Lithia Motors (LAD) 10-Q28 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-14733
Entity Registrant Name	LITHIA MOTORS INC
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0572810
Entity Address, Address Line One	150 N. Bartlett Street
Entity Address, City or Town	Medford,
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97501
City Area Code	541
Local Phone Number	776-6401
Title of 12(b) Security	Common stock without par value
Trading Symbol	LAD
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 (in shares)		30,250,672
Entity Central Index Key	0001023128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 780.9	$ 160.2
Accounts receivable, net of allowance for doubtful accounts of $11.1 and $5.9		799.7	614
Inventories, net		2,238.8	2,492.9
Other current assets		51.4	70.5
Total current assets		3,870.8	3,337.6
Property and equipment, net of accumulated depreciation of $375.7 and $338.0		2,299.3	2,197.5
Operating lease right-of-use assets		255.1	264
Goodwill		617.3	593
Franchise value		369.7	350.2
Other non-current assets		2,680.3	1,159.8
Total assets		10,092.5	7,902.1
Current liabilities:
Floor plan notes payable		285.1	234.2
Floor plan notes payable: non-trade		966.9	1,563
Current maturities of long-term debt		486.1	66
Trade payables		256	158.2
Accrued liabilities		601.7	458.3
Total current liabilities		2,595.8	2,479.7
Long-term debt, less current maturities		2,521.9	2,064.7
Deferred revenue		172.1	155.7
Deferred income taxes		178.8	146.3
Non-current operating lease liabilities		237.2	246.7
Other long-term liabilities		158.3	147.5
Total liabilities		5,864.1	5,240.6
Stockholders’ equity:
Preferred stock - no par value; authorized 15.0 shares; none outstanding		0	0
Common stock	[1]	1,906.9	788.2
Additional paid-in capital		44	41.4
Accumulated other comprehensive loss		(4.3)	(6.3)
Retained earnings		2,281.8	1,838.2
Total stockholders’ equity		4,228.4	2,661.5
Total liabilities and stockholders’ equity		10,092.5	7,902.1
Class B common stock
Stockholders’ equity:
Common stock		$ 0	$ 0

[1]	Prior to June 7, 2021, common stock was classified as Class A common stock. The Class A common stock reclassification as common stock occurred in connection with the elimination of the Company’s classified common stock structure following the conversion of all Class B common stock to Class A common stock.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts		$ 11.1	$ 5.9
Property and equipment, accumulated depreciation		$ 375.7	$ 338
Preferred stock, authorized (in shares)		15,000,000	15,000,000
Preferred stock, outstanding (in shares)		0	0
Common stock, authorized (in shares)	[1]	100,000,000	100,000,000
Common stock, issued (in shares)	[1]	30,200,000	26,300,000
Common stock, outstanding (in shares)	[1]	30,200,000	26,300,000
Class B common stock
Common stock, authorized (in shares)		25,000,000	25,000,000
Common stock, issued (in shares)		0	200,000
Common stock, outstanding (in shares)		0	200,000

[1]	Prior to June 7, 2021, common stock was classified as Class A common stock. The Class A common stock reclassification as common stock occurred in connection with the elimination of the Company’s classified common stock structure following the conversion of all Class B common stock to Class A common stock.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 6,009.4	$ 2,758.6	$ 10,352.4	$ 5,562.3
Cost of sales:
Total cost of sales	4,898.8	2,294.2	8,526.3	4,637
Gross profit	1,110.6	464.4	1,826.1	925.3
Asset impairments	0	7.9	0	7.9
Selling, general and administrative	634	304.5	1,084.2	650.5
Depreciation and amortization	30.3	22.3	57.2	44.3
Operating income	446.3	129.7	684.7	222.6
Floor plan interest expense	(6.4)	(8.1)	(13.3)	(22.1)
Other interest expense, net	(28.1)	(16.8)	(51.6)	(33.8)
Other income, net	7.6	3.5	11.1	5.8
Income before income taxes	419.4	108.3	630.9	172.5
Income tax provision	(114.5)	(30.6)	(169.8)	(48.6)
Net income	$ 304.9	$ 77.7	$ 461.1	$ 123.9
Basic net income per share (in dollars per share)	$ 10.83	$ 3.40	$ 16.83	$ 5.37
Shares used in basic per share calculations (in shares)	28.1	22.8	27.4	23.1
Diluted net income per share (in dollars per share)	$ 10.75	$ 3.38	$ 16.69	$ 5.32
Shares used in diluted per share calculations (in shares)	28.4	23	27.6	23.3
Cash dividends paid per Class A and Class B share (in dollars per share)	$ 0.35	$ 0.30	$ 0.66	$ 0.60
New vehicle retail
Revenues:
Total revenues	$ 3,146.2	$ 1,367.8	$ 5,339.5	$ 2,741.3
Cost of sales:
Total cost of sales	2,832.5	1,275.6	4,869	2,570.9
Used vehicle retail
Revenues:
Total revenues	1,804.9	922.2	3,157	1,796.5
Cost of sales:
Total cost of sales	1,572.3	823.9	2,788.3	1,608.3
Used vehicle wholesale
Revenues:
Total revenues	217.4	51.3	352.6	118
Cost of sales:
Total cost of sales	201	49.2	331.6	115.3
Finance and insurance
Revenues:
Total revenues	269.6	124.9	467.9	246.7
Service, body and parts
Revenues:
Total revenues	521	275.5	925	605.4
Cost of sales:
Total cost of sales	242.9	131.1	428.6	292.8
Fleet and other
Revenues:
Total revenues	50.3	16.9	110.4	54.4
Cost of sales:
Total cost of sales	$ 50.1	$ 14.4	$ 108.8	$ 49.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 304.9	$ 77.7	$ 461.1	$ 123.9
Other comprehensive income (loss), net of tax:
Gain (loss) on cash flow hedges, net of tax (expense) benefit of ($0.1), $0.5, ($0.7), and $2.3, respectively	0.2	(1.4)	2	(6.5)
Comprehensive income	$ 305.1	$ 76.3	$ 463.1	$ 117.4

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Gain (loss) on cash flow hedges, tax (expense) benefit	$ (0.1)	$ 0.5	$ (0.7)	$ 2.3

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions		Total	Common Stock		Common StockClass B	[1]	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Adjustment to adopt ASC 326Retained Earnings
Beginning balance at Dec. 31, 2019		$ 1,467.7	$ 20.5	[1]	$ 0.1		$ 46	$ (0.7)	$ 1,401.8	$ (4.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation for stock and stock option issuances and excess tax benefits from option exercises			9.8	[1]			0.3
Issuance of stock in connection with employee stock plans	[1]		6.1
Repurchase of common stock			(34.3)	[1]			(16.2)
Gain (loss) on cash flow hedges, net of tax (expense) benefit of ($0.1), $0.5, ($0.7), and $2.3, respectively		(6.5)						(6.5)
Net income		123.9							123.9
Dividends paid									(13.8)
Ending balance at Jun. 30, 2020		1,532.2	2.1	[1]	0.1		30.1	(7.2)	1,507.1
Beginning balance at Mar. 31, 2020		1,456.5	0	[1]	0.1		26	(5.8)	1,436.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation for stock and stock option issuances and excess tax benefits from option exercises			0.9	[1]			4.1
Issuance of stock in connection with employee stock plans	[1]		3.5
Repurchase of common stock	[1]		(2.3)
Gain (loss) on cash flow hedges, net of tax (expense) benefit of ($0.1), $0.5, ($0.7), and $2.3, respectively		(1.4)						(1.4)
Net income		77.7							77.7
Dividends paid									(6.8)
Ending balance at Jun. 30, 2020		1,532.2	2.1	[1]	0.1		30.1	(7.2)	1,507.1
Beginning balance at Dec. 31, 2020		2,661.5	788.2	[1]	0		41.4	(6.3)	1,838.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation for stock and stock option issuances and excess tax benefits from option exercises			14.6	[1]			2.6
Issuance of stock in connection with employee stock plans	[1]		9.7
Repurchase of common stock	[1]		(15.9)
Equity issuances, net of issuance costs	[1]		1,110.3
Gain (loss) on cash flow hedges, net of tax (expense) benefit of ($0.1), $0.5, ($0.7), and $2.3, respectively		2						2
Net income		461.1							461.1
Dividends paid									(17.5)
Ending balance at Jun. 30, 2021		4,228.4	1,906.9	[1]	0		44	(4.3)	2,281.8
Beginning balance at Mar. 31, 2021		2,807.6	789.9	[1]	0		36	(4.5)	1,986.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation for stock and stock option issuances and excess tax benefits from option exercises			1.2	[1]			8
Issuance of stock in connection with employee stock plans	[1]		5.5
Repurchase of common stock	[1]		0
Equity issuances, net of issuance costs	[1]		1,110.3
Gain (loss) on cash flow hedges, net of tax (expense) benefit of ($0.1), $0.5, ($0.7), and $2.3, respectively		0.2						0.2
Net income		304.9							304.9
Dividends paid									(9.3)
Ending balance at Jun. 30, 2021		$ 4,228.4	$ 1,906.9	[1]	$ 0		$ 44	$ (4.3)	$ 2,281.8

[1]	Prior to June 7, 2021, common stock was classified as Class A common stock. The Class A common stock reclassification as common stock occurred in connection with the elimination of the Company’s classified common stock structure following the conversion of all Class B common stock to Class A common stock.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Gain (loss) on cash flow hedges, tax (expense) benefit	$ (0.1)	$ 0.5	$ (0.7)	$ 2.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 461,100,000	$ 123,900,000
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments	0	7,900,000
Depreciation and amortization	57,100,000	44,300,000
Stock-based compensation	17,200,000	10,100,000
Loss (gain) on disposal of other assets	100,000	(300,000)
Loss (gain) on disposal of franchise	5,200,000	(1,400,000)
Unrealized investment gain	(900,000)	0
Deferred income taxes	31,800,000	(4,900,000)
Amortization of operating lease right-of-use assets	16,500,000	13,500,000
(Increase) decrease (net of acquisitions and dispositions):
Accounts receivable, net	(185,000,000)	53,800,000
Inventories	663,100,000	624,700,000
Other assets	(103,000,000)	(14,800,000)
Increase (decrease) (net of acquisitions and dispositions):
Floor plan notes payable	47,000,000	(130,700,000)
Trade payables	97,400,000	300,000
Accrued liabilities	144,300,000	55,400,000
Other long-term liabilities and deferred revenue	11,600,000	8,200,000
Net cash provided by operating activities	1,263,500,000	790,000,000
Cash flows from investing activities:
Capital expenditures	(113,000,000)	(78,300,000)
Proceeds from sales of assets	0	1,600,000
Cash paid for other investments	(9,900,000)	(9,700,000)
Cash paid for acquisitions, net of cash acquired	(1,741,900,000)	(92,300,000)
Proceeds from sales of stores	43,700,000	11,600,000
Net cash used in investing activities	(1,821,100,000)	(167,100,000)
Cash flows from financing activities:
Repayments on floor plan notes payable, net: non-trade	(571,600,000)	(456,800,000)
Borrowings on lines of credit	1,454,900,000	925,400,000
Repayments on lines of credit	(1,519,500,000)	(1,034,400,000)
Principal payments on long-term debt and finance lease liabilities, scheduled	(12,600,000)	(13,300,000)
Principal payments on long-term debt and finance lease liabilities, other	(65,000,000)	(4,900,000)
Proceeds from issuance of long-term debt	817,500,000	56,500,000
Payment of debt issuance costs	(10,600,000)	(900,000)
Proceeds from issuance of common stock	1,120,000,000	6,100,000
Repurchase of common stock	(15,900,000)	(50,500,000)
Dividends paid	(17,500,000)	(13,800,000)
Payment of contingent consideration related to acquisitions	(1,400,000)	0
Net cash provided by (used in) financing activities	1,178,300,000	(586,600,000)
Increase in cash and cash equivalents	620,700,000	36,300,000
Cash and cash equivalents at beginning of period	160,200,000	84,000,000
Cash and cash equivalents at end of period	780,900,000	120,300,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	57,200,000	61,300,000
Cash paid during the period for income taxes, net	129,300,000	4,400,000
Floor plan debt paid in connection with store disposals	8,700,000	22,000,000
Supplemental schedule of non-cash activities:
Debt issued in connection with acquisitions	225,600,000	0
Debt assumed in connection with acquisitions	4,000,000	0
Acquisition of finance leases in connection with acquisitions	0	15,400,000
Right-of-use assets obtained in exchange for lease liabilities	$ 8,100,000	$ 4,200,000

Interim Financial Statements

Interim Financial Statements	6 Months Ended
Interim Financial Statements	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2020 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2020, is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2021. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.

Contract Liabilities and Assets

Contract Liabilities and Assets	6 Months Ended
Contract Liabilities and Assets	Jun. 30, 2021
Disaggregation of Revenue [Abstract]
Contract Liabilities and Assets	Contract Liabilities and Assets Contract Liabilities We are the obligor on our lifetime oil contracts. Revenue is allocated to these performance obligations and is recognized over time as services are provided to the customer. The amount of revenue recognized is calculated, net of cancellations, using an input method, which most closely depicts performance of the contracts. Our contract liability balances were $214.9 million and $194.1 million as of June 30, 2021, and December 31, 2020, respectively; and we recognized $9.0 million and $18.4 million of revenue in the three and six months ended June 30, 2021, respectively, related to our contract liability balance at December 31, 2020. Our contract liability balance is included in accrued liabilities and deferred revenue. Contract Assets Revenue from finance and insurance sales is recognized, net of estimated charge-backs, at the time of the sale of the related vehicle. We act as an agent in the sale of these contracts as the pricing is set by the third-party provider, and our commission is preset. A portion of the transaction price related to sales of finance and insurance contracts is considered variable consideration and is estimated and recognized upon the sale of the contract. Our contract asset balances associated with future estimated variable consideration were $8.2 million and $8.2 million as of June 30, 2021 and December 31, 2020, respectively; and are included in trade receivables and other non-current assets.

Accounts Receivable and Contrac

Accounts Receivable and Contract Assets	6 Months Ended
Accounts Receivable and Contract Assets	Jun. 30, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable and Contract Assets	Accounts Receivable and Contract Assets Accounts receivable consisted of the following: (in millions) June 30, 2021 December 31, 2020 Contracts in transit $ 369.3 $ 286.8 Trade receivables 87.3 67.0 Vehicle receivables 84.4 61.8 Manufacturer receivables 132.8 118.1 Auto loan receivables 370.9 175.6 Other receivables 16.6 11.6 1,061.3 720.9 Less: Allowance for doubtful accounts (11.1) (5.9) Less: Long-term portion of accounts receivable, net (250.5) (101.0) Total accounts receivable, net $ 799.7 $ 614.0 Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten days after selling a vehicle. • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The balance of auto loan receivables is made up of loans secured by the related vehicle. More than 98% of the portfolio is aged less than 60 days past due with less than 2% on non-accrual status. As of June 30, 2021, the allowance for credit losses related to auto loan receivables was $13.3 million and included in allowance for doubtful accounts and other non-current assets. In accordance with Topic 326, the allowance for loan losses is estimated based on our historical write-off experience, current conditions and forecasts as well as the value of any underlying assets securing these loans and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance upon reaching 120 days past due status. The annual activity for charges and subsequent recoveries is immaterial. The remainder of our receivables are due primarily from manufacturer partners and various third-party lenders. The historical losses related to these balances are immaterial. The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories, net, consisted of the following: (in millions) June 30, 2021 December 31, 2020 New vehicles $ 872.5 $ 1,556.6 Used vehicles 1,238.4 835.9 Parts and accessories 127.9 100.4 Total inventories $ 2,238.8 $ 2,492.9

Goodwill and Franchise Value

Goodwill and Franchise Value	6 Months Ended
Goodwill and Franchise Value	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Franchise Value	Goodwill and Franchise Value The changes in the carrying amounts of goodwill are as follows: (in millions) Domestic Import Luxury Consolidated Balance as of December 31, 2019 ¹ $ 171.8 $ 197.3 $ 85.5 $ 454.6 Additions through acquisitions 2 33.3 94.3 17.3 144.9 Reductions through divestitures (0.1) (0.7) (2.2) (3.0) Reductions from impairments (0.5) (3.0) — (3.5) Balance as of December 31, 2020 ¹ 204.5 287.9 100.6 593.0 Additions through acquisitions 3 7.4 11.9 8.2 27.5 Reductions through divestitures — (3.2) — (3.2) Balance as of June 30, 2021 $ 211.9 $ 296.6 $ 108.8 $ 617.3 1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. 2 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $144.9 million of goodwill. 3 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $27.5 million of goodwill. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12. The changes in the carrying amounts of franchise value are as follows: (in millions) Franchise Value Balance as of December 31, 2019 $ 306.7 Additions through acquisitions 1 51.9 Reductions through divestitures (4.0) Reductions from impairments (4.4) Balance as of December 31, 2020 350.2 Additions through acquisitions 2 21.6 Reductions through divestitures (2.1) Balance as of June 30, 2021 $ 369.7 1 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $51.9 million of franchise value. 2 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $21.6 million of franchise value. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and franchise value is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Repurchases of Class A Common Stock Repurchases of our Class A Common Stock occurred under a repurchase authorization granted by our Board of Directors and related to shares withheld as part of the vesting of restricted stock units (RSUs). On October 22, 2018, our Board of Directors approved an additional $250 million repurchase authorization of our Class A common stock, increasing our total share repurchase authorization to $500 million. Share repurchases under this authorization were as follows: Repurchases Occurring in 2021 Cumulative Repurchases as of June 30, 2021 Shares Average Price Shares Average Price Share Repurchase Authorization — $ — 3,719,048 $ 84.02 As of June 30, 2021, we had $187.5 million available for repurchases pursuant to our share repurchase authorization. In addition, during 2021, we repurchased 54,251 shares at an average price of $292.91 per share, for a total of $15.9 million, related to tax withholding associated with the vesting of RSUs. The repurchase of shares related to tax withholding associated with stock awards does not reduce the number of shares available for repurchase as approved by our Board of Directors. Follow-on Public Offering On May 24, 2021, we completed the public offering of 3,571,428 shares of our common stock, no par value per share, which included the exercise in full by the underwriters of their option to purchase up to 465,838 additional shares of our common stock, at the public offering price of $322.00 per share. We received $1.11 billion from the offering, net of the underwriting discount and before deducting the offering expenses of $0.6 million. ATM Equity Offering On July 24, 2020, we entered into an ATM Equity Offering Sales Agreement, which allows us to offer and sell, from time to time, shares of our Class A common stock, no par value, having an aggregate gross sales price of up to $400 million. The shares will be issued pursuant to a registration statement on Form S-3 (File No. 333-239969), which became effective upon its filing on July 21, 2020. Under this agreement, we may enter into forward share

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories: • Level 1 - quoted prices in active markets for identical securities; • Level 2 - other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads, credit risk; and • Level 3 - significant unobservable inputs, including our own assumptions in determining fair value. We determined that the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have investments primarily consisting of our investment in Shift Technologies, Inc. (Shift), a San Francisco-based digital retail company. Shift has a readily determinable fair value following Shift going public in a reverse-merger deal with Insurance Acquisition, a special purpose acquisition company, in the fourth quarter of 2020. We calculated the fair value of this investment using quoted prices for the identical asset (Level 1) and recorded the fair value as part of other non-current assets. An additional component of our investment in Shift consists of shares in escrow subject to release upon certain market conditions being met. The fair value of this component of our investment in Shift is measured using observable Level 2 market expectations at each measurement date and is recorded as part of other non-current assets. For the three and six months ended June 30, 2021, we recognized a $1.2 million and $0.9 million unrealized investment gain related to Shift, which was recorded as a component of Other income, net. No amounts were recognized for the three and six months ended June 30, 2020. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1) and calculated the estimated fair value of the fixed rate real estate mortgages using a discounted cash flow methodology with estimated current interest rates based on a similar risk profile and duration (Level 2). The fixed cash flows are discounted and summed to compute the fair value of the debt. As of June 30, 2021, our real estate mortgages and other debt, which includes capital leases, had maturity dates between October 1, 2021, and July 1, 2038. We have derivative instruments consisting of interest rate collars. The fair value of derivative liabilities is measured using observable Level 2 market expectations at each measurement date and is recorded as current liabilities and other long-term liabilities in the Consolidated Balance Sheets. See Note 11 for more details regarding our derivative contracts. We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use a cost valuation approach to value long-lived assets when a market valuation approach is unavailable. Under this approach, we determine the cost to replace the service capacity of an asset, adjusted for physical and economic obsolescence. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. Real estate appraisers’ and brokers’ valuations are typically developed using one or more valuation techniques including market, income and replacement cost approaches. Because these valuations contain unobservable inputs, we classified the measurement of fair value of long-lived assets as Level 3. There were no changes to our valuation techniques during the six-month period ended June 30, 2021. Below are our investments that are measured at fair value (in millions): Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Measured on a recurring basis: Investments $ 101.6 $ 6.7 $ — Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Investments $ 97.9 $ 9.4 $ — Below are our derivative assets and liabilities that are measured at fair value (in millions): Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative asset $ — $ 4.1 $ — Derivative liability — 9.9 — Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative asset $ — $ 0.5 $ — Derivative liability — 9.0 — A summary of the aggregate carrying values, excluding unamortized debt issuance cost, and fair values of our long-term fixed interest rate debt is as follows: (in millions) June 30, 2021 December 31, 2020 Carrying value 5.250% Senior notes due 2025 $ 300.0 $ 300.0 4.625% Senior notes due 2027 400.0 400.0 4.375% Senior notes due 2031 550.0 550.0 3.875% Senior notes due 2029 800.0 — Real estate mortgages and other debt 603.2 714.8 $ 2,653.2 $ 1,964.8 Fair value 5.250% Senior notes due 2025 $ 309.0 $ 311.6 4.625% Senior notes due 2027 422.0 425.0 4.375% Senior notes due 2031 586.4 589.9 3.875% Senior notes due 2029 828.0 — Real estate mortgages and other debt 627.7 713.2 $ 2,773.1 $ 2,039.7

Net Income Per Share

Net Income Per Share	6 Months Ended
Net Income Per Share	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share We compute net income per share using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding common shares underlying equity awards that are unvested or subject to forfeiture. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the common shares issuable upon the net exercise of stock options and unvested RSUs and is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares. Prior to June 7, 2021, our common stock was classified as Class A common stock. The Class A common stock reclassification as common stock occurred pursuant to an amendment and restatement of our Articles of Incorporation in connection with the elimination of the Company’s classified common stock structure following the conversion of all Class B common stock to Class A common stock. Prior to the reclassification, except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock were identical. Under our Articles of Incorporation, the Class A and Class B common stock shared equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights were identical, the undistributed earnings are allocated on a proportionate basis. The following is a reconciliation of net income and weighted average shares used for our basic earnings per share (EPS) and diluted EPS: Three Months Ended June 30, 2021 2020 (in millions, except per share amounts) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 304.9 $ — $ 76.3 $ 1.4 Reallocation of net income due to conversion of Class B to Class A common shares outstanding — — 0.1 — Conversion of Class B common shares into Class A common shares — — 1.3 — Net income applicable to common stockholders - diluted $ 304.9 $ — $ 77.7 $ 1.4 Weighted average common shares outstanding – basic 28.1 — 22.4 0.4 Conversion of Class B common shares into Class A common shares — — 0.4 — Effect of dilutive stock options on weighted average common shares 0.3 — 0.2 — Weighted average common shares outstanding – diluted 28.4 — 23.0 0.4 Net income per common share - basic $ 10.83 $ — $ 3.40 $ 3.40 Net income per common share - diluted $ 10.75 $ — $ 3.38 $ 3.38 The effect of antidilutive securities on Class A and Class B common stock was evaluated for the three-month periods ended June 30, 2021, and 2020 and was determined to be immaterial. Six Months Ended June 30, 2021 2020 (in millions, except per share amounts) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 460.5 $ 0.6 $ 121.8 $ 2.1 Reallocation of net income due to conversion of class B to class A common shares outstanding — — 0.2 — Conversion of class B common shares into class A common shares 0.6 — 1.9 — Net income applicable to common stockholders - diluted $ 461.1 $ 0.6 $ 123.9 $ 2.1 Weighted average common shares outstanding – basic 27.4 — 22.7 0.4 Conversion of class B common shares into class A common shares — — 0.4 — Effect of employee stock purchases and restricted stock units on weighted average common shares 0.2 — 0.2 — Weighted average common shares outstanding – diluted 27.6 — 23.3 0.4 Net income per common share - basic $ 16.83 $ 16.83 $ 5.37 $ 5.37 Net income per common share - diluted $ 16.69 $ 16.69 $ 5.32 $ 5.32 The effect of antidilutive securities on Class A and Class B common stock was evaluated for the six-month periods ended June 30, 2021, and 2020 and was determined to be immaterial.

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2021
Segment Reporting [Abstract]
Segments	Segments While we have determined that each individual store is a reporting unit, we have aggregated our reporting units into three reportable segments based on their economic similarities: Domestic, Import and Luxury. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Our Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, as well as automotive finance and insurance products. Corporate and other revenue and income includes the results of operations of our stand-alone body shops offset by unallocated corporate overhead expenses, such as corporate personnel costs, and certain unallocated reserve and elimination adjustments. Additionally, certain internal corporate expense allocations increase income for Corporate and other while decreasing segment income for the reportable segments. These internal corporate expense allocations are used to increase comparability of our dealerships and reflect the capital burden a stand-alone dealership would experience. Examples of these internal allocations include internal rent expense, internal floor plan financing charges, and internal fees charged to offset employees within our corporate headquarters who perform certain dealership functions. We define our chief operating decision maker (CODM) to be certain members of our executive management group. Historical and forecasted operational performance is evaluated on a store-by-store basis and on a consolidated basis by the CODM. We derive the operating results of the segments directly from our internal management reporting system. The accounting policies used to derive segment results are substantially the same as those used to determine our consolidated results, excepted for the internal allocation within Corporate and other discussed above. Our CODM does not regularly review capital expenditures on a reporting unit level. Performance measurement of each reportable segment by the CODM are based on several metrics, including earnings from operations. The CODM uses these results, in part, to evaluate the performance of and to allocate resources, mainly associated with expected inventory and working capital requirements, to each of the reportable segments. Certain financial information on a segment basis is as follows: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Revenues: Domestic New vehicle retail $ 924.6 $ 499.1 $ 1,539.2 $ 969.6 Used vehicle retail 641.7 389.9 1,103.9 717.6 Used vehicle wholesale 63.8 19.8 100.0 45.8 Finance and insurance 78.6 50.9 137.2 96.1 Service, body and parts 159.1 102.2 279.8 219.5 Fleet and other 21.6 9.9 39.2 23.6 1,889.4 1,071.8 3,199.3 2,072.2 Import New vehicle retail 1,385.7 572.7 2,353.8 1,173.0 Used vehicle retail 717.8 345.9 1,280.0 700.6 Used vehicle wholesale 90.0 20.3 148.3 46.5 Finance and insurance 140.5 55.9 246.0 113.9 Service, body and parts 204.8 105.3 361.5 230.1 Fleet and other 18.6 5.9 32.6 17.8 2,557.4 1,106.0 4,422.2 2,281.9 Luxury New vehicle retail 839.2 297.2 1,453.3 598.2 Used vehicle retail 448.4 189.5 779.6 380.6 Used vehicle wholesale 59.3 11.3 99.0 25.5 Finance and insurance 52.6 17.7 89.5 34.6 Service, body and parts 150.1 65.4 271.8 148.8 Fleet and other 9.6 0.6 37.4 12.0 1,559.2 581.7 2,730.6 1,199.7 6,006.0 2,759.5 10,352.1 5,553.8 Corporate and other 3.4 (0.9) 0.3 8.5 $ 6,009.4 $ 2,758.6 $ 10,352.4 $ 5,562.3 Segment income 1 : Domestic $ 138.1 $ 59.4 $ 212.0 $ 87.2 Import 216.3 48.8 317.8 73.6 Luxury 97.2 12.3 141.3 13.9 Total segment income for reportable segments $ 451.6 $ 120.5 $ 671.1 $ 174.7 1 Segment income for each of the segments is a Non-GAAP measure defined as Income from operations before income taxes, depreciation and amortization, other interest expense and other income, net. Reconciliation of total segment income for reportable segments to our consolidated income before income taxes: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Total segment income for reportable segments $ 451.6 $ 120.5 $ 671.1 $ 174.7 Corporate and other 18.6 23.4 57.4 70.1 Depreciation and amortization (30.3) (22.3) (57.1) (44.3) Other interest expense (28.1) (16.8) (51.6) (33.8) Other income, net 7.6 3.5 11.1 5.8 Income before income taxes $ 419.4 $ 108.3 $ 630.9 $ 172.5 Total assets by reportable segments is as follows: (in millions) June 30, 2021 December 31, 2020 Total assets: Domestic $ 1,298.3 $ 1,262.4 Import 1,579.1 1,654.7 Luxury 1,057.9 1,132.4 Corporate and other 6,157.2 3,852.6 $ 10,092.5 $ 7,902.1

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We lease certain dealerships, office space, land and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have elected not to bifurcate lease and non-lease components related to leases of real property. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Our finance lease liabilities are included in long-term debt, with the current portion included in current maturities of long-term debt. The related assets are included in property, plant and equipment, net of accumulated amortization. The valuations related to leases entered into as part of certain 2020 acquisitions are still preliminary. These amounts are included in other non-current assets until we finalize our purchase accounting. We rent or sublease certain real estate to third parties.
Leases	Leases We lease certain dealerships, office space, land and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have elected not to bifurcate lease and non-lease components related to leases of real property. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Our finance lease liabilities are included in long-term debt, with the current portion included in current maturities of long-term debt. The related assets are included in property, plant and equipment, net of accumulated amortization. The valuations related to leases entered into as part of certain 2020 acquisitions are still preliminary. These amounts are included in other non-current assets until we finalize our purchase accounting. We rent or sublease certain real estate to third parties.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We account for derivative financial instruments by recording the fair value as either an asset or liability in our Consolidated Balance Sheets and recognize the resulting gains or losses as adjustments to accumulated other comprehensive income (loss). We do not hold or issue derivative financial instruments for trading or speculative purposes. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated and qualify as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss (AOCI) in stockholders’ equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. In 2019, to hedge the business exposure to rising interest rates on a portion of our variable rate debt, we entered into a five-year, zero-cost interest rate collar, with an aggregate notional amount of $300 million, effective June 1, 2019. This instrument hedges interest rate risk related to a portion of our $1.0 billion of non-trade floor plan notes payable. The table below presents the liabilities related to the zero-cost interest rate collar: (Dollars in millions) Accrued Liabilities Other Long-Term Liabilities Total Balance as of December 31, 2019 $ (0.1) $ (0.9) $ (1.0) Loss recorded from interest rate collar (1.8) (5.1) (6.9) Balance as of March 31, 2020 (1.9) (6.0) (7.9) Amounts reclassified from AOCI to floorplan interest expense 0.4 — 0.4 Loss recorded from interest rate collar (1.0) (1.3) (2.3) Balance as of June 30, 2020 (2.5) (7.3) (9.8) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.7) 0.6 (0.1) Balance as of September 30, 2020 (2.5) (6.7) (9.2) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.8) 0.7 (0.1) Balance as of December 31, 2020 (2.6) (6.0) (8.6) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.6) 2.5 1.9 Balance as of March 31, 2021 (2.5) (3.5) (6.0) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.7) 0.2 (0.5) Balance as of June 30, 2021 $ (2.5) $ (3.3) $ (5.8) As of June 30, 2021, the amount of net losses we expect to reclassify from AOCI into interest expense in earnings within the next twelve months is $2.7 million. However, the actual amount reclassified could vary due to future changes in the fair value of these derivatives. In 2020, we entered into two immaterial and offsetting derivative arrangements that do not qualify for hedge accounting. These are both related to a securitization facility, effective October 2, 2020. We purchased and sold offsetting interest rate caps, both of which have a five-year term with notional amounts of $100 million. In 2021, we entered into two additional immaterial and offsetting derivative arrangements that do not qualify for hedge accounting. These are both related to a securitization facility, effective June 15, 2021. We purchased and sold offsetting interest rate caps, both of which have a five-year term with notional amounts of $100 million. As of June 30, 2021, the balance on all four agreements was an offsetting $4.1 million and was located in other current assets and accrued liabilities, respectively. See Note 7 for information on the fair value of the derivative contracts.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions In the first six months of 2021, we completed the following acquisitions: • In February 2021, Chrysler Jeep Dodge Ram of Sanford and Orlando Land Rover in Florida. • In March 2021, Fink Auto Group in Florida. • In March 2021, Avondale Nissan in Arizona. • In April 2021, Suburban Collection Auto Group in Michigan. • In April 2021, Planet Honda in New Jersey. • In May 2021, Las Vegas Hyundai Superstore Auto Group in Nevada. • In May 2021, BMW of Sherman Oaks and Acura of Sherman Oaks in California. • In June 2021, Southwest Kia Group in Arizona. • In June 2021, Herrin-Gear Toyota in Mississippi. • In June 2021, Michael’s Subaru and Michael’s Toyota in Washington. Revenue and operating income contributed by the 2021 acquisitions subsequent to the date of acquisition were as follows (in millions): Six Months Ended June 30, 2021 Revenue $ 976.3 Operating income 45.9 In the first six months of 2020, we completed the following acquisitions: • In February 2020, Sacramento Lexus and Roseville Lexus in California. • In June 2020, Hank’s Body Shop in Billings, Montana. • In June 2020, Chrysler Dodge Jeep Ram of Bend and Nissan of Bend in Oregon. All acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition. The following tables summarize the consideration paid for the 2021 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date: (in millions) Consideration Cash paid, net of cash acquired $ 1,741.9 (in millions) Assets Acquired and Liabilities Assumed Accounts receivable $ 0.7 Inventories, net 439.3 Property and equipment, net 86.0 Other non-current assets 1,443.9 Floor plan notes payable (4.0) Borrowings on lines-of-credit (225.6) Other long-term liabilities (6.0) 1,734.3 Goodwill 7.6 $ 1,741.9 The purchase price allocations for the acquisitions from the third quarter of 2020 through the second quarter of 2021 are preliminary, and we have not obtained and evaluated all of the detailed information necessary to finalize the opening balance sheet amounts in all respects. We recorded the purchase price allocations based upon information that is currently available. Unallocated items are recorded as a component of other non-current assets in the Consolidated Balance Sheets. We expect substantially all of the goodwill related to acquisitions completed in 2021 to be deductible for federal income tax purposes. In the three and six-month periods ended June 30, 2021, we recorded $10.4 million and $11.6 million, respectively, in acquisition-related expenses as a component of selling, general and administrative expense. Comparatively, we recorded $0.5 million and $1.0 million of acquisition-related expenses in the same periods of 2020. The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2021 and 2020, had occurred on January 1, 2020: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2021 2020 2021 2020 Revenue $ 6,246.2 $ 4,436.0 $ 11,443.6 $ 8,859.6 Net income 310.8 104.3 485.5 170.3 Basic net income per share 11.04 4.57 17.72 7.38 Diluted net income per share 10.96 4.53 17.58 7.31 These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property and equipment, accounting for inventory on a specific identification method, and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring proforma adjustments directly attributable to the acquisitions are included in the reported proforma revenues and earnings.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 1, 2021, in accordance with the indenture dated July 24, 2017, governing our 5.250% senior notes due 2025, we notified holders that we have elected to redeem in full the aggregate principal amount of notes outstanding on August 1, 2021 at a redemption price equal to 102.625% of the principal amount of the notes plus accrued and unpaid interest thereon.

Interim Financial Statements (P

Interim Financial Statements (Policies)	6 Months Ended
Interim Financial Statements (Policies)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2020 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2020, is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2021. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Reclassifications	Reclassifications Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.
Revenue Recognition	Contract Liabilities We are the obligor on our lifetime oil contracts. Revenue is allocated to these performance obligations and is recognized over time as services are provided to the customer. The amount of revenue recognized is calculated, net of cancellations, using an input method, which most closely depicts performance of the contracts. Our contract liability balances were $214.9 million and $194.1 million as of June 30, 2021, and December 31, 2020, respectively; and we recognized $9.0 million and $18.4 million of revenue in the three and six months ended June 30, 2021, respectively, related to our contract liability balance at December 31, 2020. Our contract liability balance is included in accrued liabilities and deferred revenue. Contract Assets Revenue from finance and insurance sales is recognized, net of estimated charge-backs, at the time of the sale of the related vehicle. We act as an agent in the sale of these contracts as the pricing is set by the third-party provider, and our commission is preset. A portion of the transaction price related to sales of finance and insurance contracts is considered variable consideration and is estimated and recognized upon the sale of the contract. Our contract asset balances associated with future estimated variable consideration were $8.2 million and $8.2 million as of June 30, 2021 and December 31, 2020, respectively; and are included in trade receivables and other non-current assets.
Accounts Receivable and Contract Assets	Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten days after selling a vehicle. • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The balance of auto loan receivables is made up of loans secured by the related vehicle. More than 98% of the portfolio is aged less than 60 days past due with less than 2% on non-accrual status. As of June 30, 2021, the allowance for credit losses related to auto loan receivables was $13.3 million and included in allowance for doubtful accounts and other non-current assets. In accordance with Topic 326, the allowance for loan losses is estimated based on our historical write-off experience, current conditions and forecasts as well as the value of any underlying assets securing these loans and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance upon reaching 120 days past due status. The annual activity for charges and subsequent recoveries is immaterial. The remainder of our receivables are due primarily from manufacturer partners and various third-party lenders. The historical losses related to these balances are immaterial. The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets.
Fair Value Disclosures for Financial Assets and Liabilities	Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories: • Level 1 - quoted prices in active markets for identical securities; • Level 2 - other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads, credit risk; and • Level 3 - significant unobservable inputs, including our own assumptions in determining fair value. We determined that the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have investments primarily consisting of our investment in Shift Technologies, Inc. (Shift), a San Francisco-based digital retail company. Shift has a readily determinable fair value following Shift going public in a reverse-merger deal with Insurance Acquisition, a special purpose acquisition company, in the fourth quarter of 2020. We calculated the fair value of this investment using quoted prices for the identical asset (Level 1) and recorded the fair value as part of other non-current assets. An additional component of our investment in Shift consists of shares in escrow subject to release upon certain market conditions being met. The fair value of this component of our investment in Shift is measured using observable Level 2 market expectations at each measurement date and is recorded as part of other non-current assets. For the three and six months ended June 30, 2021, we recognized a $1.2 million and $0.9 million unrealized investment gain related to Shift, which was recorded as a component of Other income, net. No amounts were recognized for the three and six months ended June 30, 2020. We have fixed rate debt primarily consisting of amounts outstanding under our senior notes and real estate mortgages. We calculated the estimated fair value of the senior notes using quoted prices for the identical liability (Level 1) and calculated the estimated fair value of the fixed rate real estate mortgages using a discounted cash flow methodology with estimated current interest rates based on a similar risk profile and duration (Level 2). The fixed cash flows are discounted and summed to compute the fair value of the debt. As of June 30, 2021, our real estate mortgages and other debt, which includes capital leases, had maturity dates between October 1, 2021, and July 1, 2038. We have derivative instruments consisting of interest rate collars. The fair value of derivative liabilities is measured using observable Level 2 market expectations at each measurement date and is recorded as current liabilities and other long-term liabilities in the Consolidated Balance Sheets. See Note 11 for more details regarding our derivative contracts. We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use a cost valuation approach to value long-lived assets when a market valuation approach is unavailable. Under this approach, we determine the cost to replace the service capacity of an asset, adjusted for physical and economic obsolescence. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. Real estate appraisers’ and brokers’ valuations are typically developed using one or more valuation techniques including market, income and replacement cost approaches. Because these valuations contain unobservable inputs, we classified the measurement of fair value of long-lived assets as Level 3.
Recent Accounting Pronouncements	In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements.

Accounts Receivable and Contr_2

Accounts Receivable and Contract Assets (Tables)	6 Months Ended
Accounts Receivable and Contract Assets (Tables)	Jun. 30, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following: (in millions) June 30, 2021 December 31, 2020 Contracts in transit $ 369.3 $ 286.8 Trade receivables 87.3 67.0 Vehicle receivables 84.4 61.8 Manufacturer receivables 132.8 118.1 Auto loan receivables 370.9 175.6 Other receivables 16.6 11.6 1,061.3 720.9 Less: Allowance for doubtful accounts (11.1) (5.9) Less: Long-term portion of accounts receivable, net (250.5) (101.0) Total accounts receivable, net $ 799.7 $ 614.0

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventories, net, consisted of the following: (in millions) June 30, 2021 December 31, 2020 New vehicles $ 872.5 $ 1,556.6 Used vehicles 1,238.4 835.9 Parts and accessories 127.9 100.4 Total inventories $ 2,238.8 $ 2,492.9

Goodwill and Franchise Value (T

Goodwill and Franchise Value (Tables)	6 Months Ended
Goodwill and Franchise Value (Tables)	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amounts of goodwill are as follows: (in millions) Domestic Import Luxury Consolidated Balance as of December 31, 2019 ¹ $ 171.8 $ 197.3 $ 85.5 $ 454.6 Additions through acquisitions 2 33.3 94.3 17.3 144.9 Reductions through divestitures (0.1) (0.7) (2.2) (3.0) Reductions from impairments (0.5) (3.0) — (3.5) Balance as of December 31, 2020 ¹ 204.5 287.9 100.6 593.0 Additions through acquisitions 3 7.4 11.9 8.2 27.5 Reductions through divestitures — (3.2) — (3.2) Balance as of June 30, 2021 $ 211.9 $ 296.6 $ 108.8 $ 617.3 1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. 2 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $144.9 million of goodwill. 3 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $27.5 million of goodwill. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12.
Schedule of Franchise Value	The changes in the carrying amounts of franchise value are as follows: (in millions) Franchise Value Balance as of December 31, 2019 $ 306.7 Additions through acquisitions 1 51.9 Reductions through divestitures (4.0) Reductions from impairments (4.4) Balance as of December 31, 2020 350.2 Additions through acquisitions 2 21.6 Reductions through divestitures (2.1) Balance as of June 30, 2021 $ 369.7 1 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $51.9 million of franchise value. 2 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $21.6 million of franchise value. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and franchise value is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2021
Equity [Abstract]
Schedule of Share Repurchases	Share repurchases under this authorization were as follows: Repurchases Occurring in 2021 Cumulative Repurchases as of June 30, 2021 Shares Average Price Shares Average Price Share Repurchase Authorization — $ — 3,719,048 $ 84.02

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Long-Lived Assets Measured at Fair Value	Below are our investments that are measured at fair value (in millions): Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Measured on a recurring basis: Investments $ 101.6 $ 6.7 $ — Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Investments $ 97.9 $ 9.4 $ — Below are our derivative assets and liabilities that are measured at fair value (in millions): Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative asset $ — $ 4.1 $ — Derivative liability — 9.9 — Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative asset $ — $ 0.5 $ — Derivative liability — 9.0 —
Schedule of Aggregate Carrying Values and Fair Values of Long-term Fixed Interest Rate Debt	A summary of the aggregate carrying values, excluding unamortized debt issuance cost, and fair values of our long-term fixed interest rate debt is as follows: (in millions) June 30, 2021 December 31, 2020 Carrying value 5.250% Senior notes due 2025 $ 300.0 $ 300.0 4.625% Senior notes due 2027 400.0 400.0 4.375% Senior notes due 2031 550.0 550.0 3.875% Senior notes due 2029 800.0 — Real estate mortgages and other debt 603.2 714.8 $ 2,653.2 $ 1,964.8 Fair value 5.250% Senior notes due 2025 $ 309.0 $ 311.6 4.625% Senior notes due 2027 422.0 425.0 4.375% Senior notes due 2031 586.4 589.9 3.875% Senior notes due 2029 828.0 — Real estate mortgages and other debt 627.7 713.2 $ 2,773.1 $ 2,039.7

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
Net Income Per Share (Tables)	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of net income and weighted average shares used for our basic earnings per share (EPS) and diluted EPS: Three Months Ended June 30, 2021 2020 (in millions, except per share amounts) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 304.9 $ — $ 76.3 $ 1.4 Reallocation of net income due to conversion of Class B to Class A common shares outstanding — — 0.1 — Conversion of Class B common shares into Class A common shares — — 1.3 — Net income applicable to common stockholders - diluted $ 304.9 $ — $ 77.7 $ 1.4 Weighted average common shares outstanding – basic 28.1 — 22.4 0.4 Conversion of Class B common shares into Class A common shares — — 0.4 — Effect of dilutive stock options on weighted average common shares 0.3 — 0.2 — Weighted average common shares outstanding – diluted 28.4 — 23.0 0.4 Net income per common share - basic $ 10.83 $ — $ 3.40 $ 3.40 Net income per common share - diluted $ 10.75 $ — $ 3.38 $ 3.38 Six Months Ended June 30, 2021 2020 (in millions, except per share amounts) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 460.5 $ 0.6 $ 121.8 $ 2.1 Reallocation of net income due to conversion of class B to class A common shares outstanding — — 0.2 — Conversion of class B common shares into class A common shares 0.6 — 1.9 — Net income applicable to common stockholders - diluted $ 461.1 $ 0.6 $ 123.9 $ 2.1 Weighted average common shares outstanding – basic 27.4 — 22.7 0.4 Conversion of class B common shares into class A common shares — — 0.4 — Effect of employee stock purchases and restricted stock units on weighted average common shares 0.2 — 0.2 — Weighted average common shares outstanding – diluted 27.6 — 23.3 0.4 Net income per common share - basic $ 16.83 $ 16.83 $ 5.37 $ 5.37 Net income per common share - diluted $ 16.69 $ 16.69 $ 5.32 $ 5.32

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Certain Information on a Segment Basis	Certain financial information on a segment basis is as follows: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Revenues: Domestic New vehicle retail $ 924.6 $ 499.1 $ 1,539.2 $ 969.6 Used vehicle retail 641.7 389.9 1,103.9 717.6 Used vehicle wholesale 63.8 19.8 100.0 45.8 Finance and insurance 78.6 50.9 137.2 96.1 Service, body and parts 159.1 102.2 279.8 219.5 Fleet and other 21.6 9.9 39.2 23.6 1,889.4 1,071.8 3,199.3 2,072.2 Import New vehicle retail 1,385.7 572.7 2,353.8 1,173.0 Used vehicle retail 717.8 345.9 1,280.0 700.6 Used vehicle wholesale 90.0 20.3 148.3 46.5 Finance and insurance 140.5 55.9 246.0 113.9 Service, body and parts 204.8 105.3 361.5 230.1 Fleet and other 18.6 5.9 32.6 17.8 2,557.4 1,106.0 4,422.2 2,281.9 Luxury New vehicle retail 839.2 297.2 1,453.3 598.2 Used vehicle retail 448.4 189.5 779.6 380.6 Used vehicle wholesale 59.3 11.3 99.0 25.5 Finance and insurance 52.6 17.7 89.5 34.6 Service, body and parts 150.1 65.4 271.8 148.8 Fleet and other 9.6 0.6 37.4 12.0 1,559.2 581.7 2,730.6 1,199.7 6,006.0 2,759.5 10,352.1 5,553.8 Corporate and other 3.4 (0.9) 0.3 8.5 $ 6,009.4 $ 2,758.6 $ 10,352.4 $ 5,562.3 Segment income 1 : Domestic $ 138.1 $ 59.4 $ 212.0 $ 87.2 Import 216.3 48.8 317.8 73.6 Luxury 97.2 12.3 141.3 13.9 Total segment income for reportable segments $ 451.6 $ 120.5 $ 671.1 $ 174.7 1 Segment income for each of the segments is a Non-GAAP measure defined as Income from operations before income taxes, depreciation and amortization, other interest expense and other income, net. Reconciliation of total segment income for reportable segments to our consolidated income before income taxes: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Total segment income for reportable segments $ 451.6 $ 120.5 $ 671.1 $ 174.7 Corporate and other 18.6 23.4 57.4 70.1 Depreciation and amortization (30.3) (22.3) (57.1) (44.3) Other interest expense (28.1) (16.8) (51.6) (33.8) Other income, net 7.6 3.5 11.1 5.8 Income before income taxes $ 419.4 $ 108.3 $ 630.9 $ 172.5
Reconciliation of Assets from Segment to Consolidated	Total assets by reportable segments is as follows: (in millions) June 30, 2021 December 31, 2020 Total assets: Domestic $ 1,298.3 $ 1,262.4 Import 1,579.1 1,654.7 Luxury 1,057.9 1,132.4 Corporate and other 6,157.2 3,852.6 $ 10,092.5 $ 7,902.1

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The table below presents the liabilities related to the zero-cost interest rate collar: (Dollars in millions) Accrued Liabilities Other Long-Term Liabilities Total Balance as of December 31, 2019 $ (0.1) $ (0.9) $ (1.0) Loss recorded from interest rate collar (1.8) (5.1) (6.9) Balance as of March 31, 2020 (1.9) (6.0) (7.9) Amounts reclassified from AOCI to floorplan interest expense 0.4 — 0.4 Loss recorded from interest rate collar (1.0) (1.3) (2.3) Balance as of June 30, 2020 (2.5) (7.3) (9.8) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.7) 0.6 (0.1) Balance as of September 30, 2020 (2.5) (6.7) (9.2) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.8) 0.7 (0.1) Balance as of December 31, 2020 (2.6) (6.0) (8.6) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.6) 2.5 1.9 Balance as of March 31, 2021 (2.5) (3.5) (6.0) Amounts reclassified from AOCI to floorplan interest expense 0.7 — 0.7 (Loss) gain recorded from interest rate collar (0.7) 0.2 (0.5) Balance as of June 30, 2021 $ (2.5) $ (3.3) $ (5.8)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Pro Forma Summary of All Acquisitions	Revenue and operating income contributed by the 2021 acquisitions subsequent to the date of acquisition were as follows (in millions): Six Months Ended June 30, 2021 Revenue $ 976.3 Operating income 45.9 The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2021 and 2020, had occurred on January 1, 2020: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2021 2020 2021 2020 Revenue $ 6,246.2 $ 4,436.0 $ 11,443.6 $ 8,859.6 Net income 310.8 104.3 485.5 170.3 Basic net income per share 11.04 4.57 17.72 7.38 Diluted net income per share 10.96 4.53 17.58 7.31
Summary of Acquisitions	The following tables summarize the consideration paid for the 2021 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date: (in millions) Consideration Cash paid, net of cash acquired $ 1,741.9
Assets Acquired and Liabilities Assumed	(in millions) Assets Acquired and Liabilities Assumed Accounts receivable $ 0.7 Inventories, net 439.3 Property and equipment, net 86.0 Other non-current assets 1,443.9 Floor plan notes payable (4.0) Borrowings on lines-of-credit (225.6) Other long-term liabilities (6.0) 1,734.3 Goodwill 7.6 $ 1,741.9

Contract Liabilities and Asse_2

Contract Liabilities and Assets (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Contract liability	$ 214.9	$ 214.9	$ 194.1
Contract liability, revenue recognized	9	18.4
Contract asset	$ 8.2	$ 8.2	$ 8.2

Accounts Receivable and Contr_3

Accounts Receivable and Contract Assets (Summary of Accounts Receivable) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 1,061.3	$ 720.9
Less: Allowance for doubtful accounts	(11.1)	(5.9)
Less: Long-term portion of accounts receivable, net	(250.5)	(101)
Accounts receivable, net	799.7	614
Contracts in transit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	369.3	286.8
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	87.3	67
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	84.4	61.8
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	132.8	118.1
Auto loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	370.9	175.6
Less: Allowance for doubtful accounts	(13.3)
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 16.6	$ 11.6

Accounts Receivable and Contr_4

Accounts Receivable and Contract Assets (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period that contracts in transit are outstanding	10 days
Threshold period for interest to bear on receivables	60 days
Allowance for doubtful accounts	$ 11.1	$ 5.9
Auto loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, 60 days or less past due, percent	98.00%
Receivables, 60 days or less past due, non-accrual status, percent	2.00%
Allowance for doubtful accounts	$ 13.3

Inventories (Components of Inve

Inventories (Components of Inventories, net) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Total inventories	$ 2,238.8	$ 2,492.9
New vehicles
Inventory [Line Items]
Total inventories	872.5	1,556.6
Used vehicles
Inventory [Line Items]
Total inventories	1,238.4	835.9
Parts and accessories
Inventory [Line Items]
Total inventories	$ 127.9	$ 100.4

Goodwill and Franchise Value (S

Goodwill and Franchise Value (Schedule of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2008
Goodwill [Roll Forward]
Beginning balance		$ 593	$ 454.6
Additions through acquisitions		27.5	144.9
Reductions through divestitures	$ (3.2)		(3)
Reductions from impairments			(3.5)
Ending balance	617.3	617.3	593
Accumulated impairment loss				$ 299.3
Domestic
Goodwill [Roll Forward]
Beginning balance		204.5	171.8
Additions through acquisitions		7.4	33.3
Reductions through divestitures	0		(0.1)
Reductions from impairments			(0.5)
Ending balance	211.9	211.9	204.5
Import
Goodwill [Roll Forward]
Beginning balance		287.9	197.3
Additions through acquisitions		11.9	94.3
Reductions through divestitures	(3.2)		(0.7)
Reductions from impairments			(3)
Ending balance	296.6	296.6	287.9
Luxury
Goodwill [Roll Forward]
Beginning balance		100.6	85.5
Additions through acquisitions		8.2	17.3
Reductions through divestitures	0		(2.2)
Reductions from impairments			0
Ending balance	$ 108.8	$ 108.8	$ 100.6

Goodwill and Franchise Value _2

Goodwill and Franchise Value (Schedule of Franchise Value) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 350.2	$ 306.7
Additions through acquisitions	21.6	51.9
Reductions through divestitures	(2.1)	(4)
Reductions from impairments		(4.4)
Ending balance	$ 369.7	$ 350.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	May 24, 2021	Jun. 30, 2021	Jun. 30, 2021	Jul. 24, 2020	Oct. 22, 2018
Class A common stock
Equity, Class of Treasury Stock [Line Items]
Additional authorized repurchase amount					$ 250,000,000
Authorized repurchase amount		$ 500,000,000	$ 500,000,000
Shares repurchased pursuant to repurchase authorizations (in shares)		0	3,719,048
Shares repurchased pursuant to repurchase authorizations, average price (in dollars per share)		$ 0	$ 84.02
Remaining authorized repurchase amount		$ 187,500,000	$ 187,500,000
Class A common stock \| Restricted Stock Units (RSUs)
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased		54,251
Average purchase price per share (in dollars per share)		$ 292.91
Amount related to tax withholdings associated with vesting of RSUs		$ 15,900,000
ATM Equity Offering
Equity, Class of Treasury Stock [Line Items]
Proceeds from issuance of stock		$ 0
Sale of stock, maximum aggregate gross sales price				$ 400,000,000
Follow-On Public Offering
Equity, Class of Treasury Stock [Line Items]
Sale of stock, number of shares issued (in shares)	3,571,428
Sale of stock, price (in dollars per share)	$ 322
Proceeds from issuance of stock	$ 1,110,000,000
Payments of stock issuance costs	$ 600,000
Over-Allotment Option
Equity, Class of Treasury Stock [Line Items]
Sale of stock, number of shares issued (in shares)	465,838

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Fair Value Measurements (Narrative) (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Unrealized investment gain	$ 1,200,000	$ 0	$ 900,000	$ 0

Fair Value Measurements (Assets

Fair Value Measurements (Assets Measured at Fair Value on a Recurring Basis) (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 101.6	$ 97.9
Derivative asset	0	0
Derivative liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6.7	9.4
Derivative asset	4.1	0.5
Derivative liability	9.9	9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Derivative asset	0	0
Derivative liability	$ 0	$ 0

Fair Value Measurements (Long-t

Fair Value Measurements (Long-term Fixed Interest Rate Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Senior Notes \| 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	5.25%
Senior Notes \| 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	4.625%
Senior Notes \| 4.375% Senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	4.375%
Senior Notes \| 3.875% Senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (percent)	3.875%
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 2,653.2	$ 1,964.8
Carrying value \| Senior Notes \| 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	300	300
Carrying value \| Senior Notes \| 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	400	400
Carrying value \| Senior Notes \| 4.375% Senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	550	550
Carrying value \| Senior Notes \| 3.875% Senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	800	0
Carrying value \| Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	603.2	714.8
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	2,773.1	2,039.7
Fair value \| Senior Notes \| 5.250% Senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	309	311.6
Fair value \| Senior Notes \| 4.625% Senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	422	425
Fair value \| Senior Notes \| 4.375% Senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	586.4	589.9
Fair value \| Senior Notes \| 3.875% Senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	828	0
Fair value \| Real estate mortgages and other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 627.7	$ 713.2

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic (in shares)	28.1	22.8	27.4	23.1
Weighted average common shares outstanding - diluted (in shares)	28.4	23	27.6	23.3
Net income per common share - basic (in dollars per share)	$ 10.83	$ 3.40	$ 16.83	$ 5.37
Net income per common share - diluted (in dollars per share)	$ 10.75	$ 3.38	$ 16.69	$ 5.32
Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common stockholders - basic	$ 304.9	$ 76.3	$ 460.5	$ 121.8
Reallocation of net income due to conversion of Class B to Class A common shares outstanding	0	0.1	0	0.2
Conversion of Class B common shares into Class A common shares	0	1.3	0.6	1.9
Net income applicable to common stockholders - diluted	$ 304.9	$ 77.7	$ 461.1	$ 123.9
Weighted average common shares outstanding - basic (in shares)	28.1	22.4	27.4	22.7
Conversion of Class B common shares into Class A common shares (in shares)	0	0.4	0	0.4
Effect of employee stock purchases and restricted stock units on weighted average common shares (in shares)	0.3	0.2	0.2	0.2
Weighted average common shares outstanding - diluted (in shares)	28.4	23	27.6	23.3
Net income per common share - basic (in dollars per share)	$ 10.83	$ 3.40	$ 16.83	$ 5.37
Net income per common share - diluted (in dollars per share)	$ 10.75	$ 3.38	$ 16.69	$ 5.32
Class B common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common stockholders - basic	$ 0	$ 1.4	$ 0.6	$ 2.1
Reallocation of net income due to conversion of Class B to Class A common shares outstanding	0	0	0	0
Conversion of Class B common shares into Class A common shares	0	0	0	0
Net income applicable to common stockholders - diluted	$ 0	$ 1.4	$ 0.6	$ 2.1
Weighted average common shares outstanding - basic (in shares)	0	0.4	0	0.4
Conversion of Class B common shares into Class A common shares (in shares)	0	0	0	0
Effect of employee stock purchases and restricted stock units on weighted average common shares (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	0	0.4	0	0.4
Net income per common share - basic (in dollars per share)	$ 0	$ 3.40	$ 16.83	$ 5.37
Net income per common share - diluted (in dollars per share)	$ 0	$ 3.38	$ 16.69	$ 5.32

Segments (Narrative) (Details)

Segments (Narrative) (Details)	6 Months Ended
Segments (Narrative) (Details)	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments (Schedule of Certain F

Segments (Schedule of Certain Financial Information on a Segment Basis) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 6,009.4	$ 2,758.6	$ 10,352.4	$ 5,562.3
Income before income taxes	419.4	108.3	630.9	172.5
Depreciation and amortization			(57.1)	(44.3)
Other interest expense	(28.1)	(16.8)	(51.6)	(33.8)
Other income, net	7.6	3.5	11.1	5.8
Operating segments
Segment Reporting Information [Line Items]
Total revenues	6,006	2,759.5	10,352.1	5,553.8
Income before income taxes	451.6	120.5	671.1	174.7
Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	1,889.4	1,071.8	3,199.3	2,072.2
Income before income taxes	138.1	59.4	212	87.2
Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	2,557.4	1,106	4,422.2	2,281.9
Income before income taxes	216.3	48.8	317.8	73.6
Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	1,559.2	581.7	2,730.6	1,199.7
Income before income taxes	97.2	12.3	141.3	13.9
Corporate and other
Segment Reporting Information [Line Items]
Total revenues	3.4	(0.9)	0.3	8.5
Income before income taxes	18.6	23.4	57.4	70.1
Segment reconciling items
Segment Reporting Information [Line Items]
Depreciation and amortization	(30.3)	(22.3)	(57.1)	(44.3)
Other interest expense	(28.1)	(16.8)	(51.6)	(33.8)
Other income, net	7.6	3.5	11.1	5.8
New vehicle retail
Segment Reporting Information [Line Items]
Total revenues	3,146.2	1,367.8	5,339.5	2,741.3
New vehicle retail \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	924.6	499.1	1,539.2	969.6
New vehicle retail \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	1,385.7	572.7	2,353.8	1,173
New vehicle retail \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	839.2	297.2	1,453.3	598.2
Used vehicle retail
Segment Reporting Information [Line Items]
Total revenues	1,804.9	922.2	3,157	1,796.5
Used vehicle retail \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	641.7	389.9	1,103.9	717.6
Used vehicle retail \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	717.8	345.9	1,280	700.6
Used vehicle retail \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	448.4	189.5	779.6	380.6
Used vehicle wholesale
Segment Reporting Information [Line Items]
Total revenues	217.4	51.3	352.6	118
Used vehicle wholesale \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	63.8	19.8	100	45.8
Used vehicle wholesale \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	90	20.3	148.3	46.5
Used vehicle wholesale \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	59.3	11.3	99	25.5
Finance and insurance
Segment Reporting Information [Line Items]
Total revenues	269.6	124.9	467.9	246.7
Finance and insurance \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	78.6	50.9	137.2	96.1
Finance and insurance \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	140.5	55.9	246	113.9
Finance and insurance \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	52.6	17.7	89.5	34.6
Service, body and parts
Segment Reporting Information [Line Items]
Total revenues	521	275.5	925	605.4
Service, body and parts \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	159.1	102.2	279.8	219.5
Service, body and parts \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	204.8	105.3	361.5	230.1
Service, body and parts \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	150.1	65.4	271.8	148.8
Fleet and other
Segment Reporting Information [Line Items]
Total revenues	50.3	16.9	110.4	54.4
Fleet and other \| Operating segments \| Domestic
Segment Reporting Information [Line Items]
Total revenues	21.6	9.9	39.2	23.6
Fleet and other \| Operating segments \| Import
Segment Reporting Information [Line Items]
Total revenues	18.6	5.9	32.6	17.8
Fleet and other \| Operating segments \| Luxury
Segment Reporting Information [Line Items]
Total revenues	$ 9.6	$ 0.6	$ 37.4	$ 12

Segments (Reconciliation of Ass

Segments (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 10,092.5	$ 7,902.1
Operating segments \| Domestic
Segment Reporting Information [Line Items]
Assets	1,298.3	1,262.4
Operating segments \| Import
Segment Reporting Information [Line Items]
Assets	1,579.1	1,654.7
Operating segments \| Luxury
Segment Reporting Information [Line Items]
Assets	1,057.9	1,132.4
Corporate and other
Segment Reporting Information [Line Items]
Assets	$ 6,157.2	$ 3,852.6

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Jun. 30, 2021option
Lessor, Lease, Description [Line Items]
Lease renewal option	1
Minimum
Lessor, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease renewal term	24 years

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	Jun. 15, 2021USD ($)derivative	Oct. 02, 2020USD ($)derivative	Jun. 01, 2019USD ($)	Jun. 30, 2021USD ($)derivative	Dec. 31, 2020USD ($)
Derivative [Line Items]
Non-trade floor plan notes payable				$ 966.9	$ 1,563
Amount of net losses expected to reclassify from AOCI into interest expense in earnings within the next twelve months				$ 2.7
Interest Rate Cap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Number of derivative instruments entered during period \| derivative	2	2
Number of derivative instruments held \| derivative				4
Interest Rate Contract
Derivative [Line Items]
Agreement term			5 years
Aggregate notional amount			$ 300
Non-trade floor plan notes payable			$ 1,000
Interest Rate Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Agreement term	5 years	5 years
Aggregate notional amount	$ 100	$ 100
Derivative liability				$ 4.1
Derivative asset				$ 4.1

Derivative Financial Instrume_4

Derivative Financial Instruments - Liabilities Related to Zero-Cost Interest Rate Collar (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,807,600	$ 2,661,500		$ 1,532,200	$ 1,456,500	$ 1,467,700
Ending balance	4,228,400	2,807,600	$ 2,661,500		1,532,200	1,456,500
Interest Rate Contract \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(6,000)	(8,600)	(9,200)	(9,800)	(7,900)	(1,000)
Amounts reclassified from AOCI to floorplan interest expense	700	700	700	700	400
(Loss) gain recorded from interest rate collar	(500)	1,900	(100)	(100)	(2,300)	(6,900)
Ending balance	(5,800)	(6,000)	(8,600)	(9,200)	(9,800)	(7,900)
Interest Rate Contract \| Accrued Liabilities \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,500)	(2,600)	(2,500)	(2,500)	(1,900)	(100)
Amounts reclassified from AOCI to floorplan interest expense	700	700	700	700	400
(Loss) gain recorded from interest rate collar	(700)	(600)	(800)	(700)	(1,000)	(1,800)
Ending balance	(2,500)	(2,500)	(2,600)	(2,500)	(2,500)	(1,900)
Interest Rate Contract \| Other Long-Term Liabilities \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,500)	(6,000)	(6,700)	(7,300)	(6,000)	(900)
Amounts reclassified from AOCI to floorplan interest expense	0	0	0	0	0
(Loss) gain recorded from interest rate collar	200	2,500	700	600	(1,300)	(5,100)
Ending balance	$ (3,300)	$ (3,500)	$ (6,000)	$ (6,700)	$ (7,300)	$ (6,000)

Acquisitions (Revenue and Opera

Acquisitions (Revenue and Operating Income from Acquisitions) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 976.3
Operating income	$ 45.9

Acquisitions (Summary of Acquis

Acquisitions (Summary of Acquisitions) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 1,741.9	$ 92.3
2021 Acquisitions
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 1,741.9

Acquisitions (Assets Acquired a

Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 617.3	$ 593	$ 454.6
2021 Acquisitions
Business Acquisition [Line Items]
Accounts receivable	0.7
Inventories, net	439.3
Property and equipment, net	86
Other non-current assets	1,443.9
Floor plan notes payable	(4)
Borrowings on lines-of-credit	(225.6)
Other long-term liabilities	(6)
Assets acquired and liabilities assumed	1,734.3
Goodwill	7.6
Assets acquired and liabilities assumed, net	$ 1,741.9

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Combination and Asset Acquisition [Abstract]
Acquisition-related expenses	$ 10.4	$ 0.5	$ 11.6	$ 1

Acquisitions (Pro Forma Summary

Acquisitions (Pro Forma Summary of All Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 6,246.2	$ 4,436	$ 11,443.6	$ 8,859.6
Net income	$ 310.8	$ 104.3	$ 485.5	$ 170.3
Basic net income per share (in dollars per share)	$ 11.04	$ 4.57	$ 17.72	$ 7.38
Diluted net income per share (in dollars per share)	$ 10.96	$ 4.53	$ 17.58	$ 7.31

Subsequent Events (Details)

Subsequent Events (Details) - 5.250% Senior notes due 2025 - Senior Notes	Jul. 01, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Stated interest rate (percent)		5.25%
Subsequent Event
Subsequent Event [Line Items]
Stated interest rate (percent)	5.25%
Percentage of principal amount redeemed	102.625%

Uncategorized Items - lad-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]