959,803)
Retirement of common stock	0		(11.6)	(178.5)	$ 190.1
Ending balance (in shares) at Jun. 30, 2023		42,591,097
Ending balance at Jun. 30, 2023	3,068.6	$ 0.4	1,282	2,781.1	$ (1,066.4)	71.4
Treasury stock, ending balance (in shares) at Jun. 30, 2023					22,016,267
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169.2			169.2
Change in fair value of cash flow swaps, net of reclassification adjustment	8.6					8.6
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	(2.9)					(2.9)
Comprehensive income	175			169.2		5.7
Share-based compensation	$ 5.2		5.2
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		2,965
Shares repurchased (in shares)	0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					1,129
Repurchase of common stock associated with net share settlement of employee share-based awards	$ (0.2)				$ (0.2)
Ending balance (in shares) at Sep. 30, 2023		42,594,062			22,017,396
Ending balance at Sep. 30, 2023	3,248.5	$ 0.4	1,287.2	2,950.4	$ (1,066.6)	77.2
Beginning balance (in shares) at Dec. 31, 2023		42,352,001
Beginning balance at Dec. 31, 2023	$ 3,244.1	$ 0.4	1,288.4	2,961.5	$ (1,067.3)	61.1
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	22,018,537				22,018,537
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 147.1			147.1
Change in fair value of cash flow swaps, net of reclassification adjustment	7.5					7.5
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	(2.2)					(2.2)
Comprehensive income	152.4			147.1		5.3
Share-based compensation	10.5		10.5
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		123,845
Shares repurchased (in shares)					239,790
Share repurchases	(50.4)				$ (50.4)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					45,399
Repurchase of common stock associated with net share settlement of employee share-based awards	(9.8)				$ (9.8)
Repurchase and retirement of common stock (in shares)		(239,790)			(239,790)
Retirement of common stock	0		(2.9)	(47.1)	$ 50
Ending balance (in shares) at Mar. 31, 2024		42,236,056
Ending balance at Mar. 31, 2024	3,346.9	$ 0.4	1,296.1	3,061.5	$ (1,077.5)	66.4
Treasury stock, ending balance (in shares) at Mar. 31, 2024					22,063,936
Beginning balance (in shares) at Dec. 31, 2023		42,352,001
Beginning balance at Dec. 31, 2023	$ 3,244.1	$ 0.4	1,288.4	2,961.5	$ (1,067.3)	61.1
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	22,018,537				22,018,537
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 301.5
Comprehensive income	$ 290.9
Shares repurchased (in shares)	826,340
Ending balance (in shares) at Sep. 30, 2024		41,652,707
Ending balance at Sep. 30, 2024	$ 3,362.4	$ 0.4	1,299.7	3,090.9	$ (1,079.1)	50.5
Treasury stock, ending balance (in shares) at Sep. 30, 2024	22,065,248				22,065,248
Beginning balance (in shares) at Mar. 31, 2024		42,236,056
Beginning balance at Mar. 31, 2024	$ 3,346.9	$ 0.4	1,296.1	3,061.5	$ (1,077.5)	66.4
Treasury stock, beginning balance (in shares) at Mar. 31, 2024					22,063,936
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28.1			28.1
Change in fair value of cash flow swaps, net of reclassification adjustment	(0.4)					(0.4)
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	(1.3)					(1.3)
Comprehensive income	26.4			28.1		(1.7)
Share-based compensation	5.7		5.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		841
Shares repurchased (in shares)					192,599
Share repurchases	(48.2)				$ (48.2)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					262
Repurchase of common stock associated with net share settlement of employee share-based awards	(0.1)				$ (0.1)
Repurchase and retirement of common stock (in shares)		(192,599)			(192,599)
Retirement of common stock	0		(2.3)	(40.9)	$ 43.2
Ending balance (in shares) at Jun. 30, 2024		42,044,298
Ending balance at Jun. 30, 2024	3,330.7	$ 0.4	1,299.5	3,048.7	$ (1,082.5)	64.7
Treasury stock, ending balance (in shares) at Jun. 30, 2024					22,064,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	126.3			126.3
Change in fair value of cash flow swaps, net of reclassification adjustment	(21.9)					(21.9)
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and tax expense	7.7					7.7
Comprehensive income	112.1			126.3		(14.2)
Share-based compensation	$ 5		5
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		2,360
Shares repurchased (in shares)	393,951				393,951
Share repurchases	$ (85.2)				$ (85.2)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					1,050
Repurchase of common stock associated with net share settlement of employee share-based awards	(0.2)				$ (0.2)
Repurchase and retirement of common stock (in shares)		(393,951)			(393,951)
Retirement of common stock	0		(4.8)	(84.1)	$ 88.9
Ending balance (in shares) at Sep. 30, 2024		41,652,707
Ending balance at Sep. 30, 2024	$ 3,362.4	$ 0.4	$ 1,299.7	$ 3,090.9	$ (1,079.1)	$ 50.5
Treasury stock, ending balance (in shares) at Sep. 30, 2024	22,065,248				22,065,248

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax expense (benefit)	$ (7.3)	$ (0.1)	$ 2.5	$ (2.8)	$ 4.1	$ (4.7)
Gains (losses) on changes in fair value of debt securities, tax expense (benefit)	$ 2	$ (0.3)	$ (0.6)	$ (0.9)	$ (1)	$ 0.5

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 301.5	$ 547
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	55.8	50.6
Share-based compensation	21.2	19.3
Deferred income taxes	0.1	2.2
Asset impairments	135.4	0
Gains on investments	(0.6)	(1.9)
Loaner vehicle amortization	35.8	23.8
Gain on divestitures	(8.6)	(13.5)
Change in right-of-use assets	21.4	20.5
Other adjustments, net	9.4	(1.7)
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	75.8	43.6
Accounts receivable, net	(31)	(31.2)
Inventories	(272.1)	(284.2)
Other current assets, net	(33.7)	(101.5)
Floor plan notes payable—trade, net	112.1	7.9
Deferred revenue	27.1	13
Accounts payable and accrued liabilities	10	(24.1)
Operating lease liabilities	(20.1)	(20.7)
Other long-term assets and liabilities, net	(12.4)	(9.3)
Net cash provided by operating activities	427	239.8
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(104.5)	(76.5)
Capital expenditures—real estate	(69.6)	0
Purchase of previously leased real estate	(11.9)	0
Acquisitions	(4.7)	0
Proceeds from dealership divestitures	196.3	30.7
Purchases of debt securities—available-for-sale	(60)	(164.9)
Proceeds from the sale of debt securities—available-for-sale	70	52.2
Proceeds from the sale of equity securities	0	51.8
Proceeds from the disposition of assets	2.2	16.3
Net cash provided by (used in) investing activities	17.8	(90.4)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	6,918.4	5,643.1
Floor plan repayments—non-trade	(7,296.1)	(5,645.9)
Floor plan repayments—non-trade—divestitures	(34.1)	0
Repayments of borrowings	(56.9)	(108.8)
Proceeds from revolving credit facility	1,013.5	0
Repayments of revolving credit facility	(782.8)	0
Purchases of treasury stock	(182.1)	(220.3)
Repurchases of common stock, associated with net share settlements of employee share-based awards	(10.1)	(11.2)
Net cash used in financing activities	(430.2)	(343.1)
Net increase (decrease) in cash and cash equivalents	14.6	(193.7)
CASH AND CASH EQUIVALENTS, beginning of period	45.7	235.3
CASH AND CASH EQUIVALENTS, end of period	$ 60.3	$ 41.6

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 September 30, 2024, we owned and operated 202 new vehicle franchises (153 dealership locations), representing 31 brands of automobiles, and 37 collision centers in 14 states. For the nine months ended September 30, 2024, our new vehicle revenue brand mix consisted of 29% luxury, 41% imports and 29% domestic brands. 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 reflects its operations in two reportable segments: Dealerships and TCA. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying condensed consolidated financial statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the condensed consolidated financial statements as of September 30, 2024, and for the three and nine months ended September 30, 2024 and 2023, have been included, unless otherwise indicated. Amounts presented in the condensed consolidated financial statements have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 condensed 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 F&I products, reserves for self-insurance programs, and certain assumptions related to goodwill and dealership franchise rights intangible assets. 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 three months ended September 30, 2024 , the Company repurchased and retired 393,951 shares of our common stock under our share repurchase program and during the three months ended September 30, 2023, the Company did not repurchase and retire any shares of our common stock. During the nine months ended September 30, 2024 and 2023, the Company repurchased 826,340 and 1,070,126 shares and retired 826,340 and 1,124,330, shares of our common stock under our share repurchase program, respectively. The cash paid for these share repurchases was $182.1 million and $210.7 million for the nine months ended September 30, 2024 and 2023, respectively. On May 15, 2024, the Company announced that its Board of Directors approved an increase of $256.2 million in the Company's common share repurchase authorization to $400.0 million (the "New Share Repurchase Authorization"). As of September 30, 2024, the Company had $276.7 million remaining on its share repurchase authorization. The share repurchase authorization does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without further notice. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 201 and 466 restricted share units and 0 and 3 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company excluded 1,784 and 2,235 restricted share units and 1,177 and 0 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share, respectively, because they were anti-dilutive. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. 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. In 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of Revenue Revenue from contracts with customers for the three and nine months ended September 30, 2024 and 2023 consists of the following: For the Three Months Ended September 30, 2024 2023 (In millions) Revenue: New vehicle $ 2,163.5 $ 1,861.9 Used vehicle retail 1,148.5 1,016.8 Used vehicle wholesale 146.2 94.9 New and used vehicle 3,458.2 2,973.6 Sale of vehicle parts and accessories 129.2 125.1 Vehicle repair and maintenance services 463.9 401.4 Parts and services 593.1 526.5 Finance and insurance, net 185.4 166.1 Total revenue $ 4,236.7 $ 3,666.2 For the Nine Months Ended September 30, 2024 2023 (In millions) Revenue: New vehicle $ 6,392.6 $ 5,572.2 Used vehicle retail 3,507.0 3,051.8 Used vehicle wholesale 452.6 293.8 New and used vehicle 10,352.3 8,917.8 Sale of vehicle parts and accessories 388.2 375.0 Vehicle repair and maintenance services 1,376.1 1,193.1 Parts and service 1,764.3 1,568.2 Finance and insurance, net 567.5 505.0 Total revenue $ 12,684.1 $ 10,991.0 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) Balance as of January 1, 2024 $ 20.5 $ 13.8 $ 68.4 $ 102.7 Transferred to receivables from contract assets recognized at the beginning of the period (20.5) (2.2) — (22.7) Amortization of costs to obtain a contract with a customer — — (4.1) (4.1) Costs incurred to obtain a contract with a customer — — 10.6 10.6 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 18.9 1.9 — 20.8 Balance as of March 31, 2024 $ 18.9 $ 13.5 $ 74.9 $ 107.3 Contract Assets (current), March 31, 2024 $ 18.9 $ 13.5 $ 20.2 $ 52.6 Contract Assets (long-term), March 31, 2024 $ — $ — $ 54.7 $ 54.7 Transferred to receivables from contract assets recognized at the beginning of the period (18.9) (2.6) — (21.5) Amortization of costs to obtain a contract with a customer — — (4.6) (4.6) Costs incurred to obtain a contract with a customer — — 10.4 10.4 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 19.7 2.4 — 22.1 Balance as of June 30, 2024 $ 19.7 $ 13.3 $ 80.7 $ 113.7 Contract Assets (current), June 30, 2024 $ 19.7 $ 13.3 $ 21.7 $ 54.7 Contract Assets (long-term), June 30, 2024 $ — $ — $ 59.0 $ 59.0 Transferred to receivables from contract assets recognized at the beginning of the period (19.7) (1.4) — (21.1) Amortization of costs incurred to obtain a contract with a customer — — (5.1) (5.1) Costs incurred to obtain a contract with a customer — — 10.0 10.0 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 19.9 1.1 — 21.0 Balance as of September 30, 2024 $ 19.9 $ 13.0 $ 85.6 $ 118.5 Contract Assets (current), September 30, 2024 $ 19.9 $ 13.0 $ 23.0 $ 55.9 Contract Assets (long-term), September 30, 2024 $ — $ — $ 62.6 $ 62.6 Deferred Revenue The condensed consolidated balance sheets reflect $763.8 million and $736.7 million of deferred revenue as of September 30, 2024 and December 31, 2023, respectively. Approximately $186.3 million of deferred revenue at December 31, 2023 was recorded in finance and insurance, net revenue in the condensed consolidated statements of income during the nine months ended September 30, 2024.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Koons Acquisition On December 11, 2023, we completed the acquisition of the Jim Koons Dealerships ("Koons"). The results of the Jim Koons Dealerships have been included in our consolidated financial statements since that date. 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 $100.9 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 $ 941.3 New vehicle floor plan facility 256.1 Used vehicle floor plan facility 307.1 Preliminary purchase price $ 1,504.5 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 $ 310.6 Other current assets 13.7 Assets held for sale 100.9 Total current assets 425.2 Property and equipment, net 418.3 Goodwill 239.9 Intangible franchise rights 430.3 Operating lease right-of-use assets 11.2 Total assets acquired $ 1,524.9 Liabilities Operating lease liabilities $ 11.2 Other liabilities 9.1 Total liabilities assumed 20.3 Net assets acquired $ 1,504.5 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. 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. Measurement period adjustments recorded during the nine months ended September 30, 2024 and their related effects on our consolidated statements of income were not material. On a preliminary basis, approximately $430.3 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 $239.9 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's consolidated statement of income for the nine months ended September 30, 2024 included revenue and net income attributable to the Jim Koons Dealerships of $2,110.1 million and $67.9 million, respectively. Other Acquisitions and Divestitures There were no acquisitions during the nine months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, we sold one Lexus franchise (one dealership location) in Wilmington, Delaware due to OEM requirements in connection with the Koons acquisition, one Nissan franchise (one dealership location) in Denver, Colorado, one Nissan franchise (one dealership location) in Atlanta, Georgia, one Chevrolet franchise (one dealership location) in Atlanta, Georgia and one Honda franchise (one dealership location) in Spokane, Washington. The Company recorded a pre-tax gain totaling $8.6 million, which is presented in our accompanying condensed consolidated statements of income as a gain on dealership divestitures. During the nine months ended September 30, 2023, we sold one Acura franchise (one dealership location) in Austin, Texas. The Company recorded a pre-tax gain totaling $13.5 million, which is presented in our accompanying condensed consolidated statements of income as a gain on dealership divestitures.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) Vehicle receivables $ 86.0 $ 72.5 Manufacturer receivables 79.8 68.0 Other receivables 93.9 88.1 Total accounts receivable 259.7 228.6 Less—Allowance for credit losses (3.1) (2.6) Accounts receivable, net $ 256.6 $ 226.1

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) New vehicles $ 1,476.6 $ 1,252.5 Used vehicles 405.7 373.1 Parts and accessories 148.6 142.7 Total inventories, net (a) $ 2,030.8 $ 1,768.3 ___________________________ (a) Inventories, net as of September 30, 2024 and December 31, 2023, excluded $47.9 million and $84.5 million classified as assets held for sale, respectively. The lower of cost and net realizable value reserves reduced total inventories by $9.4 million and $8.8 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, certain automobile manufacturer incentives reduced new vehicle inventory cost by $10.9 million and $8.3 million, respectively, and reduced new vehicle cost of sales for the nine months ended September 30, 2024 and 2023 by $80.7 million and $68.9 million, respectively.

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS AND LIABILITIES HELD FOR SALE	ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals and (ii) real estate not currently used in our operations that we are actively marketing to sell. A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of September 30, 2024 December 31, 2023 (In millions) Assets: Inventory $ 47.9 $ 84.5 Loaners, net 0.7 4.5 Property and equipment, net 89.1 136.6 Operating lease right-of-use assets 2.0 2.1 Goodwill — 26.1 Franchise rights 23.1 88.5 Total assets held for sale 162.8 342.2 Liabilities: Current maturities of operating leases 0.2 0.2 Operating lease liabilities 1.8 1.9 Total liabilities associated with assets held for sale 2.0 2.1 Net assets held for sale $ 160.8 $ 340.1 As of September 30, 2024, assets held for sale consisted of 6 franchises (6 dealership locations) in addition to one real estate property not currently used in our operations. As of December 31, 2023, assets held for sale consisted of 11 franchises (11 dealership locations) in addition to one real estate property not currently used in our operations.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Our investment portfolio is primarily funded by product premiums from the sale of our TCA F&I products. The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale are as follows: As of September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 9.0 $ — $ — $ 9.0 U.S. Treasury 17.1 0.3 — 17.4 Municipal 29.4 0.5 — 29.9 Corporate 126.7 3.2 — 129.9 Mortgage and other asset-backed securities 142.0 2.8 (0.1) 144.7 Total investments $ 324.1 $ 6.9 $ (0.2) $ 330.8 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 investments $ 331.6 $ 3.5 $ (2.2) $ 332.9 As of September 30, 2024 and December 31, 2023, the Company had $2.4 million and $2.5 million of accrued interest receivable, respectively, which is included in other current assets on the condensed 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 September 30, 2024 Amortized Cost Fair Value (In millions) Due in 1 year or less $ 9.0 $ 9.0 Due in 1-5 years 114.3 116.3 Due in 6-10 years 56.2 58.0 Due after 10 years 2.6 2.8 Total by maturity 182.1 186.1 Mortgage and other asset-backed securities 142.0 144.7 Total investment securities $ 324.1 $ 330.8 There were $0.3 million gross losses and $0.5 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the three months ended September 30, 2024. There were $0.3 million gross losses and $0.9 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the nine months ended September 30, 2024. There were $0.1 million and $0.3 million gross gains realized, respectively, related to the sale of available-for-sale debt securities carried at fair value for the three and nine months ended September 30, 2023. There were $1.5 million gross losses realized related to the sale of available-for-sale debt securities carried at fair value for both the three and nine months ended September 30, 2023. There were no gross gains and gross losses realized related to the sale of equity securities carried at fair value for the three months ended September 30, 2023. There were $3.7 million gross gains and $0.9 million gross losses realized, respectively, related to the sale of equity securities carried at fair value for the nine months ended September 30, 2023. 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 for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was September 30, 2024. As of September 30, 2024 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 $ 2.6 $ — $ 1.1 $ — $ 3.7 $ — U.S. Treasury 4.8 — 1.7 — 6.5 — Municipal 0.2 — — — 0.2 — Corporate 3.3 — 4.6 — 8.0 — Mortgage and other asset-backed securities 17.4 (0.1) 3.0 — 20.4 (0.1) Total debt securities $ 28.4 $ (0.1) $ 10.4 $ (0.1) $ 38.9 $ (0.2) 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) The Company reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors including changes in credit ratings. The decline in fair value identified in the tables above are a result of widening market spreads and not a result of credit quality. Additionally, the Company has determined it has both the intent and ability to hold these investments until the market price recovers or until maturity and does not believe it will be required to sell the securities before maturity. Accordingly, no credit losses were recognized on these securities during the three and nine months ended September 30, 2024.

GOODWILL AND INTANGIBLE FRANCHI

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	GOODWILL AND INTANGIBLE FRANCHISE RIGHTS Our acquisitions have resulted in the recording of goodwill and intangible franchise rights. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Franchise rights are indefinite-lived intangible assets representing our rights under franchise agreements with vehicle manufacturers. Goodwill and intangible franchise rights are tested annually as of October 1st, or more frequently in the event that facts and circumstances indicate a triggering event has occurred. Based on the underperformance of certain stores, limited primarily to one brand, we performed quantitative impairment tests of franchise rights for certain stores in our Dealerships segment in the second quarter of 2024. 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 for certain franchise rights in the second quarter of 2024 identified that the carrying values of certain of our franchise rights intangible assets exceeded their fair value. As a result, we recognized a $134.1 million pre-tax non-cash impairment charge during the nine months ended September 30, 2024 . The stores with franchise rights impairments in the second quarter of 2024 primarily related to our Arizona and Utah reporting units within our Dealerships segment. Therefore, we performed quantitative impairment assessments of goodwill for these two reporting units in the second quarter of 2024. The results of our quantitative assessments indicated that the carrying value of goodwill related to the Arizona and Utah reporting units did not exceed their fair value. We also recorded a goodwill impairment charge of $1.3 million during the nine months ended September 30, 2024 related to one dealership that met the assets held for sale criteria in June 2024. The quantitative impairment test of the disposal group included a comparison of the estimated fair value to the carrying value of the disposal group less cost to sell.

FLOOR PLAN NOTES PAYABLE

FLOOR PLAN NOTES PAYABLE	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
FLOOR PLAN NOTES PAYABLE	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) Floor plan notes payable—trade $ 311.7 $ 245.6 Floor plan notes payable offset account (4.5) (50.5) Floor plan notes payable—trade, net $ 307.2 $ 195.1 Floor plan notes payable—new non-trade $ 1,371.4 $ 1,328.1 Floor plan notes payable—used non-trade — 307.1 Floor plan notes payable offset account (192.7) (44.7) Floor plan notes payable—non-trade, net $ 1,178.8 $ 1,590.6 We have floor plan offset accounts that allow us to offset our floor plan notes payable balances outstanding with transfers of cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day. 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 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 as of September 30, 2024 and December 31, 2023 were $128.8 million and $127.2 million, respectively. Loaner vehicles notes payable related to OEMs as of September 30, 2024 and December 31, 2023 were $96.3 million and $111.9 million, respectively. Long-term debt consisted of the following: As of September 30, 2024 December 31, 2023 (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 30.1 31.9 2021 Real Estate Facility 588.6 614.4 2021 BofA Real Estate Facility 160.4 165.9 2018 Bank of America Facility 38.8 50.3 2018 Wells Fargo Master Loan Facility 63.4 72.0 2015 Wells Fargo Master Loan Facility 33.3 37.2 2023 Syndicated Revolving Credit Facility 230.7 — Finance lease liability 8.3 8.4 Total debt outstanding 3,403.7 3,230.1 Add—unamortized premium on 4.50% Senior Notes due 2028 0.5 0.6 Add—unamortized premium on 4.75% Senior Notes due 2030 1.1 1.3 Less—debt issuance costs (22.5) (25.9) Long-term debt, including current portion 3,382.8 3,206.2 Less—current portion, net of current portion of debt issuance costs (83.4) (84.9) Long-term debt $ 3,299.5 $ 3,121.2 Mortgage Financings We have multiple mortgage agreements with finance companies affiliated with our vehicle manufacturers ("captive mortgages"). During the three months ended September 30, 2024, we modified the captive mortgages to extend the payment term and maturity of the captive mortgages to August 2034. In addition, the interest rate was amended to 5.8% over the revised term. As of September 30, 2024, we had total captive mortgage notes payable outstanding of $30.1 million which are collateralized by the associated real estate.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	FLOOR PLAN NOTES PAYABLE Floor plan notes payable consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) Floor plan notes payable—trade $ 311.7 $ 245.6 Floor plan notes payable offset account (4.5) (50.5) Floor plan notes payable—trade, net $ 307.2 $ 195.1 Floor plan notes payable—new non-trade $ 1,371.4 $ 1,328.1 Floor plan notes payable—used non-trade — 307.1 Floor plan notes payable offset account (192.7) (44.7) Floor plan notes payable—non-trade, net $ 1,178.8 $ 1,590.6 We have floor plan offset accounts that allow us to offset our floor plan notes payable balances outstanding with transfers of cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day. 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 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 as of September 30, 2024 and December 31, 2023 were $128.8 million and $127.2 million, respectively. Loaner vehicles notes payable related to OEMs as of September 30, 2024 and December 31, 2023 were $96.3 million and $111.9 million, respectively. Long-term debt consisted of the following: As of September 30, 2024 December 31, 2023 (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 30.1 31.9 2021 Real Estate Facility 588.6 614.4 2021 BofA Real Estate Facility 160.4 165.9 2018 Bank of America Facility 38.8 50.3 2018 Wells Fargo Master Loan Facility 63.4 72.0 2015 Wells Fargo Master Loan Facility 33.3 37.2 2023 Syndicated Revolving Credit Facility 230.7 — Finance lease liability 8.3 8.4 Total debt outstanding 3,403.7 3,230.1 Add—unamortized premium on 4.50% Senior Notes due 2028 0.5 0.6 Add—unamortized premium on 4.75% Senior Notes due 2030 1.1 1.3 Less—debt issuance costs (22.5) (25.9) Long-term debt, including current portion 3,382.8 3,206.2 Less—current portion, net of current portion of debt issuance costs (83.4) (84.9) Long-term debt $ 3,299.5 $ 3,121.2 Mortgage Financings We have multiple mortgage agreements with finance companies affiliated with our vehicle manufacturers ("captive mortgages"). During the three months ended September 30, 2024, we modified the captive mortgages to extend the payment term and maturity of the captive mortgages to August 2034. In addition, the interest rate was amended to 5.8% over the revised term. As of September 30, 2024, we had total captive mortgage notes payable outstanding of $30.1 million which are collateralized by the associated real estate.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the presumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange-traded debt securities that are not actively traded or do not have a high trading volume, mortgage notes payable and certain real estate properties on a non-recurring basis. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and manufacturer franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, 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 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 reflect Level 2 inputs. A summary of the carrying values and fair values of our subordinated long-term debt is as follows: As of September 30, 2024 December 31, 2023 (In millions) Carrying Value: 4.50% Senior Notes due 2028 $ 403.2 $ 402.8 4.625% Senior Notes due 2029 791.5 790.4 4.75% Senior Notes due 2030 442.6 442.2 5.00% Senior Notes due 2032 592.8 592.3 Total carrying value $ 2,230.2 $ 2,227.7 Fair Value: 4.50% Senior Notes due 2028 $ 391.8 $ 384.8 4.625% Senior Notes due 2029 758.0 744.0 4.75% Senior Notes due 2030 422.8 410.3 5.00% Senior Notes due 2032 564.0 546.0 Total fair value $ 2,136.6 $ 2,085.1 Interest Rate Swap Agreements We currently have six interest rate swap agreements. These swaps are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the SOFR rate. The following table provides information on the attributes of each swap as of September 30, 2024: Inception Date Notional Principal at Inception Notional Value as of September 30, 2024 Notional Principal at Maturity Maturity Date (In millions) January 2022 $ 300.0 $ 262.5 $ 228.8 December 2026 January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031 May 2021 $ 184.4 $ 160.4 $ 110.6 May 2031 July 2020 $ 93.5 $ 72.3 $ 50.6 December 2028 July 2020 $ 85.5 $ 64.0 $ 57.3 November 2025 June 2015 $ 100.0 $ 54.8 $ 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 of these swaps are designated to be Level 2 inputs. The fair value of our swaps was an $59.9 million and $79.8 million asset as of September 30, 2024 and December 31, 2023, respectively. The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the condensed consolidated balance sheets: As of September 30, 2024 December 31, 2023 (In millions) Other current assets $ 19.4 $ 27.5 Other long-term assets 40.6 52.3 Total fair value $ 59.9 $ 79.8 Our interest rate swaps qualify for cash flow hedge accounting treatment. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Information about the effect of our interest rate swap agreements in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions): For the Three Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ (20.3) Other interest expense, net $ (8.9) 2023 $ 20.6 Other interest expense, net $ (9.2) For the Nine Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 6.9 Other interest expense, net $ (26.8) 2023 $ 34.6 Other interest expense, net $ (25.6) On the basis of yield curve conditions as of September 30, 2024 and including assumptions about future changes in fair value, we expect the amount to be reclassified out of accumulated other comprehensive income into earnings within the next 12 months will be gains of $19.4 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 September 30, 2024 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 40.3 $ — $ — $ 40.3 Short-term investments 0.3 8.7 — 9.0 U.S. Treasury 17.4 — — 17.4 Municipal — 29.9 — 29.9 Corporate — 129.9 — 129.9 Mortgage and other asset-backed securities — 144.7 — 144.7 Total $ 17.7 $ 313.1 $ — $ 330.8 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 $ 15.5 $ 317.4 $ — $ 332.9 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 condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions): For the Three Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 10.0 Revenue-Finance and insurance, net $ 0.3 2023 $ (5.1) Revenue-Finance and insurance, net $ (1.4) For the Nine Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 6.0 Revenue-Finance and insurance, net $ 0.6 2023 $ (6.6) Revenue-Finance and insurance, net $ (1.2)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the nine months ended September 30, 2024 and 2023, we made interest payments, including amounts capitalized, totaling $195.3 million and $102.9 million, respectively. During the nine months ended September 30, 2024 and 2023, we made income tax payments, net of refunds received, totaling $64.5 million and $180.1 million, respectively. During the nine months ended September 30, 2024 and 2023, we transferred $369.9 million and $314.1 million, respectively, of loaner vehicles from other current assets to inventories on our condensed consolidated balance sheets. The aforementioned amounts are included in changes in inventories in the operating activities section of the accompanying consolidated statements of cash flows.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of September 30, 2024, 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 are 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. The associated service revenue and costs recorded by the Dealerships segment and claims expense recorded by the TCA segment are eliminated in consolidation. Reportable segment financial information for the three and nine months ended September 30, 2024 and 2023, are as follows: Three Months Ended September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 4,210.5 $ 77.0 $ (50.8) $ 4,236.7 Gross profit $ 695.9 $ 19.5 $ 2.7 $ 718.0 Three Months Ended September 30, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 3,638.9 $ 70.4 $ (43.1) $ 3,666.2 Gross profit $ 655.5 $ 18.7 $ (0.6) $ 673.5 Nine Months Ended September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 12,609.0 $ 226.5 $ (151.4) $ 12,684.1 Gross profit $ 2,134.5 $ 60.7 $ 3.6 $ 2,198.8 Nine Months Ended September 30, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 10,914.0 $ 211.1 $ (134.2) $ 10,991.0 Gross profit $ 2,021.0 $ 59.5 $ 2.3 $ 2,082.8 Total assets by segment as of September 30, 2024 and December 31, 2023 are as follows: As of September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Total assets $ 9,071.7 $ 1,044.2 $ 57.7 $ 10,173.6 As of December 31, 2023 Dealerships TCA Eliminations Total Company (In millions) Total assets $ 9,199.4 $ 913.9 $ 46.1 $ 10,159.4

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
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. On August 16, 2024, after discussions with the FTC stalled, the FTC initiated an administrative proceeding by filing an enforcement action against the Company. On October 4, 2024, the Company filed suit against the FTC in the United States District Court for the Northern District of Texas, seeking to enjoin the FTC’s administrative proceeding on the ground that the administrative proceeding was unconstitutional. While the Company disputes the FTC’s allegations that it violated the FTC Act and the ECOA, we are unable to reasonably predict the possible outcome of this matter at this time, or provide a reasonably possible range of loss, if any. There can be no assurance that the Company will succeed in either the FTC’s administrative proceeding against the Company or in the Company’s lawsuit against the FTC, and the FTC’s allegations, whether meritorious or not, 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 for which we might not have planned 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. 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 $13.3 million of letters of credit outstanding as of September 30, 2024, which are required by certain of our insurance providers. In addition, as of September 30, 2024, we maintained a $21.3 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 126.3	$ 28.1	$ 147.1	$ 169.2	$ 196.4	$ 181.4	$ 301.5	$ 547

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying condensed consolidated financial statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the condensed consolidated financial statements as of September 30, 2024, and for the three and nine months ended September 30, 2024 and 2023, have been included, unless otherwise indicated. Amounts presented in the condensed consolidated financial statements have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023.
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 condensed 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 F&I products, reserves for self-insurance programs, and certain assumptions related to goodwill and dealership franchise rights intangible assets.
Share Repurchases	Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. During the three months ended September 30, 2024 , the Company repurchased and retired 393,951 shares of our common stock under our share repurchase program and during the three months ended September 30, 2023, the Company did not repurchase and retire any shares of our common stock. During the nine months ended September 30, 2024 and 2023, the Company repurchased 826,340 and 1,070,126 shares and retired 826,340 and 1,124,330, shares of our common stock under our share repurchase program, respectively. The cash paid for these share repurchases was $182.1 million and $210.7 million for the nine months ended September 30, 2024 and 2023, respectively. On May 15, 2024, the Company announced that its Board of Directors approved an increase of $256.2 million in the Company's common share repurchase authorization to $400.0 million (the "New Share Repurchase Authorization"). As of September 30, 2024, the Company had $276.7 million remaining on its share repurchase authorization. The share repurchase authorization does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without further notice.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 201 and 466 restricted share units and 0 and 3 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company excluded 1,784 and 2,235 restricted share units and 1,177 and 0 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share, respectively, because they were anti-dilutive. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
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. In 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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue from contracts with customers for the three and nine months ended September 30, 2024 and 2023 consists of the following: For the Three Months Ended September 30, 2024 2023 (In millions) Revenue: New vehicle $ 2,163.5 $ 1,861.9 Used vehicle retail 1,148.5 1,016.8 Used vehicle wholesale 146.2 94.9 New and used vehicle 3,458.2 2,973.6 Sale of vehicle parts and accessories 129.2 125.1 Vehicle repair and maintenance services 463.9 401.4 Parts and services 593.1 526.5 Finance and insurance, net 185.4 166.1 Total revenue $ 4,236.7 $ 3,666.2 For the Nine Months Ended September 30, 2024 2023 (In millions) Revenue: New vehicle $ 6,392.6 $ 5,572.2 Used vehicle retail 3,507.0 3,051.8 Used vehicle wholesale 452.6 293.8 New and used vehicle 10,352.3 8,917.8 Sale of vehicle parts and accessories 388.2 375.0 Vehicle repair and maintenance services 1,376.1 1,193.1 Parts and service 1,764.3 1,568.2 Finance and insurance, net 567.5 505.0 Total revenue $ 12,684.1 $ 10,991.0
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) Balance as of January 1, 2024 $ 20.5 $ 13.8 $ 68.4 $ 102.7 Transferred to receivables from contract assets recognized at the beginning of the period (20.5) (2.2) — (22.7) Amortization of costs to obtain a contract with a customer — — (4.1) (4.1) Costs incurred to obtain a contract with a customer — — 10.6 10.6 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 18.9 1.9 — 20.8 Balance as of March 31, 2024 $ 18.9 $ 13.5 $ 74.9 $ 107.3 Contract Assets (current), March 31, 2024 $ 18.9 $ 13.5 $ 20.2 $ 52.6 Contract Assets (long-term), March 31, 2024 $ — $ — $ 54.7 $ 54.7 Transferred to receivables from contract assets recognized at the beginning of the period (18.9) (2.6) — (21.5) Amortization of costs to obtain a contract with a customer — — (4.6) (4.6) Costs incurred to obtain a contract with a customer — — 10.4 10.4 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 19.7 2.4 — 22.1 Balance as of June 30, 2024 $ 19.7 $ 13.3 $ 80.7 $ 113.7 Contract Assets (current), June 30, 2024 $ 19.7 $ 13.3 $ 21.7 $ 54.7 Contract Assets (long-term), June 30, 2024 $ — $ — $ 59.0 $ 59.0 Transferred to receivables from contract assets recognized at the beginning of the period (19.7) (1.4) — (21.1) Amortization of costs incurred to obtain a contract with a customer — — (5.1) (5.1) Costs incurred to obtain a contract with a customer — — 10.0 10.0 Increases related to revenue recognized, inclusive of adjustments to constraint, during the period 19.9 1.1 — 21.0 Balance as of September 30, 2024 $ 19.9 $ 13.0 $ 85.6 $ 118.5 Contract Assets (current), September 30, 2024 $ 19.9 $ 13.0 $ 23.0 $ 55.9 Contract Assets (long-term), September 30, 2024 $ — $ — $ 62.6 $ 62.6

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Business Acquisitions	The sources of the preliminary purchase consideration are as follows: (In millions) Cash $ 941.3 New vehicle floor plan facility 256.1 Used vehicle floor plan facility 307.1 Preliminary purchase price $ 1,504.5
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 $ 310.6 Other current assets 13.7 Assets held for sale 100.9 Total current assets 425.2 Property and equipment, net 418.3 Goodwill 239.9 Intangible franchise rights 430.3 Operating lease right-of-use assets 11.2 Total assets acquired $ 1,524.9 Liabilities Operating lease liabilities $ 11.2 Other liabilities 9.1 Total liabilities assumed 20.3 Net assets acquired $ 1,504.5

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) Vehicle receivables $ 86.0 $ 72.5 Manufacturer receivables 79.8 68.0 Other receivables 93.9 88.1 Total accounts receivable 259.7 228.6 Less—Allowance for credit losses (3.1) (2.6) Accounts receivable, net $ 256.6 $ 226.1

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) New vehicles $ 1,476.6 $ 1,252.5 Used vehicles 405.7 373.1 Parts and accessories 148.6 142.7 Total inventories, net (a) $ 2,030.8 $ 1,768.3 ___________________________ (a) Inventories, net as of September 30, 2024 and December 31, 2023, excluded $47.9 million and $84.5 million classified as assets held for sale, respectively.

ASSETS AND LIABILITIES HELD F_2

ASSETS AND LIABILITIES HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long-Lived Assets Held-for-Sale	A summary of assets held for sale and liabilities associated with assets held for sale is as follows: As of September 30, 2024 December 31, 2023 (In millions) Assets: Inventory $ 47.9 $ 84.5 Loaners, net 0.7 4.5 Property and equipment, net 89.1 136.6 Operating lease right-of-use assets 2.0 2.1 Goodwill — 26.1 Franchise rights 23.1 88.5 Total assets held for sale 162.8 342.2 Liabilities: Current maturities of operating leases 0.2 0.2 Operating lease liabilities 1.8 1.9 Total liabilities associated with assets held for sale 2.0 2.1 Net assets held for sale $ 160.8 $ 340.1

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 are as follows: As of September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Short-term investments $ 9.0 $ — $ — $ 9.0 U.S. Treasury 17.1 0.3 — 17.4 Municipal 29.4 0.5 — 29.9 Corporate 126.7 3.2 — 129.9 Mortgage and other asset-backed securities 142.0 2.8 (0.1) 144.7 Total investments $ 324.1 $ 6.9 $ (0.2) $ 330.8 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 investments $ 331.6 $ 3.5 $ (2.2) $ 332.9
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 September 30, 2024 Amortized Cost Fair Value (In millions) Due in 1 year or less $ 9.0 $ 9.0 Due in 1-5 years 114.3 116.3 Due in 6-10 years 56.2 58.0 Due after 10 years 2.6 2.8 Total by maturity 182.1 186.1 Mortgage and other asset-backed securities 142.0 144.7 Total investment securities $ 324.1 $ 330.8
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 for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was September 30, 2024. As of September 30, 2024 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 $ 2.6 $ — $ 1.1 $ — $ 3.7 $ — U.S. Treasury 4.8 — 1.7 — 6.5 — Municipal 0.2 — — — 0.2 — Corporate 3.3 — 4.6 — 8.0 — Mortgage and other asset-backed securities 17.4 (0.1) 3.0 — 20.4 (0.1) Total debt securities $ 28.4 $ (0.1) $ 10.4 $ (0.1) $ 38.9 $ (0.2) 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)

FLOOR PLAN NOTES PAYABLE (Table

FLOOR PLAN NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Floor Plan Notes Payable	Floor plan notes payable consisted of the following: As of September 30, 2024 December 31, 2023 (In millions) Floor plan notes payable—trade $ 311.7 $ 245.6 Floor plan notes payable offset account (4.5) (50.5) Floor plan notes payable—trade, net $ 307.2 $ 195.1 Floor plan notes payable—new non-trade $ 1,371.4 $ 1,328.1 Floor plan notes payable—used non-trade — 307.1 Floor plan notes payable offset account (192.7) (44.7) Floor plan notes payable—non-trade, net $ 1,178.8 $ 1,590.6

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of September 30, 2024 December 31, 2023 (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 30.1 31.9 2021 Real Estate Facility 588.6 614.4 2021 BofA Real Estate Facility 160.4 165.9 2018 Bank of America Facility 38.8 50.3 2018 Wells Fargo Master Loan Facility 63.4 72.0 2015 Wells Fargo Master Loan Facility 33.3 37.2 2023 Syndicated Revolving Credit Facility 230.7 — Finance lease liability 8.3 8.4 Total debt outstanding 3,403.7 3,230.1 Add—unamortized premium on 4.50% Senior Notes due 2028 0.5 0.6 Add—unamortized premium on 4.75% Senior Notes due 2030 1.1 1.3 Less—debt issuance costs (22.5) (25.9) Long-term debt, including current portion 3,382.8 3,206.2 Less—current portion, net of current portion of debt issuance costs (83.4) (84.9) Long-term debt $ 3,299.5 $ 3,121.2

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Liabilities	A summary of the carrying values and fair values of our subordinated long-term debt is as follows: As of September 30, 2024 December 31, 2023 (In millions) Carrying Value: 4.50% Senior Notes due 2028 $ 403.2 $ 402.8 4.625% Senior Notes due 2029 791.5 790.4 4.75% Senior Notes due 2030 442.6 442.2 5.00% Senior Notes due 2032 592.8 592.3 Total carrying value $ 2,230.2 $ 2,227.7 Fair Value: 4.50% Senior Notes due 2028 $ 391.8 $ 384.8 4.625% Senior Notes due 2029 758.0 744.0 4.75% Senior Notes due 2030 422.8 410.3 5.00% Senior Notes due 2032 564.0 546.0 Total fair value $ 2,136.6 $ 2,085.1
Schedule of Derivative Instruments	The following table provides information on the attributes of each swap as of September 30, 2024: Inception Date Notional Principal at Inception Notional Value as of September 30, 2024 Notional Principal at Maturity Maturity Date (In millions) January 2022 $ 300.0 $ 262.5 $ 228.8 December 2026 January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031 May 2021 $ 184.4 $ 160.4 $ 110.6 May 2031 July 2020 $ 93.5 $ 72.3 $ 50.6 December 2028 July 2020 $ 85.5 $ 64.0 $ 57.3 November 2025 June 2015 $ 100.0 $ 54.8 $ 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 condensed consolidated balance sheets: As of September 30, 2024 December 31, 2023 (In millions) Other current assets $ 19.4 $ 27.5 Other long-term assets 40.6 52.3 Total fair value $ 59.9 $ 79.8
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income	Information about the effect of our interest rate swap agreements in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions): For the Three Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ (20.3) Other interest expense, net $ (8.9) 2023 $ 20.6 Other interest expense, net $ (9.2) For the Nine Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 6.9 Other interest expense, net $ (26.8) 2023 $ 34.6 Other interest expense, net $ (25.6)
Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring 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 September 30, 2024 Level 1 Level 2 Level 3 Total (In millions) Cash equivalents $ 40.3 $ — $ — $ 40.3 Short-term investments 0.3 8.7 — 9.0 U.S. Treasury 17.4 — — 17.4 Municipal — 29.9 — 29.9 Corporate — 129.9 — 129.9 Mortgage and other asset-backed securities — 144.7 — 144.7 Total $ 17.7 $ 313.1 $ — $ 330.8 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 $ 15.5 $ 317.4 $ — $ 332.9
Schedule of Debt Securities, Available-for-Sale	Information about the effect of our available-for-sale debt securities in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions): For the Three Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 10.0 Revenue-Finance and insurance, net $ 0.3 2023 $ (5.1) Revenue-Finance and insurance, net $ (1.4) For the Nine Months Ended September 30, Results Recognized in Accumulated Other Comprehensive Income/(Loss) Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) 2024 $ 6.0 Revenue-Finance and insurance, net $ 0.6 2023 $ (6.6) Revenue-Finance and insurance, net $ (1.2)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Reportable segment financial information for the three and nine months ended September 30, 2024 and 2023, are as follows: Three Months Ended September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 4,210.5 $ 77.0 $ (50.8) $ 4,236.7 Gross profit $ 695.9 $ 19.5 $ 2.7 $ 718.0 Three Months Ended September 30, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 3,638.9 $ 70.4 $ (43.1) $ 3,666.2 Gross profit $ 655.5 $ 18.7 $ (0.6) $ 673.5 Nine Months Ended September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 12,609.0 $ 226.5 $ (151.4) $ 12,684.1 Gross profit $ 2,134.5 $ 60.7 $ 3.6 $ 2,198.8 Nine Months Ended September 30, 2023 Dealerships TCA Eliminations Total Company (In millions) Revenue $ 10,914.0 $ 211.1 $ (134.2) $ 10,991.0 Gross profit $ 2,021.0 $ 59.5 $ 2.3 $ 2,082.8 Total assets by segment as of September 30, 2024 and December 31, 2023 are as follows: As of September 30, 2024 Dealerships TCA Eliminations Total Company (In millions) Total assets $ 9,071.7 $ 1,044.2 $ 57.7 $ 10,173.6 As of December 31, 2023 Dealerships TCA Eliminations Total Company (In millions) Total assets $ 9,199.4 $ 913.9 $ 46.1 $ 10,159.4

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) state dealership franchise vehicleBrand collisionCenter shares	Sep. 30, 2023 shares	Sep. 30, 2024 USD ($) state segment dealership franchise vehicleBrand collisionCenter shares	Sep. 30, 2023 USD ($) shares	May 15, 2024 USD ($)	May 14, 2024 USD ($)
Business Organization [Line Items]
Number of franchises (in franchises) | franchise	202		202
Number of dealership locations (in dealership locations) | dealership	153		153
Number of vehicle brands (in vehicle brands) | vehicleBrand	31		31
Number of collision repair centers (in collision repair centers) | collisionCenter	37		37
Number of states (in states) | state	14		14
Number of reportable segments | segment			2
Shares repurchased (in shares) | shares	393,951	0	826,340	1,070,126
Treasury stock, retired (in shares) | shares	393,951	0	826,340	1,124,330
Cash paid to acquire treasury stock | $			$ 182.1	$ 210.7
Stock repurchase program, increase (decrease) in authorized amount | $						$ 256.2
Stock repurchase program, authorized amount | $					$ 400
Stock repurchase program, remaining authorized repurchase amount | $	$ 276.7		$ 276.7
Restricted Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) | shares	201	466	1,784	2,235
Performance share units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) | shares	0	3	1,177	0
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)			29%
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix (percent)			41%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix (percent)			29%

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 4,236.7	$ 3,666.2	$ 12,684.1	$ 10,991
New and used vehicle
Disaggregation of Revenue [Line Items]
Revenue	3,458.2	2,973.6	10,352.3	8,917.8
New vehicle
Disaggregation of Revenue [Line Items]
Revenue	2,163.5	1,861.9	6,392.6	5,572.2
Used vehicle retail
Disaggregation of Revenue [Line Items]
Revenue	1,148.5	1,016.8	3,507	3,051.8
Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Revenue	146.2	94.9	452.6	293.8
Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Revenue	129.2	125.1	388.2	375
Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Revenue	463.9	401.4	1,376.1	1,193.1
Parts and service
Disaggregation of Revenue [Line Items]
Revenue	593.1	526.5	1,764.3	1,568.2
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Revenue	$ 185.4	$ 166.1	$ 567.5	$ 505

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	$ 113.7	$ 107.3	$ 102.7
Transferred to receivables from contract assets recognized at the beginning of the period	(21.1)	(21.5)	(22.7)
Amortization of costs to obtain a contract with a customer	(5.1)	(4.6)	(4.1)
Costs incurred to obtain a contract with a customer	10	10.4	10.6
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	21	22.1	20.8
Ending balance	118.5	113.7	107.3
Contract assets, current	55.9	54.7	52.6
Contract assets, long-term	62.6	59	54.7
Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	19.7	18.9	20.5
Transferred to receivables from contract assets recognized at the beginning of the period	(19.7)	(18.9)	(20.5)
Amortization of costs to obtain a contract with a customer	0	0	0
Costs incurred to obtain a contract with a customer	0	0	0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	19.9	19.7	18.9
Ending balance	19.9	19.7	18.9
Contract assets, current	19.9	19.7	18.9
Contract assets, long-term	0	0	0
Finance and insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	13.3	13.5	13.8
Transferred to receivables from contract assets recognized at the beginning of the period	(1.4)	(2.6)	(2.2)
Amortization of costs to obtain a contract with a customer	0	0	0
Costs incurred to obtain a contract with a customer	0	0	0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	1.1	2.4	1.9
Ending balance	13	13.3	13.5
Contract assets, current	13	13.3	13.5
Contract assets, long-term	0	0	0
Deferred Sales Commissions
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	80.7	74.9	68.4
Transferred to receivables from contract assets recognized at the beginning of the period	0	0	0
Amortization of costs to obtain a contract with a customer	(5.1)	(4.6)	(4.1)
Costs incurred to obtain a contract with a customer	10	10.4	10.6
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	0	0	0
Ending balance	85.6	80.7	74.9
Contract assets, current	23	21.7	20.2
Contract assets, long-term	$ 62.6	$ 59	$ 54.7

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Deferred revenue	$ 763.8	$ 736.7
Finance and insurance, net
Business Acquisition [Line Items]
Deferred revenue		$ 186.3

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended						9 Months Ended
	Dec. 11, 2023 USD ($) newVehicleDealership collisionCenter	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) acquisition dealership franchise	Sep. 30, 2023 USD ($) franchise dealership acquisition
Business Acquisition [Line Items]
Goodwill		$ 2,009	$ 2,011.3						$ 2,011.3
Revenue			4,236.7			$ 3,666.2			12,684.1	$ 10,991
Net income			126.3	$ 28.1	$ 147.1	169.2	$ 196.4	$ 181.4	$ 301.5	$ 547
Number of businesses acquired | acquisition									0	0
Gain on divestitures			$ 5			$ 0			$ 8.6	$ 13.5
Disposed of by sale | Delaware
Business Acquisition [Line Items]
Number of dealership locations, sold (in dealership locations) | dealership									1
Disposed of by sale | Delaware | Lexus Franchise
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise									1
Disposed of by sale | Colorado
Business Acquisition [Line Items]
Number of dealership locations, sold (in dealership locations) | dealership									1
Disposed of by sale | Colorado | Nissan Franchise
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise									1
Disposed of by sale | Georgia
Business Acquisition [Line Items]
Number of dealership locations, sold (in dealership locations) | dealership									1
Disposed of by sale | Georgia | Nissan Franchise
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise									1
Disposed of by sale | Georgia | Chevrolet Franchise
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise									1
Disposed of by sale | Texas
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise										1
Number of dealership locations, sold (in dealership locations) | dealership										1
Disposed of by sale | Washington
Business Acquisition [Line Items]
Number of dealership locations, sold (in dealership locations) | dealership									1
Disposed of by sale | Washington | Honda Franchise
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) | franchise									1
Jim Koons Dealerships
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired | newVehicleDealership	20
Number of collision centers acquired (in collision repair centers) | collisionCenter	6
Aggregate purchase price	$ 1,504.5
Intangible franchise rights	430.3
Goodwill	239.9
Revenue		2,110.1
Net income		$ 67.9
Jim Koons Dealerships | Disposed of by sale
Business Acquisition [Line Items]
Aggregate purchase price	$ 100.9

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Sources of Preliminary Purchase Consideration (Details) - Jim Koons Dealerships $ in Millions	Dec. 11, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 941.3
Aggregate purchase price	1,504.5
New vehicle floor plan facility
Business Acquisition [Line Items]
Aggregate purchase price	256.1
Used vehicle floor plan facility
Business Acquisition [Line Items]
Aggregate purchase price	$ 307.1

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Amounts Recorded Based on Preliminary Estimates of Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 11, 2023
Assets
Goodwill	$ 2,011.3	$ 2,009
Jim Koons Dealerships
Assets
Inventories, net			$ 310.6
Other current assets			13.7
Assets held for sale			100.9
Total current assets			425.2
Property and equipment, net			418.3
Goodwill			239.9
Intangible franchise rights			430.3
Operating lease right-of-use assets			11.2
Total assets acquired			1,524.9
Liabilities
Operating lease liabilities			11.2
Other liabilities			9.1
Total liabilities assumed			20.3
Net assets acquired			$ 1,504.5

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 259.7	$ 228.6
Less—Allowance for credit losses	(3.1)	(2.6)
Accounts receivable, net	256.6	226.1
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	86	72.5
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	79.8	68
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 93.9	$ 88.1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Components of Inventory [Line Items]
Total inventories	$ 2,030.8		$ 1,768.3
Lower of cost or market inventory reserves	9.4		8.8
Held-for-sale
Components of Inventory [Line Items]
Total inventories	47.9		84.5
New vehicles
Components of Inventory [Line Items]
Total inventories	1,476.6		1,252.5
Reduction of new vehicle inventory cost by automobile manufacturer incentives	10.9		8.3
Reduction to cost of sales	80.7	$ 68.9
Used vehicles
Components of Inventory [Line Items]
Total inventories	405.7		373.1
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 148.6		$ 142.7

ASSETS AND LIABILITIES HELD F_3

ASSETS AND LIABILITIES HELD FOR SALE - Assets Held for Sale and Liabilities Associated with the Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Inventory	$ 47.9	$ 84.5
Loaners, net	0.7	4.5
Property and equipment, net	89.1	136.6
Operating lease right-of-use assets	2	2.1
Goodwill	0	26.1
Franchise rights	23.1	88.5
Total assets held for sale	162.8	342.2
Liabilities:
Current maturities of operating leases	0.2	0.2
Operating lease liabilities	1.8	1.9
Total liabilities associated with assets held for sale	2	2.1
Net assets held for sale	$ 160.8	$ 340.1

ASSETS AND LIABILITIES HELD F_4

ASSETS AND LIABILITIES HELD FOR SALE - Narrative (Details) - Held-for-sale	Sep. 30, 2024 property franchise dealership	Dec. 31, 2023 property franchise dealership
Franchise
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale | franchise	6	11
Dealership Location
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale | dealership	6	11
Real Estate
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale | property	1	1

INVESTMENTS - Carrying Amounts

INVESTMENTS - Carrying Amounts of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 324.1	$ 331.6
Gross Unrealized Gains	6.9	3.5
Gross Unrealized Losses	(0.2)	(2.2)
Fair Value	330.8	332.9
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9	6.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(0.1)
Fair Value	9	6.2
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17.1	13.6
Gross Unrealized Gains	0.3	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	17.4	13.5
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29.4	30.1
Gross Unrealized Gains	0.5	0.2
Gross Unrealized Losses	0	(0.2)
Fair Value	29.9	30.1
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	126.7	131.5
Gross Unrealized Gains	3.2	1.6
Gross Unrealized Losses	0	(0.9)
Fair Value	129.9	132.2
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	142	150.1
Gross Unrealized Gains	2.8	1.6
Gross Unrealized Losses	(0.1)	(0.9)
Fair Value	$ 144.7	$ 150.9

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 2,400,000		$ 2,400,000		$ 2,500,000
Debt securities, available-for-sale, realized loss	300,000	$ 1,500,000	300,000	$ 1,500,000
Debt securities, available-for-sale, realized gain	500,000	100,000	900,000	300,000
Equity securities, available-for-sale, realized gain		0		3,700,000
Equity securities, available-for-sale, realized loss		$ 0		$ 900,000
HTM, allowance	$ 0		$ 0

INVESTMENTS - Amortized Cost an

INVESTMENTS - Amortized Cost and Fair Value of TCA's Investment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in 1 year or less	$ 9
Due in 1-5 years	114.3
Due in 5-10 years	56.2
Due after 10 years	2.6
Total by maturity	182.1
Fair Value
Due in 1 year or less	9
Due in 1-5 years	116.3
Due in 5-10 years	58
Due after 10 years	2.8
Total by maturity	186.1
Amortized Cost	324.1	$ 331.6
Fair Value	330.8	332.9
Mortgage and other asset-backed securities
Fair Value
Amortized Cost	142	150.1
Fair Value	$ 144.7	$ 150.9

INVESTMENTS - Schedule of Gross

INVESTMENTS - Schedule of Gross Realized Gains and Losses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	$ 28.4	$ 51.1
Less than 12 months, unrealized losses	(0.1)	(0.7)
12 months or longer, fair value	10.4	102.5
12 months or longer, unrealized losses	(0.1)	(1.6)
Total fair value	38.9	153.6
Total unrealized losses	(0.2)	(2.2)
Short-term investments
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	2.6	0
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	1.1	6
12 months or longer, unrealized losses	0	(0.1)
Total fair value	3.7	6
Total unrealized losses	0	(0.1)
U.S. Treasury
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	4.8	3.4
Less than 12 months, unrealized losses	0	(0.1)
12 months or longer, fair value	1.7	5
12 months or longer, unrealized losses	0	(0.1)
Total fair value	6.5	8.5
Total unrealized losses	0	(0.1)
Municipal
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	0.2	6.4
Less than 12 months, unrealized losses	0	(0.1)
12 months or longer, fair value	0	10.4
12 months or longer, unrealized losses	0	(0.1)
Total fair value	0.2	16.8
Total unrealized losses	0	(0.2)
Corporate
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	3.3	11.4
Less than 12 months, unrealized losses	0	(0.1)
12 months or longer, fair value	4.6	48
12 months or longer, unrealized losses	0	(0.8)
Total fair value	8	59.4
Total unrealized losses	0	(0.9)
Mortgage and other asset-backed securities
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	17.4	29.8
Less than 12 months, unrealized losses	(0.1)	(0.4)
12 months or longer, fair value	3	33.1
12 months or longer, unrealized losses	0	(0.5)
Total fair value	20.4	62.9
Total unrealized losses	$ (0.1)	$ (0.9)

GOODWILL AND INTANGIBLE FRANC_2

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 1.3
Franchise Rights
Indefinite-lived Intangible Assets [Line Items]
Impairment of franchise rights intangible assets	$ 134.1

FLOOR PLAN NOTES PAYABLE - Sche

FLOOR PLAN NOTES PAYABLE - Schedule of Floor Plan Notes Payable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Floor plan notes payable—trade	$ 311.7	$ 245.6
Floor plan notes payable offset account	(4.5)	(50.5)
Floor plan notes payable—trade, net	307.2	195.1
Floor plan notes payable—new non-trade	1,371.4	1,328.1
Floor plan notes payable—used non-trade	0	307.1
Floor plan notes payable offset account	(192.7)	(44.7)
Floor plan notes payable—non-trade, net	$ 1,178.8	$ 1,590.6

FLOOR PLAN NOTES PAYABLE - Narr

FLOOR PLAN NOTES PAYABLE - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Floor Plan Notes Payable [Line Items]
Debt instrument, conversion, maximum convertible amount, amount subtracted from contractual total	$ 50
Loaner Vehicle Notes Payable - Bank of America
Floor Plan Notes Payable [Line Items]
Notes payable	128.8	$ 127.2
Loaner Vehicle Floorplan Facility
Floor Plan Notes Payable [Line Items]
Notes payable	$ 96.3	$ 111.9

DEBT -Schedule of Long-Term Deb

DEBT -Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liability	$ 8.3	$ 8.4
Total debt outstanding	3,403.7	3,230.1
Less—debt issuance costs	(22.5)	(25.9)
Long-term debt, including current portion	3,382.8	3,206.2
Less—current portion, net of current portion of debt issuance costs	(83.4)	(84.9)
LONG-TERM DEBT	3,299.5	3,121.2
2021 Real Estate Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	588.6	614.4
2021 BofA Real Estate Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	160.4	165.9
2018 Bank of America Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	38.8	50.3
2018 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	63.4	72
2015 Wells Fargo Master Loan Facility | Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	33.3	37.2
2023 Syndicated Revolving Credit Facility | Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	$ 230.7	0
Senior Notes | 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
Long-term debt, gross	$ 405	405
Add—unamortized premium	$ 0.5	0.6
Senior Notes | 4.625% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.625%
Long-term debt, gross	$ 800	800
Senior Notes | 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%
Long-term debt, gross	$ 445	445
Add—unamortized premium	$ 1.1	1.3
Senior Notes | 5.00% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5%
Long-term debt, gross	$ 600	600
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5.80%
Long-term debt, gross	$ 30.1	$ 31.9

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 30.1	$ 31.9

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Carrying Values and Fair Values of Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,230.2	$ 2,227.7
Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,136.6	2,085.1
Senior Notes | 4.50% Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%
Senior Notes | 4.50% Senior Notes due 2028 | Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 403.2	402.8
Senior Notes | 4.50% Senior Notes due 2028 | Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 391.8	384.8
Senior Notes | 4.625% Senior Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.625%
Senior Notes | 4.625% Senior Notes due 2029 | Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 791.5	790.4
Senior Notes | 4.625% Senior Notes due 2029 | Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 758	744
Senior Notes | 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%
Senior Notes | 4.75% Senior Notes due 2030 | Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 442.6	442.2
Senior Notes | 4.75% Senior Notes due 2030 | Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 422.8	410.3
Senior Notes | 5.00% Senior Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	5%
Senior Notes | 5.00% Senior Notes due 2032 | Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 592.8	592.3
Senior Notes | 5.00% Senior Notes due 2032 | Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 564	$ 546

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE - Narrative (Details) - Interest Rate Swap $ in Millions	Sep. 30, 2024 USD ($) swapAgreement	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments held | swapAgreement	6
Fair value of interest rate swaps	$ 59.9	$ 79.8
Interest rate swap, net gain amount expected to be reclassified in the next twelve months	$ 19.4

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE - Interest Rate Swap Agreements (Details) - USD ($)	Sep. 30, 2024	Jan. 31, 2022	May 31, 2021	Jul. 31, 2020	Jun. 30, 2015
Interest Rate Swap, January 2022
Derivative [Line Items]
Notional Principal at Inception	$ 262,500,000	$ 300,000,000
Notional Principal at Maturity		228,800,000
Interest Rate Swap, January 2022
Derivative [Line Items]
Notional Principal at Inception	250,000,000	250,000,000
Notional Principal at Maturity		$ 250,000,000
Interest Rate Swap, May 2021
Derivative [Line Items]
Notional Principal at Inception	160,400,000		$ 184,400,000
Notional Principal at Maturity			$ 110,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	72,300,000			$ 93,500,000
Notional Principal at Maturity				50,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	64,000,000			85,500,000
Notional Principal at Maturity				$ 57,300,000
Interest Rate Swap, June 2015
Derivative [Line Items]
Notional Principal at Inception	$ 54,800,000				$ 100,000,000
Notional Principal 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	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 59.9	$ 79.8
Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	19.4	27.5
Other long-term assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 40.6	$ 52.3

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) - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ (20.3)	$ 20.6	$ 6.9	$ 34.6
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ (8.9)		$ (26.8)
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings		$ (9.2)		$ (25.6)

FINANCIAL INSTRUMENTS AND FAI_8

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Investments at Fair Value (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 40.3	$ 4.8
Investments, fair value	330.8	332.9
Total | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	9	6.2
Total | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	17.4	13.5
Total | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.9	30.1
Total | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	129.9	132.2
Total | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	144.7	150.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40.3	4.8
Investments, fair value	17.7	15.5
Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.3	2
Level 1 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	17.4	13.5
Level 1 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 1 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, 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]
Investments, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments, fair value	313.1	317.4
Level 2 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	8.7	4.2
Level 2 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 2 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.9	30.1
Level 2 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	129.9	132.2
Level 2 | Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	144.7	150.9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments, fair value	0	0
Level 3 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3 | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, 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]
Investments, fair value	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_9

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ 10	$ (5.1)	$ 6	$ (6.6)
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 0.3	$ (1.4)	$ 0.6	$ (1.2)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 195.3	$ 102.9
Income taxes paid, net	64.5	180.1
Loaner vehicles transferred from other current assets to inventory	$ 369.9	$ 314.1

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Number of reportable segments | segment			2
Revenue	$ 4,236.7	$ 3,666.2	$ 12,684.1	$ 10,991
Gross profit	718	673.5	2,198.8	2,082.8
Total assets	10,173.6		10,173.6		$ 10,159.4
Intersegment Eliminations
Business Acquisition [Line Items]
Revenue	(50.8)	(43.1)	(151.4)	(134.2)
Gross profit	2.7	(0.6)	3.6	2.3
Total assets	57.7		57.7		46.1
Dealerships | Operating Segments
Business Acquisition [Line Items]
Revenue	4,210.5	3,638.9	12,609	10,914
Gross profit	695.9	655.5	2,134.5	2,021
Total assets	9,071.7		9,071.7		9,199.4
TCA | Operating Segments
Business Acquisition [Line Items]
Revenue	77	70.4	226.5	211.1
Gross profit	19.5	$ 18.7	60.7	$ 59.5
Total assets	$ 1,044.2		$ 1,044.2		$ 913.9

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2024 USD ($)	Feb. 08, 2024 dealership	Aug. 03, 2022 dealership
Loss Contingencies [Line Items]
Number of dealerships under investigation | dealership			6
Number of dealerships that violated FTC Act | dealership		3
Guarantee Obligations
Loss Contingencies [Line Items]
Amount of surety bond line maintained | $	$ 21.3
Guarantee Obligations | Reastated Credit Agreement | Bank of America, N.A.
Loss Contingencies [Line Items]
Amount of letters of credit outstanding | $	$ 13.3