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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
REVENUE:      
New vehicle $ 3,863.3 $ 3,788.7 $ 3,561.1
Used vehicle 2,131.6 1,972.4 1,834.1
Finance and insurance, net 316.0 292.3 275.2
TOTAL REVENUE 7,210.3 6,874.4 6,456.5
COST OF SALES:      
New vehicle 3,703.8 3,623.5 3,392.1
Used vehicle 1,997.5 1,842.7 1,712.2
Cost of Goods and Services Sold 340.1 305.2 296.3
Parts and service 899.4 821.0 786.1
TOTAL COST OF SALES 6,041.4 5,771.4 5,400.6
GROSS PROFIT 1,168.9 1,103.0 1,055.9
OPERATING EXPENSES:      
Selling, general, and administrative 799.8 755.8 729.7
Depreciation and amortization 36.2 33.7 32.1
Franchise rights impairment 7.1 3.7 5.1
Other operating expenses (income), net 0.8 (1.1) 1.3
INCOME FROM OPERATIONS 325.0 310.9 287.7
OTHER EXPENSES (INCOME):      
Floor plan interest expense 37.9 32.5 22.7
Other interest expense, net 54.9 53.1 53.9
Swap interest expense 0.0 0.5 2.0
Gain on divestitures (11.7) 0.0 0.0
Total other expenses, net 81.1 86.1 78.6
INCOME BEFORE INCOME TAXES 243.9 224.8 209.1
Income tax expense 59.5 56.8 70.0
NET INCOME $ 184.4 $ 168.0 $ 139.1
Basic—      
Net income (in dollars per share) $ 9.65 $ 8.36 $ 6.69
Diluted—      
Net income (in dollars per share) $ 9.55 $ 8.28 $ 6.62
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:      
Basic (in shares) 19.1 20.1 20.8
Restricted stock (in shares) 0.1 0.1 0.1
Performance share units (in shares) 0.1 0.1 0.1
Diluted (in shares) 19.3 20.3 21.0