ASSETS AND LIABILITIES HELD FOR SALE

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals and (ii) real estate that we are actively marketing to sell.

A summary of assets held for sale and liabilities associated with assets held for sale is as follows:


	As of
	June 30, 2025		December 31, 2024
	(In millions)
Assets:


Inventory	$	49.4	$	58.7
Loaners, net	3.7		1.5

Property and equipment, net	88.4		89.1
Operating lease right-of-use assets	—		1.9
Goodwill	53.8		—
Franchise rights	50.0		23.1
Total assets held for sale	245.2		174.4
Liabilities:
Current maturities of operating leases	—		0.2

Operating lease liabilities	—		1.7
Total liabilities associated with assets held for sale	—		1.9
Net assets held for sale	$	245.2	$	172.4

As of June 30, 2025, assets held for sale consisted of five franchises (five dealership locations) in addition to two real estate properties. In July 2025, the Company completed the sale of four franchises (four dealership locations).

In March 2025, the Company recognized a $14.3 million pre-tax non-cash franchise rights impairment charge in connection with five dealerships that were classified as assets held for sale in March 2025. The quantitative assessment for each disposal group included a comparison of the estimated fair value to the carrying value of the disposal group less costs to sell. The Company determined the estimated fair value of each disposal group based on estimated sales proceeds less costs to sell. These franchise rights impairment charges are reflected in asset impairments in our condensed consolidated statements of income for the six months ended June 30, 2025.

As of December 31, 2024, assets held for sale consisted of seven franchises (six dealership locations) in addition to one real estate property not currently used in our operations.