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ASSETS AND LIABILITIES HELD FOR SALE | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS AND LIABILITIES HELD FOR SALE | ASSETS AND LIABILITIES HELD FOR SALE 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
| September 30, 2025 |  | December 31, 2024
| (In millions)
Assets: |  |  |
Inventory | $ | 20.0 |  |  | $ | 58.7 |
Loaners, net | 0.9 |  |  | 1.5 |
Property and equipment, net | 50.3 |  |  | 89.1 |
Operating lease right-of-use assets | — |  |  | 1.9 |
Franchise rights | — |  |  | 23.1 |
Total assets held for sale | 71.2 |  |  | 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 | $ | 71.2 |  |  | $ | 172.4 |
As of September 30, 2025, assets held for sale consisted of three franchises (three dealership locations) in addition to two real estate properties. In October 2025, 13 franchises (nine dealership locations) met the assets held for sale criteria. 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. In September 2025, the Company recognized an $11.7 million pre-tax non-cash franchise rights impairment charge in connection with a dealership that met the assets held for sale criteria in October 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 nine months ended September 30, 2025. As of December 31, 2024, assets held for sale consisted of seven franchises (six dealership locations) in a ddit ion to one real estate property not currently used in our operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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