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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues:    
New vehicles$ 1,058,580$ 937,709$ 3,074,598$ 2,611,988
Used vehicles530,969453,8151,549,1971,339,323
Wholesale vehicles48,58847,597125,428108,336
Total vehicles1,638,1371,439,1214,749,2234,059,647
Parts, service and collision repair297,951283,741889,243842,697
Finance, insurance and other56,76147,398162,010133,607
Total revenues1,992,8491,770,2605,800,4765,035,951
Cost of Sales:    
New vehicles(990,114)(877,691)(2,877,561)(2,440,097)
Used vehicles(495,915)(418,576)(1,436,339)(1,231,720)
Wholesale vehicles(50,931)(49,053)(130,134)(112,270)
Total vehicles(1,536,960)(1,345,320)(4,444,034)(3,784,087)
Parts, service and collision repair(152,965)(143,141)(452,618)(421,711)
Total cost of sales(1,689,925)(1,488,461)(4,896,652)(4,205,798)
Gross profit302,924281,799903,824830,153
Selling, general and administrative expenses(238,704)(226,331)(711,657)(672,542)
Impairment charges(102)(87)(160)(132)
Depreciation and amortization(10,340)(8,731)(30,099)(25,729)
Operating income53,77846,650161,908131,750
Other income (expense):    
Interest expense, floor plan(4,348)(5,430)(14,766)(15,615)
Interest expense, other, net(15,116)(15,226)(45,986)(48,024)
Interest expense, non-cash, convertible debt(1,742)(1,768)(5,151)(5,175)
Interest expense / amortization, non-cash, cash flow swaps(313)(1,484)(599)(5,402)
Other income (expense), net(826)(351)(736)(7,522)
Total other expense(22,345)(24,259)(67,238)(81,738)
Income from continuing operations before taxes31,43322,39194,67050,012
Provision for income taxes(12,100)(8,442)(37,395)(19,905)
Income from continuing operations19,33313,94957,27530,107
Discontinued operations:    
Income (loss) from operations and the sale of discontinued franchises104(633)(2,399)(6,149)
Income tax (expense) benefit(36)(331)8401,617
Income (loss) from discontinued operations68(964)(1,559)(4,532)
Net income$ 19,401$ 12,985$ 55,716$ 25,575
Basic earnings (loss) per common share:    
Earnings per share from continuing operations$ 0.36$ 0.26$ 1.08$ 0.57
Earnings (loss) per share from discontinued operations$ 0.01$ (0.01)$ (0.03)$ (0.09)
Earnings per common share$ 0.37$ 0.25$ 1.05$ 0.48
Weighted average common shares outstanding52,36652,31152,41452,151
Diluted earnings (loss) per common share:    
Earnings per share from continuing operations$ 0.33$ 0.25$ 0.97$ 0.56
Loss per share from discontinued operations $ (0.02)$ (0.03)$ (0.07)
Earnings per common share$ 0.33$ 0.23$ 0.94$ 0.49
Weighted average common shares outstanding65,51765,85165,80065,711
Dividends declared per common share$ 0.025 $ 0.075