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SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
We operate in two reportable segments: Vehicle Operations and Financing Operations. Our Vehicle Operations
consists of all aspects of our auto merchandising and aftersales operations, excluding financing provided by our
Financing Operations. Our Financing Operations provides financing to customers buying and leasing retail vehicles
from our Vehicle Operations, as well as leasing vehicles from our fleet management services provider.
All other remaining unallocated corporate overhead expenses and internal charges are reported under Corporate
and Other. We do not utilize asset information by segment for purposes of assessing performance or allocating
resources and, as a result, we do not present such information.
The reportable segments identified above represent our business activities for which discrete financial information is
available and for which operating results are regularly provided and reviewed by our CODM to allocate resources
and assess performance. Our CODM is our Chief Executive Officer. The CODM assesses segment performance
using segment income, which is measured as net segment profit before taxes on a U.S. GAAP basis.
We do not regularly provide total asset information by segment to our CODM or utilize the information for purposes
of assessing performance or allocating resources and, as a result, we do not present such information. Certain
financing operations asset information including total managed receivables are used by the financing operations
segment manager to manage operations and are included in various reports regularly provided to our CODM. See
Note 4 – Finance Receivables.
Certain financial information on a segment basis is as follows:
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2026
2025
2026
2025
Vehicle operations
Total revenue
$9,791.3
$9,583.0
$19,062.7
$18,761.2
Total gross profit
1,497.4
1,485.1
2,919.1
2,895.4
Floor plan interest expense
(69.7)
(55.0)
(125.6)
(112.0)
Personnel expense
(560.1)
(546.6)
(1,101.2)
(1,060.7)
Rent and facility expense
(201.1)
(181.2)
(403.3)
(363.6)
Advertising expense
(78.5)
(72.4)
(158.3)
(142.3)
Other vehicle operations expenses1
(291.9)
(276.7)
(601.9)
(555.0)
Vehicle operations income
296.1
353.2
528.8
661.9
Financing Operations
Interest and fee income
116.4
98.8
226.9
193.2
Interest expense
(53.5)
(49.8)
(105.2)
(97.9)
Total interest margin
62.9
49.0
121.7
95.3
Lease income
26.4
23.7
50.3
44.2
Lease costs
(22.5)
(18.6)
(42.7)
(35.4)
Lease income, net
3.9
5.1
7.6
8.8
Provision expense
(15.8)
(21.2)
(42.2)
(46.7)
Other financing operations expenses2
(14.5)
(12.8)
(29.3)
(24.8)
Financing operations income
36.5
20.1
57.8
32.6
Total segment income for reportable segments
332.6
373.3
586.5
694.4
Corporate and other3
116.9
62.2
212.7
154.2
Depreciation and amortization
(70.9)
(65.2)
(140.7)
(129.0)
Other interest expense
(62.7)
(66.7)
(132.9)
(132.2)
Other (expense) income, net
36.2
48.5
(31.5)
49.3
Income before income taxes
$352.1
$352.1
$494.1
$636.7
(1)Other vehicle operations expenses includes management fees, data processing fees, outside services fees, insurance
expense, office and other supplies expense, banking expense, and certain overhead expenses.
(2)Other financing operations expenses includes personnel expense, data processing fees, outside services fees, expenses
attributable to underwriting, funding, and loan servicing, and certain overhead expenses.
(3)Corporate and other includes management fee income.
The following table presents revenue by geographic area:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2026
2025
2026
2025
Revenue from external customers:
United States
$7,575.9
$7,489.2
$14,583.7
$14,560.9
United Kingdom
1,832.5
1,749.4
3,819.7
3,599.5
Canada
382.9
344.4
659.3
600.8
Total revenue from external customers
$9,791.3
$9,583.0
$19,062.7
$18,761.2