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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 292,900 $ 60,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,300 37,400
Change in operating lease assets 11,800 12,900
Deferred income taxes 4,400 (3,000)
Asset impairments 0 23,800
Stock-based compensation 13,200 21,700
Amortization of debt discount and issuance costs 1,200 1,900
Gain on disposition of assets (2,100) 0
Loss on extinguishment of debt 0 10,400
Unrealized loss on derivative instruments 2,300 0
Other 300 1,700
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 28,900 (48,000)
Accounts and notes receivable 3,700 64,800
Inventories 444,400 536,700
Contracts-in-transit and vehicle receivables (10,700) 77,200
Prepaid expenses and other assets (7,200) (4,800)
Floorplan notes payable — manufacturer affiliates (56,600) (90,300)
Deferred revenues (1,000) (300)
Operating lease liabilities (11,800) (13,800)
Net cash provided by operating activities 752,100 688,200
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net of cash received (49,900) (1,300)
Proceeds from disposition of franchises, property and equipment 19,800 600
Purchases of property and equipment (63,800) (60,500)
Other 100 0
Net cash used in investing activities (93,800) (61,200)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 4,207,300 2,946,300
Repayments on credit facility — floorplan line and other (4,750,800) (3,381,400)
Borrowings on credit facility — acquisition line 60,400 284,000
Repayments on credit facility — acquisition line (32,200) (215,200)
Debt issuance costs 0 (1,200)
Repayments of senior notes 0 (307,900)
Borrowings on other debt 89,900 229,800
Principal payments on other debt (91,900) (78,200)
Proceeds from employee stock purchase plan 8,000 4,500
Payments of tax withholding for stock-based awards (7,500) (5,100)
Repurchases of common stock, amounts based on settlement date (18,600) (48,900)
Dividends paid (11,700) (5,500)
Net cash used in financing activities (547,100) (579,000)
Effect of exchange rate changes on cash 200 (3,400)
Net increase in cash and cash equivalents 111,400 44,600
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 87,300 28,100
CASH AND CASH EQUIVALENTS, end of period $ 198,700 $ 72,700