CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net income	$ 470.3	$ 612.8	$ 346.4
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation	103.7	95.1	89.7
Earnings of equity method investments	(89.0)	(68.9)	(50.0)
(Income) loss from discontinued operations, net of tax	(0.5)	0.2	1.0
Deferred income taxes	105.9	(108.7)	162.2
Changes in operating assets and liabilities:
Accounts receivable	30.4	(73.1)	(92.5)
Inventories	(12.6)	(419.9)	130.4
Floor plan notes payable	27.4	276.3	(162.8)
Accounts payable and accrued expenses	(17.1)	272.0	(17.8)
Other	(4.3)	37.2	(35.3)
Net cash provided by continuing operating activities	614.2	623.0	371.3
Investing Activities:
Purchase of equipment and improvements	(305.6)	(247.0)	(203.1)
Proceeds from sale of dealerships	84.5	25.1	4.2
Proceeds from sale-leaseback transactions	10.7	22.2
Acquisition of additional ownership interest in Penske Truck Leasing		(239.1)	(498.5)
Acquisitions net, including repayment of sellers’ floor plan notes payable of $58.2, $101.6 and $62.2, respectively	(309.1)	(449.7)	(140.8)
Other	(5.7)	(40.2)	1.5
Net cash used in continuing investing activities	(525.2)	(928.7)	(836.7)
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line	1,642.0	2,040.0	1,476.5
Repayments under U.S. credit agreement revolving credit line	(1,784.0)	(2,108.0)	(1,396.5)
Issuance of senior subordinated notes			500.0
Net borrowings of other long-term debt	235.5	42.0	42.9
Net (repayments) borrowings of floor plan notes payable — non-trade	10.0	185.3	101.0
Payment of debt issuance costs	(1.9)	(4.0)	(6.7)
Repurchases of common stock	(68.9)	(18.5)	(173.6)
Dividends	(121.2)	(108.4)	(95.1)
Other	(5.8)	(5.8)	(15.5)
Net cash (used in) provided by continuing financing activities	(94.3)	322.6	433.0
Discontinued operations:
Net cash provided by discontinued operating activities	0.5	0.5	1.6
Net cash provided by discontinued investing activities		2.4	1.7
Net cash used in discontinued financing activities		(0.2)	(0.2)
Net cash provided by discontinued operations	0.5	2.7	3.1
Effect of exchange rate changes on cash and cash equivalents	(1.5)	2.1	(9.1)
Net change in cash and cash equivalents	(6.3)	21.7	(38.4)
Cash and cash equivalents, beginning of period	45.7	24.0	62.4
Cash and cash equivalents, end of period	39.4	45.7	24.0
Cash paid (received) for:
Interest	190.2	163.2	129.8
Income taxes	39.6	(29.7)	48.6
Seller financed/assumed debt		0.8
Non cash activities:
Deferred consideration	$ 6.8
Consideration transferred through common stock issuance		32.4
Contingent consideration		20.0
3.75% senior subordinated notes due 2020
Financing Activities:
Issuance of senior subordinated notes		300.0
5.50% senior subordinated notes due 2026
Financing Activities:
Issuance of senior subordinated notes		$ 300.0	$ 500.0