v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 130.2 $ 128.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31.1 29.3
Change in operating lease assets 7.8 7.4
Deferred income taxes (13.7) 8.8
Asset impairments 2.5 1.5
Stock-based compensation 10.9 7.6
Amortization of debt discount and issuance costs 1.3 1.2
Gain on disposition of assets (48.1) (8.5)
Unrealized (gain) loss on derivative instruments (0.6) 0.5
Other (0.5) (0.4)
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses (9.6) (8.2)
Accounts and notes receivable (2.4) (13.0)
Inventories (40.1) 108.0
Contracts-in-transit and vehicle receivables (7.9) (71.8)
Prepaid expenses and other assets 31.1 8.7
Floorplan notes payable — manufacturer affiliates 10.0 (32.1)
Deferred revenues (1.8) (0.3)
Operating lease liabilities (7.9) (8.1)
Net cash provided by operating activities 92.4 158.7
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net (0.6) (15.1)
Proceeds from disposition of franchises, property and equipment 266.5 30.7
Purchases of property and equipment (84.0) (52.2)
Escrow payments for acquisitions 0.0 (4.5)
Net cash provided by (used in) investing activities 181.8 (41.0)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 4,625.5 3,410.2
Repayments on credit facility — floorplan line and other (4,305.9) (3,253.7)
Borrowings on credit facility — acquisition line 250.0 399.9
Repayments on credit facility — acquisition line (710.0) (454.6)
Debt issuance costs 0.0 (0.5)
Borrowings on other debt 26.7 12.7
Principal payments on other debt (73.0) (67.1)
Proceeds from employee stock purchase plan 7.9 7.6
Payments of tax withholding for stock-based compensation (6.6) (8.8)
Repurchases of common stock, amounts based on settlement date (72.4) (122.8)
Dividends paid (6.6) (6.6)
Net cash used in financing activities (264.4) (83.6)
Effect of exchange rate changes on cash (0.7) 2.0
Net increase in cash and cash equivalents 9.2 36.1
CASH AND CASH EQUIVALENTS, beginning of period 32.5 34.4
CASH AND CASH EQUIVALENTS, end of period $ 41.7 $ 70.5