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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 158.4 $ 202.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22.4 21.7
Change in operating lease assets 6.4 7.8
Deferred income taxes 7.0 7.2
Asset impairments 1.1 0.0
Stock-based compensation 5.8 8.0
Amortization of debt discount and issuance costs 0.7 0.8
Gain on disposition of assets (1.5) (21.4)
Unrealized gain on derivative instruments (4.0) 0.0
Other (1.9) 0.1
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 27.7 24.0
Accounts and notes receivable (5.3) (10.5)
Inventories (172.6) (26.8)
Contracts-in-transit and vehicle receivables 42.8 (0.4)
Prepaid expenses and other assets 10.2 10.1
Floorplan notes payable — manufacturer affiliates 52.4 11.4
Deferred revenues (0.1) (0.1)
Operating lease liabilities (6.1) (8.1)
Net cash provided by operating activities 143.4 226.8
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $9.3 and $1.9, respectively (76.9) (247.7)
Proceeds from disposition of franchises, property and equipment 9.2 79.5
Purchases of property and equipment (35.8) (33.9)
Other (1.2) (2.4)
Net cash used in investing activities (104.6) (204.5)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 2,376.0 2,996.4
Repayments on credit facility — floorplan line and other (2,290.9) (2,831.4)
Borrowings on credit facility — acquisition line 0.0 148.0
Repayments on credit facility — acquisition line (53.2) (176.3)
Debt issuance costs (0.1) (3.7)
Borrowings on other debt 31.4 171.1
Principal payments on other debt (86.9) (191.1)
Proceeds from employee stock purchase plan 5.7 5.8
Payments of tax withholding for stock-based compensation (7.9) (7.1)
Repurchases of common stock, amounts based on settlement date (34.7) (115.2)
Dividends paid (6.4) (6.1)
Net cash used in financing activities (67.0) (9.7)
Effect of exchange rate changes on cash 1.6 0.4
Net (decrease) increase in cash and cash equivalents (26.6) 13.1
CASH AND CASH EQUIVALENTS, beginning of period 47.9 18.7
CASH AND CASH EQUIVALENTS, end of period $ 21.3 $ 31.8