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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
Current: |  |  |  |  |
Federal | $ | 75.5 |  |  | $ | 128.9 |  |  | $ | 142.0 |
State | 16.8 |  |  | 30.1 |  |  | 30.8 |
Total current income tax expense | 92.3 |  |  | 159.0 |  |  | 172.8 |
Deferred: |  |  |  |  |
Federal | 43.2 |  |  | 33.8 |  |  | 130.7 |
State | 9.5 |  |  | 6.0 |  |  | 18.3 |
Total deferred income tax expense | 52.7 |  |  | 39.8 |  |  | 149.0 |
Total income tax expense | $ | 145.0 |  |  | $ | 198.8 |  |  | $ | 321.8 |
Reconciliation of the Statutory Federal Rate to the Effective Rate | A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions):
| For the Year Ended December 31,
| 2024 |  | % |  | 2023 |  | % |  | 2022 |  | %
Income tax provision at the statutory rate | $ | 120.8 |  |  | 21.0 |  |  | $ | 168.3 |  |  | 21.0 |  |  | $ | 277.0 |  |  | 21.0 |
State income tax expense, net of federal benefit | 22.8 |  |  | 4.0 |  |  | 29.8 |  |  | 3.7 |  |  | 42.7 |  |  | 3.2 |
Non-deductible items | 2.5 |  |  | 0.4 |  |  | 1.7 |  |  | 0.2 |  |  | 1.6 |  |  | 0.1 |
Other, net | (1.1) |  |  | (0.2) |  |  | (1.0) |  |  | (0.1) |  |  | 0.5 |  |  | 0.1 |
Income tax expense | $ | 145.0 |  |  | 25.2 |  |  | $ | 198.8 |  |  | 24.8 |  |  | $ | 321.8 |  |  | 24.4 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax asset and liability components consisted of the following:
| As of December 31,
| 2024 |  | 2023
| (In millions)
Deferred income tax assets: |  |  |
Deferred revenue | $ | 41.5 |  |  | $ | 38.0 |
F&I chargeback liabilities | 11.7 |  |  | 12.1 |
Other accrued liabilities | 4.2 |  |  | 2.9 |
Stock-based compensation | 4.0 |  |  | 3.7 |
Operating lease right-of-use assets | 56.2 |  |  | 61.5 |
Other, net | 11.6 |  |  | 12.9 |
Total deferred income tax assets | $ | 129.2 |  |  | $ | 131.2 |
Deferred income tax liabilities: |  |  |
Intangible asset amortization | $ | 135.3 |  |  | $ | 110.8 |
Depreciation | 80.0 |  |  | 56.9 |
Operating lease liabilities | 54.2 |  |  | 59.9 |
Investments, net | 18.6 |  |  | 20.0 |
Deferred sales commissions | 27.2 |  |  | 18.3 |
Other, net | 1.6 |  |  | 1.6 |
Total deferred income tax liabilities | $ | 316.9 |  |  | $ | 267.6 |
Net deferred income tax liabilities | $ | (187.7) |  |  | $ | (136.4) |

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