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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES | DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Brazil Discontinued Operations On November 12, 2021, the Company entered into an agreement to effect the Brazil Disposal. The sale price of approximately Brazilian Real (“BRL”) 510.0 million included a holdback amount as of July 1, 2022 (the “Brazil Disposition Date”), for general representations and warranties, of BRL 115.0 million, to be held in escrow for a period of five years from the close of the transaction (the “Brazil Disposal Escrow”). At the conclusion of the five-year period, the remaining funds held in the Brazil Disposal Escrow will be released to the Company. This amount has been included in the proceeds received. As of December 31, 2024, the Company had a remaining receivable balance of $16.8 million associated with the Brazil Disposal Escrow recorded in Other long-term assets on the Consolidated Balance Sheets, of which $2.4 million is expected to be paid to settle the Company’s portion of accrued liabilities retained subsequent to the Brazil Disposition Date. Results of the Brazil Discontinued Operations were immaterial for the years ended December 31, 2024 and 2023. The assets and liabilities of the Brazil Discontinued Operations were immaterial as of December 31, 2024 and 2023 and primarily consist of the Brazil Disposal Escrow described above. Results of the Brazil Discontinued Operations for the year ended December 31, 2022 were as follows (in millions):
|  |  |  | Year Ended December 31, |  |
|  |  |  | 2022 |  |
REVENUES: |  |  |  |  |  |
New vehicle retail sales |  |  |  | $ | 109.0 |  |  |
Used vehicle retail sales |  |  |  | 44.0 |  |  |
Used vehicle wholesale sales |  |  |  | 10.1 |  |  |
Parts and service sales |  |  |  | 23.8 |  |  |
Finance, insurance and other, net |  |  |  | 3.3 |  |  |
Total revenues |  |  |  | 190.2 |  |  |
COST OF SALES: |  |  |  |  |  |
New vehicle retail sales |  |  |  | 98.5 |  |  |
Used vehicle retail sales |  |  |  | 41.2 |  |  |
Used vehicle wholesale sales |  |  |  | 10.0 |  |  |
Parts and service sales |  |  |  | 14.5 |  |  |
Total cost of sales |  |  |  | 164.2 |  |  |
GROSS PROFIT |  |  |  | 26.1 |  |  |
Selling, general and administrative expenses |  |  |  | 15.1 |  |  |
Depreciation and amortization expense |  |  |  | 0.9 |  |  |
Asset impairments |  |  |  | 6.3 |  |  |
INCOME FROM DISCONTINUED OPERATIONS |  |  |  | 3.7 |  |  |
Floorplan interest expense |  |  |  | 1.4 |  |  |
Other interest income, net |  |  |  | (1.8) |  |  |
Other expenses |  |  |  | 1.5 |  |  |
INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS |  |  |  | 2.6 |  |  |
Provision for income taxes |  |  |  | 5.3 |  |  |
NET LOSS — DISCONTINUED OPERATIONS |  |  |  | $ | (2.7) |  |  |
Cash flows from operating and investing activities for the Brazil Discontinued Operations were immaterial for the years ended December 31, 2024 and 2023. Cash flows from operating and investing activities for the Brazil Discontinued Operations for the year ended December 31, 2022 were as follows (in millions):
|  | Year Ended December 31,
|  | 2022 |  |  |  |
Net cash provided by operating activities — discontinued operations |  | $ | 26.6 |  |  |  |  |
Net cash provided by investing activities — discontinued operations |  | $ | 59.1 |  |  |  |  |
Other Divestitures The Company’s dispositions generally consist of dealership assets and related real estate. Gains and losses on dispositions are recorded in Selling, general and administrative expenses in the Consolidated Statements of Operations. During the year ended December 31, 2024, the Company recorded a net pre-tax gain totaling $52.9 million related to the disposition of eight dealerships and one collision center in the U.S. The dispositions reduced goodwill by $66.4 million. The Company also terminated three franchises in the U.S. During the year ended December 31, 2023, the Company recorded a net pre-tax gain totaling $16.3 million related to the disposition of eleven dealerships in the U.S. The dispositions reduced goodwill by $52.9 million. The Company also terminated two franchises in the U.S. During the year ended December 31, 2022, the Company recorded a net pre-tax gain totaling $30.8 million related to the disposition of five dealerships and one collision center in the U.S. The dispositions reduced goodwill by $37.3 million. The Company also terminated one franchise in the U.K. Assets held for sale in the Consolidated Balance Sheets includes $11.5 million and $39.8 million of goodwill that has been reclassified to assets held for sale as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company recognized $4.8 million in intangible asset impairment associated with assets held for sale.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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