0001144980-24-000130 | 10-Q | XBRL Viewer | Asbury Automotive Group INC

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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 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 June 30, 2024, we owned and operated 204 new vehicle franchises (155 dealership locations), representing 31 brands of automobiles, and 37 collision centers in 15 states. For the six months ended June 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 June 30, 2024, and for the three and six months ended June 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 six months ended June 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 June 30, 2024 and 2023, the Company repurchased 192,599 and 959,803 shares and retired 192,599 and 959,803 shares, of our common stock under our share repurchase program, respectively. During the six months ended June 30, 2024 and 2023, the Company repurchased 432,389 and 1,070,126 shares and retired 432,389 and 1,124,330, shares, of our common stock under our share repurchase program, respectively. The cash paid for these share repurchases was $93.2 million and $210.7 million for the six months ended June 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 June 30, 2024, the Company had $365.6 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 145 and 714 restricted share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended June 30, 2024 and 2023, respectively. The Company did not exclude any 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 June 30, 2024 and 2023. During the six months ended June 30, 2024 and 2023, the Company excluded 2,865 and 3,947 restricted share units and 23 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.

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
Floor plan notes payable—trade	$	301.5	$	245.6
Floor plan notes payable offset account	(198.7)		(50.5)
Floor plan notes payable—trade, net	$	102.8	$	195.1

Floor plan notes payable—new non-trade	$	1,530.0	$	1,328.1
Floor plan notes payable—used non-trade	—		307.1
Floor plan notes payable offset account	(212.7)		(44.7)
Floor plan notes payable—non-trade, net	$	1,317.3	$	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 June 30, 2024 and December 31, 2023 were $132.3 million and $127.2 million, respectively. Loaner vehicles notes payable related to OEMs as of June 30, 2024 and December 31, 2023 were $103.9 million and $111.9 million, respectively.

DEBT

Long-term debt consisted of the following:


	As of
	June 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	30.8		31.9
2021 Real Estate Facility	597.2		614.4
2021 BofA Real Estate Facility	162.2		165.9
2018 Bank of America Facility	39.8		50.3
2018 Wells Fargo Master Loan Facility	69.5		72.0

2015 Wells Fargo Master Loan Facility	34.6		37.2
2023 Syndicated Revolving Credit Facility	430.7		—
Finance lease liability	8.4		8.4
Total debt outstanding	3,623.1		3,230.1
Add—unamortized premium on 4.50% Senior Notes due 2028	0.6		0.6
Add—unamortized premium on 4.75% Senior Notes due 2030	1.2		1.3
Less—debt issuance costs	(23.6)		(25.9)
Long-term debt, including current portion	3,601.3		3,206.2
Less—current portion, net of current portion of debt issuance costs	(113.1)		(84.9)
Long-term debt	$	3,488.2	$	3,121.2

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Fair value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 89.2	$ 79.8
Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	28.3	27.5
Other long-term assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 60.9	$ 52.3

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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 67.2	$ 45.7
Short-term investments	10.5	6.2
Contracts-in-transit, net	210.2	279.7
Accounts receivable, net	235.2	226.1
Inventories, net	2,066.0	1,768.3
Assets held for sale	206.6	342.2
Other current assets	422.5	388.9
Total current assets	3,218.3	3,057.1
INVESTMENTS	337.6	326.7
PROPERTY AND EQUIPMENT, net	2,423.4	2,315.7
OPERATING LEASE RIGHT-OF-USE ASSETS	228.6	241.8
GOODWILL	2,010.4	2,009.0
INTANGIBLE FRANCHISE RIGHTS	1,957.1	2,095.8
OTHER LONG-TERM ASSETS	130.7	113.3
Total assets	10,306.0	10,159.4
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	102.8	195.1
Floor plan notes payable—non-trade, net	1,317.3	1,590.6
Current maturities of long-term debt	113.1	84.9
Current maturities of operating leases	26.9	26.2
Accounts payable and accrued liabilities	769.7	748.1
Deferred revenue—current	233.6	228.6
Liabilities associated with assets held for sale	2.0	2.1
Total current liabilities	2,565.5	2,875.7
LONG-TERM DEBT	3,488.2	3,121.2
LONG-TERM LEASE LIABILITY	209.3	222.1
DEFERRED REVENUE	525.8	508.1
DEFERRED INCOME TAXES	137.7	136.4
OTHER LONG-TERM LIABILITIES	48.8	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	0.0
Common stock, $.01 par value; 90,000,000 shares authorized; 42,044,298 and 42,352,001 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	1,299.5	1,288.4
Retained earnings	3,048.7	2,961.5
Treasury stock, at cost; 22,064,198 and 22,018,537 shares, respectively	(1,082.5)	(1,067.3)
Accumulated other comprehensive income	64.7	61.1
Total shareholders' equity	3,330.7	3,244.1
Total liabilities and shareholders' equity	$ 10,306.0	$ 10,159.4

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ (1.4)	$ (4.1)	$ (4.0)	$ (1.5)
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 0.2	$ 0.1	$ 0.3	$ 0.2

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the six months ended June 30, 2024 and 2023, we made interest payments, including amounts capitalized, totaling $131.8 million and $73.2 million, respectively. During the six months ended June 30, 2024 and 2023, we made income tax payments, net of refunds received, totaling $63.8 million and $127.4 million, respectively. During the six months ended June 30, 2024 and 2023, we transferred $232.3 million and $197.9 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.

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

Revenue from contracts with customers for the three and six months ended June 30, 2024 and 2023 consists of the following:


	For the Three Months Ended June 30,
	2024		2023
	(In millions)
Revenue:
New vehicle	$	2,164.9	$	1,942.7
Used vehicle retail	1,167.2		1,013.3
Used vehicle wholesale	140.9		94.0
New and used vehicle	3,472.9		3,050.0
Sale of vehicle parts and accessories	125.2		123.9
Vehicle repair and maintenance services	455.6		402.2
Parts and services	580.9		526.1
Finance and insurance, net	192.4		166.3
Total revenue	$	4,246.2	$	3,742.5


	For the Six Months Ended June 30,
	2024		2023
	(In millions)
Revenue:
New vehicle	$	4,229.1	$	3,710.4
Used vehicle retail	2,358.5		2,034.9
Used vehicle wholesale	306.4		198.9
New and used vehicle	6,894.1		5,944.2
Sale of vehicle parts and accessories	258.9		250.0
Vehicle repair and maintenance services	912.3		791.7
Parts and service	1,171.2		1,041.7
Finance and insurance, net	382.1		338.9
Total revenue	$	8,447.4	$	7,324.8

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

Deferred Revenue

The condensed consolidated balance sheets reflect $759.4 million and $736.7 million of deferred revenue as of June 30, 2024 and December 31, 2023, respectively. Approximately $128.8 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 six months ended June 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 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. The Company disputes the FTC’s allegations that it violated the FTC Act and the ECOA, and is currently involved in discussions with the FTC staff regarding the matter. There can be no assurance that negotiations between us and the FTC for a favorable settlement will be successful, or that we will succeed in any litigation as a result of the investigation. At this time, we are unable to reasonably predict the possible outcome of this matter, or provide a reasonably possible range of loss, if any, as a result of the investigation. If the FTC files a suit against us based on these allegations, whether meritorious or not, it may adversely affect our ability to attract customers, result in the loss of existing customers, harm our reputation and cause us to incur defense costs and other expenses. Our dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing, or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects 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 June 30, 2024, which are required by certain of our insurance providers. In addition, as of June 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.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax expense (benefit)	$ (0.1)	$ 2.5	$ 4.1	$ (4.7)
Gains (losses) on changes in fair value of debt securities, tax expense (benefit)	$ (0.3)	$ (0.6)	$ (1.0)	$ 0.5

DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liability	$ 8.4	$ 8.4
Total debt outstanding	3,623.1	3,230.1
Less—debt issuance costs	(23.6)	(25.9)
Long-term debt, including current portion	3,601.3	3,206.2
Less—current portion, net of current portion of debt issuance costs	(113.1)	(84.9)
LONG-TERM DEBT	3,488.2	3,121.2
2021 Real Estate Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	597.2	614.4
2021 BofA Real Estate Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	162.2	165.9
2018 Bank of America Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	39.8	50.3
2018 Wells Fargo Master Loan Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	69.5	72.0
2015 Wells Fargo Master Loan Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	34.6	37.2
2023 Syndicated Revolving Credit Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	$ 430.7	0.0
Senior Notes \| 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
Long-term debt, gross	$ 405.0	405.0
Add—unamortized premium	$ 0.6	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	$ 800.0	800.0
Senior Notes \| 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%
Long-term debt, gross	$ 445.0	445.0
Add—unamortized premium	$ 1.2	1.3
Senior Notes \| 5.00% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5.00%
Long-term debt, gross	$ 600.0	600.0
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 30.8	$ 31.9

ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
Vehicle receivables	$	87.3	$	72.5
Manufacturer receivables	60.6		68.0
Other receivables	90.3		88.1
Total accounts receivable	238.2		228.6
Less—Allowance for credit losses	(3.0)		(2.6)
Accounts receivable, net	$	235.2	$	226.1

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Investments at Fair Value (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 3.8	$ 4.8
Investments, fair value	348.1	332.9
Total \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	10.5	6.2
Total \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	16.9	13.5
Total \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.1	30.1
Total \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	148.0	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	143.7	150.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3.8	4.8
Investments, fair value	17.1	15.5
Level 1 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.2	2.0
Level 1 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	16.9	13.5
Level 1 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Level 1 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	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	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Investments, fair value	331.0	317.4
Level 2 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	10.3	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	0.0
Level 2 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.1	30.1
Level 2 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	148.0	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	143.7	150.9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Investments, fair value	0.0	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	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	0.0
Level 3 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Level 3 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	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	$ 0.0

INVESTMENTS - Amortized Cost and Fair Value of TCA's Investment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in 1 year or less	$ 10.6
Due in 1-5 years	122.9
Due in 5-10 years	72.9
Total by maturity	206.5
Fair Value
Due in 1 year or less	10.5
Due in 1-5 years	121.6
Due in 5-10 years	72.3
Total by maturity	204.4
Amortized Cost	351.1	$ 331.6
Fair Value	348.1	332.9
Mortgage and other asset-backed securities
Fair Value
Amortized Cost	144.6	150.1
Fair Value	$ 143.7	$ 150.9

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 131.8	$ 73.2
Income taxes paid, net	63.8	127.4
Loaner vehicles transferred from other current assets to inventory	$ 232.3	$ 197.9

ASSETS AND LIABILITIES HELD FOR SALE

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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
	June 30, 2024		December 31, 2023
	(In millions)
Assets:


Inventory	$	58.4	$	84.5
Loaners, net	1.1		4.5

Property and equipment, net	110.8		136.6
Operating lease right-of-use assets	2.0		2.1
Goodwill	3.7		26.1
Franchise rights	30.5		88.5
Total assets held for sale	206.6		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	$	204.5	$	340.1

As of June 30, 2024, assets held for sale consisted of 8 franchises (8 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.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		19,980,100
Entity Central Index Key	0001144980
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

ASSETS AND LIABILITIES HELD FOR SALE - Narrative (Details) - Held-for-sale	Jun. 30, 2024 franchise dealership property	Dec. 31, 2023 franchise dealership property
Franchise
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale \| franchise	8	11
Dealership Location
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale \| dealership	8	11
Real Estate
Long Lived Assets Held-for-sale [Line Items]
Number of assets held-for-sale \| property	1	1

FLOOR PLAN NOTES PAYABLE - Schedule of Floor Plan Notes Payable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Floor plan notes payable—trade	$ 301.5	$ 245.6
Floor plan notes payable offset account	(198.7)	(50.5)
Floor plan notes payable—trade, net	102.8	195.1
Floor plan notes payable—new non-trade	1,530.0	1,328.1
Floor plan notes payable—used non-trade	0.0	307.1
Floor plan notes payable offset account	(212.7)	(44.7)
Floor plan notes payable—non-trade, net	$ 1,317.3	$ 1,590.6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28.1	$ 196.4	$ 175.2	$ 377.7
Other comprehensive income:
Change in fair value of cash flow swaps	(0.6)	17.0	9.4	(2.4)
Income tax benefit (expense) associated with cash flow swaps	0.1	(4.1)	(2.3)	0.6
Unrealized losses on available-for-sale debt securities	(1.6)	(4.2)	(4.3)	(1.7)
Income tax benefit associated with available-for-sale debt securities	0.3	1.0	0.9	0.5
Comprehensive income	$ 26.4	$ 206.0	$ 178.8	$ 374.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue from contracts with customers for the three and six months ended June 30, 2024 and 2023 consists of the following:


	For the Three Months Ended June 30,
	2024		2023
	(In millions)
Revenue:
New vehicle	$	2,164.9	$	1,942.7
Used vehicle retail	1,167.2		1,013.3
Used vehicle wholesale	140.9		94.0
New and used vehicle	3,472.9		3,050.0
Sale of vehicle parts and accessories	125.2		123.9
Vehicle repair and maintenance services	455.6		402.2
Parts and services	580.9		526.1
Finance and insurance, net	192.4		166.3
Total revenue	$	4,246.2	$	3,742.5


	For the Six Months Ended June 30,
	2024		2023
	(In millions)
Revenue:
New vehicle	$	4,229.1	$	3,710.4
Used vehicle retail	2,358.5		2,034.9
Used vehicle wholesale	306.4		198.9
New and used vehicle	6,894.1		5,944.2
Sale of vehicle parts and accessories	258.9		250.0
Vehicle repair and maintenance services	912.3		791.7
Parts and service	1,171.2		1,041.7
Finance and insurance, net	382.1		338.9
Total revenue	$	8,447.4	$	7,324.8

Schedule of Contract with Customer, Assets


	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

FINANCIAL INSTRUMENTS AND FAIR VALUE

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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
	June 30, 2024		December 31, 2023
	(In millions)
Carrying Value:
4.50% Senior Notes due 2028	$	403.1	$	402.8
4.625% Senior Notes due 2029	791.2		790.4
4.75% Senior Notes due 2030	442.5		442.2
5.00% Senior Notes due 2032	592.6		592.3

Total carrying value	$	2,229.4	$	2,227.7

Fair Value:
4.50% Senior Notes due 2028	$	383.7	$	384.8
4.625% Senior Notes due 2029	740.0		744.0
4.75% Senior Notes due 2030	411.6		410.3
5.00% Senior Notes due 2032	543.0		546.0

Total fair value	$	2,078.3	$	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 June 30, 2024:


Inception Date	Notional Principal at Inception		Notional Value as of June 30, 2024		Notional Principal at Maturity		Maturity Date
	(In millions)
January 2022	$	300.0	$	266.3	$	228.8	December 2026
January 2022	$	250.0	$	250.0	$	250.0	December 2031
May 2021	$	184.4	$	162.2	$	110.6	May 2031
July 2020	$	93.5	$	73.6	$	50.6	December 2028
July 2020	$	85.5	$	65.3	$	57.3	November 2025
June 2015	$	100.0	$	56.1	$	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 $89.2 million and $79.8 million asset as of June 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
	June 30, 2024		December 31, 2023
	(In millions)
Other current assets	$	28.3	$	27.5

Other long-term assets	60.9		52.3

Total fair value	$	89.2	$	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 June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	8.1	Other interest expense, net	$	(8.7)
2023	$	8.3	Other interest expense, net	$	(8.7)


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	27.2	Other interest expense, net	$	(17.8)
2023	$	(18.8)	Other interest expense, net	$	(16.4)

On the basis of yield curve conditions as of June 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 $28.3 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 June 30, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	3.8	$	—	$	—	$	3.8
Short-term investments	0.2		10.3		—		10.5
U.S. Treasury	16.9		—		—		16.9
Municipal	—		29.1		—		29.1
Corporate	—		148.0		—		148.0
Mortgage and other asset-backed securities	—		143.7		—		143.7



Total	$	17.1	$	331.0	$	—	$	348.1


	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 June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	(1.4)	Revenue-Finance and insurance, net	$	0.2
2023	$	(4.1)	Revenue-Finance and insurance, net	$	0.1


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	(4.0)	Revenue-Finance and insurance, net	$	0.3
2023	$	(1.5)	Revenue-Finance and insurance, net	$	0.2

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 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
	June 30, 2024		December 31, 2023
	(In millions)
Assets:


Inventory	$	58.4	$	84.5
Loaners, net	1.1		4.5

Property and equipment, net	110.8		136.6
Operating lease right-of-use assets	2.0		2.1
Goodwill	3.7		26.1
Franchise rights	30.5		88.5
Total assets held for sale	206.6		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	$	204.5	$	340.1

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 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	238.9
Intangible franchise rights	430.3
Operating lease right-of-use assets	11.2
Total assets acquired	$	1,523.9
Liabilities
Operating lease liabilities	$	11.2
Other liabilities	8.2
Total liabilities assumed	19.4
Net assets acquired	$	1,504.5

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 4,246.2	$ 3,742.5	$ 8,447.4	$ 7,324.8
New and used vehicle
Disaggregation of Revenue [Line Items]
Revenue	3,472.9	3,050.0	6,894.1	5,944.2
New vehicle
Disaggregation of Revenue [Line Items]
Revenue	2,164.9	1,942.7	4,229.1	3,710.4
Used vehicle retail
Disaggregation of Revenue [Line Items]
Revenue	1,167.2	1,013.3	2,358.5	2,034.9
Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Revenue	140.9	94.0	306.4	198.9
Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Revenue	125.2	123.9	258.9	250.0
Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Revenue	455.6	402.2	912.3	791.7
Parts and service
Disaggregation of Revenue [Line Items]
Revenue	580.9	526.1	1,171.2	1,041.7
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Revenue	$ 192.4	$ 166.3	$ 382.1	$ 338.9

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Deferred revenue	$ 759.4	$ 736.7
Finance and insurance, net
Business Acquisition [Line Items]
Deferred revenue		$ 128.8

FLOOR PLAN NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Floor Plan Notes Payable

Floor plan notes payable consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
Floor plan notes payable—trade	$	301.5	$	245.6
Floor plan notes payable offset account	(198.7)		(50.5)
Floor plan notes payable—trade, net	$	102.8	$	195.1

Floor plan notes payable—new non-trade	$	1,530.0	$	1,328.1
Floor plan notes payable—used non-trade	—		307.1
Floor plan notes payable offset account	(212.7)		(44.7)
Floor plan notes payable—non-trade, net	$	1,317.3	$	1,590.6

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	6 Months Ended
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS	Jun. 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 three months ended June 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 three months ended June 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.

FINANCIAL INSTRUMENTS AND FAIR VALUE - Schedule of Carrying Values and Fair Values of Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,229.4	$ 2,227.7
Fair Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,078.3	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	$ 403.1	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	$ 383.7	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	$ 791.2	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	$ 740.0	744.0
Senior Notes \| 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%
Senior Notes \| 4.75% Senior Notes due 2030 \| Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 442.5	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	$ 411.6	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	5.00%
Senior Notes \| 5.00% Senior Notes due 2032 \| Carrying Value:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 592.6	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	$ 543.0	$ 546.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 28.1	$ 147.1	$ 196.4	$ 181.4	$ 175.2	$ 377.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Components of Inventory [Line Items]
Total inventories	$ 2,066.0		$ 1,768.3
Lower of cost or market inventory reserves	8.3		8.8
Held-for-sale
Components of Inventory [Line Items]
Total inventories	58.4		84.5
New vehicles
Components of Inventory [Line Items]
Total inventories	1,540.2		1,252.5
Reduction of new vehicle inventory cost by automobile manufacturer incentives	10.6		8.3
Reduction to cost of sales	53.3	$ 46.4
Used vehicles
Components of Inventory [Line Items]
Total inventories	378.0		373.1
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 147.8		$ 142.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

FINANCIAL INSTRUMENTS AND FAIR VALUE - Narrative (Details) - Interest Rate Swap $ in Millions	Jun. 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	$ 89.2	$ 79.8
Interest rate swap, net gain amount expected to be reclassified in the next twelve months	$ 28.3

REVENUE RECOGNITION - Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	$ 107.3	$ 102.7
Transferred to receivables from contract assets recognized at the beginning of the period	(21.5)	(22.7)
Amortization of costs to obtain a contract with a customer	(4.6)	(4.1)
Costs incurred to obtain a contract with a customer	10.4	10.6
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	22.1	20.8
Ending balance	113.7	107.3
Contract assets, current	54.7	52.6
Contract assets, long-term	59.0	54.7
Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	18.9	20.5
Transferred to receivables from contract assets recognized at the beginning of the period	(18.9)	(20.5)
Amortization of costs to obtain a contract with a customer	0.0	0.0
Costs incurred to obtain a contract with a customer	0.0	0.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	19.7	18.9
Ending balance	19.7	18.9
Contract assets, current	19.7	18.9
Contract assets, long-term	0.0	0.0
Finance and insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	13.5	13.8
Transferred to receivables from contract assets recognized at the beginning of the period	(2.6)	(2.2)
Amortization of costs to obtain a contract with a customer	0.0	0.0
Costs incurred to obtain a contract with a customer	0.0	0.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	2.4	1.9
Ending balance	13.3	13.5
Contract assets, current	13.3	13.5
Contract assets, long-term	0.0	0.0
Deferred Sales Commissions
Change in Contract with Customer, Asset [Roll Forward]
Beginning balance	74.9	68.4
Transferred to receivables from contract assets recognized at the beginning of the period	0.0	0.0
Amortization of costs to obtain a contract with a customer	(4.6)	(4.1)
Costs incurred to obtain a contract with a customer	10.4	10.6
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	0.0	0.0
Ending balance	80.7	74.9
Contract assets, current	21.7	20.2
Contract assets, long-term	$ 59.0	$ 54.7

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
New vehicles	$	1,540.2	$	1,252.5
Used vehicles	378.0		373.1
Parts and accessories	147.8		142.7
Total inventories, net (a)	$	2,066.0	$	1,768.3

___________________________

(a) Inventories, net as of June 30, 2024 and December 31, 2023, excluded $58.4 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 $8.3 million and $8.8 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, certain automobile manufacturer incentives reduced new vehicle inventory cost by $10.6 million and $8.3 million, respectively, and reduced new vehicle cost of sales for the six months ended June 30, 2024 and 2023 by $53.3 million and $46.4 million, respectively.

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) franchise dealership vehicleBrand collisionCenter state shares	Jun. 30, 2023 shares	Jun. 30, 2024 USD ($) franchise dealership vehicleBrand collisionCenter state segment shares	Jun. 30, 2023 USD ($) shares	May 15, 2024 USD ($)	May 14, 2024 USD ($)
Business Organization [Line Items]
Number of franchises (in franchises) \| franchise	204		204
Number of dealership locations (in dealership locations) \| dealership	155		155
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	15		15
Number of reportable segments \| segment			2
Shares repurchased (in shares) \| shares	192,599	959,803	432,389	1,070,126
Treasury stock, retired (in shares) \| shares	192,599	959,803	432,389	1,124,330
Cash paid to acquire treasury stock \| $			$ 93.2	$ 210.7
Stock repurchase program, increase (decrease) in authorized amount \| $						$ 256.2
Stock repurchase program, authorized amount \| $					$ 400.0
Stock repurchase program, remaining authorized repurchase amount \| $	$ 365.6		$ 365.6
Restricted Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares	145	714	2,865	3,947
Performance share units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares		0	23	0
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)			29.00%
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix (percent)			41.00%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix (percent)			29.00%

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Reportable segment financial information for the three and six months ended June 30, 2024 and 2023, are as follows:


	Three Months Ended June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	4,219.5	$	75.4	$	(48.7)	$	4,246.2
Gross profit	$	706.8	$	20.1	$	3.8	$	730.7


	Three Months Ended June 30, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	3,718.8	$	70.1	$	(46.4)	$	3,742.5
Gross profit	$	686.0	$	19.6	$	7.5	$	713.1


	Six Months Ended June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	8,398.5	$	149.5	$	(100.6)	$	8,447.4
Gross profit	$	1,438.6	$	41.2	$	0.9	$	1,480.7


	Six Months Ended June 30, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	7,275.1	$	140.7	$	(91.0)	$	7,324.8
Gross profit	$	1,365.6	$	40.8	$	2.9	$	1,409.3

Total assets by segment as of June 30, 2024 and December 31, 2023 are as follows:


	As of June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total assets	$	9,239.2	$	1,010.9	$	55.8	$	10,306.0


	As of December 31, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total assets	$	9,199.4	$	913.9	$	46.1	$	10,159.4

INVESTMENTS - Carrying Amounts of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 351.1	$ 331.6
Gross Unrealized Gains	1.3	3.5
Gross Unrealized Losses	(4.3)	(2.2)
Fair Value	348.1	332.9
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10.6	6.3
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(0.1)	(0.1)
Fair Value	10.5	6.2
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17.1	13.6
Gross Unrealized Gains	0.0	0.1
Gross Unrealized Losses	(0.3)	(0.1)
Fair Value	16.9	13.5
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29.5	30.1
Gross Unrealized Gains	0.0	0.2
Gross Unrealized Losses	(0.5)	(0.2)
Fair Value	29.1	30.1
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	149.2	131.5
Gross Unrealized Gains	0.6	1.6
Gross Unrealized Losses	(1.8)	(0.9)
Fair Value	148.0	132.2
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	144.6	150.1
Gross Unrealized Gains	0.7	1.6
Gross Unrealized Losses	(1.6)	(0.9)
Fair Value	$ 143.7	$ 150.9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 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)	42,044,298	42,352,001
Treasury stock (in shares)	22,064,198	22,018,537

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	$ (1,063.0)	$ 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	2.0					2.0
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)
Retirement of common stock (in shares)		(164,527)			(164,527)
Retirement of common stock	0.0		(2.0)	(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	1,288.0	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	$ (1,063.0)	74.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2022					22,024,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	377.7
Comprehensive income	$ 374.7
Shares repurchased (in shares)	1,070,126
Ending balance (in shares) at Jun. 30, 2023		42,591,097
Ending balance at Jun. 30, 2023	$ 3,068.6	$ 0.4	1,282.0	2,781.1	$ (1,066.4)	71.4
Treasury stock, ending balance (in shares) at Jun. 30, 2023					22,016,267
Beginning balance (in shares) at Mar. 31, 2023		43,549,857
Beginning balance at Mar. 31, 2023	3,049.2	$ 0.4	1,288.0	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	206.0			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				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)
Retirement of common stock (in shares)		(959,803)			(959,803)
Retirement of common stock	0.0		(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	1,282.0	2,781.1	$ (1,066.4)	71.4
Treasury stock, ending balance (in shares) at Jun. 30, 2023					22,016,267
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)
Retirement of common stock (in shares)		(239,790)			(239,790)
Retirement of common stock	0.0		(2.9)	(47.1)	$ 50.0
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	$ 175.2
Comprehensive income	$ 178.8
Shares repurchased (in shares)	432,389
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				22,064,198
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				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)
Retirement of common stock (in shares)		(192,599)			(192,599)
Retirement of common stock	0.0		(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				22,064,198

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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	238.9
Intangible franchise rights	430.3
Operating lease right-of-use assets	11.2
Total assets acquired	$	1,523.9
Liabilities
Operating lease liabilities	$	11.2
Other liabilities	8.2
Total liabilities assumed	19.4
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 six months ended June 30, 2024 and their related effects on our consolidated statement 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 $238.9 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 six months ended June 30, 2024 included revenue and net income attributable to the Jim Koons Dealerships of $1,406.7 million and $49.2 million, respectively.

Other Acquisitions and Divestitures

There were no acquisitions during the six months ended June 30, 2024 and 2023.

During the six months ended June 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 and one Nissan franchise (one dealership location) in Atlanta, Georgia. The Company recorded a pre-tax gain totaling $3.6 million, which is presented in our accompanying condensed consolidated statement of income as a gain on dealership divestitures.

During the six months ended June 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 statement of income as a gain on dealership divestitures.

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 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 June 30, 2024, and for the three and six months ended June 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 six months ended June 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 June 30, 2024 and 2023, the Company repurchased 192,599 and 959,803 shares and retired 192,599 and 959,803 shares, of our common stock under our share repurchase program, respectively. During the six months ended June 30, 2024 and 2023, the Company repurchased 432,389 and 1,070,126 shares and retired 432,389 and 1,124,330, shares, of our common stock under our share repurchase program, respectively. The cash paid for these share repurchases was $93.2 million and $210.7 million for the six months ended June 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 June 30, 2024, the Company had $365.6 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 145 and 714 restricted share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended June 30, 2024 and 2023, respectively. The Company did not exclude any 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 June 30, 2024 and 2023. During the six months ended June 30, 2024 and 2023, the Company excluded 2,865 and 3,947 restricted share units and 23 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.

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	As of
	June 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	30.8		31.9
2021 Real Estate Facility	597.2		614.4
2021 BofA Real Estate Facility	162.2		165.9
2018 Bank of America Facility	39.8		50.3
2018 Wells Fargo Master Loan Facility	69.5		72.0

2015 Wells Fargo Master Loan Facility	34.6		37.2
2023 Syndicated Revolving Credit Facility	430.7		—
Finance lease liability	8.4		8.4
Total debt outstanding	3,623.1		3,230.1
Add—unamortized premium on 4.50% Senior Notes due 2028	0.6		0.6
Add—unamortized premium on 4.75% Senior Notes due 2030	1.2		1.3
Less—debt issuance costs	(23.6)		(25.9)
Long-term debt, including current portion	3,601.3		3,206.2
Less—current portion, net of current portion of debt issuance costs	(113.1)		(84.9)
Long-term debt	$	3,488.2	$	3,121.2

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

ACQUISITIONS AND DIVESTITURES - Amounts Recorded Based on Preliminary Estimates of Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 11, 2023
Assets
Goodwill	$ 2,010.4	$ 2,009.0
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			238.9
Intangible franchise rights			430.3
Operating lease right-of-use assets			11.2
Total assets acquired			1,523.9
Liabilities
Operating lease liabilities			11.2
Other liabilities			8.2
Total liabilities assumed			19.4
Net assets acquired			$ 1,504.5

INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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 June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	10.6	$	—	$	(0.1)	$	10.5
U.S. Treasury	17.1		—		(0.3)		16.9
Municipal	29.5		—		(0.5)		29.1
Corporate	149.2		0.6		(1.8)		148.0
Mortgage and other asset-backed securities	144.6		0.7		(1.6)		143.7




Total investments	$	351.1	$	1.3	$	(4.3)	$	348.1


	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 June 30, 2024 and December 31, 2023, the Company had $2.7 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 June 30, 2024
	Amortized Cost		Fair Value
	(In millions)
Due in 1 year or less	$	10.6	$	10.5
Due in 1-5 years	122.9		121.6
Due in 6-10 years	72.9		72.3

Total by maturity	206.5		204.4
Mortgage and other asset-backed securities	144.6		143.7



Total investment securities	$	351.1	$	348.1

There were no gross losses and $0.2 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the three months ended June 30, 2024. There were no gross losses and $0.3 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the six months ended June 30, 2024.

There were $0.1 million and $0.2 million gross gains realized, respectively, related to the sale of available-for-sale debt securities carried at fair value for the three and six months ended June 30, 2023. There were no gross losses realized related to the sale of available-for-sale debt securities carried at fair value for the three and six months ended June 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 three and six months ended June 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 June 30, 2024.


	As of June 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	$	—	$	—	$	8.1	$	(0.1)	$	8.1	$	(0.1)
U.S. Treasury	4.0		—		8.2		(0.2)		12.2		(0.3)
Municipal	2.3		—		22.5		(0.5)		24.8		(0.5)
Corporate	22.7		(0.2)		81.9		(1.6)		104.6		(1.8)
Mortgage and other asset-backed securities	22.0		(0.3)		59.5		(1.3)		81.6		(1.6)
Total debt securities	$	51.0	$	(0.5)	$	180.3	$	(3.8)	$	231.3	$	(4.3)


	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 six months ended June 30, 2024.

FINANCIAL INSTRUMENTS AND FAIR VALUE - Interest Rate Swap Agreements (Details) - USD ($)	Jun. 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	$ 266,300,000	$ 300,000,000.0
Notional Principal at Maturity		228,800,000
Interest Rate Swap, January 2022
Derivative [Line Items]
Notional Principal at Inception	250,000,000.0	250,000,000.0
Notional Principal at Maturity		$ 250,000,000.0
Interest Rate Swap, May 2021
Derivative [Line Items]
Notional Principal at Inception	162,200,000		$ 184,400,000
Notional Principal at Maturity			$ 110,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	73,600,000			$ 93,500,000
Notional Principal at Maturity				50,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	65,300,000			85,500,000
Notional Principal at Maturity				$ 57,300,000
Interest Rate Swap, June 2015
Derivative [Line Items]
Notional Principal at Inception	$ 56,100,000				$ 100,000,000.0
Notional Principal at Maturity					$ 53,100,000

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

As of June 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 six months ended June 30, 2024 and 2023, are as follows:


	Three Months Ended June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	4,219.5	$	75.4	$	(48.7)	$	4,246.2
Gross profit	$	706.8	$	20.1	$	3.8	$	730.7


	Three Months Ended June 30, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	3,718.8	$	70.1	$	(46.4)	$	3,742.5
Gross profit	$	686.0	$	19.6	$	7.5	$	713.1


	Six Months Ended June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	8,398.5	$	149.5	$	(100.6)	$	8,447.4
Gross profit	$	1,438.6	$	41.2	$	0.9	$	1,480.7


	Six Months Ended June 30, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	7,275.1	$	140.7	$	(91.0)	$	7,324.8
Gross profit	$	1,365.6	$	40.8	$	2.9	$	1,409.3

Total assets by segment as of June 30, 2024 and December 31, 2023 are as follows:


	As of June 30, 2024
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total assets	$	9,239.2	$	1,010.9	$	55.8	$	10,306.0


	As of December 31, 2023
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total assets	$	9,199.4	$	913.9	$	46.1	$	10,159.4

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

GOODWILL AND INTANGIBLE FRANCHISE RIGHTS (Details) $ in Millions	3 Months Ended
	Jun. 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

INVESTMENTS (Tables)

6 Months Ended

Jun. 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 June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	10.6	$	—	$	(0.1)	$	10.5
U.S. Treasury	17.1		—		(0.3)		16.9
Municipal	29.5		—		(0.5)		29.1
Corporate	149.2		0.6		(1.8)		148.0
Mortgage and other asset-backed securities	144.6		0.7		(1.6)		143.7




Total investments	$	351.1	$	1.3	$	(4.3)	$	348.1


	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 June 30, 2024
	Amortized Cost		Fair Value
	(In millions)
Due in 1 year or less	$	10.6	$	10.5
Due in 1-5 years	122.9		121.6
Due in 6-10 years	72.9		72.3

Total by maturity	206.5		204.4
Mortgage and other asset-backed securities	144.6		143.7



Total investment securities	$	351.1	$	348.1

Schedule of Unrealized Loss on Investments


	As of June 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	$	—	$	—	$	8.1	$	(0.1)	$	8.1	$	(0.1)
U.S. Treasury	4.0		—		8.2		(0.2)		12.2		(0.3)
Municipal	2.3		—		22.5		(0.5)		24.8		(0.5)
Corporate	22.7		(0.2)		81.9		(1.6)		104.6		(1.8)
Mortgage and other asset-backed securities	22.0		(0.3)		59.5		(1.3)		81.6		(1.6)
Total debt securities	$	51.0	$	(0.5)	$	180.3	$	(3.8)	$	231.3	$	(4.3)


	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)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 238.2	$ 228.6
Less—Allowance for credit losses	(3.0)	(2.6)
Accounts receivable, net	235.2	226.1
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	87.3	72.5
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	60.6	68.0
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 90.3	$ 88.1

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
New vehicles	$	1,540.2	$	1,252.5
Used vehicles	378.0		373.1
Parts and accessories	147.8		142.7
Total inventories, net (a)	$	2,066.0	$	1,768.3

___________________________

(a) Inventories, net as of June 30, 2024 and December 31, 2023, excluded $58.4 million and $84.5 million classified as assets held for sale, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 175.2	$ 377.7
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	36.9	33.5
Share-based compensation	16.2	14.1
Deferred income taxes	(0.1)	2.2
Asset impairments	135.4	0.0
Gains on investments	(0.3)	(3.3)
Loaner vehicle amortization	23.9	13.4
Gain on divestitures	(3.6)	(13.5)
Change in right-of-use assets	14.3	12.4
Other adjustments, net	6.1	1.5
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	69.5	53.6
Accounts receivable, net	(9.5)	(3.3)
Inventories	(307.0)	(242.6)
Other current assets, net	(54.2)	(69.1)
Floor plan notes payable—trade, net	(92.3)	(1.7)
Deferred revenue	22.7	0.2
Accounts payable and accrued liabilities	14.3	64.1
Operating lease liabilities	(13.3)	(12.9)
Other long-term assets and liabilities, net	(11.4)	(4.6)
Net cash provided by operating activities	22.7	221.7
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(65.4)	(40.8)
Capital expenditures—real estate	(67.4)	0.0
Purchase of previously leased real estate	(11.9)	0.0
Acquisitions	(4.7)	0.0
Proceeds from dealership divestitures	149.3	30.7
Purchases of debt securities—available-for-sale	(39.4)	(124.2)
Proceeds from the sale of debt securities—available-for-sale	21.5	17.7
Proceeds from the sale of equity securities	0.0	51.8
Proceeds from the sale of assets	0.0	2.3
Net cash used in investing activities	(18.0)	(62.5)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	4,834.1	3,719.2
Floor plan repayments—non-trade	(5,081.3)	(3,722.0)
Floor plan repayments—non-trade—divestitures	(26.1)	0.0
Repayments of borrowings	(37.6)	(82.8)
Proceeds from revolving credit facility	1,013.5	0.0
Repayments of revolving credit facility	(582.8)	0.0
Purchases of treasury stock	(93.2)	(220.3)
Repurchases of common stock, associated with net share settlements of employee share-based awards	(9.9)	(11.0)
Net cash provided by (used in) financing activities	16.7	(316.9)
Net increase (decrease) in cash and cash equivalents	21.5	(157.8)
CASH AND CASH EQUIVALENTS, beginning of period	45.7	235.3
CASH AND CASH EQUIVALENTS, end of period	$ 67.2	$ 77.5

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)

6 Months Ended

Jun. 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
	June 30, 2024		December 31, 2023
	(In millions)
Carrying Value:
4.50% Senior Notes due 2028	$	403.1	$	402.8
4.625% Senior Notes due 2029	791.2		790.4
4.75% Senior Notes due 2030	442.5		442.2
5.00% Senior Notes due 2032	592.6		592.3

Total carrying value	$	2,229.4	$	2,227.7

Fair Value:
4.50% Senior Notes due 2028	$	383.7	$	384.8
4.625% Senior Notes due 2029	740.0		744.0
4.75% Senior Notes due 2030	411.6		410.3
5.00% Senior Notes due 2032	543.0		546.0

Total fair value	$	2,078.3	$	2,085.1

Schedule of Derivative Instruments

The following table provides information on the attributes of each swap as of June 30, 2024:


Inception Date	Notional Principal at Inception		Notional Value as of June 30, 2024		Notional Principal at Maturity		Maturity Date
	(In millions)
January 2022	$	300.0	$	266.3	$	228.8	December 2026
January 2022	$	250.0	$	250.0	$	250.0	December 2031
May 2021	$	184.4	$	162.2	$	110.6	May 2031
July 2020	$	93.5	$	73.6	$	50.6	December 2028
July 2020	$	85.5	$	65.3	$	57.3	November 2025
June 2015	$	100.0	$	56.1	$	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
	June 30, 2024		December 31, 2023
	(In millions)
Other current assets	$	28.3	$	27.5

Other long-term assets	60.9		52.3

Total fair value	$	89.2	$	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 June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	8.1	Other interest expense, net	$	(8.7)
2023	$	8.3	Other interest expense, net	$	(8.7)


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	27.2	Other interest expense, net	$	(17.8)
2023	$	(18.8)	Other interest expense, net	$	(16.4)

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	3.8	$	—	$	—	$	3.8
Short-term investments	0.2		10.3		—		10.5
U.S. Treasury	16.9		—		—		16.9
Municipal	—		29.1		—		29.1
Corporate	—		148.0		—		148.0
Mortgage and other asset-backed securities	—		143.7		—		143.7



Total	$	17.1	$	331.0	$	—	$	348.1


	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 June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	(1.4)	Revenue-Finance and insurance, net	$	0.2
2023	$	(4.1)	Revenue-Finance and insurance, net	$	0.1


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024	$	(4.0)	Revenue-Finance and insurance, net	$	0.3
2023	$	(1.5)	Revenue-Finance and insurance, net	$	0.2

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

FLOOR PLAN NOTES PAYABLE

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
Floor plan notes payable—trade	$	301.5	$	245.6
Floor plan notes payable offset account	(198.7)		(50.5)
Floor plan notes payable—trade, net	$	102.8	$	195.1

Floor plan notes payable—new non-trade	$	1,530.0	$	1,328.1
Floor plan notes payable—used non-trade	—		307.1
Floor plan notes payable offset account	(212.7)		(44.7)
Floor plan notes payable—non-trade, net	$	1,317.3	$	1,590.6

DEBT

Long-term debt consisted of the following:


	As of
	June 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	30.8		31.9
2021 Real Estate Facility	597.2		614.4
2021 BofA Real Estate Facility	162.2		165.9
2018 Bank of America Facility	39.8		50.3
2018 Wells Fargo Master Loan Facility	69.5		72.0

2015 Wells Fargo Master Loan Facility	34.6		37.2
2023 Syndicated Revolving Credit Facility	430.7		—
Finance lease liability	8.4		8.4
Total debt outstanding	3,623.1		3,230.1
Add—unamortized premium on 4.50% Senior Notes due 2028	0.6		0.6
Add—unamortized premium on 4.75% Senior Notes due 2030	1.2		1.3
Less—debt issuance costs	(23.6)		(25.9)
Long-term debt, including current portion	3,601.3		3,206.2
Less—current portion, net of current portion of debt issuance costs	(113.1)		(84.9)
Long-term debt	$	3,488.2	$	3,121.2

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 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

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ 8.1	$ 8.3	$ 27.2	$ (18.8)
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ (8.7)		$ (17.8)
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings		$ (8.7)		$ (16.4)

INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
INVESTMENTS - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 2,700,000		$ 2,700,000		$ 2,500,000
Debt securities, available-for-sale, realized loss	0	$ 0	0	$ 0
Debt securities, available-for-sale, realized gain	200,000	100,000	300,000	200,000
Equity securities, available-for-sale, realized gain		$ 3,700,000
Equity securities, available-for-sale, realized loss				$ 900,000
HTM, allowance	$ 0		$ 0

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 11, 2023 USD ($) collisionCenter newVehicleDealership	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) franchise dealership acquisition	Jun. 30, 2023 USD ($) franchise dealership acquisition
Business Acquisition [Line Items]
Goodwill		$ 2,009.0	$ 2,010.4				$ 2,010.4
Revenue			4,246.2		$ 3,742.5		8,447.4	$ 7,324.8
Net income			28.1	$ 147.1	196.4	$ 181.4	$ 175.2	$ 377.7
Number of businesses acquired \| acquisition							0	0
Gain on divestitures			$ 3.6		$ 13.5		$ 3.6	$ 13.5
Disposed of by sale \| Delaware
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 \| Colorado
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 \| Georgia
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 \| Texas
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) \| franchise								1
Number of dealership locations, sold (in dealership locations) \| dealership								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	238.9
Revenue		1,406.7
Net income		$ 49.2
Jim Koons Dealerships \| Disposed of by sale
Business Acquisition [Line Items]
Aggregate purchase price	$ 100.9

ACCOUNTS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(In millions)
Vehicle receivables	$	87.3	$	72.5
Manufacturer receivables	60.6		68.0
Other receivables	90.3		88.1
Total accounts receivable	238.2		228.6
Less—Allowance for credit losses	(3.0)		(2.6)
Accounts receivable, net	$	235.2	$	226.1

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
TOTAL REVENUE	$ 4,246.2	$ 3,742.5	$ 8,447.4	$ 7,324.8
COST OF SALES:
TOTAL COST OF SALES	3,515.5	3,029.4	6,966.7	5,915.5
GROSS PROFIT	730.7	713.1	1,480.7	1,409.3
OPERATING EXPENSES:
Selling, general, and administrative	476.5	408.6	945.1	811.6
Depreciation and amortization	18.2	16.8	36.9	33.5
Asset impairments	135.4	0.0	135.4	0.0
INCOME FROM OPERATIONS	100.5	287.7	363.3	564.2
OTHER EXPENSES (INCOME):
Floor plan interest expense	21.0	0.8	43.8	1.5
Other interest expense, net	45.1	39.3	89.2	76.6
Gain on dealership divestitures	(3.6)	(13.5)	(3.6)	(13.5)
Total other expenses, net	62.5	26.6	129.4	64.6
INCOME BEFORE INCOME TAXES	38.0	261.1	233.9	499.6
Income tax expense	9.9	64.8	58.7	121.9
NET INCOME	$ 28.1	$ 196.4	$ 175.2	$ 377.7
Basic—
Net income (in dollars per share)	$ 1.40	$ 9.37	$ 8.66	$ 17.78
Diluted—
Net income (in dollars per share)	$ 1.39	$ 9.34	$ 8.64	$ 17.70
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	20.1	20.9	20.2	21.2
Diluted (in shares)	20.2	21.0	20.3	21.3
New vehicle
REVENUE:
TOTAL REVENUE	$ 2,164.9	$ 1,942.7	$ 4,229.1	$ 3,710.4
COST OF SALES:
TOTAL COST OF SALES	2,009.8	1,757.7	3,911.2	3,346.5
Used vehicle
REVENUE:
TOTAL REVENUE	1,308.0	1,107.3	2,664.9	2,233.9
COST OF SALES:
TOTAL COST OF SALES	1,247.0	1,036.4	2,532.0	2,086.0
Parts and service
REVENUE:
TOTAL REVENUE	580.9	526.1	1,171.2	1,041.7
COST OF SALES:
TOTAL COST OF SALES	241.0	234.1	497.2	467.6
Finance and insurance, net
REVENUE:
TOTAL REVENUE	192.4	166.3	382.1	338.9
COST OF SALES:
TOTAL COST OF SALES	$ 17.7	$ 1.2	$ 26.3	$ 15.5
Restricted stock
WEIGHTED AVERAGE SHARES OUTSTANDING:
Incremental common shares (in shares)	0.1	0.0	0.0	0.0
Performance share units
WEIGHTED AVERAGE SHARES OUTSTANDING:
Incremental common shares (in shares)	0.0	0.1	0.1	0.1

ASSETS AND LIABILITIES HELD FOR SALE - Assets Held for Sale and Liabilities Associated with the Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Inventory	$ 58.4	$ 84.5
Loaners, net	1.1	4.5
Property and equipment, net	110.8	136.6
Operating lease right-of-use assets	2.0	2.1
Goodwill	3.7	26.1
Franchise rights	30.5	88.5
Total assets held for sale	206.6	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	$ 204.5	$ 340.1

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Number of reportable segments \| segment			2
Revenue	$ 4,246.2	$ 3,742.5	$ 8,447.4	$ 7,324.8
Gross profit	730.7	713.1	1,480.7	1,409.3
Total assets	10,306.0		10,306.0		$ 10,159.4
Intersegment Eliminations
Business Acquisition [Line Items]
Revenue	(48.7)	(46.4)	(100.6)	(91.0)
Gross profit	3.8	7.5	0.9	2.9
Total assets	55.8		55.8		46.1
Dealerships \| Operating Segments
Business Acquisition [Line Items]
Revenue	4,219.5	3,718.8	8,398.5	7,275.1
Gross profit	706.8	686.0	1,438.6	1,365.6
Total assets	9,239.2		9,239.2		9,199.4
TCA \| Operating Segments
Business Acquisition [Line Items]
Revenue	75.4	70.1	149.5	140.7
Gross profit	20.1	$ 19.6	41.2	$ 40.8
Total assets	$ 1,010.9		$ 1,010.9		$ 913.9

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

FLOOR PLAN NOTES PAYABLE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Floor Plan Notes Payable [Line Items]
Debt instrument, conversion, maximum convertible amount, amount subtracted from contractual total	$ 50.0
Loaner Vehicle Notes Payable - Bank of America
Floor Plan Notes Payable [Line Items]
Notes payable	132.3	$ 127.2
Loaner Vehicle Floorplan Facility
Floor Plan Notes Payable [Line Items]
Notes payable	$ 103.9	$ 111.9

INVESTMENTS - Schedule of Gross Realized Gains and Losses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	$ 51.0	$ 51.1
Less than 12 months, unrealized losses	(0.5)	(0.7)
12 months or longer, fair value	180.3	102.5
12 months or longer, unrealized losses	(3.8)	(1.6)
Total fair value	231.3	153.6
Total unrealized losses	(4.3)	(2.2)
Short-term investments
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	0.0	0.0
Less than 12 months, unrealized losses	0.0	0.0
12 months or longer, fair value	8.1	6.0
12 months or longer, unrealized losses	(0.1)	(0.1)
Total fair value	8.1	6.0
Total unrealized losses	(0.1)	(0.1)
U.S. Treasury
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	4.0	3.4
Less than 12 months, unrealized losses	0.0	(0.1)
12 months or longer, fair value	8.2	5.0
12 months or longer, unrealized losses	(0.2)	(0.1)
Total fair value	12.2	8.5
Total unrealized losses	(0.3)	(0.1)
Municipal
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	2.3	6.4
Less than 12 months, unrealized losses	0.0	(0.1)
12 months or longer, fair value	22.5	10.4
12 months or longer, unrealized losses	(0.5)	(0.1)
Total fair value	24.8	16.8
Total unrealized losses	(0.5)	(0.2)
Corporate
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	22.7	11.4
Less than 12 months, unrealized losses	(0.2)	(0.1)
12 months or longer, fair value	81.9	48.0
12 months or longer, unrealized losses	(1.6)	(0.8)
Total fair value	104.6	59.4
Total unrealized losses	(1.8)	(0.9)
Mortgage and other asset-backed securities
Gain (Loss) on Securities [Line Items]
Less than 12 months, fair value	22.0	29.8
Less than 12 months, unrealized losses	(0.3)	(0.4)
12 months or longer, fair value	59.5	33.1
12 months or longer, unrealized losses	(1.3)	(0.5)
Total fair value	81.6	62.9
Total unrealized losses	$ (1.6)	$ (0.9)