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SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
We operate in two reportable segments: Vehicle Operations and Financing Operations. Our Vehicle Operations
consists of all aspects of our auto merchandising and aftersales operations, excluding financing provided by our
Financing Operations. Our Financing Operations segment provides financing to customers buying and leasing retail
vehicles from our Vehicle Operations, as well as leasing vehicles from our fleet management services provider.
All other remaining unallocated corporate overhead expenses and internal charges are reported under Corporate
and Other. Asset information by segment is not utilized for purposes of assessing performance or allocating
resources and, as a result, such information has not been presented.
The reportable segments identified above represent our business activities for which discrete financial information is
available and for which operating results are regularly provided and reviewed by our CODM to allocate resources
and assess performance. Our CODM is our Chief Executive Officer. The CODM assesses segment performance
using segment income, which is measured as net segment profit before taxes on a U.S. GAAP basis.
Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing
performance or allocating resources and, as a result, such information has not been presented below. Certain
financing operations asset information including total managed receivables are used by the financing operations
segment manager to manage operations and are included in various reports regularly provided to our CODM. See
Note 4 – Finance Receivables.
Certain financial information on a segment basis is as follows:
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)
2025
2024
2025
2024
Vehicle operations
Total revenue
$9,675.8
$9,221.0
$28,437.1
$27,014.7
Total gross profit
1,466.0
1,430.4
4,361.5
4,189.5
Floor plan interest expense
(57.8)
(76.6)
(169.8)
(214.0)
Personnel expense
(539.6)
(505.2)
(1,600.3)
(1,552.8)
Rent and facility expense
(191.6)
(178.9)
(555.2)
(525.0)
Advertising expense
(72.7)
(69.9)
(214.9)
(206.5)
Other vehicle operations expenses1
(283.3)
(270.0)
(838.2)
(782.3)
Vehicle operations income
321.0
329.8
983.1
908.9
Financing Operations
Interest and fee income
104.9
88.8
298.0
249.9
Interest expense
(52.1)
(51.2)
(150.0)
(146.0)
Total interest margin
52.8
37.6
148.0
103.9
Lease income
23.4
25.6
67.7
61.2
Lease costs
(18.6)
(21.6)
(54.0)
(51.0)
Lease income, net
4.8
4.0
13.7
10.2
Provision expense
(25.8)
(31.8)
(72.5)
(77.0)
Other financing operations expenses2
(12.7)
(11.2)
(37.5)
(33.0)
Financing operations income (loss)
19.1
(1.4)
51.7
4.1
Total segment income for reportable segments
340.1
328.4
1,034.8
913.0
Corporate and other3
89.2
80.4
243.3
213.7
Depreciation and amortization
(65.5)
(63.5)
(194.6)
(183.6)
Other interest expense
(68.3)
(64.5)
(200.5)
(189.3)
Other (expense) income, net
(13.3)
5.2
35.9
35.4
Income before income taxes
$282.2
$285.9
$918.9
$789.1
(1)Other vehicle operations expenses includes management fees, data processing fees, outside services fees, insurance
expense, office and other supplies expense, banking expense, and certain overhead expenses.
(2)Other financing operations expenses includes personnel expense, data processing fees, outside services fees, expenses
attributable to underwriting, funding, and loan servicing, and certain overhead expenses.
(3)Corporate and other includes management fee income.
The following tables present revenue and long-lived assets (all non-current assets except goodwill, franchise value, and other
intangible assets) by geographic area:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)
2025
2024
2025
2024
Revenue from external customers:
United States
$7,681.7
$7,066.6
$22,242.7
$20,933.4
United Kingdom
1,716.0
1,859.3
5,315.5
5,220.2
Canada
278.1
295.1
878.9
861.1
Total revenue from external customers
$9,675.8
$9,221.0
$28,437.1
$27,014.7
(In millions)
September 30, 2025
December 31, 2024
Long-lived assets, net:
United States
$10,727.9
$10,124.3
United Kingdom
1,382.9
1,360.4
Canada
468.9
429.3
Total long-lived assets
$12,579.7
11,914.0