XML 84 R16.htm IDEA: XBRL DOCUMENT
v3.19.3

Floorplan Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2019
Line of Credit Facility [Abstract] |
FLOORPLAN NOTES PAYABLE | FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions):
|  | September 30, 2019 |  | December 31, 2018
Revolving credit facility - floorplan notes payable |  | $ | 1,189.8 |  |  | $ | 1,251.4 |
Revolving credit facility - floorplan notes payable offset account |  | (25.0 | ) |  | (33.6 | )
Revolving credit facility - floorplan notes payable, net |  | 1,164.8 |  |  | 1,217.8 |
Other non-manufacturer facilities |  | 35.0 |  |  | 41.1 |
Floorplan notes payable - credit facility and other, net |  | $ | 1,199.8 |  |  | $ | 1,258.9 |
FMCC facility |  | $ | 166.9 |  |  | $ | 160.8 |
FMCC facility offset account |  | (0.2 | ) |  | (0.1 | )
FMCC facility, net |  | 166.7 |  |  | 160.7 |
Other manufacturer affiliate facilities |  | 243.8 |  |  | 257.1 |
Floorplan notes payable - manufacturer affiliates, net |  | $ | 410.5 |  |  | $ | 417.8 |
Floorplan Notes Payable - Credit Facility Revolving Credit Facility In the U.S., the Company has a $1.8 billion revolving syndicated credit arrangement that matures on June 27, 2024 (“Revolving Credit Facility”). The Revolving Credit Facility consists of two tranches: (i) a $1.75 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“Floorplan Line”), which had a net outstanding balance of $1.2 billion as of September 30, 2019 reported in Floorplan notes payable - credit facility and other, net; and (ii) a $360.0 million maximum capacity and $50.0 million minimum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified as long-term debt in Long-term debt, net of current maturities - see Note 8, “Debt”, for additional discussion. The capacity under these two tranches can be re-designated within the overall $1.8 billion commitment, subject to the aforementioned limits. The weighted average interest rate on the Floorplan Line was 3.1% as of September 30, 2019, excluding the impact of the Company’s interest rate derivative instruments. On June 27, 2019, the Company amended the Revolving Credit Facility to extend the maturity date to June 27, 2024 and reduce the number of participating financial institutions to 23. Additionally, following the amendment, the Floorplan Line bears interest at rates equal to the London Interbank Offered Rate (“LIBOR”) plus 110 basis points for new vehicle inventory and the LIBOR plus 140 basis points for used vehicle inventory. The Acquisition Line bears interest at LIBOR or a LIBOR equivalent plus 100 to 200 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in U.S. dollars, Euros or British pound sterling. The Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the 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 from 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 has $4.9 million of related unamortized debt issuance costs as of September 30, 2019, which are included in Prepaid expenses and other current assets and Other assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable - Manufacturer Affiliates Ford Motor Credit Company Facility The Company has a $300.0 million floorplan arrangement with Ford Motor Credit Company for financing of new Ford vehicles in the U.S. (“FMCC Facility”). This facility bears interest at a rate of Prime plus 150 basis points minus certain incentives. The interest rate on the FMCC Facility was 6.5% before considering the applicable incentives as of September 30, 2019. Other Manufacturer Facilities The Company has other credit facilities in the U.S., U.K. and Brazil with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of September 30, 2019, borrowings outstanding under these facilities totaled $243.8 million, comprised of $112.6 million in the U.S. with annual interest rates ranging from 3.8% to 6.5%, $116.8 million in the U.K. with annual interest rates ranging from 1.3% to 4.3%, and $14.4 million in Brazil with annual interest rates ranging from 11.1% to 14.7%.

X
- Definition Credit facilities + References No definition available. + Details
Name: | gpi_CreditFacilitiesTextBlock
Namespace Prefix: | gpi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration