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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
As of September 30, 2025, the Company had two reportable segments: (1) Dealerships and (2) TCA. Our dealership operations are organized by management into geographic region-based groups within the Dealerships segment. The operations of our F&I product provider are reflected within our TCA segment.
TCA's vehicle protection products are sold through affiliated dealerships and the revenue from the related commissions is included in finance and insurance, net revenue in the Dealerships segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealerships segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. The gross profit earned by our parts and service departments for work performed for TCA customers is reflected as a reduction of parts and service cost of sales in the accompanying condensed consolidated statements
of income. The costs incurred by TCA for work performed by our parts and service departments are included in finance and insurance cost of sales in the accompanying condensed consolidated statements of income.
The significant expense categories and amounts are consistent with the segment-level information that is regularly provided to the chief operating decision maker. Certain intersegment expenses are included within the amounts shown. Rent and related expenses include rent expense, utilities, property and casualty insurance, real estate tax and personal property tax. Other segment items for the TCA segment relate to selling, general and administrative expenses.
Reportable segment financial information for the three and nine months ended September 30, 2025 and 2024, are as follows:

Three Months Ended September 30, 2025Three Months Ended September 30, 2024
Dealerships TCATotalDealershipsTCATotal
(In millions)
Revenue from external customers$4,719.8 $81.1 $4,800.9 $4,159.7 $77.0 $4,236.7 
Intersegment revenue66.4 — 66.4 57.6 — 57.6 
$4,786.2 $81.1 $4,867.2 $4,217.3 $77.0 $4,294.3 
Reconciliation of revenue
Elimination of inter-segment revenue(66.4)(57.6)
Total consolidated revenue$4,800.9 $4,236.7 
Less:
Cost of sales
New vehicle2,367.9 — 2,013.1 — 
Used vehicle1,347.0 — 1,235.3 — 
Parts and service279.2 — 266.2 — 
Finance and insurance— 59.6 — 57.5 
Selling, general and administrative expenses
Personnel costs339.0 — 307.7 — 
Rent and related expenses39.5 — 37.2 — 
Advertising18.7 — 16.0 — 
Other selling, general and administrative expense133.1 — 108.4 — 
Other segment items— 1.9 — 1.6 
Depreciation and amortization21.2 — 18.8 0.1 
Floor plan interest expense26.7 — 22.3 — 
Segment operating income$213.9 $19.6 $233.5 $192.4 $17.8 $210.1 
Reconciliation of segment operating income
Intersegment eliminations
Total intersegment revenue eliminations(66.4)(57.6)
Total intersegment cost of sales eliminations55.3 53.4 
Deferral of SG&A expense (related to capitalized contract costs offset by amortization)5.1 4.3 
Total intersegment eliminations(5.9)0.2 
Asset impairments(11.7)— 
Other interest expense, net(51.3)(45.7)
Gain on dealership divestitures, net35.7 5.0 
Income before income taxes$200.2 $169.7 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Dealerships TCATotalDealershipsTCATotal
(In millions)
Revenue from external customers$13,077.8 $244.7 $13,322.5 $12,457.6 $226.5 $12,684.1 
Intersegment revenue202.9 — 202.9 167.0 — 167.0 
$13,280.7 $244.7 $13,525.4 $12,624.6 $226.5 $12,851.1 
Reconciliation of revenue
Elimination of inter-segment revenue(202.9)(167.0)
Total consolidated revenue$13,322.5 $12,684.1 
Less:
Cost of sales
New vehicle6,506.8 — 5,924.4 — 
Used vehicle3,735.0 — 3,767.3 — 
Parts and service790.4 — 782.9 — 
Finance and insurance— 179.8 — 165.8 
Selling, general and administrative expenses
Personnel costs966.8 — 939.2 — 
Rent and related expenses89.3 — 103.1 — 
Advertising51.0 — 47.8 — 
Other selling, general and administrative expense362.1 — 332.1 — 
Other segment items— 5.5 — 5.1 
Depreciation and amortization59.3 0.2 55.5 0.3 
Floor plan interest expense65.6 — 66.1 — 
Segment operating income$654.4 $59.2 $713.6 $606.2 $55.3 $661.5 
Reconciliation of segment operating income
Intersegment eliminations
Total intersegment revenue eliminations(202.9)(167.0)
Total intersegment cost of sales eliminations168.2 154.9 
Deferral of SG&A expense (related to capitalized contract costs offset by amortization)15.9 15.7 
Total intersegment eliminations(18.9)3.7 
Asset impairments(26.0)(135.4)
Other interest expense, net(135.0)(134.9)
Gain on dealership divestitures, net45.8 8.6 
Income before income taxes$579.5 $403.6 
Total assets by segment as of September 30, 2025 and December 31, 2024 are as follows:

As of September 30, 2025
Dealerships TCATotal Reportable SegmentsEliminationsTotal Company
(In millions)
Total assets$10,575.0 $1,020.2 $11,595.2 $178.3 $11,773.5 

As of December 31, 2024
DealershipsTCATotal Reportable SegmentsEliminationsTotal Company
(In millions)
Total assets$9,227.6 $1,049.4 $10,277.0 $60.1 $10,337.0