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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregation of Revenue
Revenue from contracts with customers for the three and nine months ended September 30, 2024 and 2023 consists of the following:
For the Three Months Ended September 30,
20242023
(In millions)
Revenue:
   New vehicle$2,163.5 $1,861.9 
   Used vehicle retail1,148.5 1,016.8 
   Used vehicle wholesale146.2 94.9 
New and used vehicle3,458.2 2,973.6 
  Sale of vehicle parts and accessories129.2 125.1 
  Vehicle repair and maintenance services463.9 401.4 
Parts and services593.1 526.5 
  Finance and insurance, net185.4 166.1 
Total revenue$4,236.7 $3,666.2 
For the Nine Months Ended September 30,
20242023
(In millions)
Revenue:
   New vehicle$6,392.6 $5,572.2 
   Used vehicle retail3,507.0 3,051.8 
   Used vehicle wholesale452.6 293.8 
New and used vehicle10,352.3 8,917.8 
  Sale of vehicle parts and accessories388.2 375.0 
  Vehicle repair and maintenance services1,376.1 1,193.1 
Parts and service1,764.3 1,568.2 
Finance and insurance, net567.5 505.0 
Total revenue$12,684.1 $10,991.0 
Contract Assets
Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer. Certain incremental sales commissions payable to obtain an F&I revenue contract with a customer have been capitalized and are amortized using the same pattern of recognition applicable to the associated F&I revenue contract.
Vehicle Repair and Maintenance ServicesFinance and Insurance, netDeferred Sales CommissionsTotal
(In millions)
Balance as of January 1, 2024$20.5 $13.8 $68.4 $102.7 
Transferred to receivables from contract assets recognized at the beginning of the period(20.5)(2.2)— (22.7)
Amortization of costs to obtain a contract with a customer— — (4.1)(4.1)
Costs incurred to obtain a contract with a customer— — 10.6 10.6 
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period18.9 1.9 — 20.8 
Balance as of March 31, 2024$18.9 $13.5 $74.9 $107.3 
Contract Assets (current), March 31, 2024$18.9 $13.5 $20.2 $52.6 
Contract Assets (long-term), March 31, 2024$— $— $54.7 $54.7 
Transferred to receivables from contract assets recognized at the beginning of the period(18.9)(2.6)— (21.5)
Amortization of costs to obtain a contract with a customer— — (4.6)(4.6)
Costs incurred to obtain a contract with a customer— — 10.4 10.4 
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period19.7 2.4 — 22.1 
Balance as of June 30, 2024$19.7 $13.3 $80.7 $113.7 
Contract Assets (current), June 30, 2024$19.7 $13.3 $21.7 $54.7 
Contract Assets (long-term), June 30, 2024$— $— $59.0 $59.0 
Transferred to receivables from contract assets recognized at the beginning of the period(19.7)(1.4)— (21.1)
Amortization of costs incurred to obtain a contract with a customer — — (5.1)(5.1)
Costs incurred to obtain a contract with a customer— — 10.0 10.0 
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period19.9 1.1 — 21.0 
Balance as of September 30, 2024$19.9 $13.0 $85.6 $118.5 
Contract Assets (current), September 30, 2024$19.9 $13.0 $23.0 $55.9 
Contract Assets (long-term), September 30, 2024$— $— $62.6 $62.6 
Deferred Revenue
The condensed consolidated balance sheets reflect $763.8 million and $736.7 million of deferred revenue as of September 30, 2024 and December 31, 2023, respectively. Approximately $186.3 million of deferred revenue at December 31, 2023 was recorded in finance and insurance, net revenue in the condensed consolidated statements of income during the nine months ended September 30, 2024.