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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 $ 329.0 $ 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 15.0
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) 0.0
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) (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 239.0 360.2
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) (63.0)
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 5,307.0
Repayments on credit facility — floorplan line and other (4,928.1) (5,022.9)
Borrowings on credit facility — acquisition line 200.0 268.0
Repayments on credit facility — acquisition line (53.2) (346.3)
Debt issuance costs (0.1) (4.0)
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 (66.0) (254.1)
Dividends paid (12.7) (12.1)
Net cash provided by (used in) financing activities 103.0 (43.9)
Effect of exchange rate changes on cash 2.1 (2.7)
Net (decrease) increase in cash and cash equivalents (25.1) 18.0
CASH AND CASH EQUIVALENTS, beginning of period 47.9 18.7
CASH AND CASH EQUIVALENTS, end of period $ 22.8 $ 36.7