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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance. The SEC requires us to present the following disclosures of our “pay versus performance”. These disclosures are intended to show the relationship of the compensation we paid to certain of our executives compared to our financial performance over the past four years. Below you will find: (1) a table with four years of information on compensation “actually paid” to the Principal Executive Officer (“PEO”), which is our CEO, and our other NEOs for the applicable years on average as a group, as well as Total Shareholder Return (“TSR”), net income and EBITDA as adjusted if applicable, as described below; (2) disclosures explaining the relationship between compensation “actually paid” and the performance measures disclosed in the Pay versus Performance Table; and (3) a tabular list of financial performance measures we use to link compensation “actually paid” to NEOs for the last fiscal year to our performance. Our Company produced record earnings in the past four years which resulted in a substantial increase in our stock price. The SEC’s definition of compensation “actually paid” includes the increase in value of unvested restricted stock held by our NEOs which vest over four years with 70% of any award vesting in the third and fourth years. As a result, compensation “actually paid” pursuant to the SEC’s definition of that term has increased significantly over that time as a result of appreciation in the value of unvested restricted stock. Our NEOs may or may not receive the full economic benefit of the compensation showed as “actually paid” depending on the stock price at the time of vest of the restricted stock despite the characterization of such compensation being “actually paid” pursuant to SEC rules.

Pay Versus Performance Table

	Year			Summary Compensation Table Total for PEO			Compensation Actually Paid to PEO (1)			Average Summary Compensation Table Total for Non-PEO NEOs(1)			Average Compensation Actually Paid to Non-PEO NEOs (1)			Value of Initial Fixed $100 Investment Based On:						Net Income			Adjusted EBITDA (3)
	Year			Summary Compensation Table Total for PEO			Compensation Actually Paid to PEO (1)						Average Compensation Actually Paid to Non-PEO NEOs (1)			Total Shareholder Return (2)			Peer Group Total Shareholder Return (2)			(In millions)
	2023			$7,428,439			$21,781,594			$1,776,163			$3,614,328			$344.02			$253.43			$1,059			$1,694
	2022			7,300,613			14,618,634			2,009,163			2,532,735			241.76			174.37			1,386			2,057
	2021			6,981,685			26,778,167			1,982,924			3,479,767			221.35			200.63			1,193			1,798
	2020			5,979,555			4,146,492			1,505,797			1,279,321			120.06			152.87			545			934

(1)

By SEC rules, these amounts reflect the amount disclosed in our Summary Compensation Table (SCT) for the applicable year (a) minus the grant date fair value of equity compensation in the SCT, (b) plus year-end fair value of stock awards granted in the year that were outstanding and unvested as of the end of year, (c) plus the change as of year-end in fair value of prior year awards that were outstanding and unvested as of the end of year or, for awards vesting in that year, the change in fair value of those awards as of the vesting date. The other elements required to be disclosed pursuant to SEC rules in the definition of compensation “actually paid” are inapplicable to our NEO compensation. The calculations for (b) and (c) are as follows:

				Year			Share Price at 12/31			Shares Granted			Granted Shares Fair Value at 12/31			Other Shares Outstanding			Change in Fair Value			Shares Vested			Vested Shares Change in Fair Value			Total Stock Compensation Actually Paid
	PEO			2023			$160.51			50,668			$8,132,721			196,088			$8,937,691			97,138			$2,282,743			$19,353,155
				2022			114.93			86,498			9,941,215			206,728			1,593,873			86,896			782,933			12,318,021
				2021			107.22			143,340			15,368,915			150,284			7,188,084			81,229			2,239,484			24,796,482
				2020			59.39			44,456			2,640,242			187,057			1,715,313			83,529			(1,188,618)			3,166,937
	Other NEOs (Fair values represent averages)			2023			$160.51			7,485			$1,201,377			22,179			$1,010,907			10,676			$250,880			$2,463,165
				2022			114.93			9,291			1,067,843			23,563			181,673			9.287			86,552			1,336,068
				2021			107.22			15,094			1,638,777			16,366			782,786			10,220			281,760			2,468,307
				2020			59.39			5,557			300,045			21,441			196,616			9,005			(128,138)			398,524

The PEO whose compensation is represented in each year is Mr. Penske. Messrs. Denker, Kurnick and Spradlin are included in the NEO averages for each year. Also included in the NEO average in 2020 was J.D. Carlson, our former CFO, in 2021 both Mr. Carlson and Ms. Hulgrave, and, for 2022 and 2023, Ms. Hulgrave.

(2)

Total shareholder return measures the change in value of our common stock, adjusted to include dividends received by our shareholders over the period. Our peer group for purposes of the peer group total shareholder return disclosure is the same as the one identified in Item 5 of our annual report on Form 10-K and consists of the following companies, each of which principally conducts automotive retail operations: Asbury Automotive Group, Inc., AutoNation, Inc., Group 1 Automotive, Inc., Lithia Motors, Inc., and Sonic Automotive, Inc. (the “Peer Group”).

(3)	The following table reconciles the non-GAAP measures EBITDA and Adjusted EBITDA to the closest applicable GAAP measure, net income

	Non-GAAP Reconciliations
				Twelve Months Ended December 31,
	(Amounts in Millions)			2023			2022			2021			2020
	Net Income			$1,058.6			$1,386.2			$1,192.7			$545.3
	Add: Depreciation			141.0			127.3			121.5			115.5
	Other Interest Expense			92.6			70.4			68.6			111.0
	Income Taxes			360.9			473.0			416.3			162.7
	Income from Discontinued Operations, net of tax			(0.0)			(0.0)			(1.3)			(0.4)
	EBITDA			$1,653.1			$2,056.9			$1,797.8			$934.1
	Add: Goodwill Impairment			40.7			(0.0)			(0.0)			(0.0)
	Adjusted EBITDA			$1,693.8			$2,056.9			$1,797.8			$934.1

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

The PEO whose compensation is represented in each year is Mr. Penske. Messrs. Denker, Kurnick and Spradlin are included in the NEO averages for each year. Also included in the NEO average in 2020 was J.D. Carlson, our former CFO, in 2021 both Mr. Carlson and Ms. Hulgrave, and, for 2022 and 2023, Ms. Hulgrave.

Peer Group Issuers, Footnote

(2)

Total shareholder return measures the change in value of our common stock, adjusted to include dividends received by our shareholders over the period. Our peer group for purposes of the peer group total shareholder return disclosure is the same as the one identified in Item 5 of our annual report on Form 10-K and consists of the following companies, each of which principally conducts automotive retail operations: Asbury Automotive Group, Inc., AutoNation, Inc., Group 1 Automotive, Inc., Lithia Motors, Inc., and Sonic Automotive, Inc. (the “Peer Group”).

PEO Total Compensation Amount

$ 7,428,439

$ 7,300,613

$ 6,981,685

$ 5,979,555

PEO Actually Paid Compensation Amount

$ 21,781,594

14,618,634

26,778,167

4,146,492

Adjustment To PEO Compensation, Footnote

(1)

By SEC rules, these amounts reflect the amount disclosed in our Summary Compensation Table (SCT) for the applicable year (a) minus the grant date fair value of equity compensation in the SCT, (b) plus year-end fair value of stock awards granted in the year that were outstanding and unvested as of the end of year, (c) plus the change as of year-end in fair value of prior year awards that were outstanding and unvested as of the end of year or, for awards vesting in that year, the change in fair value of those awards as of the vesting date. The other elements required to be disclosed pursuant to SEC rules in the definition of compensation “actually paid” are inapplicable to our NEO compensation. The calculations for (b) and (c) are as follows:

				Year			Share Price at 12/31			Shares Granted			Granted Shares Fair Value at 12/31			Other Shares Outstanding			Change in Fair Value			Shares Vested			Vested Shares Change in Fair Value			Total Stock Compensation Actually Paid
	PEO			2023			$160.51			50,668			$8,132,721			196,088			$8,937,691			97,138			$2,282,743			$19,353,155
				2022			114.93			86,498			9,941,215			206,728			1,593,873			86,896			782,933			12,318,021
				2021			107.22			143,340			15,368,915			150,284			7,188,084			81,229			2,239,484			24,796,482
				2020			59.39			44,456			2,640,242			187,057			1,715,313			83,529			(1,188,618)			3,166,937
	Other NEOs (Fair values represent averages)			2023			$160.51			7,485			$1,201,377			22,179			$1,010,907			10,676			$250,880			$2,463,165
				2022			114.93			9,291			1,067,843			23,563			181,673			9.287			86,552			1,336,068
				2021			107.22			15,094			1,638,777			16,366			782,786			10,220			281,760			2,468,307
				2020			59.39			5,557			300,045			21,441			196,616			9,005			(128,138)			398,524

The PEO whose compensation is represented in each year is Mr. Penske. Messrs. Denker, Kurnick and Spradlin are included in the NEO averages for each year. Also included in the NEO average in 2020 was J.D. Carlson, our former CFO, in 2021 both Mr. Carlson and Ms. Hulgrave, and, for 2022 and 2023, Ms. Hulgrave.

Non-PEO NEO Average Total Compensation Amount

$ 1,776,163

2,009,163

1,982,924

1,505,797

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,614,328

2,532,735

3,479,767

1,279,321

Adjustment to Non-PEO NEO Compensation Footnote

(1)

By SEC rules, these amounts reflect the amount disclosed in our Summary Compensation Table (SCT) for the applicable year (a) minus the grant date fair value of equity compensation in the SCT, (b) plus year-end fair value of stock awards granted in the year that were outstanding and unvested as of the end of year, (c) plus the change as of year-end in fair value of prior year awards that were outstanding and unvested as of the end of year or, for awards vesting in that year, the change in fair value of those awards as of the vesting date. The other elements required to be disclosed pursuant to SEC rules in the definition of compensation “actually paid” are inapplicable to our NEO compensation. The calculations for (b) and (c) are as follows:

				Year			Share Price at 12/31			Shares Granted			Granted Shares Fair Value at 12/31			Other Shares Outstanding			Change in Fair Value			Shares Vested			Vested Shares Change in Fair Value			Total Stock Compensation Actually Paid
	PEO			2023			$160.51			50,668			$8,132,721			196,088			$8,937,691			97,138			$2,282,743			$19,353,155
				2022			114.93			86,498			9,941,215			206,728			1,593,873			86,896			782,933			12,318,021
				2021			107.22			143,340			15,368,915			150,284			7,188,084			81,229			2,239,484			24,796,482
				2020			59.39			44,456			2,640,242			187,057			1,715,313			83,529			(1,188,618)			3,166,937
	Other NEOs (Fair values represent averages)			2023			$160.51			7,485			$1,201,377			22,179			$1,010,907			10,676			$250,880			$2,463,165
				2022			114.93			9,291			1,067,843			23,563			181,673			9.287			86,552			1,336,068
				2021			107.22			15,094			1,638,777			16,366			782,786			10,220			281,760			2,468,307
				2020			59.39			5,557			300,045			21,441			196,616			9,005			(128,138)			398,524

The PEO whose compensation is represented in each year is Mr. Penske. Messrs. Denker, Kurnick and Spradlin are included in the NEO averages for each year. Also included in the NEO average in 2020 was J.D. Carlson, our former CFO, in 2021 both Mr. Carlson and Ms. Hulgrave, and, for 2022 and 2023, Ms. Hulgrave.

Compensation Actually Paid vs. Total Shareholder Return

The following tables show the relationship between (1) compensation “actually paid” to our CEO and the other NEOs to (2) each of total shareholder return, net income and EBITDA as adjusted if applicable. We produced record earnings for our Company in the past four years as net income and Adjusted EBITDA have increased 143% and 105%, respectively over the four year period. Compensation “actually paid” has increased over that time as well, most significantly due to the increase in value of the NEOs’ restricted stock holdings, which vest over four years with 70% of any award vesting in the third and fourth years. Our stock price has increased from $50.22 on December 31, 2019 to $160.51 on December 29, 2023, representing an increase in shareholder value based on our December 29, 2023 outstanding shares of over $7 billion. Excluding the increase in the value of unvested restricted stock, compensation “actually paid” for our CEO, and the other NEOs (consisting of salary, bonus, other compensation and the vesting of restricted stock) increased 214%, and 100%, respectively, over the four year period, as compared to an increase of total shareholder return of 244%.

As noted in the table above, our total shareholder return over the four years increased 244% as compared to a 153% increase by our Peer Group.

Compensation Actually Paid vs. Net Income

The following tables show the relationship between (1) compensation “actually paid” to our CEO and the other NEOs to (2) each of total shareholder return, net income and EBITDA as adjusted if applicable. We produced record earnings for our Company in the past four years as net income and Adjusted EBITDA have increased 143% and 105%, respectively over the four year period. Compensation “actually paid” has increased over that time as well, most significantly due to the increase in value of the NEOs’ restricted stock holdings, which vest over four years with 70% of any award vesting in the third and fourth years. Our stock price has increased from $50.22 on December 31, 2019 to $160.51 on December 29, 2023, representing an increase in shareholder value based on our December 29, 2023 outstanding shares of over $7 billion. Excluding the increase in the value of unvested restricted stock, compensation “actually paid” for our CEO, and the other NEOs (consisting of salary, bonus, other compensation and the vesting of restricted stock) increased 214%, and 100%, respectively, over the four year period, as compared to an increase of total shareholder return of 244%.

Compensation Actually Paid vs. Company Selected Measure

The following tables show the relationship between (1) compensation “actually paid” to our CEO and the other NEOs to (2) each of total shareholder return, net income and EBITDA as adjusted if applicable. We produced record earnings for our Company in the past four years as net income and Adjusted EBITDA have increased 143% and 105%, respectively over the four year period. Compensation “actually paid” has increased over that time as well, most significantly due to the increase in value of the NEOs’ restricted stock holdings, which vest over four years with 70% of any award vesting in the third and fourth years. Our stock price has increased from $50.22 on December 31, 2019 to $160.51 on December 29, 2023, representing an increase in shareholder value based on our December 29, 2023 outstanding shares of over $7 billion. Excluding the increase in the value of unvested restricted stock, compensation “actually paid” for our CEO, and the other NEOs (consisting of salary, bonus, other compensation and the vesting of restricted stock) increased 214%, and 100%, respectively, over the four year period, as compared to an increase of total shareholder return of 244%.

Total Shareholder Return Vs Peer Group

The following tables show the relationship between (1) compensation “actually paid” to our CEO and the other NEOs to (2) each of total shareholder return, net income and EBITDA as adjusted if applicable. We produced record earnings for our Company in the past four years as net income and Adjusted EBITDA have increased 143% and 105%, respectively over the four year period. Compensation “actually paid” has increased over that time as well, most significantly due to the increase in value of the NEOs’ restricted stock holdings, which vest over four years with 70% of any award vesting in the third and fourth years. Our stock price has increased from $50.22 on December 31, 2019 to $160.51 on December 29, 2023, representing an increase in shareholder value based on our December 29, 2023 outstanding shares of over $7 billion. Excluding the increase in the value of unvested restricted stock, compensation “actually paid” for our CEO, and the other NEOs (consisting of salary, bonus, other compensation and the vesting of restricted stock) increased 214%, and 100%, respectively, over the four year period, as compared to an increase of total shareholder return of 244%.

As noted in the table above, our total shareholder return over the four years increased 244% as compared to a 153% increase by our Peer Group.

Tabular List, Table

We are required under SEC rules to also disclose the most important financial performance measures that link compensation “actually paid” to our NEOs (which amounts are shown in the table above using the SEC’s methodology) to Company performance. We believe those metrics are as follows:

	Financial Performance Measures
	Net Income
	Adjusted EBITDA
	Earnings Per Share
	Stock Price Performance

We selected these measures because we believe our compensation “actually paid” is most influenced by two factors: (1) the amount of restricted stock granted to our NEOs under the annual performance plans over the relevant period and (2) the change in our stock price over time (see footnote 1 to the Pay Verses Performance Table above). Our 2023 performance plans include metrics for EBITDA, EPS, and stock price performance, which collectively could represent more than 50% of the total amount available under the plans. We believe the change in our stock price over time is correlated most closely to the financial performance measures EBITDA (as adjusted if applicable), EPS (as adjusted if applicable) and net income.

Total Shareholder Return Amount

$ 344.02

241.76

221.35

120.06

Peer Group Total Shareholder Return Amount

253.43

174.37

200.63

152.87

Net Income (Loss)

$ 1,058,600,000

$ 1,386,200,000

$ 1,192,700,000

$ 545,300,000

Company Selected Measure Amount

1,694,000,000

2,057,000,000

1,798,000,000

934,000,000

Mr. Penske

Mr. Penske

Mr. Penske

Mr. Penske

$ 141,000,000

$ 127,300,000

$ 121,500,000

$ 115,500,000

Interest Expense, Other

92,600,000

70,400,000

68,600,000

111,000,000

Income Tax Expense (Benefit)

360,900,000

473,000,000

416,300,000

162,700,000

Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent

0

0

1,300,000

400,000

1,653,100,000

2,056,900,000

1,797,800,000

934,100,000

Goodwill, Impairment Loss

40,700,000

0

0

0

Adjusted EBITDA

$ 1,693,800,000

$ 2,056,900,000

$ 1,797,800,000

$ 934,100,000

Pay vs Performance Disclosure

Net Income

Pay vs Performance Disclosure

Adjusted EBITDA

Non-GAAP Measure Description

(3)	The following table reconciles the non-GAAP measures EBITDA and Adjusted EBITDA to the closest applicable GAAP measure, net income

	Non-GAAP Reconciliations
				Twelve Months Ended December 31,
	(Amounts in Millions)			2023			2022			2021			2020
	Net Income			$1,058.6			$1,386.2			$1,192.7			$545.3
	Add: Depreciation			141.0			127.3			121.5			115.5
	Other Interest Expense			92.6			70.4			68.6			111.0
	Income Taxes			360.9			473.0			416.3			162.7
	Income from Discontinued Operations, net of tax			(0.0)			(0.0)			(1.3)			(0.4)
	EBITDA			$1,653.1			$2,056.9			$1,797.8			$934.1
	Add: Goodwill Impairment			40.7			(0.0)			(0.0)			(0.0)
	Adjusted EBITDA			$1,693.8			$2,056.9			$1,797.8			$934.1

Pay vs Performance Disclosure

Earnings Per Share

Pay vs Performance Disclosure

Stock Price Performance

Pay vs Performance Disclosure

$ 160.51

$ 114.93

$ 107.22

$ 59.39

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross

50,668

86,498

143,340

44,456

Other Shares Outstanding

196,088

206,728

150,284

187,057

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares

97,138

86,896

81,229

83,529

PEO [Member] | Total Stock Compensation Actually Paid [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 19,353,155

$ 12,318,021

$ 24,796,482

$ 3,166,937

PEO [Member] | Granted Shares Fair Value at 12/31 [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

8,132,721

9,941,215

15,368,915

2,640,242

PEO [Member] | Change in Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

8,937,691

1,593,873

7,188,084

1,715,313

PEO [Member] | Vested Shares Change in Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 2,282,743

$ 782,933

$ 2,239,484

$ (1,188,618)

Non-PEO NEO [Member]

Pay vs Performance Disclosure

$ 160.51

$ 114.93

$ 107.22

$ 59.39

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross

7,485

9,291

15,094

5,557

Other Shares Outstanding

22,179

23,563

16,366

21,441

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares

10,676

9.287

10,220

9,005

Non-PEO NEO [Member] | Total Stock Compensation Actually Paid [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 2,463,165

$ 1,336,068

$ 2,468,307

$ 398,524

Non-PEO NEO [Member] | Granted Shares Fair Value at 12/31 [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,201,377

1,067,843

1,638,777

300,045

Non-PEO NEO [Member] | Change in Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,010,907

181,673

782,786

196,616

Non-PEO NEO [Member] | Vested Shares Change in Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 250,880

$ 86,552

$ 281,760

$ (128,138)