Group 1 Automotive (GPI) 10-Q28 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-13461
Entity Registrant Name	Group 1 Automotive, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0506313
Entity Address, Address Line One	800 Gessner,
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	647-5700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GPI
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		14,050,875
Entity Central Index Key	0001031203
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 22.8	$ 47.9
Contracts-in-transit and vehicle receivables, net	270.4	278.5
Accounts and notes receivable, net	215.9	199.2
Inventories	1,718	1,356.6
Prepaid expenses	28	30.5
Other current assets	17	19.1
Current assets classified as held for sale	76.8	53.6
TOTAL CURRENT ASSETS	2,348.9	1,985.3
Property and equipment, net of accumulated depreciation of $572.1 and $554.4, respectively	2,225.5	2,128.2
Operating lease assets	236.3	249.1
Goodwill	1,691	1,661.8
Intangible franchise rights	739.8	516.3
Other long-term assets	183.1	176.8
TOTAL ASSETS	7,424.6	6,717.5
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $250.0 and $140.2, respectively	843.1	762.1
Floorplan notes payable — manufacturer affiliates, net of offset account of $17.7 and $13.4, respectively	317.4	243.1
Current maturities of long-term debt	75.4	130.3
Current operating lease liabilities	21.2	21.8
Accounts payable	549	488
Accrued expenses and other current liabilities	301.6	271.5
Current liabilities classified as held for sale	14.6	4.8
TOTAL CURRENT LIABILITIES	2,122.3	1,921.4
Long-term debt	2,174.2	1,952.2
Long-term operating lease liabilities	228.1	238.4
Deferred income taxes	246.8	238.1
Other long-term liabilities	134.4	129.8
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,164,166 and 25,232,620 shares issued, respectively	0.3	0.3
Additional paid-in capital	339.8	338.7
Retained earnings	3,389.7	3,073.6
Accumulated other comprehensive income	40.6	22.5
Treasury stock, at cost; 11,113,291 and 10,940,298 shares, respectively	(1,251.5)	(1,197.5)
TOTAL STOCKHOLDERS’ EQUITY	2,518.9	2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 7,424.6	$ 6,717.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 572.1	$ 554.4
Offset account related to floorplan notes payable	250	140.2
FMCC offset	$ 17.7	$ 13.4
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	25,164,166	25,232,620
Treasury stock
Treasury stock (in shares)	11,113,291	10,940,298

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES	$ 4,558.5	$ 4,145.4	$ 8,688.5	$ 7,989.7
COST OF SALES	3,783	3,377	7,185.1	6,496.6
GROSS PROFIT	775.5	768.4	1,503.4	1,493.1
Selling, general and administrative expenses	479.9	460.2	942.7	878.6
Depreciation and amortization expense	23.1	23	45.5	44.2
Asset impairments	1.8	0.8	2.9	0.8
INCOME FROM OPERATIONS	270.8	284.5	512.3	569.5
Floorplan interest expense	15.6	5.9	28.2	11.2
Other interest expense, net	25.9	18.5	45.6	35.9
Other expense	1.3	0	4.2	0
INCOME BEFORE INCOME TAXES	227.9	260.1	434.3	522.4
Provision for income taxes	57.6	60.8	105.2	122
Net income from continuing operations	170.3	199.3	329.1	400.4
Net income (loss) from discontinued operations	0.2	(3.4)	(0.1)	(1.6)
NET INCOME	$ 170.5	$ 195.9	$ 329	$ 398.9
BASIC EARNINGS PER SHARE:
Basic earnings per share continuing operations (in dollars per shares)	$ 12.06	$ 12.15	$ 23.22	$ 23.96
Basic earnings per share discontinuing operations (in dollars per shares)	0.02	(0.21)	(0.01)	(0.09)
Basic earnings per share (in dollars per shares)	12.08	11.94	23.21	23.87
DILUTED EARNINGS PER SHARE:
Diluted earnings per share continuing operations (in dollars per shares)	12.02	12.11	23.14	23.88
Diluted earnings per share discontinuing operations (in dollars per shares)	0.02	(0.20)	(0.01)	(0.09)
Diluted earnings per common share (in dollars per share)	$ 12.04	$ 11.90	$ 23.13	$ 23.79
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding, Basic (in shares)	13,777,225	15,956,258	13,819,024	16,241,221
Weighted average common shares outstanding, Diluted (in shares)	13,817,283	16,012,282	13,865,736	16,297,364
New vehicle retail sales
REVENUES	$ 2,243.2	$ 1,851.3	$ 4,198.9	$ 3,596.4
COST OF SALES	2,041.7	1,641	3,810.7	3,184.9
Used vehicle retail sales
REVENUES	1,450.6	1,505.4	2,799.5	2,865.3
COST OF SALES	1,371.8	1,415.9	2,644	2,688
Used vehicle wholesale sales
REVENUES	112.5	95.8	224.4	189.3
COST OF SALES	111.6	95.1	221.6	185.7
Parts and service sales
REVENUES	562	502.6	1,110.3	975.5
COST OF SALES	257.9	224.9	508.9	438
Finance, insurance and other, net
REVENUES	$ 190.3	$ 190.2	$ 355.4	$ 363.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 170.5	$ 195.9	$ 329	$ 398.9
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	11.2	(27.8)	21	(28.1)
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
Unrealized gain arising during the period, net of tax provision of $(5.0), $(5.8), $(2.8) and $(16.3), respectively	15.8	19	9	53
Reclassification adjustment for (gain) loss included in interest expense, net of tax (provision) benefit of $(1.0), $0.4, $(2.8) and $0.9, respectively	(3.2)	1.2	(8.8)	3
Reclassification related to de-designated interest rate swaps, net of tax provision of $—, $—, $(1.0) and $—, respectively	0	0	(3.1)	0
Unrealized gain (loss) on interest rate risk management activities, net of tax	12.6	20.1	(2.8)	56
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	23.8	(7.7)	18.1	28
COMPREHENSIVE INCOME	$ 194.4	$ 188.2	$ 347.1	$ 426.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) arising during the period, tax provision	$ (5)	$ (5.8)	$ (2.8)	$ (16.3)
Tax (provision) benefit of reclassification adjustment	(1)	0.4	(2.8)	0.9
Reclassification of de-designated interest rate swaps net of tax provision	$ 0	$ 0	$ (1)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 1,825.2	$ 0.3	$ 325.8	$ 2,345.9	$ (156.2)	$ (690.4)
Beginning Balance (in shares) at Dec. 31, 2021		25,336,054
Increase (Decrease) in Stockholders' Equity
Net income	398.9			398.9
Other comprehensive income (loss), net of taxes	28				28
Purchases of treasury stock, including excise tax	(254.1)					(254.1)
Net issuance of treasury shares to stock compensation plans	3.7		(9)			12.7
Net issuance of treasury shares to stock compensation plans and other (in shares)		(77,310)
Stock-based compensation	15		15
Dividends declared	(12.2)			(12.2)
Ending balance at Jun. 30, 2022	2,004.5	$ 0.3	331.8	2,732.5	(128.3)	(931.8)
Ending Balance (in shares) at Jun. 30, 2022		25,258,744
Beginning balance at Mar. 31, 2022	1,949.2	$ 0.3	324.2	2,542.7	(120.6)	(797.3)
Beginning Balance (in shares) at Mar. 31, 2022		25,266,915
Increase (Decrease) in Stockholders' Equity
Net income	195.9			195.9
Other comprehensive income (loss), net of taxes	(7.7)				(7.7)
Purchases of treasury stock, including excise tax	(138.9)					(138.9)
Net issuance of treasury shares to stock compensation plans	5		0.6			4.4
Net issuance of treasury shares to stock compensation plans and other (in shares)		(8,171)
Stock-based compensation	7		7
Dividends declared	(6.1)			(6.1)
Ending balance at Jun. 30, 2022	2,004.5	$ 0.3	331.8	2,732.5	(128.3)	(931.8)
Ending Balance (in shares) at Jun. 30, 2022		25,258,744
Beginning balance at Dec. 31, 2022	2,237.5	$ 0.3	338.7	3,073.6	22.5	(1,197.5)
Beginning Balance (in shares) at Dec. 31, 2022		25,232,620
Increase (Decrease) in Stockholders' Equity
Net income	329			329
Other comprehensive income (loss), net of taxes	18.1				18.1
Purchases of treasury stock, including excise tax	(66.5)					(66.5)
Net issuance of treasury shares to stock compensation plans	3.1		(9.4)			12.5
Net issuance of treasury shares to stock compensation plans and other (in shares)		(68,454)
Stock-based compensation	10.5		10.5
Dividends declared	(12.8)			(12.8)
Ending balance at Jun. 30, 2023	2,518.9	$ 0.3	339.8	3,389.7	40.6	(1,251.5)
Ending Balance (in shares) at Jun. 30, 2023		25,164,166
Beginning balance at Mar. 31, 2023	2,352.5	$ 0.3	333.6	3,225.5	16.7	(1,223.7)
Beginning Balance (in shares) at Mar. 31, 2023		25,150,165
Increase (Decrease) in Stockholders' Equity
Net income	170.5			170.5
Other comprehensive income (loss), net of taxes	23.8				23.8
Purchases of treasury stock, including excise tax	(31.6)					(31.6)
Net issuance of treasury shares to stock compensation plans	5.2		1.5			3.7
Net issuance of treasury shares to stock compensation plans and other (in shares)		14,001
Stock-based compensation	4.8		4.8
Dividends declared	(6.4)			(6.4)
Ending balance at Jun. 30, 2023	$ 2,518.9	$ 0.3	$ 339.8	$ 3,389.7	$ 40.6	$ (1,251.5)
Ending Balance (in shares) at Jun. 30, 2023		25,164,166

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.45	$ 0.37	$ 0.90	$ 0.73

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 329	$ 398.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45.5	45.1
Change in operating lease assets	12.7	15.6
Deferred income taxes	2.7	11.3
Asset impairments	2.9	7.1
Stock-based compensation	10.5	15
Amortization of debt discount and issuance costs	1.5	1.5
Gain on disposition of assets	(11.8)	(24.6)
Unrealized gain on derivative instruments	(4.5)	0
Other	(1.6)	2.5
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	85.8	10.1
Accounts and notes receivable	(15)	(0.1)
Inventories	(283.8)	(83.5)
Contracts-in-transit and vehicle receivables	9.9	(7.2)
Prepaid expenses and other assets	(2.2)	10.8
Floorplan notes payable — manufacturer affiliates	70.1	(27.5)
Deferred revenues	(0.2)	(0.1)
Operating lease liabilities	(12.6)	(14.9)
Net cash provided by operating activities	239	360.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $64.9 and $2.4, respectively	(363.5)	(318.1)
Proceeds from disposition of franchises, property and equipment	80.8	96.2
Purchases of property and equipment	(86.7)	(63)
Other	0.2	(10.7)
Net cash used in investing activities	(369.1)	(295.6)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	5,005.9	5,307
Repayments on credit facility — floorplan line and other	(4,928.1)	(5,022.9)
Borrowings on credit facility — acquisition line	200	268
Repayments on credit facility — acquisition line	(53.2)	(346.3)
Debt issuance costs	(0.1)	(4)
Borrowings on other debt	88.2	223.2
Principal payments on other debt	(134.1)	(206.3)
Proceeds from employee stock purchase plan	11.4	11.4
Payments of tax withholding for stock-based compensation	(8.3)	(7.6)
Repurchases of common stock, amounts based on settlement date	(66)	(254.1)
Dividends paid	(12.7)	(12.1)
Net cash provided by (used in) financing activities	103	(43.9)
Effect of exchange rate changes on cash	2.1	(2.7)
Net (decrease) increase in cash and cash equivalents	(25.1)	18
CASH AND CASH EQUIVALENTS, beginning of period	47.9	18.7
CASH AND CASH EQUIVALENTS, end of period	$ 22.8	$ 36.7

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Floorplan notes payable
Condensed Cash Flow Statements, Captions [Line Items]
Repayment of sellers floorplan notes payable	$ 64.9	$ 2.4

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES	BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2022 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned. On July 1, 2022, the Company completed the disposal of 100% of the issued and outstanding equity interests of the Company’s Brazilian operations (the “Brazil Disposal Group”). The Brazil Disposal Group met the criteria to be reported as held for sale and discontinued operations. Therefore, the related assets, liabilities and operating results of the Brazil Disposal Group are reported as discontinued operations (the “Brazil Discontinued Operations”) for all periods presented. Refer to Note 4. Discontinued Operations and Other Divestitures for additional information. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented. Use of Estimates

REVENUES

REVENUES	6 Months Ended
REVENUES	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,915.5 $ 327.6 $ 2,243.2 $ 3,524.1 $ 674.8 $ 4,198.9 Used vehicle retail sales 1,139.9 310.7 1,450.6 2,170.0 629.5 2,799.5 Used vehicle wholesale sales 79.8 32.7 112.5 162.1 62.3 224.4 Total new and used vehicle sales 3,135.2 671.0 3,806.2 5,856.2 1,366.6 7,222.8 Parts and service sales (1) 491.2 70.8 562.0 965.0 145.3 1,110.3 Finance, insurance and other, net (2) 173.2 17.1 190.3 320.8 34.6 355.4 Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,561.7 $ 289.5 $ 1,851.3 $ 2,994.9 $ 601.6 $ 3,596.4 Used vehicle retail sales 1,197.6 307.8 1,505.4 2,235.5 629.8 2,865.3 Used vehicle wholesale sales 59.1 36.7 95.8 116.4 72.9 189.3 Total new and used vehicle sales 2,818.5 634.0 3,452.5 5,346.7 1,304.3 6,651.0 Parts and service sales (1) 445.6 57.1 502.6 854.0 121.5 975.5 Finance, insurance and other, net (2) 173.1 17.1 190.2 327.9 35.4 363.2 Total revenues $ 3,437.2 $ 708.2 $ 4,145.4 $ 6,528.5 $ 1,461.2 $ 7,989.7 (1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $7.6 million and $6.8 million during the three months ended June 30, 2023 and 2022, respectively, and $12.5 million and $16.9 million during the six months ended June 30, 2023 and 2022, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value. During the six months ended June 30, 2023, the Company acquired one Chevrolet dealership, one Kia dealership and three Buick-GMC dealerships in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $363.5 million. Goodwill associated with the acquisitions totaled $43.9 million. The accounting for these acquisitions is considered to be preliminary and subject to change as the Company’s fair value assessments are finalized. The Company is continuing to analyze and assess relevant information related to the valuation of property, equipment and intangible assets. The Company will reflect any required fair value adjustments in subsequent filings with the SEC.

DISCONTINUED OPERATIONS AND OTH

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	6 Months Ended
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Brazil Discontinued Operations On July 1, 2022, the Company closed on the disposition of the Brazil Disposal Group. The sale price of approximately BRL 510.0 million included a holdback amount of BRL 115.0 million, for general representations and warranties, to be held in escrow for a period of five years from the close of the transaction (the “Brazil Disposal Escrow”). At the conclusion of the five-year period, the remaining funds held in the Brazil Disposal Escrow will be released to the Company. As of June 30, 2023, the Company had a remaining receivable balance of $21.7 million associated with the Brazil Disposal Escrow recorded in Other long-term assets on the Condensed Consolidated Balance Sheet, of which $4.9 million is expected to be paid to settle the Company’s portion of accrued liabilities retained subsequent to the date of disposal. Results of the Brazil Discontinued Operations were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 REVENUES: New vehicle retail sales $ — $ 60.4 $ — $ 109.0 Used vehicle retail sales — 21.8 — 44.0 Used vehicle wholesale sales — 4.8 — 10.1 Parts and service sales — 13.1 — 23.8 Finance, insurance and other, net — 1.8 — 3.3 Total revenues — 101.9 — 190.2 COST OF SALES: New vehicle retail sales — 54.7 — 98.5 Used vehicle retail sales — 20.6 — 41.2 Used vehicle wholesale sales — 4.7 — 10.0 Parts and service sales — 8.1 — 14.5 Total cost of sales — 88.1 — 164.2 GROSS PROFIT — 13.8 — 26.1 Selling, general and administrative expenses 0.1 10.6 0.9 19.3 Depreciation and amortization expense — 0.5 — 0.9 Asset impairments — 6.3 — 6.3 LOSS FROM OPERATIONS — DISCONTINUED OPERATIONS (0.1) (3.6) (0.9) (0.5) Floorplan interest expense — 0.7 — 1.4 Other interest income, net (0.7) (0.3) (1.4) (0.4) INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 0.5 (4.0) 0.4 (1.5) Provision (benefit) for income taxes 0.3 (0.6) 0.5 0.1 NET INCOME (LOSS) — DISCONTINUED OPERATIONS $ 0.2 $ (3.4) $ (0.1) $ (1.6) Cash flows from operating and investing activities for the Brazil Discontinued Operations were immaterial for the six months ended June 30, 2023. Cash flows from operating and investing activities for the Brazil Discontinued Operations in the prior period were as follows (in millions): Six Months Ended June 30, 2022 Net cash provided by operating activities — discontinued operations $ 26.3 Net cash used in investing activities — discontinued operations $ (8.7) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): June 30, 2023 December 31, 2022 Prepaid expenses $ 1.0 $ — Other current assets — 1.3 Other long-term assets 21.7 22.8 Total assets of discontinued operations $ 22.7 $ 24.1 Accrued expenses and other current liabilities $ 4.9 $ 7.8 Total liabilities of discontinued operations $ 4.9 $ 7.8 Other Divestitures The Company’s divestitures generally consist of dealership assets and related real estate. Gains and losses on divestitures are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2023, the Company recorded a net pre-tax gain totaling $10.1 million related to the disposition of four dealerships in the U.S. The dispositions reduced goodwill by $20.8 million. The Company also terminated one franchise in the U.S. During the six months ended June 30, 2022, the Company recorded a net pre-tax gain totaling $24.1 million related to the disposition of four dealerships in the U.S. The dispositions reduced goodwill by $24.1 million.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of June 30, 2023, the Company had two reportable segments: the U.S. and the U.K. The Company defines its reportable segments as those operations whose results the Company’s Chief Executive Officer, who is the chief operating decision maker, regularly reviews to analyze performance and allocate resources. Each reportable segment is comprised of retail automotive franchises that sell new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts. Selected reportable segment data is as follows (in millions): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Income before income taxes $ 207.8 $ 20.1 $ 227.9 $ 388.5 $ 45.8 $ 434.3 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,437.2 $ 708.2 $ 4,145.4 $ 6,528.5 $ 1,461.2 $ 7,989.7 Income before income taxes $ 241.7 $ 18.4 $ 260.1 $ 472.3 $ 50.1 $ 522.4

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s RSAs are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average basic common shares outstanding 13,777,225 15,956,258 13,819,024 16,241,221 Dilutive effect of stock-based awards and employee stock purchases 40,058 56,024 46,711 56,143 Weighted average dilutive common shares outstanding 13,817,283 16,012,282 13,865,736 16,297,364 Basic: Net income $ 170.5 $ 195.9 $ 329.0 $ 398.9 Less: Earnings allocated to participating securities from continuing operations 4.2 5.5 8.2 11.3 Less: Earnings (loss) allocated to participating securities from discontinued operations — (0.1) — — Net income available to basic common shares $ 166.4 $ 190.6 $ 320.7 $ 387.6 Basic earnings per common share $ 12.08 $ 11.94 $ 23.21 $ 23.87 Diluted: Net income $ 170.5 $ 195.9 $ 329.0 $ 398.9 Less: Earnings allocated to participating securities from continuing operations 4.1 5.4 8.2 11.3 Less: Earnings (loss) allocated to participating securities from discontinued operations — (0.1) — — Net income available to diluted common shares $ 166.4 $ 190.6 $ 320.8 $ 387.6 Diluted earnings per common share $ 12.04 $ 11.90 $ 23.13 $ 23.79

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”) using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 9. Debt for further discussion of the Company’s long-term debt arrangements. The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 660.9 $ 750.0 $ 633.9 Real estate related 95.1 85.2 99.2 90.5 Total $ 845.1 $ 746.1 $ 849.2 $ 724.4 (1) Carrying value excludes unamortized debt issuance costs. Derivative Financial Instruments The Company holds interest rate swaps to hedge against variability of interest payments indexed to SOFR. The Company’s interest rate swaps are measured at fair value utilizing a SOFR forward yield curve matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation technique incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value of the interest rate swaps also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated using the spread between the SOFR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 of the hierarchy framework. Assets and liabilities associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): June 30, 2023 December 31, 2022 Assets: Other current assets $ 0.1 $ 0.1 Other long-term assets (1) 109.9 109.2 Total assets $ 110.0 $ 109.3 Liabilities: Accrued expenses and other current liabilities $ — $ — Other long-term liabilities — — Total liabilities $ — $ — (1) As of June 30, 2023, the balance included gross fair value of $4.5 million of the de-designated swap as described below. Interest Rate Swaps De-designated as Cash Flow Hedges During the three months ended March 31, 2023 , the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. As of June 30, 2023 , the de-designated swap had an aggregate notional value of $30.9 million that fixed its underlying one-month SOFR at an annual interest rate of 0.60% and will mature on March 1, 2030. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2023 . The Company reclassified the entire previously deferred gain associated with the de-designated interest rate swap of $3.1 million , net of tax of $1.0 million , from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swap were probable of not occurring due to the settlement of the mortgages described above. Additionally, the Company recorded unrealized mark-to-mark et gains of $0.4 million and realized gains of $0.3 million a ssociated with the interest rate swap within Other interest expense, net, for the three and six months ended June 30, 2023, respectively. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense . As of June 30, 2023, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $872.7 million that fixed its underlying SOFR at a weighted average rate of 1.25%. The Company also held two additional interest rate swaps designated as cash flow hedges with forward start dates beginning in December 2023, that had an aggregate notional value of $100.0 million and a weighted average interest rate of 0.94% as of June 30, 2023. The maturity dates of the Company’s designated interest rate swaps with forward start dates range between December 2027 and December 2028. As of June 30, 2022, the Company held 41 interest rate swaps designated as cash flow hedges with a total notional value of $955.8 million that fixed its underlying SOFR at a weighted average rate of 1.23% . The Company completed the transition of interest rate swaps from LIBOR to SOFR during 2022. The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2023 2022 2023 2022 Interest rate swaps $ 15.8 $ 19.0 $ 9.0 $ 53.0 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Floorplan interest expense $ 3.8 $ (0.9) $ 7.1 $ (2.1) Other interest expense, net $ 0.3 $ (0.7) $ 4.5 $ (1.8) The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $20.9 million .

RECEIVABLES, NET AND CONTRACT A

RECEIVABLES, NET AND CONTRACT ASSETS	6 Months Ended
RECEIVABLES, NET AND CONTRACT ASSETS	Jun. 30, 2023
Receivables [Abstract]
RECEIVABLES, NET AND CONTRACT ASSETS	RECEIVABLES, NET AND CONTRACT ASSETS The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2023 December 31, 2022 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 170.2 $ 188.2 Vehicle receivables 100.5 90.9 Total contracts-in-transit and vehicle receivables 270.7 279.0 Less: allowance for doubtful accounts 0.3 0.6 Total contracts-in-transit and vehicle receivables, net $ 270.4 $ 278.5 Accounts and notes receivable, net: Manufacturer receivables $ 110.6 $ 94.6 Parts and service receivables 69.2 68.0 F&I receivables 30.1 30.0 Other 10.8 12.1 Total accounts and notes receivable 220.7 204.7 Less: allowance for doubtful accounts 4.9 5.5 Total accounts and notes receivable, net $ 215.9 $ 199.2 Within Other current assets and Other long-term assets: Total contract assets (1) $ 51.6 $ 47.9

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following (in millions): June 30, 2023 December 31, 2022 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 450.0 303.2 Other Debt: Real estate related 773.4 796.9 Finance leases 276.0 220.4 Other 9.7 22.3 Total other debt 1,059.1 1,039.6 Total debt 2,259.1 2,092.7 Less: unamortized debt issuance costs 9.5 10.2 Less: current maturities 75.4 130.3 Total long-term debt $ 2,174.2 $ 1,952.2 Acquisition Line The proceeds of the Acquisition Line (as defined in Note 10. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of June 30, 2023, borrowings under the Acquisition Line, a component of the Revolvin g Credit Facility (as defined in Note 10. Floorplan Notes Payable), totaled $450.0 million. The average interest rate on this facility was 6.04% during the three months ended June 30, 2023. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of June 30, 2023, borrowings outstanding under these facilities totaled $773.4 million, gross of debt issuance costs, comprised of $650.4 million in the U.S. and $122.9 million in the U.K, respectively.

FLOORPLAN NOTES PAYABLE

FLOORPLAN NOTES PAYABLE	6 Months Ended
FLOORPLAN NOTES PAYABLE	Jun. 30, 2023
Line of Credit Facility [Abstract]
FLOORPLAN NOTES PAYABLE	FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2023 December 31, 2022 Revolving Credit Facility — floorplan notes payable $ 1,029.7 $ 833.5 Revolving Credit Facility — floorplan notes payable offset account (250.0) (140.2) Revolving Credit Facility — floorplan notes payable, net 779.7 693.3 Other non-manufacturer facilities 63.4 68.8 Floorplan notes payable — credit facility and other, net $ 843.1 $ 762.1 FMCC Facility $ 85.1 $ 55.1 FMCC Facility offset account (17.7) (13.4) FMCC Facility, net 67.5 41.8 Other manufacturer affiliate facilities 249.9 201.3 Floorplan notes payable — manufacturer affiliates, net $ 317.4 $ 243.1 Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a $2.0 billion revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (“Revolving Credit Facility”). The Company has the option to increase the availability to $2.4 billion, under certain conditions. The Revolving Credit Facility consists of two tranches: (i ) a $1.2 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net ; and (ii) an $800.0 million maximum capacit y tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets — refer to Note 9. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.0 billion commitment. Th e Acquisition Line includes a $100.0 million sub-limit for letters of credit and $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of June 30, 2023 and December 31, 2022. The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 6.31% as of June 30, 2023, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points , depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging fr om 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $4.4 million and $5.0 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 8.25% as of June 30, 2023. Other M anufacturer Facilities The Company has other credit facilities in the U.S. and the U.K. with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of June 30, 2023, borrowings outstanding under these facilities totaled $249.9 million, comprised of $143.5 million in the U.S., with annual interest rates ranging from less than 1% to approximately 9%, and $106.5 million in the U.K., with annual interest rates ranging from approximately 5% to 7%. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
CASH FLOW INFORMATION	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures increased $1.3 million an d $0.1 million during the six months ended June 30, 2023 and 2022, respectively. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $70.8 million and $42.8 million for the six months ended June 30, 2023 and 2022, respectively. Refer to Note 7. Financial Instruments and Fair Value Measurements for further discussion of the Company’s interest rate swaps. Cash paid for income taxes, net of refunds, was $78.7 million and $99.2 million for the six months ended June 30, 2023 and 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company or its dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, claims involving the manufacturers of automobiles, contractual disputes, vehicle related incidents and other matters arising in the ordinary course of business. The Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In the normal course of business, the Company is required to respond to customer, employee and other third-party complaints. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate or warranty-related items and charge the Company back for amounts determined to be invalid payments under the manufacturers’ programs, subject to the Company’s right to appeal any such decision. Legal Proceedings As of June 30, 2023, the Company was not party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of current or future matters cannot be predicted with certainty; an unfavorable resolution of one or more of such matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. The Company previously recorded a $33.4 million payment for the purchase of an additional dealership as part of the acquisition of the Prime Automotive Group in 2021. As of June 30, 2023, the purchase of the additional dealership had not yet closed and t he Company is still waiting for distributor approval to obtain ownership of the additional dealership. The amount previously paid has been classified as goodwill on the Condensed Consolidated Balance Sheets. Pursuant to the purchase agreement with the seller, the seller initiated legal action against the distributor to compel the approval of the sale of the dealership to the Company. Although the seller has obtained favorable rulings from the court, the result of this legal action cannot be predicted with certainty. Other Matters In connection with dealership dispositions where the Company did not own the real estate and was a tenant, it assigned the lease to the purchaser but remained liable as a guarantor for the remaining lease payments in the event of non-payment by the purchaser. Although the Company has no reason to believe that it will be called upon to perform under any such assigned leases, the Company estimates that lessee remaining rental obligations were $34.4 million as of June 30, 2023. In certain instances, the Company obtains collateral support for the rental obligations that the Company remains obligated for upon sale of a dealership to a lessee. Associated letters of credit issued on behalf of the lessee where the Company is the beneficiary totaled $1.0 million as of June 30, 2023.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Jun. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of AOCI were as follows (in millions): Six Months Ended June 30, 2023 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Other comprehensive income (loss) before reclassifications: Pre-tax 21.0 11.9 32.9 Tax effect — (2.8) (2.8) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (7.1) (7.1) Other interest expense, net (pre-tax) — (4.5) (4.5) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 3.7 3.7 Net current period other comprehensive income (loss) 21.0 (2.8) 18.1 Balance, June 30, 2023 $ (40.1) $ 80.8 $ 40.6 Six Months Ended June 30, 2022 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2) Other comprehensive income (loss) before reclassifications: Pre-tax (28.1) 69.3 41.2 Tax effect — (16.3) (16.3) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 2.1 2.1 Other interest expense (pre-tax) — 1.8 1.8 Benefit for income taxes — (0.9) (0.9) Net current period other comprehensive (loss) income (28.1) 56.0 28.0 Balance, June 30, 2022 $ (186.3) $ 58.0 $ (128.3)

BASIS OF PRESENTATION AND CON_2

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2022 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned.
Use of Estimates	Use of EstimatesThe preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances; however, actual results could differ materially from such estimates. The significant estimates made by management in the accompanying Condensed Consolidated Financial Statements including, but not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and VSC fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights, and reserves for potential litigation.
Fair Value Measurement	Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices for identical assets or liabilities in active markets. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
REVENUES (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues disaggregated by revenue source and geographical segment	The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,915.5 $ 327.6 $ 2,243.2 $ 3,524.1 $ 674.8 $ 4,198.9 Used vehicle retail sales 1,139.9 310.7 1,450.6 2,170.0 629.5 2,799.5 Used vehicle wholesale sales 79.8 32.7 112.5 162.1 62.3 224.4 Total new and used vehicle sales 3,135.2 671.0 3,806.2 5,856.2 1,366.6 7,222.8 Parts and service sales (1) 491.2 70.8 562.0 965.0 145.3 1,110.3 Finance, insurance and other, net (2) 173.2 17.1 190.3 320.8 34.6 355.4 Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 U.S. U.K. Total U.S. U.K. Total New vehicle retail sales $ 1,561.7 $ 289.5 $ 1,851.3 $ 2,994.9 $ 601.6 $ 3,596.4 Used vehicle retail sales 1,197.6 307.8 1,505.4 2,235.5 629.8 2,865.3 Used vehicle wholesale sales 59.1 36.7 95.8 116.4 72.9 189.3 Total new and used vehicle sales 2,818.5 634.0 3,452.5 5,346.7 1,304.3 6,651.0 Parts and service sales (1) 445.6 57.1 502.6 854.0 121.5 975.5 Finance, insurance and other, net (2) 173.1 17.1 190.2 327.9 35.4 363.2 Total revenues $ 3,437.2 $ 708.2 $ 4,145.4 $ 6,528.5 $ 1,461.2 $ 7,989.7 (1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $7.6 million and $6.8 million during the three months ended June 30, 2023 and 2022, respectively, and $12.5 million and $16.9 million during the six months ended June 30, 2023 and 2022, respectively, relating to performance obligations satisfied in previous periods on the Compa ny’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.

DISCONTINUED OPERATIONS AND O_2

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)	6 Months Ended
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal groups, including discontinued operations	Results of the Brazil Discontinued Operations were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 REVENUES: New vehicle retail sales $ — $ 60.4 $ — $ 109.0 Used vehicle retail sales — 21.8 — 44.0 Used vehicle wholesale sales — 4.8 — 10.1 Parts and service sales — 13.1 — 23.8 Finance, insurance and other, net — 1.8 — 3.3 Total revenues — 101.9 — 190.2 COST OF SALES: New vehicle retail sales — 54.7 — 98.5 Used vehicle retail sales — 20.6 — 41.2 Used vehicle wholesale sales — 4.7 — 10.0 Parts and service sales — 8.1 — 14.5 Total cost of sales — 88.1 — 164.2 GROSS PROFIT — 13.8 — 26.1 Selling, general and administrative expenses 0.1 10.6 0.9 19.3 Depreciation and amortization expense — 0.5 — 0.9 Asset impairments — 6.3 — 6.3 LOSS FROM OPERATIONS — DISCONTINUED OPERATIONS (0.1) (3.6) (0.9) (0.5) Floorplan interest expense — 0.7 — 1.4 Other interest income, net (0.7) (0.3) (1.4) (0.4) INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS 0.5 (4.0) 0.4 (1.5) Provision (benefit) for income taxes 0.3 (0.6) 0.5 0.1 NET INCOME (LOSS) — DISCONTINUED OPERATIONS $ 0.2 $ (3.4) $ (0.1) $ (1.6) Cash flows from operating and investing activities for the Brazil Discontinued Operations were immaterial for the six months ended June 30, 2023. Cash flows from operating and investing activities for the Brazil Discontinued Operations in the prior period were as follows (in millions): Six Months Ended June 30, 2022 Net cash provided by operating activities — discontinued operations $ 26.3 Net cash used in investing activities — discontinued operations $ (8.7) Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions): June 30, 2023 December 31, 2022 Prepaid expenses $ 1.0 $ — Other current assets — 1.3 Other long-term assets 21.7 22.8 Total assets of discontinued operations $ 22.7 $ 24.1 Accrued expenses and other current liabilities $ 4.9 $ 7.8 Total liabilities of discontinued operations $ 4.9 $ 7.8

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Reportable segment information	Selected reportable segment data is as follows (in millions): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,799.6 $ 758.9 $ 4,558.5 $ 7,142.0 $ 1,546.5 $ 8,688.5 Income before income taxes $ 207.8 $ 20.1 $ 227.9 $ 388.5 $ 45.8 $ 434.3 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 U.S. U.K. Total U.S. U.K. Total Total revenues $ 3,437.2 $ 708.2 $ 4,145.4 $ 6,528.5 $ 1,461.2 $ 7,989.7 Income before income taxes $ 241.7 $ 18.4 $ 260.1 $ 472.3 $ 50.1 $ 522.4

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Calculation of earnings per share	The following table sets forth the calculation of EPS (in millions, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average basic common shares outstanding 13,777,225 15,956,258 13,819,024 16,241,221 Dilutive effect of stock-based awards and employee stock purchases 40,058 56,024 46,711 56,143 Weighted average dilutive common shares outstanding 13,817,283 16,012,282 13,865,736 16,297,364 Basic: Net income $ 170.5 $ 195.9 $ 329.0 $ 398.9 Less: Earnings allocated to participating securities from continuing operations 4.2 5.5 8.2 11.3 Less: Earnings (loss) allocated to participating securities from discontinued operations — (0.1) — — Net income available to basic common shares $ 166.4 $ 190.6 $ 320.7 $ 387.6 Basic earnings per common share $ 12.08 $ 11.94 $ 23.21 $ 23.87 Diluted: Net income $ 170.5 $ 195.9 $ 329.0 $ 398.9 Less: Earnings allocated to participating securities from continuing operations 4.1 5.4 8.2 11.3 Less: Earnings (loss) allocated to participating securities from discontinued operations — (0.1) — — Net income available to diluted common shares $ 166.4 $ 190.6 $ 320.8 $ 387.6 Diluted earnings per common share $ 12.04 $ 11.90 $ 23.13 $ 23.79

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of carrying value and fair value of the company’s fixed rate long-term debt	The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): June 30, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value 4.00% Senior Notes $ 750.0 $ 660.9 $ 750.0 $ 633.9 Real estate related 95.1 85.2 99.2 90.5 Total $ 845.1 $ 746.1 $ 849.2 $ 724.4 (1) Carrying value excludes unamortized debt issuance costs.
Asset and liabilities recorded at fair value	Assets and liabilities associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): June 30, 2023 December 31, 2022 Assets: Other current assets $ 0.1 $ 0.1 Other long-term assets (1) 109.9 109.2 Total assets $ 110.0 $ 109.3 Liabilities: Accrued expenses and other current liabilities $ — $ — Other long-term liabilities — — Total liabilities $ — $ — (1) As of June 30, 2023, the balance included gross fair value of $4.5 million
Impact of interest rate derivative instruments	The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationship 2023 2022 2023 2022 Interest rate swaps $ 15.8 $ 19.0 $ 9.0 $ 53.0 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations Statement of Operations Classification Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Floorplan interest expense $ 3.8 $ (0.9) $ 7.1 $ (2.1) Other interest expense, net $ 0.3 $ (0.7) $ 4.5 $ (1.8)

RECEIVABLES, NET AND CONTRACT_2

RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	6 Months Ended
RECEIVABLES, NET AND CONTRACT ASSETS (Tables)	Jun. 30, 2023
Receivables [Abstract]
Accounts and notes receivable	The Company’s receivables, net and contract assets consisted of the following (in millions): June 30, 2023 December 31, 2022 Contracts-in-transit and vehicle receivables, net: Contracts-in-transit $ 170.2 $ 188.2 Vehicle receivables 100.5 90.9 Total contracts-in-transit and vehicle receivables 270.7 279.0 Less: allowance for doubtful accounts 0.3 0.6 Total contracts-in-transit and vehicle receivables, net $ 270.4 $ 278.5 Accounts and notes receivable, net: Manufacturer receivables $ 110.6 $ 94.6 Parts and service receivables 69.2 68.0 F&I receivables 30.1 30.0 Other 10.8 12.1 Total accounts and notes receivable 220.7 204.7 Less: allowance for doubtful accounts 4.9 5.5 Total accounts and notes receivable, net $ 215.9 $ 199.2 Within Other current assets and Other long-term assets: Total contract assets (1) $ 51.6 $ 47.9

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Composition of long-term debt	Long-term debt consisted of the following (in millions): June 30, 2023 December 31, 2022 4.00% Senior Notes due August 15, 2028 $ 750.0 $ 750.0 Acquisition Line 450.0 303.2 Other Debt: Real estate related 773.4 796.9 Finance leases 276.0 220.4 Other 9.7 22.3 Total other debt 1,059.1 1,039.6 Total debt 2,259.1 2,092.7 Less: unamortized debt issuance costs 9.5 10.2 Less: current maturities 75.4 130.3 Total long-term debt $ 2,174.2 $ 1,952.2

FLOORPLAN NOTES PAYABLE (Tables

FLOORPLAN NOTES PAYABLE (Tables)	6 Months Ended
FLOORPLAN NOTES PAYABLE (Tables)	Jun. 30, 2023
Line of Credit Facility [Abstract]
Schedule of floorplan notes payable	The Company’s floorplan notes payable consisted of the following (in millions): June 30, 2023 December 31, 2022 Revolving Credit Facility — floorplan notes payable $ 1,029.7 $ 833.5 Revolving Credit Facility — floorplan notes payable offset account (250.0) (140.2) Revolving Credit Facility — floorplan notes payable, net 779.7 693.3 Other non-manufacturer facilities 63.4 68.8 Floorplan notes payable — credit facility and other, net $ 843.1 $ 762.1 FMCC Facility $ 85.1 $ 55.1 FMCC Facility offset account (17.7) (13.4) FMCC Facility, net 67.5 41.8 Other manufacturer affiliate facilities 249.9 201.3 Floorplan notes payable — manufacturer affiliates, net $ 317.4 $ 243.1

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Jun. 30, 2023
Equity [Abstract]
Changes in the balances of each component of accumulated other comprehensive income (loss)	Changes in the balances of each component of AOCI were as follows (in millions): Six Months Ended June 30, 2023 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2022 $ (61.1) $ 83.6 $ 22.5 Other comprehensive income (loss) before reclassifications: Pre-tax 21.0 11.9 32.9 Tax effect — (2.8) (2.8) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — (7.1) (7.1) Other interest expense, net (pre-tax) — (4.5) (4.5) Reclassification related to de-designated interest rate swaps (pre-tax) — (4.0) (4.0) Provision for income taxes — 3.7 3.7 Net current period other comprehensive income (loss) 21.0 (2.8) 18.1 Balance, June 30, 2023 $ (40.1) $ 80.8 $ 40.6 Six Months Ended June 30, 2022 Accumulated Income (Loss) On Foreign Currency Translation Accumulated Income (Loss) On Interest Rate Swaps Total Balance, December 31, 2021 $ (158.2) $ 2.0 $ (156.2) Other comprehensive income (loss) before reclassifications: Pre-tax (28.1) 69.3 41.2 Tax effect — (16.3) (16.3) Amount reclassified from accumulated other comprehensive income (loss): Floorplan interest expense (pre-tax) — 2.1 2.1 Other interest expense (pre-tax) — 1.8 1.8 Benefit for income taxes — (0.9) (0.9) Net current period other comprehensive (loss) income (28.1) 56.0 28.0 Balance, June 30, 2022 $ (186.3) $ 58.0 $ (128.3)

BASIS OF PRESENTATION AND CON_3

BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES -Basis of Presentation and Consolidation (Details)	Jul. 01, 2022
Held-for-sale \| Brazil
Business And Organization
Percentage of equity interest relinquished	100%

REVENUES - Revenues Disaggregat

REVENUES - Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total revenues	$ 4,558.5	$ 4,145.4	$ 8,688.5	$ 7,989.7
U.S.
Disaggregation of Revenue
Total revenues	3,799.6	3,437.2	7,142	6,528.5
U.K.
Disaggregation of Revenue
Total revenues	758.9	708.2	1,546.5	1,461.2
Total new and used vehicle sales
Disaggregation of Revenue
Total revenues	3,806.2	3,452.5	7,222.8	6,651
Total new and used vehicle sales \| U.S.
Disaggregation of Revenue
Total revenues	3,135.2	2,818.5	5,856.2	5,346.7
Total new and used vehicle sales \| U.K.
Disaggregation of Revenue
Total revenues	671	634	1,366.6	1,304.3
New vehicle retail sales
Disaggregation of Revenue
Total revenues	2,243.2	1,851.3	4,198.9	3,596.4
New vehicle retail sales \| U.S.
Disaggregation of Revenue
Total revenues	1,915.5	1,561.7	3,524.1	2,994.9
New vehicle retail sales \| U.K.
Disaggregation of Revenue
Total revenues	327.6	289.5	674.8	601.6
Used vehicle retail sales
Disaggregation of Revenue
Total revenues	1,450.6	1,505.4	2,799.5	2,865.3
Used vehicle retail sales \| U.S.
Disaggregation of Revenue
Total revenues	1,139.9	1,197.6	2,170	2,235.5
Used vehicle retail sales \| U.K.
Disaggregation of Revenue
Total revenues	310.7	307.8	629.5	629.8
Used vehicle wholesale sales
Disaggregation of Revenue
Total revenues	112.5	95.8	224.4	189.3
Used vehicle wholesale sales \| U.S.
Disaggregation of Revenue
Total revenues	79.8	59.1	162.1	116.4
Used vehicle wholesale sales \| U.K.
Disaggregation of Revenue
Total revenues	32.7	36.7	62.3	72.9
Parts and service sales
Disaggregation of Revenue
Total revenues	562	502.6	1,110.3	975.5
Parts and service sales \| U.S.
Disaggregation of Revenue
Total revenues	491.2	445.6	965	854
Parts and service sales \| U.K.
Disaggregation of Revenue
Total revenues	70.8	57.1	145.3	121.5
Finance, insurance and other, net
Disaggregation of Revenue
Total revenues	190.3	190.2	355.4	363.2
Variable consideration recognized relating to performance obligations satisfied in previous period	7.6	6.8	12.5	16.9
Finance, insurance and other, net \| U.S.
Disaggregation of Revenue
Total revenues	173.2	173.1	320.8	327.9
Finance, insurance and other, net \| U.K.
Disaggregation of Revenue
Total revenues	$ 17.1	$ 17.1	$ 34.6	$ 35.4

ACQUISITIONS (Details)

ACQUISITIONS (Details) - U.S. $ in Millions	6 Months Ended
ACQUISITIONS (Details) - U.S. $ in Millions	Jun. 30, 2023 USD ($) dealership	Jun. 30, 2022 USD ($) dealership
Acquisitions and Dispositions
Aggregate consideration \| $	$ 363.5
Goodwill acquired \| $	$ 43.9
Chevrolet Dealership
Acquisitions and Dispositions
Number of dealerships acquired \| dealership	1
Kia Dealership
Acquisitions and Dispositions
Number of dealerships acquired \| dealership	1
Buick-GMC Dealerships
Acquisitions and Dispositions
Number of dealerships acquired \| dealership	3
Toyota Dealership
Acquisitions and Dispositions
Number of dealerships acquired \| dealership		2
Aggregate consideration \| $		$ 319
Goodwill acquired \| $		$ 171.6

DISCONTINUED OPERATIONS AND O_3

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Narrative (Details) R$ in Millions, $ in Millions		6 Months Ended
	Jul. 01, 2022 BRL (R$)	Jun. 30, 2023 USD ($) dealership	Jun. 30, 2022 USD ($) dealership	Dec. 31, 2022 USD ($)
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Dispositions reduced goodwill		$ 20.8	$ 24.1
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Goodwill		23.9		$ 13.4
Held-for-sale \| Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Consideration for disposal \| R$	R$ 510.0
Holdback term (years)	5 years
Held-for-sale \| Brazil \| General Representations and Warranties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Holdback portion of consideration \| R$	R$ 115.0
Discontinued Operations \| Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Other long-term assets		21.7		22.8
Accrued expenses and other current liabilities		4.9		$ 7.8
U.S. \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Net pre-tax gain (loss) on dealership dispositions		$ 10.1	$ 24.1
Number of dealerships \| dealership		4	4
Number of franchise terminated \| dealership		1

DISCONTINUED OPERATIONS AND O_4

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Brazil Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
NET INCOME (LOSS) — DISCONTINUED OPERATIONS	$ 0.2	$ (3.4)	$ (0.1)	$ (1.6)
Brazil \| Held-for-sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	101.9	0	190.2
COST OF SALES	0	88.1	0	164.2
GROSS PROFIT	0	13.8	0	26.1
Selling, general and administrative expenses	0.1	10.6	0.9	19.3
Depreciation and amortization expense	0	0.5	0	0.9
Asset impairments	0	6.3	0	6.3
LOSS FROM OPERATIONS — DISCONTINUED OPERATIONS	(0.1)	(3.6)	(0.9)	(0.5)
Floorplan interest expense	0	0.7	0	1.4
Other interest income, net	(0.7)	(0.3)	(1.4)	(0.4)
INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS	0.5	(4)	0.4	(1.5)
Provision (benefit) for income taxes	0.3	(0.6)	0.5	0.1
NET INCOME (LOSS) — DISCONTINUED OPERATIONS	0.2	(3.4)	(0.1)	(1.6)
Brazil \| Held-for-sale \| New vehicle retail sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	60.4	0	109
COST OF SALES	0	54.7	0	98.5
Brazil \| Held-for-sale \| Used vehicle retail sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	21.8	0	44
COST OF SALES	0	20.6	0	41.2
Brazil \| Held-for-sale \| Used vehicle wholesale sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	4.8	0	10.1
COST OF SALES	0	4.7	0	10
Brazil \| Held-for-sale \| Parts and service sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	0	13.1	0	23.8
COST OF SALES	0	8.1	0	14.5
Brazil \| Held-for-sale \| Finance, insurance and other, net
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
REVENUE	$ 0	$ 1.8	$ 0	$ 3.3

DISCONTINUED OPERATIONS AND O_5

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Cash Flows from Operating and Investing Activities for Discontinued Operations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided by operating activities — discontinued operations	$ 26.3
Net cash used in investing activities — discontinued operations	$ (8.7)

DISCONTINUED OPERATIONS AND O_6

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Total liabilities of discontinued operations	$ 14.6	$ 4.8
Discontinued Operations \| Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Prepaid expenses	1	0
Other current assets	0	1.3
Other long-term assets	21.7	22.8
Total assets of discontinued operations	22.7	24.1
Accrued expenses and other current liabilities	4.9	7.8
Total liabilities of discontinued operations	$ 4.9	$ 7.8

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segment Revenue, Income (Loss) Before Income Taxes, (Provision) Benefit for Income Taxes and Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Total revenues	$ 4,558.5	$ 4,145.4	$ 8,688.5	$ 7,989.7
Income before income taxes	227.9	260.1	434.3	522.4
U.S.
Segment Reporting Information
Total revenues	3,799.6	3,437.2	7,142	6,528.5
Income before income taxes	207.8	241.7	388.5	472.3
U.K.
Segment Reporting Information
Total revenues	758.9	708.2	1,546.5	1,461.2
Income before income taxes	$ 20.1	$ 18.4	$ 45.8	$ 50.1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average basic common shares outstanding (in shares)	13,777,225	15,956,258	13,819,024	16,241,221
Dilutive effect of stock-based awards and employee stock purchases (in shares)	40,058	56,024	46,711	56,143
Weighted average dilutive common shares outstanding (in shares)	13,817,283	16,012,282	13,865,736	16,297,364
Basic:
Net income	$ 170.5	$ 195.9	$ 329	$ 398.9
Net income available to basic common shares	$ 166.4	$ 190.6	$ 320.7	$ 387.6
Basic earnings per common share (in dollars per shares)	$ 12.08	$ 11.94	$ 23.21	$ 23.87
Diluted:
Net income	$ 170.5	$ 195.9	$ 329	$ 398.9
Net income available to diluted common shares	$ 166.4	$ 190.6	$ 320.8	$ 387.6
Diluted earnings per common share (in dollars per share)	$ 12.04	$ 11.90	$ 23.13	$ 23.79
Continuing Operations
Basic:
Less: Earnings (loss) allocated to participating securities	$ 4.2	$ 5.5	$ 8.2	$ 11.3
Diluted:
Less: Earnings (loss) allocated to participating securities	4.1	5.4	8.2	11.3
Discontinued operations
Basic:
Less: Earnings (loss) allocated to participating securities	0	(0.1)	0	0
Diluted:
Less: Earnings (loss) allocated to participating securities	$ 0	$ (0.1)	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($) derivative	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($) derivative	Mar. 31, 2023 derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Gross fair value	$ 3,200,000	$ (1,200,000)	$ 8,800,000	$ (3,000,000)
Unrealized gain (loss) on interest rate risk management activities, net of tax	12,600,000	20,100,000	(2,800,000)	56,000,000
Reclassification of de-designated interest rate swaps net of tax	0	0	1,000,000	0
Other interest expense	25,900,000	$ 18,500,000	45,600,000	$ 35,900,000
Amount of gain expected to be reclassified from other comprehensive income (loss) into earnings	$ 20,900,000		20,900,000
Not Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Gross fair value			4,500,000
Unrealized gain (loss) on interest rate risk management activities, net of tax			3,100,000
Reclassification of de-designated interest rate swaps net of tax			$ 1,000,000
Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of instruments \| derivative	35	41	35	41
Notional value	$ 872,700,000	$ 955,800,000	$ 872,700,000	$ 955,800,000
Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging \| SOFR equivalent plus
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Weighted average interest rate (as a percentage)	1.25%	1.23%	1.25%	1.23%
Interest Rate Swaps \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of Instruments, de-designated \| derivative	0
Interest Rate Swaps \| Not Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other interest expense	$ 400,000		$ 400,000
Realized gains	$ 300,000		$ 300,000
Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of instruments \| derivative	2		2
Notional value	$ 100,000,000		$ 100,000,000
Weighted average interest rate (as a percentage)	0.94%		0.94%
Mortgage Interest Rate Swap \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of instruments \| derivative					1
Notional value	$ 30,900,000		$ 30,900,000
Mortgage Interest Rate Swap \| Not Designated as Hedging Instrument \| SOFR equivalent plus
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate (as a percentage)	0.60%		0.60%
Senior Notes \| 4.00% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt issued	$ 750,000,000		$ 750,000,000
Interest rate (as a percentage)	4%		4%

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Long-term Debt Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument
Debt, fair value	$ 845.1	$ 849.2
Fair Value
Debt Instrument
Debt, fair value	$ 746.1	724.4
4.00% Senior Notes \| Senior Notes
Debt Instrument
Interest rate (as a percentage)	4%
4.00% Senior Notes \| Carrying Value \| Senior Notes
Debt Instrument
Debt, fair value	$ 750	750
4.00% Senior Notes \| Fair Value \| Senior Notes
Debt Instrument
Debt, fair value	660.9	633.9
Real estate related \| Carrying Value
Debt Instrument
Debt, fair value	95.1	99.2
Real estate related \| Fair Value
Debt Instrument
Debt, fair value	$ 85.2	$ 90.5

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Other current assets	$ 0.1	$ 0.1
Other long-term assets	109.9	109.2
Total assets	110	109.3
Liabilities:
Accrued expenses and other current liabilities	0	0
Other long-term liabilities	0	0
Total liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)	$ 15.8	$ 19	$ 9	$ 53
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	3.2	(1.2)	8.8	(3)
Floorplan interest expense
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	3.8	(0.9)	7.1	(2.1)
Other interest expense, net
Derivative
Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	$ 0.3	$ (0.7)	$ 4.5	$ (1.8)

RECEIVABLES, NET AND CONTRACT_3

RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable
Contracts-in-transit	$ 170,200,000	$ 188,200,000
Vehicle receivables	100,500,000	90,900,000
Total contracts-in-transit and vehicle receivables	270,700,000	279,000,000
Less: allowance for doubtful accounts	300,000	600,000
Total contracts-in-transit and vehicle receivables, net	270,400,000	278,500,000
Accounts and notes receivable, net
Accounts and notes receivables	220,700,000	204,700,000
Less: allowance for doubtful accounts	4,900,000	5,500,000
Total accounts and notes receivable, net	215,900,000	199,200,000
Total contract assets	51,600,000	47,900,000
Allowance for doubtful accounts	0	0
Manufacturer receivables
Accounts and notes receivable, net
Accounts and notes receivables	110,600,000	94,600,000
Parts and service receivables
Accounts and notes receivable, net
Accounts and notes receivables	69,200,000	68,000,000
F&I receivables
Accounts and notes receivable, net
Accounts and notes receivables	30,100,000	30,000,000
Other
Accounts and notes receivable, net
Accounts and notes receivables	$ 10,800,000	$ 12,100,000

DEBT - Composition of Long-Term

DEBT - Composition of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument
Total debt	$ 2,259.1	$ 2,092.7
Less: unamortized debt issuance costs	9.5	10.2
Less: current maturities	75.4	130.3
Total long-term debt	2,174.2	1,952.2
Other Debt
Debt Instrument
Real estate related and other long-term debt	9.7	22.3
Finance leases	276	220.4
Total other debt	$ 1,059.1	1,039.6
4.00% Senior Notes \| Senior Notes
Debt Instrument
Interest rate (as a percentage)	4%
Senior notes	$ 750	750
Acquisition Line \| Line of credit
Debt Instrument
Acquisition Line	450	303.2
Real estate related \| Other Debt
Debt Instrument
Real estate related and other long-term debt	$ 773.4	$ 796.9

DEBT - Acquisition Line and Rea

DEBT - Acquisition Line and Real Estate Related (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Debt
Debt Instrument
Real estate related debt	$ 9.7	$ 22.3
Real estate related \| Other Debt
Debt Instrument
Real estate related debt	773.4	796.9
U.S. Notes \| Other Debt
Debt Instrument
Real estate related debt	650.4
U.K. Notes \| Other Debt
Debt Instrument
Real estate related debt	122.9
Line of credit \| Acquisition Line
Debt Instrument
Acquisition line	$ 450	$ 303.2
Interest rate (as a percentage)	6.04%

FLOORPLAN NOTES PAYABLE - Sched

FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of credit - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revolving Credit Facility — floorplan notes payable
Line of Credit Facility
Long-term debt, gross	$ 1,029.7	$ 833.5
Long-term debt, offset	(250)	(140.2)
Long-term debt	779.7	693.3
Other non-manufacturer facilities
Line of Credit Facility
Long-term debt	63.4	68.8
Floorplan notes payable — credit facility and other, net
Line of Credit Facility
Long-term debt	843.1	762.1
FMCC Facility
Line of Credit Facility
Long-term debt, gross	85.1	55.1
Long-term debt, offset	(17.7)	(13.4)
Long-term debt	67.5	41.8
Other manufacturer affiliate facilities
Line of Credit Facility
Long-term debt	249.9	201.3
Floorplan notes payable — manufacturer affiliates, net
Line of Credit Facility
Long-term debt	$ 317.4	$ 243.1

FLOORPLAN NOTES PAYABLE - Narra

FLOORPLAN NOTES PAYABLE - Narrative (Details)	6 Months Ended
FLOORPLAN NOTES PAYABLE - Narrative (Details)	Jun. 30, 2023 USD ($) tranche institution	Dec. 31, 2022 USD ($)
Revolving Credit Facility
Line of Credit Facility
Unamortized discount	$ 4,400,000	$ 5,000,000
Line of credit
Line of Credit Facility
Participating financial institutions (institution) \| institution	20
Outstanding letters of credit	$ 12,200,000	$ 12,200,000
Line of credit \| Revolving Credit Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	2,000,000,000
Line of credit facility, potential maximum borrowing capacity	$ 2,400,000,000
Number 0f tranches (tranche) \| tranche	2
Line of credit \| Floorplan Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 1,200,000,000
Weighted average interest rate (as a percentage)	6.31%
Commitment fee (as a percentage)	0.15%
Line of credit \| Acquisition Line
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 800,000,000
Minimum borrowing capacity	50,000,000
Sub-limit for letters of credit	$ 100,000,000
Line of credit \| Acquisition Line \| Minimum
Line of Credit Facility
Commitment fee (as a percentage)	0.15%
Line of credit \| Acquisition Line \| Maximum
Line of Credit Facility
Commitment fee (as a percentage)	0.40%
Line of credit \| Acquisition Line \| SOFR equivalent plus \| Minimum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.10%
Line of credit \| Acquisition Line \| SOFR equivalent plus \| Maximum
Line of Credit Facility
Basis spread on variable rate (as a percentage)	2.10%
Line of credit \| New Vehicles \| SOFR equivalent plus
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.20%
Line of credit \| Used Vehicles \| SOFR equivalent plus
Line of Credit Facility
Basis spread on variable rate (as a percentage)	1.50%
Line of credit \| Other Credit Facilities
Line of Credit Facility
Outstanding balance	$ 249,900,000
Line of credit \| FMCC Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 300,000,000
Interest rate (as a percentage)	8.25%
Line of credit \| Rental Vehicles Financed through Credit Facility
Line of Credit Facility
Outstanding balance	$ 143,500,000
Line of credit \| Rental Vehicles Financed through Credit Facility \| Minimum
Line of Credit Facility
Interest rate (as a percentage)	1%
Line of credit \| Rental Vehicles Financed through Credit Facility \| Maximum
Line of Credit Facility
Interest rate (as a percentage)	9%
Line of credit \| UK Credit Facilities
Line of Credit Facility
Outstanding balance	$ 106,500,000
Line of credit \| UK Credit Facilities \| Minimum
Line of Credit Facility
Interest rate (as a percentage)	5%
Line of credit \| UK Credit Facilities \| Maximum
Line of Credit Facility
Interest rate (as a percentage)	7%

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Increase in accrual for capital expenditures	$ 1.3	$ 0.1
Cash paid for interest	70.8	42.8
Cash paid for taxes, net of refunds	$ 78.7	$ 99.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2021
Other Commitments
Lessee rental payment obligations during remaining terms of leases under guarantee agreement	$ 34.4
Letters of credit issued on behalf of lessee	$ 1
Prime Automotive Group
Other Commitments
Deposit assets		$ 33.4

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in AOCI
Beginning balance	$ 2,352.5	$ 1,949.2	$ 2,237.5	$ 1,825.2
Other comprehensive income (loss) before reclassifications:
Pre-tax			32.9	41.2
Tax effect			(2.8)	(16.3)
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			3.7	(0.9)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	23.8	(7.7)	18.1	28
Ending balance	2,518.9	2,004.5	2,518.9	2,004.5
Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(4)
Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(7.1)	2.1
Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(4.5)	1.8
Accumulated other comprehensive income (loss)
Increase (Decrease) in AOCI
Beginning balance	16.7	(120.6)	22.5	(156.2)
Amount reclassified from accumulated other comprehensive income (loss):
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	23.8	(7.7)	18.1	28
Ending balance	40.6	(128.3)	40.6	(128.3)
Accumulated Income (Loss) On Foreign Currency Translation
Increase (Decrease) in AOCI
Beginning balance			(61.1)	(158.2)
Other comprehensive income (loss) before reclassifications:
Pre-tax			21	(28.1)
Tax effect			0	0
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX			21	(28.1)
Ending balance	(40.1)	(186.3)	(40.1)	(186.3)
Accumulated Income (Loss) On Foreign Currency Translation \| Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0
Accumulated Income (Loss) On Foreign Currency Translation \| Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Foreign Currency Translation \| Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			0	0
Accumulated Income (Loss) On Interest Rate Swaps
Increase (Decrease) in AOCI
Beginning balance			83.6	2
Other comprehensive income (loss) before reclassifications:
Pre-tax			11.9	69.3
Tax effect			(2.8)	(16.3)
Amount reclassified from accumulated other comprehensive income (loss):
Provision (benefit) for income taxes			3.7	(0.9)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX			(2.8)	56
Ending balance	$ 80.8	$ 58	80.8	58
Accumulated Income (Loss) On Interest Rate Swaps \| Interest Rate Swaps
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(4)
Accumulated Income (Loss) On Interest Rate Swaps \| Floorplan interest expense (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			(7.1)	2.1
Accumulated Income (Loss) On Interest Rate Swaps \| Other interest expense, net (pre-tax)
Amount reclassified from accumulated other comprehensive income (loss):
Pre-tax			$ (4.5)	$ 1.8