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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The sources of the purchase consideration are as follows:
| (In millions)
Cash | $ | 941.3 |
New vehicle floor plan facility | 256.1 |
Used vehicle floor plan facility | 307.1 |
Purchase price | $ | 1,504.5 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recorded based on final estimates of fair value:
Summary of Assets Acquired and Liabilities Assumed |
| (In millions)
Assets |
Inventories, net | $ | 310.6 |
Other current assets | 11.8 |
Assets held for sale | 100.9 |
Total current assets | 423.3 |
Property and equipment, net | 417.6 |
Goodwill | 272.4 |
Intangible franchise rights | 401.0 |
Operating lease right-of-use assets | 11.2 |
Total assets acquired | $ | 1,525.5 |
Liabilities |
Operating lease liabilities | $ | 11.2 |
Other liabilities | 9.7 |
Total liabilities assumed | 20.9 |
Net assets acquired | $ | 1,504.5 |
Schedule of Pro Forma Information | The following represents the unaudited pro forma information as if the Koons acquisition had been included in the consolidated results of the Company since January 1, 2022:
| For the Year Ended December 31,
| 2023 |  | 2022
| (In millions)
| (Unaudited)
Pro forma revenue | $ | 17,540.4 |  |  | $ | 18,516.1 |
Pro forma net income | $ | 660.8 |  |  | $ | 1,092.9 |
The above pro forma financial information adjusts the revenue and net income related to the Koons acquisition primarily for (1) depreciation and interest expense assuming that the fair value adjustments and indebtedness incurred in connection with the Koons acquisition had occurred on January 1, 2022 and (2) the exclusion of Koons Lexus of Wilmington, which is classified as assets held for sale as of December 31, 2023. The pro forma net income for the year ended December 31, 2023 includes $117.2 million of asset impairments recorded by the Company during the fourth quarter of 2023.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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