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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Reportable segment financial information for the years ended December 31, 2024, 2023 and 2022 is as follows:
| As of and for the year ended December 31, 2024
| Dealerships |  | TCA |  | Total
| (In millions)
Revenue from external customers | $ | 16,885.0 |  |  | $ | 303.6 |  |  | $ | 17,188.6 |
Intersegment revenue | 222.5 |  |  | — |  |  | 222.5 |
| $ | 17,107.5 |  |  | $ | 303.6 |  |  | $ | 17,411.1 |
Reconciliation of revenue |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  | (222.5) |
Total consolidated revenue |  |  |  |  | $ | 17,188.6 |
Less: |  |  |  |  |
Cost of sales |  |  |  |  |
New vehicle | 8,209.3 |  |  | — |  |  |
Used vehicle | 4,972.7 |  |  | — |  |  |
Parts and service | 1,043.0 |  |  | — |  |  |
Finance and insurance | — |  |  | 223.4 |  |  |
Selling, general and administrative expenses |  |  |  |  |
Personnel costs | 1,256.2 |  |  | — |  |  |
Rent and related expenses | 142.3 |  |  | — |  |  |
Advertising | 61.8 |  |  | — |  |  |
Other selling, general and administrative expense | 441.0 |  |  | — |  |  |
Other segment items | — |  |  | 7.0 |  |  |
Depreciation and amortization | 74.6 |  |  | 0.4 |  |  |
Floor plan interest expense | 89.9 |  |  | — |  |  |
Segment operating income | $ | 816.7 |  |  | $ | 72.8 |  |  | $ | 889.5 |
Reconciliation of segment operating income |  |  |  |  |
Intersegment eliminations |  |  |  |  |
Total intersegment revenue eliminations |  |  |  |  | (222.5) |
Total intersegment cost of sales eliminations |  |  |  |  | 208.5 |
Deferral of SG&A expense (related to capitalized contracts offset by amortization) |  |  |  |  | 19.7 |
Total intersegment eliminations |  |  |  |  | 5.8 |
Asset impairments |  |  |  |  | (149.5) |
Other interest expense, net |  |  |  |  | (179.1) |
Gain on dealership divestitures, net |  |  |  |  | 8.6 |
Income before income taxes |  |  |  |  | $ | 575.3 |
| As of and for the year ended December 31, 2024
| Dealerships |  | TCA |  | Total Reportable Segments |  | Eliminations |  | Total
| (In millions)
Capital expenditures | $ | 308.2 |  |  | $ | — |  |  | $ | 308.2 |  |  | $ | — |  |  | $ | 308.2 |
Other interest expense | $ | 179.1 |  |  | $ | — |  |  | $ | 179.1 |  |  | $ | — |  |  | $ | 179.1 |
Amortization of deferred acquisition costs | $ | — |  |  | $ | 170.2 |  |  | $ | 170.2 |  |  | $ | (170.2) |  |  | $ | — |
Total assets | $ | 9,227.6 |  |  | $ | 1,049.4 |  |  | $ | 10,277.0 |  |  | $ | 60.1 |  |  | $ | 10,337.0 |
| As of and for the year ended December 31, 2023
| Dealerships |  | TCA |  | Total
| (In millions)
Revenue from external customers | $ | 14,517.5 |  |  | $ | 285.2 |  |  | $ | 14,802.7 |
Intersegment revenue | 181.5 |  |  | — |  |  | 181.5 |
| $ | 14,699.0 |  |  | $ | 285.2 |  |  | $ | 14,984.2 |
Reconciliation of revenue |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  | (181.5) |
Total consolidated revenue |  |  |  |  | $ | 14,802.7 |
Less: |  |  |  |  |
Cost of sales |  |  |  |  |
New vehicle | 6,927.8 |  |  | — |  |  |
Used vehicle | 4,150.2 |  |  | — |  |  |
Parts and service | 949.9 |  |  | — |  |  |
Finance and insurance | — |  |  | 208.1 |  |  |
Selling, general and administrative expenses |  |  |  |  |
Personnel costs | 1,106.5 |  |  | — |  |  |
Rent and related expenses | 118.7 |  |  | — |  |  |
Advertising | 47.3 |  |  | — |  |  |
Other selling, general and administrative expense | 366.0 |  |  | — |  |  |
Other segment items | — |  |  | 7.4 |  |  |
Depreciation and amortization | 67.1 |  |  | 0.7 |  |  |
Floor plan interest expense | 9.6 |  |  | — |  |  |
Segment operating income | $ | 955.9 |  |  | $ | 69.0 |  |  | $ | 1,025.0 |
Reconciliation of segment operating income |  |  |  |  |
Intersegment eliminations |  |  |  |  |
Total intersegment revenue eliminations |  |  |  |  | (181.5) |
Total intersegment cost of sales eliminations |  |  |  |  | 189.1 |
Deferral of SG&A expense (related to capitalized contracts offset by amortization) |  |  |  |  | 28.5 |
Total intersegment eliminations |  |  |  |  | 36.1 |
Asset impairments |  |  |  |  | (117.2) |
Other interest expense, net |  |  |  |  | (156.1) |
Gain on dealership divestitures, net |  |  |  |  | 13.5 |
Income before income taxes |  |  |  |  | $ | 801.3 |
| As of and for the year ended December 31, 2023
| Dealerships |  | TCA |  | Total Reportable Segments |  | Eliminations |  | Total
| (In millions)
Capital expenditures | $ | 142.3 |  |  | $ | — |  |  | $ | 142.3 |  |  | $ | — |  |  | $ | 142.3 |
Other interest expense | $ | 156.1 |  |  | $ | — |  |  | $ | 156.1 |  |  | $ | — |  |  | $ | 156.1 |
Amortization of deferred acquisition costs | $ | — |  |  | $ | 161.9 |  |  | $ | 161.9 |  |  | $ | (155.9) |  |  | $ | 6.0 |
Total assets | $ | 9,199.4 |  |  | $ | 913.9 |  |  | $ | 10,113.3 |  |  | $ | 46.1 |  |  | $ | 10,159.4 |
| As of and for the year ended December 31, 2022
| Dealerships |  | TCA |  | Total
| (In millions)
Revenue from external customers | $ | 15,188.1 |  |  | $ | 245.8 |  |  | $ | 15,433.8 |
Intersegment revenue | 153.0 |  |  | — |  |  | 153.0 |
| $ | 15,341.1 |  |  | $ | 245.8 |  |  | $ | 15,586.9 |
Reconciliation of revenue |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  | (153.0) |
Total consolidated revenue |  |  |  |  | $ | 15,433.8 |
Less: |  |  |  |  |
Cost of sales |  |  |  |  |
New vehicle | 6,521.6 |  |  | — |  |  |
Used vehicle | 4,843.8 |  |  | — |  |  |
Parts and service | 939.7 |  |  | — |  |  |
Finance and insurance | — |  |  | 191.9 |  |  |
Personnel costs | 1,273.6 |  |  | — |  |  |
Rent and related expenses | 121.4 |  |  | — |  |  |
Advertising | 50.0 |  |  | — |  |  |
Other selling, general and administrative expense | 341.3 |  |  | — |  |  |
Other segment items | — |  |  | 7.0 |  |  |
Depreciation and amortization | 68.2 |  |  | 0.8 |  |  |
Floor plan interest expense | 8.4 |  |  | — |  |  |
Segment operating income | $ | 1,173.1 |  |  | $ | 46.0 |  |  | $ | 1,219.0 |
Reconciliation of segment operating income |  |  |  |  |
Intersegment eliminations |  |  |  |  |
Total intersegment revenue eliminations |  |  |  |  | (153.0) |
Total intersegment cost of sales eliminations |  |  |  |  | 163.8 |
Deferral of SG&A expense (related to capitalized contracts offset by amortization) |  |  |  |  | 30.0 |
Total intersegment eliminations |  |  |  |  | 40.8 |
Other operating income |  |  |  |  | 4.4 |
Other interest expense, net |  |  |  |  | (152.2) |
Gain on dealership divestitures, net |  |  |  |  | 207.1 |
Income before income taxes |  |  |  |  | $ | 1,319.1 |
| As of and for the year ended December 31, 2022
| Dealerships |  | TCA |  | Total Reportable Segments |  | Eliminations |  | Total
| (In millions)
Capital expenditures | $ | 107.9 |  |  | $ | — |  |  | $ | 107.9 |  |  | $ | — |  |  | $ | 107.9 |
Other interest expense | $ | 152.2 |  |  | $ | — |  |  | $ | 152.2 |  |  | $ | — |  |  | $ | 152.2 |
Amortization of deferred acquisition costs | $ | — |  |  | $ | 165.7 |  |  | $ | 165.7 |  |  | $ | (147.5) |  |  | $ | 18.2 |
Total assets | $ | 7,170.8 |  |  | $ | 869.2 |  |  | $ | 8,040.0 |  |  | $ | (18.6) |  |  | $ | 8,021.4 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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