XML 44 R33.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Summary of Reportable Operating Segment | Reportable segment financial information for the three months ended March 31, 2025 and 2024 were as follows: Franchised Dealerships Segment - Reported
|  |  |  |  | Three Months Ended March 31, |
|  |  |  |  |  |  | 2025 |  | 2024 |  |  |
|  |  |  |  |  | (In millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Retail new vehicles |  |  |  |  |  |  | $ | 1,636.9 |  |  | $ | 1,439.9 |  |  |  |
Fleet new vehicles |  |  |  |  |  |  | 22.1 |  |  | 19.6 |  |  |  |
Used vehicles |  |  |  |  |  |  | 745.6 |  |  | 729.3 |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | 54.6 |  |  | 48.6 |  |  |  |
Parts, service and collision repair |  |  |  |  |  |  | 467.4 |  |  | 439.9 |  |  |  |
Finance, insurance and other, net |  |  |  |  |  |  | 130.6 |  |  | 119.6 |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |
Retail new vehicles |  |  |  |  |  |  | (1,550.2) |  |  | (1,345.8) |  |  |  |
Fleet new vehicles |  |  |  |  |  |  | (21.5) |  |  | (18.9) |  |  |  |
Used vehicles |  |  |  |  |  |  | (705.7) |  |  | (688.5) |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | (55.6) |  |  | (48.8) |  |  |  |
Parts, service and collision repair |  |  |  |  |  |  | (230.2) |  |  | (219.1) |  |  |  |
Segment gross profit |  |  |  |  |  |  | $ | 494.0 |  |  | $ | 475.8 |  |  |  |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  |  |  |  |  |  | (226.4) |  |  | (216.5) |  |  |  |
Advertising |  |  |  |  |  |  | (15.8) |  |  | (15.3) |  |  |  |
Rent |  |  |  |  |  |  | (9.7) |  |  | (10.1) |  |  |  |
Other (1) |  |  |  |  |  |  | (74.0) |  |  | (96.6) |  |  |  |
Depreciation and amortization |  |  |  |  |  |  | (33.4) |  |  | (29.8) |  |  |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, floor plan |  |  |  |  |  |  | (16.3) |  |  | (16.0) |  |  |  |
Interest expense, other, net |  |  |  |  |  |  | (26.6) |  |  | (27.8) |  |  |  |
Other income (expense), net |  |  |  |  |  |  | 0.1 |  |  | — |  |  |  |
Segment income |  |  |  |  |  |  | $ | 91.9 |  |  | $ | 63.7 |  |  |  |
(1)Other selling, general and administrative expenses include various fixed and variable expenses, including gain or loss on disposal of franchises, facility repairs and maintenance, utilities, property taxes, certain customer-related costs such as gasoline and service loaners, and insurance, training, legal and information technology expenses. EchoPark Segment - Reported
|  |  |  |  | Three Months Ended March 31, |
|  |  |  |  |  |  | 2025 |  | 2024 |  |  |
|  |  |  |  |  | (In millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Used vehicles |  |  |  |  |  |  | $ | 473.7 |  |  | $ | 482.9 |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | 27.3 |  |  | 28.6 |  |  |  |
Finance, insurance and other, net |  |  |  |  |  |  | 58.7 |  |  | 47.9 |  |  |  |
Cost of Sales: |  |  |  |  |  |  |  |  |  |  |  |
Used vehicles |  |  |  |  |  |  | (468.3) |  |  | (477.6) |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | (27.5) |  |  | (29.2) |  |  |  |
Segment gross profit |  |  |  |  |  |  | $ | 63.9 |  |  | $ | 52.6 |  |  |  |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  |  |  |  |  |  | (25.9) |  |  | (25.2) |  |  |  |
Advertising |  |  |  |  |  |  | (7.7) |  |  | (6.6) |  |  |  |
Rent |  |  |  |  |  |  | (0.7) |  |  | 0.8 |  |  |  |
Other (1) |  |  |  |  |  |  | (10.5) |  |  | (14.6) |  |  |  |
Depreciation and amortization |  |  |  |  |  |  | (5.2) |  |  | (5.5) |  |  |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, floor plan |  |  |  |  |  |  | (3.1) |  |  | (3.8) |  |  |  |
Interest expense, other, net |  |  |  |  |  |  | (0.4) |  |  | (0.7) |  |  |  |
Other income (expense), net |  |  |  |  |  |  | (0.1) |  |  | 0.1 |  |  |  |
Segment income (loss) |  |  |  |  |  |  | $ | 10.3 |  |  | $ | (2.9) |  |  |  |
(1)Other selling, general and administrative expenses include various fixed and variable expenses, including facility repairs and maintenance, utilities, property taxes, certain customer-related costs such as gasoline, and insurance, training, legal and information technology expenses. Powersports Segment - Reported
|  |  |  |  | Three Months Ended March 31, |
|  |  |  |  |  |  | 2025 |  | 2024 |  |  |  |
|  |  |  |  |  | (In millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Retail new vehicles |  |  |  |  |  |  | $ | 19.4 |  |  | $ | 15.9 |  |  |  |  |
Used vehicles |  |  |  |  |  |  | 5.7 |  |  | 3.4 |  |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | 0.8 |  |  | 0.1 |  |  |  |  |
Parts, service and collision repair |  |  |  |  |  |  | 7.0 |  |  | 6.8 |  |  |  |  |
Finance, insurance and other, net |  |  |  |  |  |  | 1.5 |  |  | 1.5 |  |  |  |  |
Cost of Sales: |  |  |  |  |  |  |  |  |  |  |  |  |
Retail new vehicles |  |  |  |  |  |  | (16.7) |  |  | (13.6) |  |  |  |  |
Used vehicles |  |  |  |  |  |  | (4.6) |  |  | (2.5) |  |  |  |  |
Wholesale vehicles |  |  |  |  |  |  | (1.0) |  |  | (0.1) |  |  |  |  |
Parts, service and collision repair |  |  |  |  |  |  | (3.6) |  |  | (3.7) |  |  |  |  |
Segment gross profit |  |  |  |  |  |  | $ | 8.5 |  |  | $ | 7.8 |  |  |  |  |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  |  |  |  |  |  | (6.2) |  |  | (5.6) |  |  |  |  |
Advertising |  |  |  |  |  |  | (0.2) |  |  | (0.4) |  |  |  |  |
Rent |  |  |  |  |  |  | 0.2 |  |  | — |  |  |  |  |
Other (1) |  |  |  |  |  |  | (3.4) |  |  | (2.1) |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  | (1.2) |  |  | (1.0) |  |  |  |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, floor plan |  |  |  |  |  |  | (0.5) |  |  | (0.5) |  |  |  |  |
Interest expense, other, net |  |  |  |  |  |  | (0.7) |  |  | (0.5) |  |  |  |  |
Other income (expense), net |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Segment income (loss) |  |  |  |  |  |  | $ | (3.5) |  |  | $ | (2.3) |  |  |  |  |
(1)Other selling, general and administrative expenses include various fixed and variable expenses, including gain or loss on disposal of franchises, facility repairs and maintenance, utilities, property taxes, certain customer-related costs such as gasoline, and insurance, training, legal and information technology expenses.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  | (In millions)
Segment Income (Loss) (1): |  |  |  |  |  |  |
Franchised Dealerships Segment (2) |  |  |  |  | $ | 91.9 |  |  | $ | 63.7 |
EchoPark Segment (3) |  |  |  |  | 10.3 |  |  | (2.9) |
Powersports Segment (4) |  |  |  |  | (3.5) |  |  | (2.3) |
Total segment income |  |  |  |  | $ | 98.7 |  |  | $ | 58.5 |
Impairment charges (5) |  |  |  |  | (1.4) |  |  | (1.0) |
Income before taxes |  |  |  |  | $ | 97.4 |  |  | $ | 57.5 |
(1)Segment income (loss) for each segment is defined as income (loss) before taxes and impairment charges. (2)For the three months ended March 31, 2025, amount includes $30.0 million of pre-tax benefit in cyber insurance proceeds related to a cybersecurity incident impacting certain of our information systems provided by CDK Global in the second quarter of 2024, approximately $0.9 million of pre-tax charges related to storm damage, and approximately $0.3 million of pre-tax charges related to disposition losses. For the three months ended March 31, 2024, amount includes approximately $2.2 million of pre-tax charges for severance and long-term compensation expense and approximately $1.0 million of pre-tax impairment charges related to property and equipment. Due to rounding, segment level financial data may not sum to consolidated results. (3)For the three months ended March 31, 2025, amount includes approximately $0.2 million of pre-tax gain on sale of EchoPark property and approximately $0.2 million of pre-tax impairment charges related to property and equipment. For the three months ended March 31, 2024, amount includes approximately $2.1 million of pre-tax charges for severance and long-term compensation expense and approximately $2.1 million of pre-tax charges related to closed store accrued expenses related to the indefinite suspension of operations at certain EchoPark locations. Due to rounding, segment level financial data may not sum to consolidated results. (4)For the three months ended March 31, 2025, amount includes approximately $0.9 million of pre-tax charges related to disposition losses and approximately $1.1 million of pre-tax impairment charges related to property, equipment, and right-of-use assets. Due to rounding, segment level financial data may not sum to consolidated results. (5)For the three months ended March 31, 2025, amount includes approximately $0.2 million of pre-tax property and equipment charges for real estate held for sale in the EchoPark Segment and approximately $1.1 million of pre-tax property, equipment and right-of-use asset charges for the Powersports Segment. For the three months ended March 31, 2024, amount includes approximately $1.0 million of pre-tax impairment charges for the Franchised Dealerships Segment. Due to rounding, segment level financial data may not sum to consolidated results.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  | (In millions)
Segment Capital Expenditures: |  |  |  |  |  |  |
Franchised Dealerships Segment |  |  |  |  | $ | 44.5 |  |  | $ | 43.0 |
EchoPark Segment |  |  |  |  | 0.2 |  |  | 0.4 |
Powersports Segment |  |  |  |  | 0.3 |  |  | 0.4 |
Total capital expenditures |  |  |  |  | $ | 45.0 |  |  | $ | 43.8 |
| March 31, 2025 |  | December 31, 2024 |  |  |  |
| (In millions) |  |  |  |
Segment Assets: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 4,637.6 |  |  | $ | 4,704.5 |  |  |  |  |
EchoPark Segment | 577.0 |  |  | 574.5 |  |  |  |  |
Powersports Segment | 231.5 |  |  | 232.7 |  |  |  |  |
Corporate and other: |  |  |  |  |  |  |
Cash and cash equivalents | 64.6 |  |  | 44.0 |  |  |  |  |
Floor plan deposit balance | 365.0 |  |  | 340.0 |  |  |  |  |
Total assets | $ | 5,875.7 |  |  | $ | 5,895.7 |  |  |  |  |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration