| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| | (Zip code) | ||||||||||
| (Address of principal executive offices) | |||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Ticker symbol(s) | Name of exchange on which registered | ||||||||||||
| þ | ¨ | Accelerated filer | ||||||||||||
| Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| Terms | Definitions | |||||||
| AOCI | Accumulated other comprehensive income (loss) | |||||||
| ASU | Accounting Standards Update | |||||||
| EPS | Earnings per share | |||||||
| F&I | Finance, insurance and other | |||||||
| FASB | Financial Accounting Standards Board | |||||||
| FMCC | Ford Motor Credit Company | |||||||
| GBP | British Pound Sterling (£) | |||||||
| PRU | Per retail unit | |||||||
| SG&A | Selling, general and administrative | |||||||
| SOFR | Secured Overnight Financing Rate | |||||||
| U.K. | United Kingdom | |||||||
| U.S. | United States of America | |||||||
| USD | United States Dollar ($) | |||||||
| U.S. GAAP | Accounting principles generally accepted in the U.S. | |||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| CURRENT ASSETS: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
| Contracts-in-transit and vehicle receivables, net | ||||||||||||||
| Accounts and notes receivable, net | ||||||||||||||
| Inventories | ||||||||||||||
| Prepaid expenses | ||||||||||||||
| Other current assets | ||||||||||||||
| Current assets classified as held for sale | ||||||||||||||
| TOTAL CURRENT ASSETS | ||||||||||||||
Property and equipment, net of accumulated depreciation of $ | ||||||||||||||
| Operating lease assets | ||||||||||||||
| Goodwill | ||||||||||||||
| Intangible franchise rights | ||||||||||||||
| Other long-term assets | ||||||||||||||
| TOTAL ASSETS | $ | $ | ||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||
Floorplan notes payable — credit facility and other, net of offset account of $ | $ | $ | ||||||||||||
Floorplan notes payable — manufacturer affiliates, net of offset account of $ | ||||||||||||||
| Current maturities of long-term debt | ||||||||||||||
| Current operating lease liabilities | ||||||||||||||
| Accounts payable | ||||||||||||||
| Accrued expenses and other current liabilities | ||||||||||||||
| Current liabilities classified as held for sale | ||||||||||||||
| TOTAL CURRENT LIABILITIES | ||||||||||||||
| Long-term debt | ||||||||||||||
| Long-term operating lease liabilities | ||||||||||||||
| Deferred income taxes | ||||||||||||||
| Other long-term liabilities | ||||||||||||||
Commitments and Contingencies (Note 12) | ||||||||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||||||
Common stock, $ | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
| Retained earnings | ||||||||||||||
| Accumulated other comprehensive income (loss) | ||||||||||||||
Treasury stock, at cost; | ( | ( | ||||||||||||
| TOTAL STOCKHOLDERS’ EQUITY | ||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ | ||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| REVENUES: | ||||||||||||||
| New vehicle retail sales | $ | $ | ||||||||||||
| Used vehicle retail sales | ||||||||||||||
| Used vehicle wholesale sales | ||||||||||||||
| Parts and service sales | ||||||||||||||
| Finance, insurance and other, net | ||||||||||||||
| Total revenues | ||||||||||||||
| COST OF SALES: | ||||||||||||||
| New vehicle retail sales | ||||||||||||||
| Used vehicle retail sales | ||||||||||||||
| Used vehicle wholesale sales | ||||||||||||||
| Parts and service sales | ||||||||||||||
| Total cost of sales | ||||||||||||||
| GROSS PROFIT | ||||||||||||||
| Selling, general and administrative expenses | ||||||||||||||
| Depreciation and amortization expense | ||||||||||||||
| Asset impairments | ||||||||||||||
| Restructuring charges | ||||||||||||||
| INCOME FROM OPERATIONS | ||||||||||||||
| Floorplan interest expense | ||||||||||||||
| Other interest expense, net | ||||||||||||||
| Other income | ( | |||||||||||||
| INCOME BEFORE INCOME TAXES | ||||||||||||||
| Provision for income taxes | ||||||||||||||
| Net income from continuing operations | ||||||||||||||
| Net income from discontinued operations | ||||||||||||||
| NET INCOME | $ | $ | ||||||||||||
| BASIC EARNINGS PER SHARE: | ||||||||||||||
| Continuing operations | $ | $ | ||||||||||||
| Discontinued operations | ||||||||||||||
| Total | $ | $ | ||||||||||||
| DILUTED EARNINGS PER SHARE: | ||||||||||||||
| Continuing operations | $ | $ | ||||||||||||
| Discontinued operations | ||||||||||||||
| Total | $ | $ | ||||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||
| Basic | ||||||||||||||
| Diluted | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| NET INCOME | $ | $ | ||||||||||||
| Other comprehensive income (loss), net of taxes: | ||||||||||||||
| Foreign currency translation adjustments | ( | |||||||||||||
| Net unrealized gain (loss) on interest rate risk management activities, net of tax: | ||||||||||||||
Unrealized gain (loss) arising during the period, net of tax (provision) benefit of $( | ( | |||||||||||||
Reclassification adjustment for gain included in interest expense, net of tax provision of $( | ( | ( | ||||||||||||
Reclassification related to de-designated interest rate swaps, net of tax provision of $( | ( | |||||||||||||
Unrealized loss on interest rate risk management activities, net of tax | ( | ( | ||||||||||||
| OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ( | |||||||||||||
| COMPREHENSIVE INCOME | $ | $ | ||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2025 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of taxes | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock, including excise tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
| Net issuance of treasury shares to stock compensation plans | ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2026 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2024 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of taxes | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock, including excise tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
| Net issuance of treasury shares to stock compensation plans | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2025 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
| Net income | $ | $ | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | ||||||||||||||
| Change in operating lease assets | ||||||||||||||
| Deferred income taxes | ( | |||||||||||||
| Asset impairments | ||||||||||||||
| Stock-based compensation | ||||||||||||||
| Amortization of debt discount and issuance costs | ||||||||||||||
| Gain on disposition of assets | ( | ( | ||||||||||||
Unrealized (gain) loss on derivative instruments | ( | |||||||||||||
| Other | ( | ( | ||||||||||||
| Changes in assets and liabilities, net of acquisitions and dispositions: | ||||||||||||||
| Accounts payable and accrued expenses | ( | ( | ||||||||||||
| Accounts and notes receivable | ( | ( | ||||||||||||
| Inventories | ( | |||||||||||||
| Contracts-in-transit and vehicle receivables | ( | ( | ||||||||||||
| Prepaid expenses and other assets | ||||||||||||||
Floorplan notes payable — manufacturer affiliates | ( | |||||||||||||
| Deferred revenues | ( | ( | ||||||||||||
| Operating lease liabilities | ( | ( | ||||||||||||
| Net cash provided by operating activities | ||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Cash paid for acquisitions, net | ( | ( | ||||||||||||
| Proceeds from disposition of franchises, property and equipment | ||||||||||||||
| Purchases of property and equipment | ( | ( | ||||||||||||
Escrow payments for acquisitions | ( | |||||||||||||
| Net cash provided by (used in) investing activities | ( | |||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Borrowings on credit facility — floorplan line and other | ||||||||||||||
Repayments on credit facility — floorplan line and other | ( | ( | ||||||||||||
Borrowings on credit facility — acquisition line | ||||||||||||||
Repayments on credit facility — acquisition line | ( | ( | ||||||||||||
| Debt issuance costs | ( | |||||||||||||
| Borrowings on other debt | ||||||||||||||
| Principal payments on other debt | ( | ( | ||||||||||||
| Proceeds from employee stock purchase plan | ||||||||||||||
| Payments of tax withholding for stock-based compensation | ( | ( | ||||||||||||
| Repurchases of common stock, amounts based on settlement date | ( | ( | ||||||||||||
| Dividends paid | ( | ( | ||||||||||||
| Net cash used in financing activities | ( | ( | ||||||||||||
| Effect of exchange rate changes on cash | ( | |||||||||||||
| Net increase in cash and cash equivalents | ||||||||||||||
| CASH AND CASH EQUIVALENTS, beginning of period | ||||||||||||||
| CASH AND CASH EQUIVALENTS, end of period | $ | $ | ||||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||
| U.S. | U.K. | Total | ||||||||||||||||||
| New vehicle retail sales | $ | $ | $ | |||||||||||||||||
| Used vehicle retail sales | ||||||||||||||||||||
| Used vehicle wholesale sales | ||||||||||||||||||||
| Total new and used vehicle sales | ||||||||||||||||||||
Parts and service sales (1) | ||||||||||||||||||||
Finance, insurance and other, net (2) | ||||||||||||||||||||
| Total revenues | $ | $ | $ | |||||||||||||||||
| Three Months Ended March 31, 2025 | ||||||||||||||||||||
| U.S. | U.K. | Total | ||||||||||||||||||
| New vehicle retail sales | $ | $ | $ | |||||||||||||||||
| Used vehicle retail sales | ||||||||||||||||||||
| Used vehicle wholesale sales | ||||||||||||||||||||
| Total new and used vehicle sales | ||||||||||||||||||||
Parts and service sales (1) | ||||||||||||||||||||
Finance, insurance and other, net (2) | ||||||||||||||||||||
| Total revenues | $ | $ | $ | |||||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||
Contract termination costs | $ | $ | ||||||||||||
Facility closure costs | ||||||||||||||
Employee related costs | ||||||||||||||
Asset impairments | ||||||||||||||
Systems integration costs | ||||||||||||||
| Total restructuring charges | $ | $ | ||||||||||||
| 2025 Restructuring Plan | 2024 Restructuring Plan | |||||||||||||
| December 31, 2025 | $ | $ | ||||||||||||
Charges incurred | — | |||||||||||||
Cash payments | ( | ( | ||||||||||||
Adjustments | — | ( | ||||||||||||
| March 31, 2026 | $ | $ | ||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||
| U.S. | U.K. | Total | |||||||||||||||
| Total revenues | $ | $ | $ | ||||||||||||||
| Cost of sales | $ | $ | $ | ||||||||||||||
| SG&A expenses | $ | $ | $ | ||||||||||||||
| Depreciation and amortization expense | $ | $ | $ | ||||||||||||||
| Asset impairments | $ | $ | $ | ||||||||||||||
| Restructuring charges | $ | $ | $ | ||||||||||||||
| Floorplan interest expense | $ | $ | $ | ||||||||||||||
| Other interest expense, net | $ | $ | $ | ||||||||||||||
| Income before income taxes | $ | $ | $ | ||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Real estate related capital expenditures | $ | $ | $ | ||||||||||||||
| Non-real estate related capital expenditures | |||||||||||||||||
| Total capital expenditures | $ | $ | $ | ||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||
| U.S. | U.K. | Total | |||||||||||||||
| Total revenues | $ | $ | $ | ||||||||||||||
| Cost of sales | $ | $ | $ | ||||||||||||||
| SG&A expenses | $ | $ | $ | ||||||||||||||
| Depreciation and amortization expense | $ | $ | $ | ||||||||||||||
| Asset impairments | $ | ( | $ | $ | |||||||||||||
| Restructuring charges | $ | $ | $ | ||||||||||||||
| Floorplan interest expense | $ | $ | $ | ||||||||||||||
| Other interest expense, net | $ | $ | $ | ||||||||||||||
Other segment items (1) | $ | ( | $ | $ | ( | ||||||||||||
| Income before income taxes | $ | $ | $ | ||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Real estate related capital expenditures | $ | $ | $ | ||||||||||||||
| Non-real estate related capital expenditures | |||||||||||||||||
| Total capital expenditures | $ | $ | $ | ||||||||||||||
| March 31, 2026 | ||||||||||||||||||||
| U.S. | U.K. | Total | ||||||||||||||||||
| Property and equipment, net | $ | $ | $ | |||||||||||||||||
Total assets (1) | $ | $ | $ | |||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| U.S. | U.K. | Total | ||||||||||||||||||
| Property and equipment, net | $ | $ | $ | |||||||||||||||||
Total assets (1) | $ | $ | $ | |||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Weighted average basic common shares outstanding | ||||||||||||||
| Dilutive effect of stock-based awards and employee stock purchases | ||||||||||||||
| Weighted average dilutive common shares outstanding | ||||||||||||||
| Basic: | ||||||||||||||
| Net income | $ | $ | ||||||||||||
| Less: Earnings allocated to participating securities from continuing operations | ||||||||||||||
Less: Earnings allocated to participating securities to discontinued operations | ||||||||||||||
| Net income available to basic common shares | $ | $ | ||||||||||||
| Basic earnings per common share | $ | $ | ||||||||||||
| Diluted: | ||||||||||||||
| Net income | $ | $ | ||||||||||||
| Less: Earnings allocated to participating securities from continuing operations | ||||||||||||||
Less: Earnings allocated to participating securities to discontinued operations | ||||||||||||||
| Net income available to diluted common shares | $ | $ | ||||||||||||
| Diluted earnings per common share | $ | $ | ||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | |||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
| Real estate related | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Assets: | ||||||||||||||
Other current assets (1) | $ | $ | ||||||||||||
Other long-term assets (2) | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Derivatives in Cash Flow Hedging Relationship | 2026 | 2025 | ||||||||||||
| Interest rate swaps | $ | $ | ( | |||||||||||
| Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | ||||||||||||||
| Statement of Operations Classification | Three Months Ended March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| Floorplan interest expense | $ | $ | ||||||||||||
| Other interest expense, net | $ | $ | ||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Contracts-in-transit and vehicle receivables, net: | ||||||||||||||
| Contracts-in-transit | $ | $ | ||||||||||||
| Vehicle receivables | ||||||||||||||
| Total contracts-in-transit and vehicle receivables | ||||||||||||||
| Less: allowance for doubtful accounts | ||||||||||||||
| Total contracts-in-transit and vehicle receivables, net | $ | $ | ||||||||||||
| Accounts and notes receivable, net: | ||||||||||||||
| Manufacturer receivables | $ | $ | ||||||||||||
| Parts and service receivables | ||||||||||||||
| F&I receivables | ||||||||||||||
| Other | ||||||||||||||
| Total accounts and notes receivable | ||||||||||||||
| Less: allowance for doubtful accounts | ||||||||||||||
| Total accounts and notes receivable, net | $ | $ | ||||||||||||
| Within Other current assets and Other long-term assets: | ||||||||||||||
Total contract assets (1) | $ | $ | ||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| $ | $ | |||||||||||||
| Acquisition Line | ||||||||||||||
| Other Debt: | ||||||||||||||
| Real estate related | ||||||||||||||
| Finance leases | ||||||||||||||
| Other | ||||||||||||||
| Total other debt | ||||||||||||||
| Total debt | ||||||||||||||
| Less: unamortized debt issuance costs | ||||||||||||||
| Less: current maturities | ||||||||||||||
| Total long-term debt | $ | $ | ||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Revolving Credit Facility — floorplan notes payable | $ | $ | ||||||||||||
| Revolving Credit Facility — floorplan notes payable offset account | ( | ( | ||||||||||||
| Revolving Credit Facility — floorplan notes payable, net | ||||||||||||||
| Other non-manufacturer facilities | ||||||||||||||
| Floorplan notes payable — credit facility and other, net | $ | $ | ||||||||||||
| FMCC Facility | $ | $ | ||||||||||||
| FMCC Facility offset account | ( | |||||||||||||
| FMCC Facility, net | ||||||||||||||
| GM Financial Facility | ||||||||||||||
| Other manufacturer affiliate facilities | ||||||||||||||
| Floorplan notes payable — manufacturer affiliates, net | $ | $ | ||||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||
| Accumulated Income (Loss) On Foreign Currency Translation | Accumulated Income (Loss) On Interest Rate Swaps | Total | ||||||||||||||||||
| Balance, December 31, 2025 | $ | ( | $ | $ | ||||||||||||||||
| Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
| Pre-tax | ( | ( | ||||||||||||||||||
| Tax effect | ( | ( | ||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss): | ||||||||||||||||||||
| Floorplan interest expense (pre-tax) | ( | ( | ||||||||||||||||||
| Other interest expense, net (pre-tax) | ( | ( | ||||||||||||||||||
| Reclassification related to de-designated interest rate swaps (pre-tax) | ( | ( | ||||||||||||||||||
| Provision for income taxes | ||||||||||||||||||||
Net current period other comprehensive loss | ( | ( | ( | |||||||||||||||||
| Balance, March 31, 2026 | $ | ( | $ | $ | ||||||||||||||||
| Three Months Ended March 31, 2025 | ||||||||||||||||||||
| Accumulated Income (Loss) On Foreign Currency Translation | Accumulated Income (Loss) On Interest Rate Swaps | Total | ||||||||||||||||||
| Balance, December 31, 2024 | $ | ( | $ | $ | ||||||||||||||||
| Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
| Pre-tax | ( | |||||||||||||||||||
| Tax effect | ||||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss): | ||||||||||||||||||||
| Floorplan interest expense (pre-tax) | ( | ( | ||||||||||||||||||
Other interest expense, net (pre-tax) | ( | ( | ||||||||||||||||||
| Provision for income taxes | ||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | |||||||||||||||||||
| Balance, March 31, 2025 | $ | ( | $ | $ | ||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 2,562.4 | $ | 2,680.0 | $ | (117.6) | (4.4) | % | $ | 39.0 | (5.8) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 1,774.9 | 1,755.4 | 19.5 | 1.1 | % | 42.5 | (1.3) | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 149.5 | 151.6 | (2.1) | (1.4) | % | 3.4 | (3.7) | % | ||||||||||||||||||||||||||||||
| Total used | 1,924.4 | 1,907.0 | 17.4 | 0.9 | % | 45.9 | (1.5) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 704.4 | 692.1 | 12.4 | 1.8 | % | 11.6 | 0.1 | % | ||||||||||||||||||||||||||||||
| F&I, net | 215.9 | 226.2 | (10.4) | (4.6) | % | 2.6 | (5.7) | % | ||||||||||||||||||||||||||||||
| Total revenues | $ | 5,407.1 | $ | 5,505.3 | $ | (98.2) | (1.8) | % | $ | 98.9 | (3.6) | % | ||||||||||||||||||||||||||
| Gross profit: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 172.7 | $ | 189.6 | $ | (17.0) | (8.9) | % | $ | 3.1 | (10.6) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 87.7 | 93.5 | (5.8) | (6.2) | % | 1.8 | (8.2) | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 1.5 | 1.5 | — | (0.2) | % | (0.1) | 5.8 | % | ||||||||||||||||||||||||||||||
| Total used | 89.3 | 95.1 | (5.8) | (6.1) | % | 1.8 | (8.0) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 400.0 | 381.0 | 19.0 | 5.0 | % | 6.6 | 3.3 | % | ||||||||||||||||||||||||||||||
| F&I, net | 215.9 | 226.2 | (10.4) | (4.6) | % | 2.6 | (5.7) | % | ||||||||||||||||||||||||||||||
| Total gross profit | $ | 877.9 | $ | 891.9 | $ | (14.1) | (1.6) | % | $ | 14.1 | (3.2) | % | ||||||||||||||||||||||||||
| Gross margin: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | 6.7 | % | 7.1 | % | (0.3) | % | ||||||||||||||||||||||||||||||||
| Used vehicle retail sales | 4.9 | % | 5.3 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 1.0 | % | 1.0 | % | — | % | ||||||||||||||||||||||||||||||||
| Total used | 4.6 | % | 5.0 | % | (0.3) | % | ||||||||||||||||||||||||||||||||
| Parts and service sales | 56.8 | % | 55.1 | % | 1.7 | % | ||||||||||||||||||||||||||||||||
| Total gross margin | 16.2 | % | 16.2 | % | — | % | ||||||||||||||||||||||||||||||||
| Units sold: | ||||||||||||||||||||||||||||||||||||||
| Retail new vehicles sold | 52,398 | 56,099 | (3,701) | (6.6) | % | |||||||||||||||||||||||||||||||||
| Retail used vehicles sold | 56,985 | 59,618 | (2,633) | (4.4) | % | |||||||||||||||||||||||||||||||||
| Wholesale used vehicles sold | 15,402 | 16,354 | (952) | (5.8) | % | |||||||||||||||||||||||||||||||||
| Total used | 72,387 | 75,972 | (3,585) | (4.7) | % | |||||||||||||||||||||||||||||||||
| Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 52,415 | $ | 49,861 | $ | 2,554 | 5.1 | % | $ | 788 | 3.5 | % | ||||||||||||||||||||||||||
| Used vehicle retail | $ | 31,204 | $ | 29,449 | $ | 1,755 | 6.0 | % | $ | 746 | 3.4 | % | ||||||||||||||||||||||||||
| Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 3,296 | $ | 3,381 | $ | (85) | (2.5) | % | $ | 59 | (4.3) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | $ | 1,540 | $ | 1,569 | $ | (29) | (1.9) | % | $ | 32 | (3.9) | % | ||||||||||||||||||||||||||
| Used vehicle wholesale sales | $ | 99 | $ | 93 | $ | 6 | 6.0 | % | $ | (6) | 12.4 | % | ||||||||||||||||||||||||||
| Total used | $ | 1,233 | $ | 1,251 | $ | (18) | (1.5) | % | $ | 24 | (3.4) | % | ||||||||||||||||||||||||||
| F&I PRU | $ | 1,974 | $ | 1,955 | $ | 19 | 0.9 | % | $ | 24 | (0.3) | % | ||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||||||
| SG&A expenses | $ | 600.6 | $ | 617.3 | $ | (16.7) | (2.7) | % | $ | 11.9 | (4.6) | % | ||||||||||||||||||||||||||
| SG&A as % gross profit | 68.4 | % | 69.2 | % | (0.8) | % | ||||||||||||||||||||||||||||||||
| Floorplan expense: | ||||||||||||||||||||||||||||||||||||||
| Floorplan interest expense | $ | 23.3 | $ | 26.9 | $ | (3.6) | (13.4) | % | $ | 0.5 | (15.1) | % | ||||||||||||||||||||||||||
Less: floorplan assistance (1) | 20.1 | 20.4 | (0.4) | (1.8) | % | — | (1.8) | % | ||||||||||||||||||||||||||||||
| Net floorplan expense | $ | 3.2 | $ | 6.5 | $ | (3.2) | $ | 0.5 | ||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 2,462.5 | $ | 2,569.2 | $ | (106.7) | (4.2) | % | $ | 38.2 | (5.6) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 1,708.3 | 1,685.5 | 22.8 | 1.4 | % | 41.8 | (1.1) | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 140.8 | 138.1 | 2.6 | 1.9 | % | 3.1 | (0.4) | % | ||||||||||||||||||||||||||||||
| Total used | 1,849.0 | 1,823.6 | 25.5 | 1.4 | % | 44.9 | (1.1) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 677.3 | 647.9 | 29.4 | 4.5 | % | 11.4 | 2.8 | % | ||||||||||||||||||||||||||||||
| F&I, net | 208.7 | 219.4 | (10.7) | (4.9) | % | 2.6 | (6.1) | % | ||||||||||||||||||||||||||||||
| Total revenues | $ | 5,197.6 | $ | 5,260.1 | $ | (62.6) | (1.2) | % | $ | 96.9 | (3.0) | % | ||||||||||||||||||||||||||
| Gross profit: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 164.6 | $ | 182.4 | $ | (17.8) | (9.8) | % | $ | 3.0 | (11.4) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 85.1 | 89.8 | (4.6) | (5.2) | % | 1.8 | (7.2) | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 1.8 | 2.1 | (0.2) | (10.8) | % | (0.1) | (7.4) | % | ||||||||||||||||||||||||||||||
| Total used | 87.0 | 91.8 | (4.9) | (5.3) | % | 1.7 | (7.2) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 384.4 | 362.8 | 21.6 | 5.9 | % | 6.5 | 4.2 | % | ||||||||||||||||||||||||||||||
| F&I, net | 208.7 | 219.4 | (10.7) | (4.9) | % | 2.6 | (6.1) | % | ||||||||||||||||||||||||||||||
| Total gross profit | $ | 844.7 | $ | 856.5 | $ | (11.8) | (1.4) | % | $ | 13.8 | (3.0) | % | ||||||||||||||||||||||||||
| Gross margin: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | 6.7 | % | 7.1 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
| Used vehicle retail sales | 5.0 | % | 5.3 | % | (0.3) | % | ||||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 1.3 | % | 1.5 | % | (0.2) | % | ||||||||||||||||||||||||||||||||
| Total used | 4.7 | % | 5.0 | % | (0.3) | % | ||||||||||||||||||||||||||||||||
| Parts and service sales | 56.8 | % | 56.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||||
| Total gross margin | 16.3 | % | 16.3 | % | — | % | ||||||||||||||||||||||||||||||||
| Units sold: | ||||||||||||||||||||||||||||||||||||||
| Retail new vehicles sold | 50,812 | 53,625 | (2,813) | (5.2) | % | |||||||||||||||||||||||||||||||||
| Retail used vehicles sold | 55,128 | 57,155 | (2,027) | (3.5) | % | |||||||||||||||||||||||||||||||||
| Wholesale used vehicles sold | 14,839 | 15,274 | (435) | (2.8) | % | |||||||||||||||||||||||||||||||||
| Total used | 69,967 | 72,429 | (2,462) | (3.4) | % | |||||||||||||||||||||||||||||||||
| Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 52,058 | $ | 49,948 | $ | 2,110 | 4.2 | % | $ | 799 | 2.6 | % | ||||||||||||||||||||||||||
| Used vehicle retail | $ | 31,046 | $ | 29,494 | $ | 1,552 | 5.3 | % | $ | 760 | 2.7 | % | ||||||||||||||||||||||||||
| Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 3,239 | $ | 3,402 | $ | (163) | (4.8) | % | $ | 60 | (6.5) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | $ | 1,544 | $ | 1,571 | $ | (26) | (1.7) | % | $ | 33 | (3.8) | % | ||||||||||||||||||||||||||
| Used vehicle wholesale sales | $ | 123 | $ | 134 | $ | (11) | (8.2) | % | $ | (5) | (4.6) | % | ||||||||||||||||||||||||||
| Total used | $ | 1,243 | $ | 1,268 | $ | (25) | (2.0) | % | $ | 25 | (3.9) | % | ||||||||||||||||||||||||||
| F&I PRU | $ | 1,970 | $ | 1,981 | $ | (10) | (0.5) | % | $ | 25 | (1.8) | % | ||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||||||
| SG&A expenses | $ | 615.5 | $ | 595.0 | $ | 20.5 | 3.4 | % | $ | 11.4 | 1.5 | % | ||||||||||||||||||||||||||
| SG&A as % gross profit | 72.9 | % | 69.5 | % | 3.4 | % | ||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | Increase/(Decrease) | % Change | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| New vehicle retail sales | $ | 1,852.0 | $ | 1,968.7 | $ | (116.7) | (5.9) | % | ||||||||||||||||||
| Used vehicle retail sales | 1,117.5 | 1,144.3 | (26.8) | (2.3) | % | |||||||||||||||||||||
| Used vehicle wholesale sales | 94.6 | 92.0 | 2.6 | 2.8 | % | |||||||||||||||||||||
| Total used | 1,212.1 | 1,236.3 | (24.2) | (2.0) | % | |||||||||||||||||||||
| Parts and service sales | 527.2 | 531.3 | (4.1) | (0.8) | % | |||||||||||||||||||||
| F&I, net | 172.6 | 185.5 | (12.9) | (7.0) | % | |||||||||||||||||||||
| Total revenues | $ | 3,763.8 | $ | 3,921.8 | $ | (157.9) | (4.0) | % | ||||||||||||||||||
| Gross profit: | ||||||||||||||||||||||||||
| New vehicle retail sales | $ | 114.9 | $ | 130.6 | $ | (15.8) | (12.1) | % | ||||||||||||||||||
| Used vehicle retail sales | 59.5 | 65.8 | (6.2) | (9.5) | % | |||||||||||||||||||||
| Used vehicle wholesale sales | 2.8 | 2.6 | 0.2 | 7.0 | % | |||||||||||||||||||||
| Total used | 62.3 | 68.3 | (6.0) | (8.8) | % | |||||||||||||||||||||
| Parts and service sales | 297.5 | 290.5 | 7.0 | 2.4 | % | |||||||||||||||||||||
| F&I, net | 172.6 | 185.5 | (12.9) | (7.0) | % | |||||||||||||||||||||
| Total gross profit | $ | 647.2 | $ | 675.0 | $ | (27.7) | (4.1) | % | ||||||||||||||||||
| Gross margin: | ||||||||||||||||||||||||||
| New vehicle retail sales | 6.2 | % | 6.6 | % | (0.4) | % | ||||||||||||||||||||
| Used vehicle retail sales | 5.3 | % | 5.7 | % | (0.4) | % | ||||||||||||||||||||
| Used vehicle wholesale sales | 2.9 | % | 2.8 | % | 0.1 | % | ||||||||||||||||||||
| Total used | 5.1 | % | 5.5 | % | (0.4) | % | ||||||||||||||||||||
| Parts and service sales | 56.4 | % | 54.7 | % | 1.7 | % | ||||||||||||||||||||
| Total gross margin | 17.2 | % | 17.2 | % | — | % | ||||||||||||||||||||
| Units sold: | ||||||||||||||||||||||||||
| Retail new vehicles sold | 34,666 | 37,835 | (3,169) | (8.4) | % | |||||||||||||||||||||
| Retail used vehicles sold | 36,097 | 38,613 | (2,516) | (6.5) | % | |||||||||||||||||||||
| Wholesale used vehicles sold | 9,868 | 10,217 | (349) | (3.4) | % | |||||||||||||||||||||
| Total used | 45,965 | 48,830 | (2,865) | (5.9) | % | |||||||||||||||||||||
| Average sales price per unit sold: | ||||||||||||||||||||||||||
| New vehicle retail | $ | 53,424 | $ | 52,034 | $ | 1,390 | 2.7 | % | ||||||||||||||||||
| Used vehicle retail | $ | 30,959 | $ | 29,636 | $ | 1,323 | 4.5 | % | ||||||||||||||||||
| Gross profit per unit sold: | ||||||||||||||||||||||||||
| New vehicle retail sales | $ | 3,313 | $ | 3,453 | $ | (139) | (4.0) | % | ||||||||||||||||||
| Used vehicle retail sales | $ | 1,650 | $ | 1,703 | $ | (54) | (3.1) | % | ||||||||||||||||||
| Used vehicle wholesale sales | $ | 279 | $ | 252 | $ | 27 | 10.8 | % | ||||||||||||||||||
| Total used | $ | 1,355 | $ | 1,400 | $ | (44) | (3.2) | % | ||||||||||||||||||
| F&I PRU | $ | 2,439 | $ | 2,426 | $ | 13 | 0.5 | % | ||||||||||||||||||
| Other: | ||||||||||||||||||||||||||
| SG&A expenses | $ | 418.2 | $ | 447.4 | $ | (29.2) | (6.5) | % | ||||||||||||||||||
| SG&A as % gross profit | 64.6 | % | 66.3 | % | (1.7) | % | ||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Increase/(Decrease) | % Change | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| New vehicle retail sales | $ | 1,764.4 | $ | 1,898.8 | $ | (134.4) | (7.1) | % | |||||||||||||||
| Used vehicle retail sales | 1,060.5 | 1,113.7 | (53.2) | (4.8) | % | ||||||||||||||||||
| Used vehicle wholesale sales | 89.6 | 85.0 | 4.6 | 5.4 | % | ||||||||||||||||||
| Total used | 1,150.1 | 1,198.7 | (48.6) | (4.1) | % | ||||||||||||||||||
| Parts and service sales | 504.3 | 498.8 | 5.5 | 1.1 | % | ||||||||||||||||||
| F&I, net | 165.9 | 181.3 | (15.4) | (8.5) | % | ||||||||||||||||||
| Total revenues | $ | 3,584.8 | $ | 3,777.6 | $ | (192.8) | (5.1) | % | |||||||||||||||
| Gross profit: | |||||||||||||||||||||||
| New vehicle retail sales | $ | 107.9 | $ | 127.0 | $ | (19.2) | (15.1) | % | |||||||||||||||
| Used vehicle retail sales | 57.4 | 64.4 | (7.1) | (11.0) | % | ||||||||||||||||||
| Used vehicle wholesale sales | 2.7 | 2.4 | 0.3 | 12.1 | % | ||||||||||||||||||
| Total used | 60.1 | 66.9 | (6.8) | (10.2) | % | ||||||||||||||||||
| Parts and service sales | 284.0 | 278.9 | 5.1 | 1.8 | % | ||||||||||||||||||
| F&I, net | 165.9 | 181.3 | (15.4) | (8.5) | % | ||||||||||||||||||
| Total gross profit | $ | 617.9 | $ | 654.2 | $ | (36.3) | (5.5) | % | |||||||||||||||
| Gross margin: | |||||||||||||||||||||||
| New vehicle retail sales | 6.1 | % | 6.7 | % | (0.6) | % | |||||||||||||||||
| Used vehicle retail sales | 5.4 | % | 5.8 | % | (0.4) | % | |||||||||||||||||
| Used vehicle wholesale sales | 3.1 | % | 2.9 | % | 0.2 | % | |||||||||||||||||
| Total used | 5.2 | % | 5.6 | % | (0.4) | % | |||||||||||||||||
| Parts and service sales | 56.3 | % | 55.9 | % | 0.4 | % | |||||||||||||||||
| Total gross margin | 17.2 | % | 17.3 | % | (0.1) | % | |||||||||||||||||
| Units sold: | |||||||||||||||||||||||
| Retail new vehicles sold | 33,404 | 36,590 | (3,186) | (8.7) | % | ||||||||||||||||||
| Retail used vehicles sold | 34,584 | 37,566 | (2,982) | (7.9) | % | ||||||||||||||||||
| Wholesale used vehicles sold | 9,506 | 9,789 | (283) | (2.9) | % | ||||||||||||||||||
| Total used | 44,090 | 47,355 | (3,265) | (6.9) | % | ||||||||||||||||||
| Average sales price per unit sold: | |||||||||||||||||||||||
| New vehicle retail | $ | 52,820 | $ | 51,893 | $ | 927 | 1.8 | % | |||||||||||||||
| Used vehicle retail | $ | 30,665 | $ | 29,647 | $ | 1,019 | 3.4 | % | |||||||||||||||
| Gross profit per unit sold: | |||||||||||||||||||||||
| New vehicle retail sales | $ | 3,229 | $ | 3,472 | $ | (243) | (7.0) | % | |||||||||||||||
| Used vehicle retail sales | $ | 1,658 | $ | 1,715 | $ | (57) | (3.3) | % | |||||||||||||||
| Used vehicle wholesale sales | $ | 288 | $ | 249 | $ | 38 | 15.4 | % | |||||||||||||||
| Total used | $ | 1,363 | $ | 1,412 | $ | (50) | (3.5) | % | |||||||||||||||
| F&I PRU | $ | 2,440 | $ | 2,445 | $ | (5) | (0.2) | % | |||||||||||||||
| Other: | |||||||||||||||||||||||
| SG&A expenses | $ | 440.9 | $ | 438.4 | $ | 2.5 | 0.6 | % | |||||||||||||||
| SG&A as % gross profit | 71.4 | % | 67.0 | % | 4.3 | % | |||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 710.4 | $ | 711.2 | $ | (0.9) | (0.1) | % | $ | 39.0 | (5.6) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 657.4 | 611.1 | 46.3 | 7.6 | % | 42.5 | 0.6 | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 54.9 | 59.6 | (4.7) | (7.9) | % | 3.4 | (13.6) | % | ||||||||||||||||||||||||||||||
| Total used | 712.3 | 670.7 | 41.6 | 6.2 | % | 45.9 | (0.6) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 177.3 | 160.8 | 16.4 | 10.2 | % | 11.6 | 3.0 | % | ||||||||||||||||||||||||||||||
| F&I, net | 43.3 | 40.8 | 2.6 | 6.3 | % | 2.6 | (0.2) | % | ||||||||||||||||||||||||||||||
| Total revenues | $ | 1,643.3 | $ | 1,583.5 | $ | 59.7 | 3.8 | % | $ | 98.9 | (2.5) | % | ||||||||||||||||||||||||||
| Gross profit: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 57.8 | $ | 59.0 | $ | (1.2) | (2.0) | % | $ | 3.1 | (7.3) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 28.2 | 27.8 | 0.4 | 1.5 | % | 1.8 | (5.1) | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | (1.2) | (1.0) | (0.2) | (17.6) | % | (0.1) | (8.8) | % | ||||||||||||||||||||||||||||||
| Total used | 27.0 | 26.7 | 0.2 | 0.9 | % | 1.8 | (5.7) | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 102.5 | 90.5 | 12.1 | 13.3 | % | 6.6 | 6.0 | % | ||||||||||||||||||||||||||||||
| F&I, net | 43.3 | 40.8 | 2.6 | 6.3 | % | 2.6 | (0.2) | % | ||||||||||||||||||||||||||||||
| Total gross profit | $ | 230.6 | $ | 217.0 | $ | 13.7 | 6.3 | % | $ | 14.1 | (0.2) | % | ||||||||||||||||||||||||||
| Gross margin: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | 8.1 | % | 8.3 | % | (0.2) | % | ||||||||||||||||||||||||||||||||
| Used vehicle retail sales | 4.3 | % | 4.5 | % | (0.3) | % | ||||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | (2.2) | % | (1.8) | % | (0.5) | % | ||||||||||||||||||||||||||||||||
| Total used | 3.8 | % | 4.0 | % | (0.2) | % | ||||||||||||||||||||||||||||||||
| Parts and service sales | 57.8 | % | 56.3 | % | 1.6 | % | ||||||||||||||||||||||||||||||||
| Total gross margin | 14.0 | % | 13.7 | % | 0.3 | % | ||||||||||||||||||||||||||||||||
| Units sold: | ||||||||||||||||||||||||||||||||||||||
| Retail new vehicles sold | 17,732 | 18,264 | (532) | (2.9) | % | |||||||||||||||||||||||||||||||||
| Retail used vehicles sold | 20,888 | 21,005 | (117) | (0.6) | % | |||||||||||||||||||||||||||||||||
| Wholesale used vehicles sold | 5,534 | 6,137 | (603) | (9.8) | % | |||||||||||||||||||||||||||||||||
| Total used | 26,422 | 27,142 | (720) | (2.7) | % | |||||||||||||||||||||||||||||||||
| Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 49,916 | $ | 44,642 | $ | 5,274 | 11.8 | % | $ | 2,738 | 5.7 | % | ||||||||||||||||||||||||||
| Used vehicle retail | $ | 31,630 | $ | 29,106 | $ | 2,524 | 8.7 | % | $ | 2,043 | 1.7 | % | ||||||||||||||||||||||||||
| Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 3,261 | $ | 3,231 | $ | 30 | 0.9 | % | $ | 174 | (4.5) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | $ | 1,350 | $ | 1,322 | $ | 28 | 2.1 | % | $ | 88 | (4.6) | % | ||||||||||||||||||||||||||
| Used vehicle wholesale sales | $ | (222) | $ | (170) | $ | (52) | (30.4) | % | $ | (17) | (20.7) | % | ||||||||||||||||||||||||||
| Total used | $ | 1,021 | $ | 985 | $ | 36 | 3.6 | % | $ | 66 | (3.1) | % | ||||||||||||||||||||||||||
| F&I PRU | $ | 1,121 | $ | 1,038 | $ | 84 | 8.1 | % | $ | 68 | 1.5 | % | ||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||||||
| SG&A expenses | $ | 182.4 | $ | 169.8 | $ | 12.5 | 7.4 | % | $ | 11.9 | 0.4 | % | ||||||||||||||||||||||||||
| SG&A as % gross profit | 79.1 | % | 78.3 | % | 0.8 | % | ||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 698.1 | $ | 670.4 | $ | 27.6 | 4.1 | % | $ | 38.2 | (1.6) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 647.8 | 571.8 | 76.0 | 13.3 | % | 41.8 | 6.0 | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | 51.2 | 53.1 | (1.9) | (3.6) | % | 3.1 | (9.5) | % | ||||||||||||||||||||||||||||||
| Total used | 698.9 | 624.8 | 74.1 | 11.9 | % | 44.9 | 4.7 | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 173.0 | 149.2 | 23.8 | 16.0 | % | 11.4 | 8.4 | % | ||||||||||||||||||||||||||||||
| F&I, net | 42.8 | 38.1 | 4.7 | 12.4 | % | 2.6 | 5.6 | % | ||||||||||||||||||||||||||||||
| Total revenues | $ | 1,612.8 | $ | 1,482.5 | $ | 130.3 | 8.8 | % | $ | 96.9 | 2.2 | % | ||||||||||||||||||||||||||
| Gross profit: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 56.7 | $ | 55.4 | $ | 1.3 | 2.4 | % | $ | 3.0 | (3.0) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | 27.8 | 25.3 | 2.4 | 9.7 | % | 1.8 | 2.5 | % | ||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | (0.9) | (0.4) | (0.5) | (134.1) | % | (0.1) | (115.9) | % | ||||||||||||||||||||||||||||||
| Total used | 26.9 | 24.9 | 1.9 | 7.7 | % | 1.7 | 0.8 | % | ||||||||||||||||||||||||||||||
| Parts and service sales | 100.4 | 83.9 | 16.5 | 19.6 | % | 6.5 | 11.9 | % | ||||||||||||||||||||||||||||||
| F&I, net | 42.8 | 38.1 | 4.7 | 12.4 | % | 2.6 | 5.6 | % | ||||||||||||||||||||||||||||||
| Total gross profit | $ | 226.8 | $ | 202.3 | $ | 24.5 | 12.1 | % | $ | 13.8 | 5.3 | % | ||||||||||||||||||||||||||
| Gross margin: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | 8.1 | % | 8.3 | % | (0.1) | % | ||||||||||||||||||||||||||||||||
| Used vehicle retail sales | 4.3 | % | 4.4 | % | (0.1) | % | ||||||||||||||||||||||||||||||||
| Used vehicle wholesale sales | (1.8) | % | (0.7) | % | (1.0) | % | ||||||||||||||||||||||||||||||||
| Total used | 3.8 | % | 4.0 | % | (0.1) | % | ||||||||||||||||||||||||||||||||
| Parts and service sales | 58.0 | % | 56.3 | % | 1.8 | % | ||||||||||||||||||||||||||||||||
| Total gross margin | 14.1 | % | 13.6 | % | 0.4 | % | ||||||||||||||||||||||||||||||||
| Units sold: | ||||||||||||||||||||||||||||||||||||||
| Retail new vehicles sold | 17,408 | 17,035 | 373 | 2.2 | % | |||||||||||||||||||||||||||||||||
| Retail used vehicles sold | 20,544 | 19,589 | 955 | 4.9 | % | |||||||||||||||||||||||||||||||||
| Wholesale used vehicles sold | 5,333 | 5,485 | (152) | (2.8) | % | |||||||||||||||||||||||||||||||||
| Total used | 25,877 | 25,074 | 803 | 3.2 | % | |||||||||||||||||||||||||||||||||
| Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 50,198 | $ | 45,106 | $ | 5,091 | 11.3 | % | $ | 2,749 | 5.2 | % | ||||||||||||||||||||||||||
| Used vehicle retail | $ | 31,691 | $ | 29,202 | $ | 2,489 | 8.5 | % | $ | 2,047 | 1.5 | % | ||||||||||||||||||||||||||
| Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||
| New vehicle retail sales | $ | 3,258 | $ | 3,251 | $ | 7 | 0.2 | % | $ | 174 | (5.1) | % | ||||||||||||||||||||||||||
| Used vehicle retail sales | $ | 1,352 | $ | 1,293 | $ | 59 | 4.6 | % | $ | 88 | (2.3) | % | ||||||||||||||||||||||||||
| Used vehicle wholesale sales | $ | (169) | $ | (70) | $ | (99) | (140.8) | % | $ | (13) | (122.1) | % | ||||||||||||||||||||||||||
| Total used | $ | 1,039 | $ | 995 | $ | 44 | 4.4 | % | $ | 67 | (2.4) | % | ||||||||||||||||||||||||||
| F&I PRU | $ | 1,128 | $ | 1,040 | $ | 88 | 8.5 | % | $ | 68 | 1.9 | % | ||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||||||
| SG&A expenses | $ | 174.6 | $ | 156.6 | $ | 18.0 | 11.5 | % | $ | 11.4 | 4.2 | % | ||||||||||||||||||||||||||
| SG&A as % gross profit | 77.0 | % | 77.4 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | % Change | ||||||||||||||||||||
| Depreciation and amortization expense | $ | 31.1 | $ | 29.3 | $ | 1.9 | 6.5 | % | |||||||||||||||
| Restructuring charges | $ | 1.0 | $ | 11.1 | $ | (10.1) | (90.8) | % | |||||||||||||||
| Floorplan interest expense | $ | 23.3 | $ | 26.9 | $ | (3.6) | (13.4) | % | |||||||||||||||
| Other interest expense, net | $ | 48.8 | $ | 39.8 | $ | 9.0 | 22.7 | % | |||||||||||||||
| Provision for income taxes | $ | 40.6 | $ | 39.7 | $ | 0.9 | 2.1 | % | |||||||||||||||
| March 31, 2026 | |||||
| Cash and cash equivalents | $ | 41.7 | |||
| Floorplan offset accounts | 149.7 | ||||
| Available capacity under Acquisition Line | 522.9 | ||||
| Total liquidity | $ | 714.2 | |||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
| Net cash provided by operating activities: | $ | 92.4 | $ | 158.7 | ||||||||||
| Change in Floorplan notes payable — credit facilities and other, excluding floorplan offset and net acquisitions and dispositions | 49.2 | (19.2) | ||||||||||||
| Change in Floorplan notes payable — manufacturer affiliates associated with net acquisitions and dispositions and floorplan offset activity | 5.6 | (2.0) | ||||||||||||
| Adjusted net cash provided by operating activities | $ | 147.2 | $ | 137.6 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
| Net cash provided by (used in) investing activities: | $ | 181.8 | $ | (41.0) | ||||||||||
| Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable | (89.7) | (5.5) | ||||||||||||
| Adjusted net cash provided by (used in) investing activities | $ | 92.2 | $ | (46.6) | ||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
| Net cash used in financing activities: | $ | (264.4) | $ | (83.6) | ||||||||||
| Change in Floorplan notes payable, excluding floorplan offset | 34.9 | 26.6 | ||||||||||||
| Adjusted net cash used in financing activities | $ | (229.5) | $ | (57.0) | ||||||||||
| Total Commitment | Outstanding | Available | ||||||||||||||||||
U.S. Floorplan Line (1) | $ | 1,750.0 | $ | 1,159.0 | $ | 591.0 | ||||||||||||||
Acquisition Line (2) | 1,750.0 | 516.3 | 522.9 | |||||||||||||||||
| Total revolving credit facility | 3,500.0 | 1,675.3 | 1,113.8 | |||||||||||||||||
FMCC Facility (3) | 200.0 | 191.5 | 8.5 | |||||||||||||||||
GM Financial Facility (4) | 376.7 | 190.3 | 186.4 | |||||||||||||||||
Total U.S. credit facilities (5) | $ | 4,076.7 | $ | 2,057.1 | $ | 1,308.8 | ||||||||||||||
| As of March 31, 2026 | |||||||||||
| Required | Actual | ||||||||||
| Total adjusted leverage ratio | < 5.75 | 3.09 | |||||||||
| Fixed charge coverage ratio | > 1.20 | 3.02 | |||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (1) | ||||||||||||||||||||||
January 1, 2026 — January 31, 2026 | 111,750 | $ | 383.20 | 111,750 | $ | 335.9 | ||||||||||||||||||||
| February 1, 2026 — February 28, 2026 | 5,280 | $ | 352.29 | 5,280 | $ | 334.1 | ||||||||||||||||||||
March 1, 2026 — March 31, 2026 | 88,160 | $ | 314.94 | 88,160 | $ | 306.3 | ||||||||||||||||||||
| Total | 205,190 | 205,190 | ||||||||||||||||||||||||
Exhibit Number | Description | |||||||||||||
| — | Fourth Amended and Restated Certificate of Incorporation of Group 1 Automotive, Inc. effective May 13, 2025 (incorporated by reference to Exhibit 3.1 of Group 1 Automotive Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 14, 2025) | |||||||||||||
| — | Fifth Amended and Restated Bylaws of Group 1 Automotive, Inc. effective May 13, 2025 (incorporated by reference to Exhibit 3.1 of Group 1 Automotive Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 16, 2025) | |||||||||||||
| — | Fifth Supplemental Indenture and Subsidiary Guarantee to Indenture dated as of August 17, 2020, dated March 20, 2026, by and among Group 1 Automotive, Inc., the guarantors party thereto and Computershare Trust Company, N.A., as trustee | |||||||||||||
| — | Third Supplemental Indenture and Subsidiary Guarantee to Indenture dated as of July 30, 2024, dated March 20, 2026, by and among Group 1 Automotive, Inc., the guarantors party thereto and Computershare Trust Company, N.A., as trustee | |||||||||||||
| — | Second Amendment to Incentive Compensation, Confidentiality, Disclosure and Non-Compete Agreement, effective March 2, 2026, by and between Group 1 Automotive, Inc. and Daryl A. Kenningham | |||||||||||||
| — | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
| — | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
| — | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
| — | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
| 101.INS* | — | XBRL Instance Document | ||||||||||||
| 101.SCH* | — | XBRL Taxonomy Extension Schema Document | ||||||||||||
| 101.CAL* | — | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||
| 101.DEF* | — | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||
| 101.LAB* | — | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||
| 101.PRE* | — | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||
| 104* | — | Cover Page Interactive Data File (formatted in Inline XBRL and contained in exhibit 101) | ||||||||||||
| * | Filed or furnished herewith | |||||||
Group 1 Automotive, Inc. | |||||||||||
| Date: | April 30, 2026 | By: | /s/ Daniel J. McHenry | ||||||||
| Daniel J. McHenry | |||||||||||
| Senior Vice President and Chief Financial Officer | |||||||||||
| /s/ Daryl A. Kenningham | ||
| Daryl A. Kenningham | ||
| Chief Executive Officer | ||
| /s/ Daniel J. McHenry | ||
| Daniel J. McHenry | ||
| Chief Financial Officer | ||
| /s/ Daryl A. Kenningham | ||
| Daryl A. Kenningham | ||
| Chief Executive Officer | ||
| /s/ Daniel J. McHenry | ||
| Daniel J. McHenry | ||
| Chief Financial Officer | ||
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accumulated depreciation | $ 763.7 | $ 746.3 |
| Offset account related to floorplan notes payable | 149.1 | 504.2 |
| FMCC offset | $ 0.6 | $ 0.0 |
| Preferred stock | ||
| Par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Shares issued (in shares) | 24,931,436 | 24,941,249 |
| Treasury stock | ||
| Treasury stock (in shares) | 13,030,825 | 12,897,840 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Statement of Comprehensive Income [Abstract] | ||
| NET INCOME | $ 130.2 | $ 128.1 |
| Other comprehensive income (loss), net of taxes: | ||
| Foreign currency translation adjustments | (11.0) | 23.9 |
| Net unrealized gain (loss) on interest rate risk management activities, net of tax: | ||
| Unrealized gain (loss) arising during the period, net of tax (provision) benefit of $(0.9) and $1.5, respectively | 2.9 | (4.9) |
| Reclassification adjustment for gain included in interest expense, net of tax provision of $(1.1), and $(1.6), respectively | (3.7) | (5.2) |
| Reclassification related to de-designated interest rate swaps, net of tax provision of $(0.2) and $—, respectively | (0.6) | 0.0 |
| Unrealized loss on interest rate risk management activities, net of tax | (1.4) | (10.1) |
| OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (12.3) | 13.8 |
| COMPREHENSIVE INCOME | $ 117.9 | $ 141.9 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Tax (benefit) provision of unrealized (loss) gain arising during the period | $ 0.9 | $ (1.5) |
| Tax provision of reclassification adjustment | 1.1 | 1.6 |
| Reclassification of de-designated interest rate swaps net of tax | $ 0.2 | $ 0.0 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Statement of Stockholders' Equity [Abstract] | ||
| Dividends declared (in dollars per share) | $ 0.55 | $ 0.50 |
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES | BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2025 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned. Discontinued operations presented in the accompanying Condensed Consolidated Financial Statements relate to the Company’s Brazilian operations which were disposed of in 2022. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances, however, actual results could differ materially from such estimates. The significant estimates made by management in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. The ASU requires that an entity disclose additional information about specific expense categories in the notes to financial statements. The standard will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The ASU is intended to simplify and clarify hedge accounting under ASC 815 and improves the alignment of hedge results with risk-management activities. The standard will be effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. The Company adopted ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements. The Company adopted ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.
|
REVENUES |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUES | REVENUES The following tables present the Company’s revenues disaggregated by its geographical segments (in millions):
(1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $(0.3) million and $10.4 million during the three months ended March 31, 2026 and 2025, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.
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ACQUISITIONS AND DISPOSITIONS |
3 Months Ended |
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Mar. 31, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS The Company accounts for business combinations under the acquisition method of accounting, wherein the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value. During the three months ended March 31, 2026, the Company acquired three dealerships in the U.K., specifically two Volkswagen dealerships and one Skoda dealership. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $0.6 million. There was no goodwill associated with the acquisitions. The purchase price allocation for these acquisitions is preliminary and subject to change as the Company’s fair value assessments are finalized. The Company is continuing to analyze and assess relevant information related to the valuation of certain assets and liabilities, including, but not limited to, the valuation of property, equipment, intangible assets and deferred income taxes. The Company will reflect any required fair value adjustments in subsequent periods. During the three months ended March 31, 2025, the Company acquired four dealerships in the U.K., including three Toyota dealerships and one Lexus dealership. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $16.4 million. Goodwill associated with the acquisitions totaled $2.4 million. Dispositions The Company’s divestitures generally consist of dealership assets and related real estate. Gains and losses on divestitures are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026, the Company recorded a net pre-tax gain totaling $44.2 million related to the disposition of two dealerships in the U.S. The dispositions reduced goodwill by $109.4 million. In connection with one of the dispositions, $41.2 million in proceeds had not been received as of March 31, 2026 and was recorded as a receivable as of March 31, 2026, representing a non-cash investing activity. The Company collected $34.3 million of the receivable subsequent to March 31, 2026. During the three months ended March 31, 2026, the Company recorded a net pre-tax loss totaling $0.3 million related to the disposition of two dealerships in the U.K. The dispositions reduced goodwill by $0.8 million. During the three months ended March 31, 2025, the Company recorded a net pre-tax gain totaling $1.6 million related to the disposition of one dealership in the U.S. The disposition reduced goodwill by $4.6 million. The Company also terminated four franchises in the U.S. During the three months ended March 31, 2025, the Company closed two dealerships in the U.K. in connection with the Restructuring Plan (as defined in Note 4. Restructuring). During the three months ended March 31, 2025, the Company recorded an impairment charge of $2.7 million associated with certain franchise terminations. There was no goodwill reclassified to assets held for sale as of March 31, 2026. Assets held for sale in the Condensed Consolidated Balance Sheets as of December 31, 2025 included $39.5 million of goodwill that was reclassified to assets held for sale.
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RESTRUCTURING |
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| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING | RESTRUCTURING During the fourth quarter of 2025, the Company initiated a second U.K.-wide restructuring plan (the “2025 Restructuring Plan”) to continue to reduce costs in the U.K. segment. The 2025 Restructuring Plan consists of further workforce realignment and strategic closing of certain facilities. The 2025 Restructuring Plan is expected to continue throughout 2026, and the Company does not expect additional restructuring charges to be material. Any changes to the Company’s estimates or timing of such charges will be reflected in the Company’s results of operations in future periods. The Company’s first U.K.-wide restructuring plan (the “2024 Restructuring Plan”), related to the integration of Inchcape Retail with its existing U.K. operations, was completed in 2025. All associated restructuring charges were fully recognized in 2025. The components of total restructuring charges were as follows (in millions):
Charges associated with Restructuring Plans are included within Restructuring Charges on the Condensed Consolidated Statements of Operations. As of March 31, 2026, the Company has incurred $9.6 million of restructuring charges related to the 2025 Restructuring Plan since the commencement of the plan. The following table presents the changes in restructuring related liabilities (in millions):
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SEGMENT INFORMATION |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | SEGMENT INFORMATION As of March 31, 2026, the Company had two operating and reportable segments: the U.S. and the U.K. The Company defines its segments as those operations whose results the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), regularly reviews to analyze performance and allocate resources to the U.S. and U.K. geographic areas. Each segment is comprised of retail automotive franchises that sell new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts. The CODM predominantly uses the metric of income before income taxes in making decisions about the allocation of operating and capital resources to each segment, evaluating annual budget and forecast, as well as determining compensation for certain employees. Selected reportable segment data for continuing operations were as follows (in millions). All intercompany balances and transactions have been eliminated in consolidation.
(1) Other segment items primarily relate to currency translation.
(1) Total assets for reportable segments exclude the total assets related to discontinued operations. The assets related to discontinued operations were immaterial as of March 31, 2026 and December 31, 2025.
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EARNINGS PER SHARE |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net income available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS (in millions, except share and per share data):
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices for identical assets or liabilities in active markets. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”) and the $500.0 million 6.375% Senior Notes due January 2030 (“6.375% Senior Notes”) using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value method based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 9. Debt for further discussion of the Company’s long-term debt arrangements. The carrying value and fair value of the Company’s fixed rate long-term debt were as follows (in millions):
(1) Carrying value excludes unamortized debt issuance costs. Derivative Financial Instruments The Company holds interest rate swaps to hedge against variability of interest payments indexed to SOFR. The Company’s interest rate swaps are measured at fair value utilizing a SOFR forward yield curve matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation method incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value of the interest rate swaps also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated using the spread between the SOFR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 of the hierarchy framework. Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions):
(1) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $0.7 million and $—, respectively, related to the de-designated swaps as described below. (2) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $2.2 million for both periods related to the de-designated swaps as described below. There were no liabilities associated with the Company’s interest rate swaps as of March 31, 2026 and December 31, 2025. Interest Rate Swaps De-designated as Cash Flow Hedges During the three months ended March 31, 2026, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgage associated with the swap during the same period. For the three months ended March 31, 2026, the Company reclassified all previously deferred gains associated with the de-designated interest rate swap of $0.6 million, net of tax of $0.2 million, from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swap were probable of not occurring due to the settlement of the mortgage described above. As of March 31, 2026, the Company had two de-designated interest rate swaps with a notional value of $44.6 million and a weighted average interest rate of 0.57%. The de-designated swaps will mature between March 31, 2027 and March 1, 2030. The Company recorded unrealized mark-to-market losses of $0.1 million and $0.5 million and realized gains of $0.2 million and $0.3 million associated with de-designated interest rate swaps within Other interest expense, net, for the three months ended March 31, 2026 and 2025 respectively. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense or Other interest expense, net. As of March 31, 2026, the Company held 23 interest rate swaps designated as cash flow hedges with a total notional value of $750.1 million that fixed its underlying SOFR at a weighted average rate of 1.21%. As of March 31, 2025, the Company held 26 interest rate swaps designated as cash flow hedges with a total notional value of $867.5 million that fixed its underlying SOFR at a weighted average rate of 1.24%. The maturity dates of the Company’s designated interest rate swaps range between May 31, 2026 and December 31, 2031. The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions):
The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $18.2 million.
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RECEIVABLES, NET AND CONTRACT ASSETS |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RECEIVABLES, NET AND CONTRACT ASSETS | RECEIVABLES, NET AND CONTRACT ASSETS The Company’s receivables, net and contract assets consisted of the following (in millions): (1) No allowance for doubtful accounts was recorded for contract assets as of March 31, 2026 or December 31, 2025.
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT Long-term debt consisted of the following (in millions):
Acquisition Line The proceeds of the Acquisition Line (as defined in Note 10. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of March 31, 2026, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 10. Floorplan Notes Payable), totaled $504.0 million. The weighted average interest rate on this facility was 5.01% during the three months ended March 31, 2026. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of March 31, 2026, borrowings outstanding under these facilities totaled $1,100.6 million, gross of debt issuance costs, comprised of $728.9 million in the U.S. and $371.8 million in the U.K., respectively.
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FLOORPLAN NOTES PAYABLE |
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| Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FLOORPLAN NOTES PAYABLE | FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions):
Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a $3.5 billion revolving syndicated credit arrangement that matures on May 30, 2030, with 18 participating financial institutions (the “Revolving Credit Facility”). The Company has the ability to increase the availability to $4.5 billion, subject to lender approval. The Revolving Credit Facility consists of two tranches: (i) a $1.75 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net; and (ii) a $1.75 billion maximum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets. Refer to Note 9. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $3.5 billion commitment. The Acquisition Line includes a $100.0 million sub-limit for letters of credit. The Company had $12.3 million and $11.8 million in letters of credit outstanding as of March 31, 2026 and December 31, 2025, respectively. The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 4.91% as of March 31, 2026, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio. In conjunction with the Revolving Credit Facility, the Company had $7.5 million and $8.0 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $200.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 6.75% as of March 31, 2026. GM Financial Facility The Company has a master loan agreement with General Motors Financial for financing of new GM vehicles (the “GM Financial Facility”). The GM Financial Facility bears interest at the U.S. prime rate less 100 basis points. As of March 31, 2026, the GM Financial Facility had a total borrowing capacity of $376.7 million. Other Manufacturer Facilities The Company has other credit facilities in the U.S. and the U.K., respectively, with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of March 31, 2026, borrowings outstanding under these facilities totaled $457.8 million, comprised of $190.0 million in the U.S. and $267.9 million in the U.K., with annual interest rates ranging from approximately 1% to 8%. Interest rates on the Company’s manufacturer facilities vary across manufacturers. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line, FMCC Facility and GM Financial Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.
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CASH FLOW INFORMATION |
3 Months Ended |
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Mar. 31, 2026 | |
| Supplemental Cash Flow Elements [Abstract] | |
| CASH FLOW INFORMATION | CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures was $7.7 million and $3.7 million as of March 31, 2026, and December 31, 2025, respectively. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $86.5 million and $78.8 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 7. Financial Instruments and Fair Value Measurements for further discussion of the Company’s interest rate swaps. Cash paid for income taxes, net of refunds, was $5.3 million for the three months ended March 31, 2026. The Company received a net tax refund of $1.1 million for the three months ended March 31, 2025.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
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Mar. 31, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time, the Company or its dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, claims involving the manufacturers of automobiles, contractual disputes, vehicle related incidents and other matters arising in the ordinary course of business. The Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In the normal course of business, the Company is required to respond to customer, employee and other third-party complaints. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate or warranty-related items and charge the Company back for amounts determined to be invalid payments under the manufacturers’ programs, subject to the Company’s right to appeal any such decision. Legal Proceedings As of March 31, 2026, the Company was not party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of current or future matters cannot be predicted with certainty; an unfavorable resolution of one or more of such matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Other Matters In connection with dealership dispositions where the Company did not own the real estate and was a tenant, it assigned the lease to the purchaser but remained liable as a guarantor for the remaining lease payments in the event of non-payment by the purchaser. Although the Company has no reason to believe that it will be called upon to perform under any such assigned leases, the Company estimates that lessee remaining rental obligations were $26.6 million as of March 31, 2026.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of AOCI were as follows (in millions):
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2025 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned. Discontinued operations presented in the accompanying Condensed Consolidated Financial Statements relate to the Company’s Brazilian operations which were disposed of in 2022. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented.
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| Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances, however, actual results could differ materially from such estimates. The significant estimates made by management in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. The ASU requires that an entity disclose additional information about specific expense categories in the notes to financial statements. The standard will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The ASU is intended to simplify and clarify hedge accounting under ASC 815 and improves the alignment of hedge results with risk-management activities. The standard will be effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements. The Company adopted ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements. The Company adopted ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.
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| Fair Value Measurements | •Level 1 — Quoted prices for identical assets or liabilities in active markets. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
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| Segment Information | As of March 31, 2026, the Company had two operating and reportable segments: the U.S. and the U.K. The Company defines its segments as those operations whose results the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), regularly reviews to analyze performance and allocate resources to the U.S. and U.K. geographic areas. Each segment is comprised of retail automotive franchises that sell new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts. The CODM predominantly uses the metric of income before income taxes in making decisions about the allocation of operating and capital resources to each segment, evaluating annual budget and forecast, as well as determining compensation for certain employees. |
REVENUES (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenues Disaggregated by Revenue Source and Geographical Segment | The following tables present the Company’s revenues disaggregated by its geographical segments (in millions):
(1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $(0.3) million and $10.4 million during the three months ended March 31, 2026 and 2025, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.
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RESTRUCTURING (Tables) |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring and Related Costs | The components of total restructuring charges were as follows (in millions):
The following table presents the changes in restructuring related liabilities (in millions):
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SEGMENT INFORMATION (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reportable Segment Information | Selected reportable segment data for continuing operations were as follows (in millions). All intercompany balances and transactions have been eliminated in consolidation.
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| Schedule of Segment Reporting, by Segment, Goodwill and Intangible Assets |
(1) Total assets for reportable segments exclude the total assets related to discontinued operations. The assets related to discontinued operations were immaterial as of March 31, 2026 and December 31, 2025.
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EARNINGS PER SHARE (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Earnings Per Share | The following table sets forth the calculation of EPS (in millions, except share and per share data):
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Value and Fair Value of The Company’s Fixed Rate Long-term Debt | The carrying value and fair value of the Company’s fixed rate long-term debt were as follows (in millions):
(1) Carrying value excludes unamortized debt issuance costs.
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| Schedule of Asset and Liabilities Recorded at Fair Value | Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions):
(1) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $0.7 million and $—, respectively, related to the de-designated swaps as described below. (2) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $2.2 million for both periods related to the de-designated swaps as described below.
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| Schedule of Impact of Interest Rate Derivative Instruments | The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions):
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RECEIVABLES, NET AND CONTRACT ASSETS (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts and Notes Receivable | The Company’s receivables, net and contract assets consisted of the following (in millions): (1) No allowance for doubtful accounts was recorded for contract assets as of March 31, 2026 or December 31, 2025.
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Composition of Long-term Debt | Long-term debt consisted of the following (in millions):
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FLOORPLAN NOTES PAYABLE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Floorplan Notes Payable | The Company’s floorplan notes payable consisted of the following (in millions):
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in the Balances of Each Component of Accumulated Other Comprehensive Income (Loss) | Changes in the balances of each component of AOCI were as follows (in millions):
|
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RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - 2025 Restructuring Plan - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Cost | ||
| Restructuring charges | $ 1.5 | $ 11.1 |
| Contract termination costs | ||
| Restructuring Cost | ||
| Restructuring charges | 0.0 | 4.1 |
| Facility closure costs | ||
| Restructuring Cost | ||
| Restructuring charges | 0.0 | 0.6 |
| Employee related costs | ||
| Restructuring Cost | ||
| Restructuring charges | 1.5 | 5.2 |
| Asset impairments | ||
| Restructuring Cost | ||
| Restructuring charges | 0.0 | 1.0 |
| Systems integration costs | ||
| Restructuring Cost | ||
| Restructuring charges | $ 0.0 | $ 0.1 |
RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Restructuring Cost | ||
| Cumulative restructuring cost incurred | $ 9.6 | |
| 2024 Restructuring Plan | ||
| Restructuring Cost | ||
| Restructuring reserve | 2.8 | $ 5.2 |
| Cash payments | $ 2.0 |
RESTRUCTURING - Schedule of Changes in the Restructuring Related Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Reserve | ||
| Restructuring charges | $ 1.0 | $ 11.1 |
| 2025 Restructuring Plan | ||
| Restructuring Reserve | ||
| Beginning balance | 0.4 | |
| Restructuring charges | 1.5 | |
| Cash payments | (0.2) | |
| Ending balance | 1.6 | |
| Restructuring charges | 1.5 | 11.1 |
| 2025 Restructuring Plan | Employee related costs | ||
| Restructuring Reserve | ||
| Restructuring charges | 1.5 | $ 5.2 |
| 2024 Restructuring Plan | ||
| Restructuring Reserve | ||
| Beginning balance | 5.2 | |
| Cash payments | (2.0) | |
| Adjustments | (0.4) | |
| Ending balance | $ 2.8 | |
SEGMENT INFORMATION - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
SEGMENT INFORMATION - Schedule of Property and Equipment and Total Assets by Reportable Segment (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Schedule of Segment Reporting Information, by Segment | ||
| Total assets | $ 10,062.4 | $ 10,349.6 |
| Continuing Operations | ||
| Schedule of Segment Reporting Information, by Segment | ||
| Property and equipment, net | 3,124.0 | 3,137.4 |
| Total assets | 10,040.7 | 10,329.3 |
| U.S. | Continuing Operations | ||
| Schedule of Segment Reporting Information, by Segment | ||
| Property and equipment, net | 2,405.7 | 2,423.9 |
| Total assets | 7,794.6 | 8,146.3 |
| U.K. | Continuing Operations | ||
| Schedule of Segment Reporting Information, by Segment | ||
| Property and equipment, net | 718.3 | 713.5 |
| Total assets | $ 2,246.2 | $ 2,183.0 |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Associated with Interest Rate Derivatives (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Assets: | ||
| Other current assets | $ 5.0 | $ 4.9 |
| Other long-term assets | 39.3 | 40.6 |
| Total assets | 44.3 | 45.5 |
| Cash Flow Hedging | Not Designated as Hedging Instrument | ||
| Assets: | ||
| Other current assets | 0.7 | 0.0 |
| Other long-term assets | $ 2.2 | $ 2.2 |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Impact of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Derivative | ||
| Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) | $ 2.9 | $ (4.9) |
| Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | 3.7 | 5.2 |
| Floorplan interest expense | ||
| Derivative | ||
| Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | 2.7 | 4.0 |
| Other interest expense, net | ||
| Derivative | ||
| Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | $ 2.1 | $ 2.9 |
DEBT - Schedule of Composition of Long-term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Debt Instrument | ||
| Total other debt | $ 1,399.3 | $ 1,498.7 |
| Total debt | 3,153.3 | 3,712.7 |
| Less: unamortized debt issuance costs | 12.3 | 13.2 |
| Less: current maturities | 289.5 | 259.0 |
| Total long-term debt | 2,851.5 | 3,440.5 |
| Other Debt | ||
| Debt Instrument | ||
| Real estate related and other long-term debt | 17.4 | 18.2 |
| Finance leases | $ 281.3 | 329.5 |
| 4.00% Senior Notes | Senior Notes | ||
| Debt Instrument | ||
| Interest rate (as a percentage) | 4.00% | |
| Senior notes | $ 750.0 | 750.0 |
| 6.375% Senior Notes | Senior Notes | ||
| Debt Instrument | ||
| Interest rate (as a percentage) | 6.375% | |
| Senior notes | $ 500.0 | 500.0 |
| Acquisition Line | Line of Credit | ||
| Debt Instrument | ||
| Acquisition Line | 504.0 | 964.0 |
| Real estate related | Other Debt | ||
| Debt Instrument | ||
| Real estate related and other long-term debt | $ 1,100.6 | $ 1,151.0 |
DEBT - Acquisition Line and Real Estate Related (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Other Debt | ||
| Debt Instrument | ||
| Real estate related debt | $ 17.4 | $ 18.2 |
| Real estate related | Other Debt | ||
| Debt Instrument | ||
| Real estate related debt | 1,100.6 | 1,151.0 |
| U.S. Notes | Other Debt | ||
| Debt Instrument | ||
| Real estate related debt | 728.9 | |
| U.K. Notes | Other Debt | ||
| Debt Instrument | ||
| Real estate related debt | 371.8 | |
| Line of Credit | Acquisition Line | ||
| Debt Instrument | ||
| Acquisition line | $ 504.0 | $ 964.0 |
| Interest rate (as a percentage) | 5.01% |
FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of Credit - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Revolving Credit Facility — floorplan notes payable, net | ||
| Line of Credit Facility | ||
| Long-term debt, gross | $ 1,308.1 | $ 1,388.5 |
| Long-term debt, offset | (149.1) | (504.2) |
| Long-term debt | 1,159.0 | 884.2 |
| Other non-manufacturer facilities | ||
| Line of Credit Facility | ||
| Long-term debt | 240.4 | 199.3 |
| Floorplan notes payable — credit facility and other, net | ||
| Line of Credit Facility | ||
| Long-term debt | 1,399.4 | 1,083.5 |
| FMCC Facility, net | ||
| Line of Credit Facility | ||
| Long-term debt, gross | 192.0 | 188.7 |
| Long-term debt, offset | (0.6) | 0.0 |
| Long-term debt | 191.5 | 188.7 |
| GM Facility, net | ||
| Line of Credit Facility | ||
| Long-term debt, gross | 190.3 | 201.4 |
| Other manufacturer affiliate facilities | ||
| Line of Credit Facility | ||
| Long-term debt | 457.8 | 442.2 |
| Floorplan notes payable — manufacturer affiliates, net | ||
| Line of Credit Facility | ||
| Long-term debt | $ 839.6 | $ 832.3 |
CASH FLOW INFORMATION (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Supplemental Cash Flow Elements [Abstract] | |||
| Accrual for capital expenditures | $ 7.7 | $ 3.7 | |
| Cash paid for interest | 86.5 | $ 78.8 | |
| Cash paid for taxes, net of refunds | $ 5.3 | $ 1.1 | |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
Mar. 31, 2026
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Lessee rental payment obligations during remaining terms of leases under guarantee agreement | $ 26.6 |
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