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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES $ 2,131.2 $ 3,005.7 $ 4,822.0 $ 5,814.1
COST OF SALES 1,772.4 2,551.4 4,046.7 4,928.3
GROSS PROFIT 358.8 454.3 775.3 885.8
Selling, general and administrative expenses 237.2 338.7 565.1 666.4
Depreciation and amortization expense 18.8 17.9 37.4 34.9
Asset impairments 23.8 0.5 23.8 0.5
INCOME (LOSS) FROM OPERATIONS 79.0 97.1 148.9 183.9
Floorplan interest expense 10.1 15.9 23.0 31.6
Other interest expense, net 16.2 18.0 34.3 36.9
(Gain) loss on extinguishment of debt 10.4 0.0 10.4 0.0
INCOME (LOSS) BEFORE INCOME TAXES 42.3 63.2 81.2 115.4
(Benefit) provision for income taxes 12.2 14.0 21.3 27.5
NET INCOME (LOSS) $ 30.2 $ 49.2 $ 60.0 $ 87.9
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) $ 1.64 $ 2.65 $ 3.25 $ 4.74
Weighted average common shares outstanding (in shares) 17,771,447 17,908,039 17,767,449 17,852,985
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) $ 1.63 $ 2.64 $ 3.25 $ 4.73
Weighted average dilutive common shares outstanding (in shares) 17,811,613 17,930,280 17,809,937 17,877,676
New vehicle retail sales        
REVENUES $ 1,062.7 $ 1,565.4 $ 2,404.8 $ 2,979.9
COST OF SALES 998.9 1,495.7 2,278.3 2,838.8
Used vehicle retail sales        
REVENUES 641.2 838.9 1,420.3 1,658.1
COST OF SALES 594.9 785.6 1,331.8 1,557.0
Used vehicle wholesale sales        
REVENUES 48.7 96.0 135.2 188.1
COST OF SALES 46.6 96.1 132.1 187.8
Parts and service sales        
REVENUES 282.0 378.2 652.6 747.3
COST OF SALES 132.0 174.1 304.5 344.8
Finance, insurance and other, net        
REVENUES $ 96.7 $ 127.3 $ 209.2 $ 240.6