DEBT

3 Months Ended

Mar. 31, 2025

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	March 31, 2025		December 31, 2024
	(In millions)
Floor plan notes payable—trade	$	304.8	$	350.9
Floor plan notes payable offset account	(43.0)		(1.0)
Floor plan notes payable—trade, net	$	261.8	$	349.9

Floor plan notes payable—new non-trade	$	1,275.3	$	1,359.8
Floor plan notes payable—used non-trade	—		100.7
Floor plan notes payable offset account	(73.7)		(115.7)
Floor plan notes payable—non-trade, net	$	1,201.6	$	1,344.8

We have floor plan offset accounts that allow us to offset our floor plan notes payable balances outstanding with transfers of cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day.

We have the ability to convert a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to convert is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to convert any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility.

In addition to our new and used vehicle floor plan facilities, we have loaner vehicle floor plan facilities with Bank of America and certain original equipment manufacturers (“OEMs”). Loaner vehicles notes payable related to Bank of America as of March 31, 2025 and December 31, 2024 were $56.8 million and $56.7 million, respectively. Loaner vehicles notes payable related to OEMs as of March 31, 2025 and December 31, 2024 were $161.0 million and $161.5 million, respectively.

Pending Increases to 2023 Senior Credit Facility

On April 9, 2025, the Company obtained an amendment (the “Amendment”) to the Fourth Amended and Restated Credit Agreement (the "2023 Senior Credit Facility"), dated as of October 20, 2023, by and among the Company, as a borrower, certain of its subsidiaries, as vehicle borrowers, Bank of America, N.A., ("Bank of America") as administrative agent, and the other lenders party thereto.

The Amendment, among other things, provides for the following, subject to satisfaction of certain other customary conditions in each case:

•an increase of the aggregate commitments under the revolving credit facility, from $500.0 million to $925.0 million; and

•an increase of the aggregate commitments under the new vehicle floor plan facility, from $1.93 billion to $2.25 billion.

The increases under the Amendment are conditioned upon and will only become effective concurrently with the consummation of the pending acquisition of the Herb Chambers Dealerships.

DEBT

Long-term debt consisted of the following:


	As of
	March 31, 2025		December 31, 2024
	(In millions)
4.50% Senior Notes due 2028	$	405.0	$	405.0
4.625% Senior Notes due 2029	800.0		800.0
4.75% Senior Notes due 2030	445.0		445.0
5.00% Senior Notes due 2032	600.0		600.0
Mortgage notes payable bearing interest at fixed rates	29.0		29.6
2021 Real Estate Facility	573.9		579.9
2021 BofA Real Estate Facility	156.7		158.6
2018 Bank of America Facility	37.0		37.9
2018 Wells Fargo Master Loan Facility	60.9		62.2

2015 Wells Fargo Master Loan Facility	31.6		32.0

Finance lease liability	8.3		8.4
Total debt outstanding	3,147.5		3,158.5
Add—unamortized premium on 4.50% Senior Notes due 2028	0.4		0.5
Add—unamortized premium on 4.75% Senior Notes due 2030	1.0		1.1
Less—debt issuance costs	(20.4)		(21.5)
Long-term debt, including current portion	3,128.5		3,138.6
Less—current portion, net of debt issuance costs	(113.4)		(114.7)
Long-term debt	$	3,015.1	$	3,023.9