v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 363.7 $ 469.4
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 174.7 158.1
Stock-based compensation 23.8 31.1
Net loss on disposal of other assets 4.5 2.6
Net gain on disposal of stores (15.1) (2.3)
Unrealized investment loss (gain), net 38.2 (31.4)
Deferred income taxes 51.4 62.5
Amortization of operating lease right-of-use assets 49.1 46.1
Decrease (increase) (net of acquisitions and dispositions):    
Accounts receivable, net 25.9 36.0
Inventories (433.8) (19.7)
Finance receivables (534.5) (432.1)
Other assets (82.8) (99.6)
Increase (decrease) (net of acquisitions and dispositions):    
Floor plan notes payable 12.6 26.4
Trade payables 139.2 25.9
Accrued liabilities (5.8) 11.5
Other long-term liabilities and deferred revenue 14.8 46.9
Net cash (used in) provided by operating activities (174.1) 331.4
Cash flows from investing activities:    
Principal payments received on notes receivable 13.8 0.0
Capital expenditures (153.4) (148.8)
Proceeds from sales of assets 11.7 17.9
Net cash used for other investments (23.2) (10.4)
Cash paid for acquisitions, net of cash acquired (221.7) (278.6)
Proceeds from sales of stores 21.0 104.4
Net cash used in investing activities (351.8) (315.5)
Cash flows from financing activities:    
Borrowings (repayments) on floor plan notes payable, net: non-trade 1,409.2 (141.2)
Borrowings on lines of credit 6,167.6 7,406.0
Repayments on lines of credit (6,667.6) (6,818.4)
Principal payments on long-term debt and finance lease liabilities, scheduled (24.6) (20.0)
Principal payments on long-term debt and finance lease liabilities, other (43.7) (15.4)
Principal payments on non-recourse notes payable (790.3) (631.4)
Proceeds from issuance of non-recourse notes payable 1,057.7 564.0
Payment of debt issuance costs (4.2) (2.6)
Proceeds from issuance of common stock 14.0 13.6
Repurchase of common stock (534.0) (263.3)
Dividends paid (25.7) (28.2)
Payment of contingent consideration related to acquisitions 0.0 (9.3)
Other financing activity (3.3) (67.3)
Net cash provided by (used in) financing activities 555.1 (13.5)
Effect of exchange rate changes on cash, restricted cash, and cash equivalents (3.3) 7.4
Increase in cash, restricted cash, and cash equivalents 25.9 9.8
Cash, restricted cash, and cash equivalents at beginning of year 391.3 445.8
Cash, restricted cash, and cash equivalents at end of period 417.2 455.6
Reconciliation of cash, restricted cash, and cash equivalents to the consolidated balance sheets    
Cash and cash equivalents 110.3 202.8
Restricted cash from collections on auto loans receivable and customer deposits 253.6 201.6
Cash, restricted cash, and cash equivalents 363.9 404.4
Restricted cash on deposit in reserve accounts, included in other non-current assets 53.3 51.2
Total cash, restricted cash, and cash equivalents reported in the Consolidated Statements of Cash Flows 417.2 455.6
Supplemental cash flow information:    
Cash paid during the period for interest 371.6 351.2
Cash paid during the period for income taxes, net 67.9 66.8
Debt paid in connection with store disposals 4.6 10.2
Non-cash activities:    
Debt assumed in connection with acquisitions 12.1 0.0
Acquisition of finance leases in connection with acquisitions 23.3 0.0
Right-of-use assets obtained in exchange for lease liabilities 50.6 27.7
Unsettled repurchases of common stock and excise taxes 10.0 2.6
Debt issued in connection with acquisitions $ 18.7 $ 0.0