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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES $ 3,039.6 $ 3,118.3 $ 7,861.7 $ 8,932.4
COST OF SALES 2,527.7 2,652.7 6,574.4 7,581.0
GROSS PROFIT 512.0 465.6 1,287.2 1,351.4
Selling, general and administrative expenses 305.8 353.9 870.9 1,020.3
Depreciation and amortization expense 19.1 18.2 56.5 53.0
Asset impairments 0.0 10.3 23.8 10.8
INCOME (LOSS) FROM OPERATIONS 187.1 83.3 336.0 267.2
Floorplan interest expense 8.1 15.3 31.1 47.0
Other interest expense, net 14.6 18.9 49.0 55.8
(Gain) loss on extinguishment of debt 3.3 0.0 13.7 0.0
INCOME (LOSS) BEFORE INCOME TAXES 161.0 49.0 242.2 164.4
(Benefit) provision for income taxes 34.6 10.9 55.8 38.5
NET INCOME (LOSS) $ 126.4 $ 38.0 $ 186.4 $ 125.9
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) $ 6.86 $ 2.04 $ 10.11 $ 6.78
Weighted average common shares outstanding (in shares) 17,776,888 17,961,555 17,770,619 17,889,572
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) $ 6.83 $ 2.04 $ 10.08 $ 6.77
Weighted average dilutive common shares outstanding (in shares) 17,835,549 17,978,700 17,818,538 17,900,000
New vehicle retail sales        
REVENUES $ 1,580.7 $ 1,652.3 $ 3,985.5 $ 4,632.2
COST OF SALES 1,481.5 1,577.0 3,759.7 4,415.7
Used vehicle retail sales        
REVENUES 867.2 869.7 2,287.4 2,527.8
COST OF SALES 796.1 815.5 2,127.9 2,372.5
Used vehicle wholesale sales        
REVENUES 86.7 85.2 221.9 273.4
COST OF SALES 80.7 84.9 212.9 272.7
Parts and service sales        
REVENUES 375.6 383.5 1,028.2 1,130.8
COST OF SALES 169.4 175.4 473.9 520.1
Finance, insurance and other, net        
REVENUES $ 129.5 $ 127.5 $ 338.7 $ 368.2