v3.26.1
FLOOR PLAN NOTES PAYABLE
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
FLOOR PLAN NOTES PAYABLE FLOOR PLAN NOTES PAYABLE
Floor plan notes payable consisted of the following:
As of
June 30, 2026December 31, 2025
(In millions)
Floor plan notes payable—trade$303.3 $344.0 
Floor plan notes payable offset account(2.6)(1.0)
Floor plan notes payable—trade, net$300.7 $343.1 
Floor plan notes payable—new non-trade$1,360.4 $1,509.6 
Floor plan notes payable—used non-trade320.0 325.0 
Floor plan notes payable offset account(141.7)(150.7)
Floor plan notes payable—non-trade, net$1,538.8 $1,683.9 
We have floor plan offset accounts that allow us to offset our floor plan notes payable balances outstanding with transfers of cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day.
We have the ability to convert a portion of our availability under the revolving credit facility to the new vehicle floor plan facility or the used vehicle floor plan facility. The maximum amount we are allowed to convert is determined based on our aggregate revolving commitment under the revolving credit facility, less $50.0 million. In addition, we are able to convert any amounts moved to the new vehicle floor plan facility or used vehicle floor plan facility back to the revolving credit facility.
In addition to our new and used vehicle floor plan facilities, we have loaner vehicle floor plan facilities with Bank of America and certain original equipment manufacturers (“OEMs”). Loaner vehicle notes payable related to Bank of America as of June 30, 2026 and December 31, 2025 were $59.5 million and $65.0 million, respectively. Loaner vehicle notes payable related to OEMs as of June 30, 2026 and December 31, 2025 were $197.8 million and $190.2 million, respectively.
DEBT
Long-term debt consisted of the following:
As of
June 30, 2026December 31, 2025
(In millions)
4.50% Senior Notes due 2028
$405.0 $405.0 
4.625% Senior Notes due 2029
800.0 800.0 
4.75% Senior Notes due 2030
445.0 445.0 
5.00% Senior Notes due 2032
600.0 600.0 
Mortgage notes payable bearing interest at fixed rates26.0 27.2 
2025 Real Estate Facility520.5 537.4 
2021 Real Estate Facility410.3 442.1 
2021 BofA Real Estate Facility147.5 151.2 
2018 Wells Fargo Master Loan Facility44.3 57.2 
2023 Syndicated Revolving Credit Facility70.0 120.0 
Finance lease liability8.3 8.3 
Total debt outstanding3,476.8 3,593.4 
Add—unamortized premium on 4.50% Senior Notes due 2028
0.2 0.3 
Add—unamortized premium on 4.75% Senior Notes due 2030
0.7 0.8 
Less—debt issuance costs(20.2)(22.6)
Long-term debt, including current portion3,457.6 3,572.0 
Less—current portion, net of debt issuance costs(447.7)(479.2)
Long-term debt$3,010.0 $3,092.8