PENSKE AUTOMOTIVE GROUP, INC., 10-K filed on 2/21/2025
Annual Report
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Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 11, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-12297    
Entity Registrant Name Penske Automotive Group, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 22-3086739    
Entity Address, Address Line One 2555 Telegraph Road    
Entity Address, City or Town Bloomfield Hills    
Entity Address, State or Province MI    
Entity Address, Postal Zip Code 48302-0954    
City Area Code 248    
Local Phone Number 648-2500    
Title of 12(b) Security Voting Common Stock, par value $0.0001 per share    
Trading Symbol PAG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 2,759,410,642
Entity Common Stock, Shares Outstanding   66,749,222  
Documents Incorporated by Reference
Documents Incorporated by Reference
Certain portions, as expressly described in this report, of the registrant's proxy statement for the 2025 Annual Meeting of the Stockholders to be held May 14, 2025, are incorporated by reference into Part III, Items 10-14.
    
Entity Central Index Key 0001019849    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location Detroit, Michigan
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 72.4 $ 96.4
Accounts receivable, net of allowance for doubtful accounts of $6.3 and $6.8 1,002.1 1,114.6
Inventories 4,640.2 4,293.1
Other current assets 213.1 175.6
Total current assets 5,927.8 5,679.7
Property and equipment, net 3,006.2 2,765.2
Operating lease right-of-use assets 2,467.2 2,405.5
Goodwill 2,371.3 2,234.9
Other indefinite-lived intangible assets 1,011.6 748.2
Equity method investments 1,827.0 1,774.9
Other long-term assets 109.8 63.1
Total assets 16,720.9 15,671.5
LIABILITIES AND EQUITY    
Floor plan notes payable 2,535.8 2,255.6
Floor plan notes payable — non-trade 1,488.2 1,515.9
Accounts payable 851.7 866.9
Accrued expenses and other current liabilities 889.0 809.8
Current portion of long-term debt 721.2 209.7
Total current liabilities 6,485.9 5,657.9
Long-term debt 1,130.8 1,419.5
Long-term operating lease liabilities 2,392.6 2,336.0
Deferred tax liabilities 1,231.0 1,231.7
Other long-term liabilities 253.3 270.8
Total liabilities 11,493.6 10,915.9
Commitments and contingent liabilities (Note 11)
Penske Automotive Group stockholders' equity:    
Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding 0.0 0.0
Common stock 0.0 0.0
Additional paid-in capital 9.1 0.0
Retained earnings 5,565.2 4,990.3
Accumulated other comprehensive loss (364.5) (264.1)
Total Penske Automotive Group stockholders' equity 5,209.8 4,726.2
Non-controlling interest 17.5 29.4
Total equity 5,227.3 4,755.6
Total liabilities and equity 16,720.9 15,671.5
Non-voting Common Stock    
Penske Automotive Group stockholders' equity:    
Common stock 0.0 0.0
Class C Common Stock    
Penske Automotive Group stockholders' equity:    
Common stock $ 0.0 $ 0.0
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts $ 6.3 $ 6.8
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 240,000,000 240,000,000
Common stock, shares issued (in shares) 66,774,651 67,111,181
Common stock, shares outstanding (in shares) 66,774,651 67,111,181
Non-voting Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 7,125,000 7,125,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Class C Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 20,000,000 20,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
Cost of sales:      
Total cost of sales 25,441.9 24,593.6 22,976.0
Gross profit 5,013.3 4,933.8 4,838.8
Selling, general, and administrative expenses 3,538.5 3,400.6 3,223.7
Goodwill impairment charges 0.0 40.7 0.0
Depreciation 158.0 141.0 127.3
Operating income 1,316.8 1,351.5 1,487.8
Floor plan interest expense (189.8) (133.1) (52.4)
Other interest expense (87.8) (92.6) (70.4)
Equity in earnings of affiliates 200.7 293.7 494.2
Income before income taxes 1,239.9 1,419.5 1,859.2
Income taxes (316.5) (360.9) (473.0)
Net income 923.4 1,058.6 1,386.2
Less: Income attributable to non-controlling interests 4.5 5.4 6.2
Net income attributable to Penske Automotive Group common stockholders $ 918.9 $ 1,053.2 $ 1,380.0
Basic earnings per share attributable to Penske Automotive Group common stockholders:      
Net income attributable to Penske Automotive Group common stockholders (in dollars per share) $ 13.74 $ 15.50 $ 18.55
Shares used in determining basic earnings per share (in shares) 66,882,731 67,963,956 74,394,799
Diluted earnings per share attributable to Penske Automotive Group common stockholders:      
Net income attributable to Penske Automotive Group common stockholders (in dollars per share) $ 13.74 $ 15.50 $ 18.55
Shares used in determining diluted earnings per share (in shares) 66,882,731 67,963,956 74,394,799
Amounts attributable to Penske Automotive Group common stockholders:      
Net income $ 923.4 $ 1,058.6 $ 1,386.2
Less: Income attributable to non-controlling interests 4.5 5.4 6.2
Net income attributable to Penske Automotive Group common stockholders $ 918.9 $ 1,053.2 $ 1,380.0
Cash dividends per share (in dollars per share) $ 4.09 $ 2.78 $ 2.07
Retail automotive dealership      
Revenue:      
Total revenues $ 26,156.2 $ 25,209.1 $ 23,694.7
Cost of sales:      
Total cost of sales 21,905.6 21,032.9 19,568.3
Goodwill impairment charges   40.7  
Depreciation 137.4 124.7 112.7
Floor plan interest expense (160.9) (116.0) (44.5)
Other interest expense (82.1) (90.3) (65.1)
Equity in earnings of affiliates 3.1 3.9 3.5
Income before income taxes 792.7 860.5 1,118.0
Retail commercial truck dealership      
Revenue:      
Total revenues 3,521.1 3,684.3 3,541.3
Cost of sales:      
Total cost of sales 2,936.6 3,091.9 2,986.2
Goodwill impairment charges   0.0  
Depreciation 15.1 11.6 10.0
Floor plan interest expense (19.2) (14.5) (7.5)
Other interest expense 0.0 (1.3) (3.9)
Equity in earnings of affiliates 0.0 0.0 0.0
Income before income taxes 203.6 225.0 214.7
Commercial vehicle distribution and other      
Revenue:      
Total revenues 777.9 634.0 578.8
Cost of sales:      
Total cost of sales $ 599.7 $ 468.8 $ 421.5
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 923.4 $ 1,058.6 $ 1,386.2
Other comprehensive (loss) income, net of tax:      
Foreign currency translation adjustment (91.9) 66.1 (154.6)
Other adjustments to comprehensive income, net of tax: (9.0) 5.7 (12.8)
Other comprehensive (loss) income, net of tax (100.9) 71.8 (167.4)
Comprehensive income 822.5 1,130.4 1,218.8
Less: Comprehensive income attributable to non-controlling interests 4.0 6.0 5.3
Comprehensive income attributable to Penske Automotive Group common stockholders $ 818.5 $ 1,124.4 $ 1,213.5
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income $ 923.4 $ 1,058.6 $ 1,386.2
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation 158.0 141.0 127.3
Earnings of equity method investments, net of distributions (127.9) (174.6) (183.3)
Deferred income taxes (13.0) 101.8 124.2
Stock-based compensation 29.4 28.1 26.7
Goodwill impairment charges 0.0 40.7 0.0
Changes in operating assets and liabilities:      
Accounts receivable 125.4 (194.7) (192.9)
Inventories (196.7) (666.2) (444.4)
Other current assets (43.8) (29.5) (36.2)
Floor plan notes payable 316.1 659.7 487.1
Accounts payable and accrued expenses 42.9 (13.0) 81.7
Other (34.0) 141.7 82.6
Net cash provided by operating activities 1,179.8 1,093.6 1,459.0
Investing Activities:      
Purchases of property, equipment, and improvements (368.7) (375.3) (282.5)
Proceeds from sale of dealerships 82.1 0.0 13.1
Proceeds from sale of property and equipment 26.2 30.7 32.3
Proceeds from sale of equity method investment 20.7 0.0 0.0
Acquisitions net, including repayment of sellers' floor plan notes payable of $212.5, $24.3, and $51.3, respectively (786.2) (214.9) (393.4)
Other (11.1) (12.8) (11.2)
Net cash used in investing activities (1,037.0) (572.3) (641.7)
Financing Activities:      
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities 4,301.4 3,150.3 2,101.0
Repayments under revolving U.S. credit agreement and mortgage facilities (4,182.7) (3,227.8) (2,101.0)
Net cash borrowings of other debt 113.3 73.2 160.1
Net (repayments) borrowings of floor plan notes payable — non-trade (15.4) 46.5 82.9
Repurchases of common stock (58.7) (358.7) (869.3)
Payments of tax withholding for stock-based compensation (18.8) (23.5) (17.2)
Dividends (274.4) (189.1) (154.1)
Payment of debt issuance costs (1.0) (2.1) (0.3)
Purchase of subsidiary shares from non-controlling interest (16.7) 0.0 0.0
Other (11.7) 0.1 (0.1)
Net cash used in financing activities (164.7) (531.1) (798.0)
Effect of exchange rate changes on cash and cash equivalents (2.1) (0.3) (13.5)
Net change in cash and cash equivalents (24.0) (10.1) 5.8
Cash and cash equivalents, beginning of period 96.4 106.5 100.7
Cash and cash equivalents, end of period 72.4 96.4 106.5
Cash paid for:      
Interest 271.6 214.3 112.8
Income taxes 317.4 288.1 343.4
Non-cash activities:      
Receivable From Sale Of Investment $ 10.4 $ 0.0 $ 0.0
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Cash Flows [Abstract]      
Repayment of sellers' floor plan notes payable $ 212.5 $ 24.3 $ 51.3
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Total Penske Automotive Group Stockholders' Equity
Total Penske Automotive Group Stockholders' Equity
Cumulative Effect, Period of Adoption, Adjustment
Voting and Non-voting Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2021         77,574,172          
Beginning balance at Dec. 31, 2021 $ 4,095.0 $ (121.6) $ 4,070.0 $ (121.6) $ 0.0 $ 42.2 $ 4,196.6 $ (121.6) $ (168.8) $ 25.0
Increase (decrease) in stockholders' equity                    
Equity compensation (in shares)         321,866          
Equity compensation 26.7   26.7     26.7        
Repurchases of common stock (in shares)         (8,214,147)          
Repurchases of common stock (886.5)   (886.5)     (68.9) (817.6)      
Dividends (154.1)   (154.1)       (154.1)      
Distributions to non-controlling interest (3.5)                 (3.5)
Foreign currency translation (154.6)   (153.7)           (153.7) (0.9)
Other (12.8)   (12.8)           (12.8)  
Net income 1,386.2   1,380.0       1,380.0     6.2
Ending balance (in shares) at Dec. 31, 2022         69,681,891          
Ending balance at Dec. 31, 2022 4,174.8   4,148.0   $ 0.0 0.0 4,483.3   (335.3) 26.8
Increase (decrease) in stockholders' equity                    
Equity compensation (in shares)         237,906          
Equity compensation 28.1   28.1     28.1        
Repurchases of common stock (in shares)         (2,808,616)          
Repurchases of common stock (385.2)   (385.2)     (28.1) (357.1)      
Dividends (189.1)   (189.1)       (189.1)      
Distributions to non-controlling interest (3.4)                 (3.4)
Foreign currency translation 66.1   65.5           65.5 0.6
Other 5.7   5.7           5.7  
Net income $ 1,058.6   1,053.2       1,053.2     5.4
Ending balance (in shares) at Dec. 31, 2023 67,111,181       67,111,181          
Ending balance at Dec. 31, 2023 $ 4,755.6   4,726.2   $ 0.0 0.0 4,990.3   (264.1) 29.4
Increase (decrease) in stockholders' equity                    
Equity compensation (in shares)         180,715          
Equity compensation 29.4   29.4     29.4        
Repurchases of common stock (in shares)         (517,245)          
Repurchases of common stock (78.0)   (78.0)     (16.7) (61.3)      
Dividends (274.4)   (274.4)       (274.4)      
Purchase of subsidiary shares from non-controlling interest (16.7)   (3.6)     (3.6)       (13.1)
Distributions to non-controlling interest (2.8)                 (2.8)
Foreign currency translation (91.9)   (91.4)           (91.4) (0.5)
Other (17.3)   (17.3)       (8.3)   (9.0)  
Net income $ 923.4   918.9       918.9     4.5
Ending balance (in shares) at Dec. 31, 2024 66,774,651       66,774,651          
Ending balance at Dec. 31, 2024 $ 5,227.3   $ 5,209.8   $ 0.0 $ 9.1 $ 5,565.2   $ (364.5) $ 17.5
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)
 12 Months Ended
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-02 [Member]
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Organization and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies
Unless the context otherwise requires, the use of the terms "PAG," "we," "us," and "our" in these Notes to the Consolidated Financial Statements refers to Penske Automotive Group, Inc. and its consolidated subsidiaries.
Business Overview and Concentrations
We are a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. We operate dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia, and we are one of the largest retailers of commercial trucks in North America for Freightliner. We also distribute and retail commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. Additionally, we own 28.9% of Penske Transportation Solutions, a business that manages one of the largest, most comprehensive and modern trucking fleets in North America with trucks, tractors, and trailers under lease, rental, and/or maintenance contracts, and provides innovative transportation, supply chain, and technology solutions to its customers.
Retail Automotive. As of December 31, 2024, we operated 353 retail automotive franchised dealerships, of which 148 are located in the U.S. and 205 are located outside of the U.S., principally in the U.K. As of December 31, 2024, we also operated 16 used vehicle dealerships, with six dealerships in the U.S. operating under the brand name CarShop, nine dealerships in the U.K. operating under the brand name Sytner Select, and one dealership in Australia operating under the brand name Penske Select.
In addition to selling new and used vehicles, we generate higher-margin revenue at each of our dealerships through maintenance and repair services, the sale and placement of third-party finance and insurance products, third-party extended service and maintenance contracts, replacement and aftermarket automotive products, and at certain of our locations, collision repair services. We operate our franchised dealerships under franchise agreements with a number of automotive manufacturers and distributors that are subject to certain rights and restrictions typical of the industry. Some of our dealerships in the U.K. and Europe operate under an agency model where we receive a fee for facilitating the sale by the manufacturer of a new vehicle but do not hold the vehicle in inventory. Vehicles sold under this agency model are counted as new agency units sold instead of new retail units sold by us, and only the fee we receive from the manufacturer, not the price of the vehicle, is reported as new revenue with no corresponding cost of sale.
During 2024, we acquired 16 retail automotive franchises and opened one retail automotive franchise in the U.K., acquired two franchises and one Chrysler/Jeep/Dodge/Ram dealership in the U.S., acquired two retail automotive franchises in Italy, acquired three retail automotive franchises and one used vehicle dealership in Australia, and opened one retail automotive franchise in Germany.
During 2024, in the U.S., we closed one Jaguar franchise, one Chrysler/Jeep/Dodge/Ram dealership, one used vehicle dealership, and sold one Lexus franchise. In the U.K., we closed two Jaguar franchises, two Land Rover franchises, two Audi franchises, one Mercedes-Benz franchise, one used vehicle dealership, and sold two used vehicle dealerships. During 2024, we also transitioned our U.K. CarShop locations to Sytner Select dealerships, incorporating them within the broader Sytner network. The impact from the sale and closure of these dealerships was not material to the Consolidated Statements of Income for the year ended December 31, 2024.
Retail Commercial Truck Dealership. We operate Premier Truck Group ("PTG"), a heavy- and medium-duty truck dealership group offering primarily Freightliner and Western Star trucks (both Daimler brands), with locations across 10 U.S. states and the Canadian provinces of Ontario and Manitoba. As of December 31, 2024, PTG operated 45 locations selling new and/or used trucks, performing service and parts operations, or offering collision repair services.
Penske Australia. Penske Australia is the exclusive importer and distributor of Western Star heavy-duty trucks (a Daimler brand), MAN heavy- and medium-duty trucks and buses (a VW Group brand), and Dennis Eagle refuse collection vehicles, together with associated parts, across Australia, New Zealand, and portions of the Pacific. In most of these same markets, we are also a leading distributor of diesel and gas engines and power systems, principally representing MTU (a Rolls-Royce solution), Detroit Diesel, Allison Transmission, and Bergen Engines. Penske Australia offers products across
the on- and off-highway markets, including in the trucking, mining, power generation, energy solutions, defense, marine, rail, and construction sectors and supports full parts and aftersales service through a network of branches, field service locations, and dealers across the region.
Penske Transportation Solutions. We hold a 28.9% ownership interest in Penske Truck Leasing Co., L.P. ("PTL"). PTL is owned 41.1% by Penske Corporation, 28.9% by us, and 30.0% by Mitsui & Co., Ltd. ("Mitsui"). We account for our investment in PTL under the equity method, and we therefore record our share of PTL's earnings on our statements of income under the caption "Equity in earnings of affiliates," which also includes the results of our other equity method investments. Penske Transportation Solutions ("PTS") is the universal brand name for PTL's various business lines through which it is capable of meeting customers' needs across the supply chain with a broad product offering that includes full-service truck leasing, truck rental, and contract maintenance along with logistics services, such as dedicated contract carriage, distribution center management, freight management, and dry van truckload carrier services.
Basis of Presentation
The consolidated financial statements include all majority-owned subsidiaries. Investments in affiliated companies, representing an ownership interest in the voting stock of the affiliate of between 20% and 50% or an investment in a limited partnership or a limited liability corporation for which our investment is more than minor, are stated at the cost of acquisition plus our equity in undistributed net earnings since acquisition. All intercompany accounts and transactions have been eliminated in consolidation.
Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of estimates include accounts receivable, inventories, income taxes, intangible assets, leases, and certain reserves.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments that have an original maturity of three months or less at the date of purchase.
Contracts in Transit
Contracts in transit represent receivables from unaffiliated finance companies relating to the sale of customers' installment sales and lease contracts arising in connection with the sale of a vehicle by us. Contracts in transit, included in accounts receivable, net in our consolidated balance sheets, amounted to $281.7 million and $361.9 million as of December 31, 2024, and 2023, respectively.
Inventory Valuation
Inventories are stated at the lower of cost or net realizable value. Cost for new and used vehicle inventories includes acquisition, reconditioning, dealer installed accessories, and transportation expenses and is determined using the specific identification method. Inventories of dealership parts and accessories are accounted for using the “first-in, first-out” (“FIFO”) method of inventory accounting, and the cost is based on factory list prices.
Property and Equipment
Property and equipment are recorded at cost and depreciated over estimated useful lives using the straight-line method. Useful lives for purposes of computing depreciation for assets, other than leasehold improvements, range between 2 and 15 years. Leasehold improvements and equipment under capital leases are depreciated over the shorter of the term of the lease or the estimated useful life of the asset, not to exceed 40 years.
Expenditures relating to recurring repair and maintenance are expensed as incurred. Expenditures that increase the useful life or substantially increase the serviceability of an existing asset are capitalized. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, with any resulting gain or loss being reflected in income.
Income Taxes
Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is not more likely than not to allow for the use of the deduction or credit.
Refer to Note 16 "Income Taxes" for additional detail on our accounting for income taxes.
Intangible Assets
Our principal intangible assets relate to our agreements with vehicle manufacturers and distributors, which represent the estimated value of franchises acquired in business combinations; our distribution agreements with commercial vehicle manufacturers, which represent the estimated value of distribution rights acquired in business combinations; and goodwill, which represents the excess of cost over the fair value of tangible and identified intangible assets acquired in business combinations. We believe the franchise values of our automotive dealerships and the distribution agreements of our commercial vehicle distribution operations have an indefinite useful life based on the following:
•Automotive retailing and commercial vehicle distribution are mature industries and are based on franchise, agency, and distribution agreements with the vehicle manufacturers and distributors;
•Certain franchise agreement terms are indefinite;
•Franchise and distribution agreements that have limited terms have historically been renewed by us without substantial cost; and
•Manufacturers and distributors have not historically terminated our agreements.
Impairment Testing
Other indefinite-lived intangible assets are assessed for impairment annually on October 1 and upon the occurrence of an indicator of impairment through a comparison of its fair value to its carrying value. An indicator of impairment exists if the carrying value exceeds its fair value, and an impairment loss may be recognized up to that excess. We also evaluate in connection with the annual impairment testing whether events and circumstances continue to support our assessment that the other indefinite-lived intangible assets continue to have an indefinite life.
Goodwill impairment is assessed at the reporting unit level annually on October 1 and upon the occurrence of an indicator of impairment. Our operations are organized by management into operating segments by line of business and geography. We have determined that we have four reportable segments as defined in generally accepted accounting principles for segment reporting: (i) Retail Automotive, consisting of our retail automotive dealership operations; (ii) Retail Commercial Truck, consisting of our retail commercial truck dealership operations in the U.S. and Canada; (iii) Other, consisting of our commercial vehicle and power systems distribution operations; and (iv) Non-Automotive Investments, consisting of our equity method investments in non-automotive operations which includes our investment in PTS and other various investments. We have determined that the dealerships in each of our operating segments within the Retail Automotive reportable segment are components that were aggregated into two reporting units for the purpose of goodwill impairment testing as of October 1, 2024, as they (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and/or used vehicles, service, parts, and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals), and (D) have
similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The reporting units are United States Retail Automotive and International Retail Automotive. Our Retail Commercial Truck reportable segment has been determined to represent one operating segment and reporting unit. The goodwill included in our Other reportable segment relates primarily to our commercial vehicle distribution operating segment. There is no goodwill recorded in our Non-Automotive Investments reportable segment.
Refer to Note 8 "Intangible Assets" for detail on our impairment testing.
Investments
We account for each of our investments under the equity method, pursuant to which we record our proportionate share of the investee's income each period. The net book value of our investments was $1,827.0 million and $1,774.9 million as of December 31, 2024, and 2023, respectively, including $1,803.9 million and $1,725.1 million relating to PTS as of December 31, 2024, and 2023, respectively. We currently hold a 28.9% ownership interest in PTS.
Foreign Currency Translation
For all of our non-U.S. operations, the functional currency is the local currency. The revenue and expense accounts of our non-U.S. operations are translated into U.S. dollars using the average exchange rates that prevailed during the period. Assets and liabilities of non-U.S. operations are translated into U.S. dollars using period end exchange rates. Cumulative translation adjustments relating to foreign functional currency assets and liabilities are recorded in accumulated other comprehensive income (loss), a separate component of equity.
Foreign currency translation gains and losses related to intercompany loans with foreign subsidiaries determined to be repayable are included in selling, general, and administrative expenses on the consolidated statements of income. For long-term intercompany loans with foreign subsidiaries, for which repayment has not been scheduled or planned, foreign currency gains and losses are included in accumulated other comprehensive loss on the consolidated balance sheets.
Fair Value of Financial Instruments
Accounting standards define fair value as the price that would be received from selling an asset, or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities
Level 2Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
Our financial instruments consist of cash and cash equivalents, debt, floor plan notes payable, and forward exchange contracts used to hedge future cash flows. Other than our fixed rate debt, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting.
Our fixed rate debt consists of amounts outstanding under our senior subordinated notes and mortgage facilities. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 2), and we estimate the fair value of our mortgage facilities using a present value technique based on our current market interest rates for similar types of financial instruments (Level 2). A summary of our fixed rate debt is as follows:
December 31, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
3.50% senior subordinated notes due 2025
$549.1 $543.0 $547.7 $529.7 
3.75% senior subordinated notes due 2029
496.6 451.8 495.8 444.4 
Mortgage facilities (1)
474.8 450.6 402.1 378.5 
_____________________
(1)In addition to fixed rate debt, our mortgage facilities also include a revolving mortgage facility with Toyota Motor Credit Corporation in the U.S. and other revolving mortgage facilities that bear interest at variable rates. The fair value equals the carrying value.
Revenue Recognition
Dealership Vehicle, Parts, and Service Sales
We record revenue for vehicle sales at a point in time when vehicles are delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. For dealerships operating under a franchise model, the amount of consideration we receive for vehicle sales is stated within the executed contract with our customer and is reduced by any non-cash consideration representing the fair value of trade-in vehicles, if applicable. We record revenue for vehicle service and collision work over time as work is completed and when parts are delivered to our customers. Sales promotions that we offer to customers are accounted for as a reduction of revenues at the time of sale. Rebates and other incentives offered directly to us by manufacturers are recognized as a reduction in the cost of sales. Reimbursements of qualified advertising expenses are treated as a reduction of selling, general, and administrative expenses. The amounts received under certain manufacturer rebate and incentive programs are based on the attainment of program objectives, and such earnings are recognized either upon the sale of the vehicle for which the award was received or upon attainment of the particular program goals if not associated with individual vehicles.
Dealership Finance and Insurance Sales
Subsequent to the sale of a vehicle to a customer, we sell installment sale contracts to various financial institutions on a non-recourse basis (with specified exceptions). We receive a commission from the lender equal to either the difference between the interest rate charged to the customer and the interest rate set by the financing institution or a flat fee. We also receive commissions for facilitating the sale of various products to customers, including vehicle protection products, vehicle theft protection, and extended service contracts. These commissions are recorded as revenue at a point in time when the customer enters into the contract. Payment is typically due and collected within 30 days subsequent to the execution of the contract with the customer. In the case of finance contracts, a customer may prepay or fail to pay their contract, thereby terminating the contract. Customers may also terminate extended service contracts and other insurance products, which are fully paid at purchase, and become eligible for refunds of unused premiums. In these circumstances, a portion of the commissions we received may be charged back based on the terms of the contracts. The revenue we record relating to these transactions is net of an estimate of the amount of chargebacks we will be required to pay. Our estimate is based upon our historical experience with similar contracts, including the impact of refinance and default rates on retail finance contracts and cancellation rates on extended service contracts and other insurance products. Aggregate reserves relating to chargeback activity were $48.2 million and $42.7 million as of December 31, 2024, and December 31, 2023, respectively.
Commercial Vehicle Distribution and Other
We record revenue from the distribution of vehicles, engines, and other products at a point in time when delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. We
record revenue for service or repair work as work is completed and when parts are delivered to our customers. For our long-term power generation contracts, we record revenue as services are provided in accordance with contract milestones.
Refer to Note 2 “Revenues” for additional disclosures on revenue recognition.
Defined Contribution Plans
We sponsor a number of defined contribution plans covering a significant majority of our employees. Our contributions to such plans are discretionary and are based on the level of compensation and contributions by plan participants. We incurred expenses of $40.2 million, $39.2 million, and $36.1 million relating to such plans during the years ended December 31, 2024, 2023, and 2022, respectively.
Advertising
Advertising costs are expensed as incurred or when such advertising takes place. We incurred net advertising costs of $134.4 million, $135.9 million, and $122.0 million during the years ended December 31, 2024, 2023, and 2022, respectively. Qualified advertising expenditures reimbursed by manufacturers, which are treated as a reduction of advertising expense, were $19.3 million, $17.8 million, and $16.4 million during the years ended December 31, 2024, 2023, and 2022, respectively.
Self-Insurance
We retain risk relating to certain of our general liability insurance, workers' compensation insurance, vehicle physical damage insurance, property insurance, information security risk insurance, directors' and officers' insurance, and employee medical benefits in the U.S. As a result, we are likely to be responsible for a significant portion of the claims and losses incurred under these programs. The amount of risk we retain varies by program, and for certain exposures, we either have no insurance or we have pre-determined maximum loss limits for certain individual claims and/or insurance periods. Losses, if any, above the pre-determined loss limits are paid by third-party insurance carriers. Certain insurers have limited available property coverage in response to the natural catastrophes experienced in recent years. Our estimate of future losses is prepared by management using our historical loss experience and industry-based development factors. Aggregate reserves relating to retained risk were $33.1 million and $33.2 million as of December 31, 2024, and 2023, respectively.
Earnings Per Share
Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, including unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive impact of unissued shares paid to directors during the year as compensation.
A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 follows:
Year Ended December 31,
202420232022
Weighted average number of common shares outstanding66,882,731 67,963,956 74,394,799 
Effect of non-participatory equity compensation— — — 
Weighted average number of common shares outstanding, including effect of dilutive securities66,882,731 67,963,956 74,394,799 
Hedging
Generally accepted accounting principles relating to derivative instruments and hedging activities require all derivatives, whether designated in hedging relationships or not, to be recorded on the balance sheet at fair value. These accounting principles also define requirements for designation and documentation of hedging relationships as well as ongoing effectiveness assessments, which must be met in order to qualify for hedge accounting. For a derivative that does not qualify as a hedge, changes in fair value are recorded in earnings immediately. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and the hedged item are recorded in earnings. If the derivative is designated as a cash-flow hedge, effective changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss), a separate component of equity, and recorded in the income statement only when the hedged item affects earnings. Changes in the fair value of the derivative attributable to hedge ineffectiveness are recorded in earnings immediately.
Stock-Based Compensation
Generally accepted accounting principles relating to share-based payments require us to record compensation expense for all awards based on their grant-date fair value. Our share-based payments have generally been in the form of “non-vested shares,” the fair value of which are measured as if they were vested and issued on the grant date.
Recent Accounting Pronouncements
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The guidance provided optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." This ASU refines the scope of ASC 848 and clarifies some of its guidance as part of the Board's monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." This ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. These new standards were effective upon issuance and generally can be applied to applicable contract modifications. While some of our floorplan arrangements and certain credit agreements had historically used LIBOR as a benchmark for calculating the applicable interest rate, all of our agreements previously utilizing LIBOR transitioned to an alternative benchmark rate on or before July 1, 2023. These changes have not had a significant impact on our consolidated financial position, results of operations, and cash flows.
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and also requires that public entities provide all annual disclosures about a reportable segment’s profit or loss and assets in interim periods. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We adopted this ASU on the effective date for our first annual period beginning on January 1, 2024.
Other than the revised presentation of our “Segment Information” footnote, the adoption of this accounting standard update has not had a material impact on our consolidated financial statements and disclosures.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This ASU expands public entities’ annual income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and disclosure of additional information for reconciling items that meet a quantitative threshold. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis with retrospective application permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires public business entities to disclose in the notes to financial statements specific categories within relevant expense captions presented on the face of the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis with retrospective application permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Automotive and commercial truck dealerships generate the majority of our revenues. New and used vehicle revenues typically include sales to retail customers, to fleet customers, and to leasing companies providing consumer leasing. We generate finance and insurance revenues from sales of third-party extended service contracts, sales of third-party insurance policies, commissions relating to the sale of finance and lease contracts to third parties, and the sales of certain other products. Service and parts revenues include fees paid by customers for repair, maintenance and collision services, and the sale of replacement parts and other aftermarket accessories as well as warranty repairs that are reimbursed directly by various vehicle manufacturers. Revenues are recognized upon satisfaction of our performance obligations under contracts with our customers and are measured at the amount of consideration we expect to be entitled to in exchange for transferring goods or providing services. A discussion of revenue recognition by reportable segment is included below.
Retail Automotive and Retail Commercial Truck Dealership Revenue Recognition
Dealership Vehicle Sales. We record revenue for vehicle sales at a point in time when vehicles are delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. The amount of consideration we receive for vehicle sales, including any non-cash consideration representing the fair value of trade-in vehicles if applicable, is stated within the executed contract with our customer. Payment is typically due and collected within 30 days subsequent to transfer of control of the vehicle. For dealerships operating under an agency model, we receive a commission for each vehicle sale that we facilitate under the terms of the agency agreement with the manufacturer, which is recorded as new vehicle revenue.
Dealership Parts and Service Sales. We record revenue for vehicle service and collision work over time as work is completed and when parts are delivered to our customers. For service and parts revenues recorded over time, we utilize a method that considers total costs incurred to date and the applicable margin in relation to total expected efforts to complete our performance obligation in order to determine the appropriate amount of revenue to recognize over time. Recognition of this revenue over time reflects the amount of consideration we expect to be entitled to for the transfer of goods and services performed to date, representative of the amount for which we have a right to payment. The amount of consideration we receive for parts and service sales, including collision repair work, is based upon labor hours expended and parts utilized to perform and complete the necessary services to our customers. Payment is typically due upon delivery or within a period of time shortly thereafter. We receive payment from our customers upon transfer of control or within a period typically less
than 30 days subsequent to the completion of services for the customer. We allow for customer returns of parts sales up to 30 days after the sale.
Dealership Finance and Insurance Sales. Subsequent to the sale of a vehicle to a customer, we sell installment sale contracts to various financial institutions on a non-recourse basis (with specified exceptions). We receive a commission from the lender equal to either the difference between the interest rate charged to the customer and the interest rate set by the financing institution or a flat fee. We also receive commissions for facilitating the sale of various products to customers, including vehicle protection products, vehicle theft protection, and extended service contracts. These commissions are recorded as revenue at a point in time when the customer enters into the contract. Payment is typically due and collected within 30 days subsequent to the execution of the contract with the customer.
In the case of finance contracts, a customer may prepay or fail to pay their contract, thereby terminating the contract. Customers may also terminate extended service contracts and other insurance products, which are fully paid at purchase, and become eligible for refunds of unused premiums. In these circumstances, a portion of the commissions we received may be charged back based on the terms of the contracts. The revenue we record relating to these transactions is net of an estimate of the amount of chargebacks we will be required to pay. Our estimate is based upon our historical experience with similar contracts, including the impact of refinance and default rates on retail finance contracts and cancellation rates on extended service contracts and other insurance products. Aggregate reserves relating to chargeback activity were $48.2 million and $42.7 million as of December 31, 2024, and December 31, 2023, respectively.
Commercial Vehicle Distribution and Other Revenue Recognition
Penske Australia. We record revenue from the distribution of vehicles and other products at a point in time when delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. We record revenue for service or repair work over time as work is completed and when parts are delivered to our customers. For service and parts revenues recorded over time, we utilize a method that considers total costs incurred to date and the applicable margin in relation to total expected efforts to complete our performance obligation in order to determine the appropriate amount of revenue to recognize over time. Recognition of this revenue over time reflects the amount of consideration we expect to be entitled to for the transfer of goods and services performed to date, representative of the amount for which we have a right to payment.
The amount of consideration we receive for vehicle and product sales is stated within the executed contract with our customer. The amount of consideration we receive for parts and service sales is based upon labor hours expended and parts utilized to perform and complete the necessary services to our customers. Payment is typically due upon delivery, upon invoice, or within a period of time shortly thereafter. We receive payment from our customers upon transfer of control or within a period typically within 45 days subsequent to transfer of control or invoice.
We record revenue from the distribution of engines and other products at a point in time when delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. We record revenue for service or repair work over time as work is completed and when parts are delivered to our customers. For service and parts revenues recorded over time, we utilize a method that considers total costs incurred to date and the applicable margin in relation to total expected efforts to complete our performance obligation in order to determine the appropriate amount of revenue to recognize over time. Recognition of revenue over time reflects the amount of consideration we expect to be entitled to for the transfer of goods and services performed to date, representative of the amount for which we have a right to payment.
For our long-term power generation contracts, we record revenue over time as services are provided in accordance with contract milestones, which is considered an output method that requires judgment to determine our progress towards contract completion and the corresponding amount of revenue to recognize. Any revisions to estimates related to revenues or costs to complete contracts are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated.
The amount of consideration we receive for engine, product, and power generation sales is stated within the executed contract with our customer. The amount of consideration we receive for service sales is based upon labor hours expended
and parts utilized to perform and complete the necessary services to our customers. Payment is typically due upon delivery, upon invoice, or within a period of time shortly thereafter. We receive payment from our customers upon transfer of control or within a period typically within 45 days subsequent to transfer of control or invoice.
Retail Automotive Dealership
The following tables disaggregate our retail automotive segment revenue by product type and geographic location for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
Retail Automotive Dealership Revenue202420232022
New vehicle$12,055.9 $11,273.3 $10,050.5 
Used vehicle8,770.7 8,919.5 9,011.6 
Finance and insurance, net811.1 838.6 848.1 
Service and parts3,047.4 2,734.3 2,426.7 
Fleet and wholesale1,471.1 1,443.4 1,357.8 
Total retail automotive dealership revenue$26,156.2 $25,209.1 $23,694.7 
Year Ended December 31,
Retail Automotive Dealership Revenue202420232022
U.S.$14,777.6 $14,160.5 $13,712.7 
U.K.9,322.0 9,240.4 8,443.4 
Germany, Italy, Japan, and Australia2,056.6 1,808.2 1,538.6 
Total retail automotive dealership revenue$26,156.2 $25,209.1 $23,694.7 
Retail Commercial Truck Dealership
The following table disaggregates our retail commercial truck segment revenue by product type for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
Retail Commercial Truck Dealership Revenue202420232022
New truck$2,359.5 $2,480.2 $2,308.7 
Used truck227.0 229.9 301.3 
Finance and insurance, net18.8 21.9 20.5 
Service and parts886.3 907.3 852.2 
Other29.5 45.0 58.6 
Total retail commercial truck dealership revenue$3,521.1 $3,684.3 $3,541.3 
Commercial Vehicle Distribution and Other
Our other reportable segment relates to our Penske Australia business. Commercial vehicle distribution and other revenue was $777.9 million, $634.0 million, and $578.8 million, including $274.1 million, $265.2 million, and $241.0 million of service and parts revenue, during the years ended December 31, 2024, 2023, and 2022, respectively.
Contract Balances
The following table summarizes our accounts receivable and unearned revenues as of December 31, 2024, and December 31, 2023:
December 31,
2024		December 31,
2023
Accounts receivable
Contracts in transit$281.7$361.9
Vehicle receivables136.3170.6
Manufacturer receivables233.3218.9
Trade receivables326.9344.1
Accrued expenses
Unearned revenues$266.8$280.2
Contracts in transit represent receivables from unaffiliated finance companies relating to the sale of customers' installment sales and lease contracts arising in connection with the sale of a vehicle by us. Vehicle receivables represent receivables for any portion of the vehicle sales price not paid by the finance company. Manufacturer receivables represent amounts due from manufacturers, including incentives, holdbacks, rebates, warranty claims, and other receivables due from the factory. Trade receivables represent receivables due from customers, including amounts due for parts and service sales as well as receivables due from finance companies and others for the commissions earned on financing and commissions earned on insurance and extended service products provided by third parties. We evaluate collectability of receivables and estimate an allowance for doubtful accounts based on the age of the receivable, contractual life, historical collection experience, current conditions, and forecasts of future economic conditions, which is recorded within "Accounts receivable" on our consolidated balance sheets with our receivables presented net of the allowance.
Unearned revenues primarily relate to payments received from customers prior to satisfaction of our performance obligations, such as refundable customer deposits, non-refundable customer deposits, and deferred revenues from operating leases. These amounts are presented within "Accrued expenses and other current liabilities" on our consolidated balance sheets. Of the amounts recorded as unearned revenues as of December 31, 2023, $199.4 million was recognized as revenue during the year ended December 31, 2024.
Additional Revenue Recognition Related Policies
We do not have any material significant payment terms associated with contracts with our customers. Payment is due and collected as previously detailed for each reportable segment. We do not offer material rights of return or service-type warranties.
Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). Shipping costs incurred subsequent to transfer of control to our customers are recognized as cost of sales. Sales promotions that we offer to customers are accounted for as a reduction of revenues at the time of sale.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We lease land and facilities, including certain dealerships and office space. Our property leases are generally for an initial period between 5 and 20 years and are typically structured to include renewal options at our election. We include
renewal options that we are reasonably certain to exercise in the measurement of our lease liabilities and right-of-use assets. We also have equipment leases that primarily relate to office and computer equipment, service and shop equipment, company vehicles, and other miscellaneous items. These leases are generally for a period of less than 5 years. We do not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement.
We estimate the total undiscounted rent obligations under these leases, including any extension periods that we are reasonably certain to exercise, to be $5.3 billion as of December 31, 2024. Some of our lease arrangements include rental payments that are adjusted based on an index or rate, such as the Consumer Price Index (CPI). As the rate implicit in the lease is generally not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet.
Pursuant to the leases for some of our larger facilities, we are required to comply with specified financial ratios, including a "rent coverage" ratio and a ratio of debt to earnings before interest, taxes, depreciation, and amortization ("EBITDA"), each as defined. For these leases, non-compliance with the ratios may require us to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease.
In connection with the sale, relocation, and closure of certain of our dealerships, we have entered into a number of third-party sublease agreements. The rent paid by our sub-tenants on such properties for the years ended December 31, 2024, 2023, and 2022 was $16.2 million, $17.0 million, and $17.9 million, respectively. We have in the past and may in the future enter into sale-leaseback transactions to finance certain property acquisitions and capital expenditures, pursuant to which we sell property to third parties and agree to lease those assets back for a certain period of time. Such sales generate proceeds that vary from period to period. We do not have any material leases that have not yet commenced as of December 31, 2024.
The following table summarizes our net operating lease cost during the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Lease Cost
Operating lease cost (1)
$269.9 $258.0 $254.3 
Sublease income(16.2)(17.0)(17.9)
Total lease cost$253.7 $241.0 $236.4 
_________________
(1)Includes short-term leases and variable lease costs, which are immaterial.
The following table summarizes supplemental cash flow information related to our operating leases:
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases270.5 258.1 248.5 
Right-of-use assets modified or obtained in exchange for operating lease liabilities, net156.1 30.4 116.2 
Supplemental balance sheet information related to the weighted average remaining lease term and discount rate of our leases is as follows:
December 31, 2024December 31, 2023
Lease Term and Discount Rate
Weighted-average remaining lease term - operating leases24 years24 years
Weighted-average discount rate - operating leases
6.7%
6.7%
The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our consolidated balance sheet as of December 31, 2024:
Maturity of Lease LiabilitiesDecember 31, 2024
2025$256.8 
2026250.3 
2027240.7 
2028237.5 
2029231.4 
2030 and thereafter
4,122.3 
Total future minimum lease payments$5,339.0 
Less: Imputed interest(2,853.0)
Present value of future minimum lease payments$2,486.0 
Current operating lease liabilities (1)
$93.4 
Long-term operating lease liabilities2,392.6 
Total operating lease liabilities $2,486.0 
____________________
(1)Included within "Accrued expenses and other current liabilities" on Consolidated Balance Sheet as of December 31, 2024.
v3.25.0.1
Equity Method Investees
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investees Equity Method Investees
As of December 31, 2024, we had investments in the following companies that are accounted for under the equity method: Barcelona Premium SL (50%) operating automotive dealerships in Spain and Penske Commercial Leasing Australia (28%). In December 2024, we sold the remaining 50% interest in the Nix Group, our joint venture in Frankfurt, Germany.
We also have a 28.9% ownership interest in PTS, a leading provider of transportation and supply chain services. The partnership agreement requires PTS, subject to applicable law and the terms of its credit agreements, to make quarterly distributions to the partners with respect to each fiscal year by no later than 45 days after the end of each of the first three quarters of the year and by April 15 of the following year. PTS' partnership agreement and certain of its debt agreements allow partner distributions only as long as it is not in default under those agreements and the amount it pays does not exceed 50% of its consolidated net income, unless its debt-to-equity ratio is less than 3.0 to 1.0, in which case its distributions may not exceed 80% of its consolidated net income. Our investment in PTS, which is accounted for under the equity method, amounted to $1,803.9 million and $1,725.1 million at December 31, 2024, and 2023, respectively.
The net book value of our equity method investments was $1,827.0 million and $1,774.9 million as of December 31, 2024, and 2023, respectively. We recorded $200.7 million, $293.7 million, and $494.2 million during the years ended December 31, 2024, 2023, and 2022, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from our equity method investments. We received $99.1 million, $169.9 million, and
$356.6 million of dividends from our equity method investments during the years ended December 31, 2024, 2023, and 2022, respectively. Retained earnings as of December 31, 2024, included undistributed earnings from our equity method investments of $927.5 million.
The combined results of operations and financial position of our equity method investees as of December 31 for each of the years presented are summarized as follows:
Condensed income statement information:
Year Ended December 31,
202420232022
Revenues$13,967.4 $13,884.1 $13,587.3 
Gross profit2,960.9 2,917.3 3,025.5 
Net income691.9 1,008.3 1,701.3 
Condensed balance sheet information:
December 31,
20242023
Current assets$2,272.2 $2,355.5 
Noncurrent assets21,564.1 20,966.4 
Total assets$23,836.3 $23,321.9 
Current liabilities$5,971.8 $3,140.9 
Noncurrent liabilities13,004.9 15,545.7 
Equity4,859.6 4,635.3 
Total liabilities and equity$23,836.3 $23,321.9 
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Business Combinations
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
During 2024, we acquired 16 retail automotive franchises in the U.K., acquired two retail automotive franchises in Italy, and acquired three retail automotive franchises and one used vehicle dealership in Australia, and acquired one retail automotive franchise in the U.S. We also acquired three full-service dealerships and two independent repair facilities in the U.S. adding to PTG's operations. The companies acquired in 2024 generated $1.2 billion of revenue and $27.8 million of pre-tax income from our date of acquisition through December 31, 2024. During 2023, we acquired three full-service commercial truck dealerships and two service and parts centers in Canada, acquired two retail automotive franchises in the U.S., acquired two retail automotive franchises and one body shop in Italy, and acquired one service center in Australia. Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated financial statements and may be subject to adjustment pending completion of final valuation. The following table summarizes the aggregate consideration
paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Accounts receivable$32.3 $— 
Inventories256.5 34.2 
Other current assets0.3 0.2 
Property and equipment125.4 38.7 
Operating lease right-of-use assets66.1 — 
Indefinite-lived intangibles460.0 145.2 
Other noncurrent assets— — 
Current liabilities(67.2)(3.4)
Long-term operating lease liabilities(66.1)— 
Other noncurrent liabilities(21.1)— 
Total cash used in acquisitions$786.2 $214.9 
Our following unaudited consolidated pro forma results of operations for the years ended December 31, 2024 and 2023 give effect to acquisitions consummated during 2024 and 2023 as if they had occurred on January 1, 2023. This pro forma information is based on historical results of operations, adjusted for the income statement effects of incremental interest expense directly resulting from the acquisitions and the related tax effects. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future:
Year Ended December 31,
20242023
Revenues$31,087.2 $31,790.3 
Net income attributable to Penske Automotive Group common stockholders928.2 1,091.1 
Net income per diluted common share$13.88 $16.05 
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Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following:
December 31,
20242023
Retail automotive dealership new vehicles$2,345.7 $1,951.3 
Retail automotive dealership used vehicles1,119.2 1,186.3 
Retail automotive parts, accessories, and other167.8 156.2 
Retail commercial truck dealership vehicles and parts518.4 543.7 
Commercial vehicle distribution vehicles, parts, and engines489.1 455.6 
Total inventories$4,640.2 $4,293.1 
We receive credits from certain vehicle manufacturers that reduce the cost of sales when the vehicles are sold. Such credits amounted to $69.4 million, $49.1 million, and $53.3 million during the years ended December 31, 2024, 2023, and 2022, respectively.
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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following:
December 31,
20242023
Buildings and leasehold improvements$3,040.8 $2,763.2 
Furniture, fixtures, and equipment1,105.2 1,024.1 
Total$4,146.0 $3,787.3 
Less: Accumulated depreciation(1,139.8)(1,022.1)
Property and equipment, net$3,006.2 $2,765.2 
Approximately $34.6 million and $30.9 million of net capitalized interest is included in buildings and leasehold improvements as of December 31, 2024 and 2023, respectively, and is being depreciated over the useful life of the related assets.
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Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets during the years ended December 31, 2024, and 2023:
GoodwillOther Indefinite-Lived Intangible
Assets
Balance — December 31, 2022 (1)
$2,154.7 $690.9 
Additions95.9 51.3 
Disposals— (0.1)
Impairment(40.7)— 
Foreign currency translation25.0 6.1 
Balance — December 31, 2023 (2)
$2,234.9 $748.2 
Additions175.8 284.2 
Disposals(9.0)(3.7)
Impairment— (1.8)
Foreign currency translation(30.4)(15.3)
Balance — December 31, 2024 (2)
$2,371.3 $1,011.6 
____________________
(1)Net of accumulated goodwill impairment losses of $606.3 million recorded prior to December 31, 2012
(2)Net of accumulated goodwill impairment losses of $647.0 million
The following is a summary of the changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2024, and 2023:
Retail
Automotive		Retail
Commercial
Truck		OtherTotal
Balance — December 31, 2022
$1,617.6 $462.3 $74.8 $2,154.7 
Additions64.3 29.9 1.7 95.9 
Disposals— — — — 
Impairment(40.7)— — (40.7)
Foreign currency translation22.8 2.1 0.1 25.0 
Balance — December 31, 2023
$1,664.0 $494.3 $76.6 $2,234.9 
Additions162.5 13.3 — 175.8 
Disposals(6.0)(3.0)— (9.0)
Foreign currency translation(16.7)(7.1)(6.6)(30.4)
Balance — December 31, 2024
$1,803.8 $497.5 $70.0 $2,371.3 
For reporting units within our Retail Automotive, Retail Commercial Truck, and Other reportable segments, we prepared a quantitative assessment of the carrying value of goodwill. We estimated the fair value of our reporting units using an income approach. The income approach measures fair value by discounting expected future cash flows at a weighted average cost of capital. We also validate the fair value for each reporting unit using the income approach by calculating a cash earnings multiple and determining whether the multiple was reasonable compared to recent market transactions completed by the Company or in the industry. As part of that assessment, we also reconcile the estimated aggregate fair values of our reporting units to our market capitalization. We believe this reconciliation process is consistent with a market participant perspective. This consideration would also include a control premium that represents the estimated amount an investor would pay for our equity securities to obtain a controlling interest and other significant assumptions, including revenue growth, terminal growth rates, EBITDA margin, and the weighted average cost of capital.
Based on our assessment as of October 1, 2024, and in conjunction with our fourth quarter annual forecasting process for 2025 which impacts key assumptions used in our goodwill impairment assessment, we concluded that for each of our reporting units that the fair values were more likely than not greater than their carrying values. As a result, we had no goodwill impairment charges in 2024. Based on our assessment as of October 1, 2023, we recorded a non-cash goodwill impairment charge in 2023 of $40.7 million related to our former Used Vehicle Dealerships International reporting unit to reduce the carrying value to fair value.
For our other indefinite-lived intangible assets, we prepared a quantitative assessment as of October 1, 2024, by comparing the fair value to its carrying value. We estimated the fair value using an income approach, applying similar methodology as discussed above. As a result of this assessment, and in conjunction with the closure of certain franchised dealerships in the U.K. during 2024, we had $1.8 million of impairment charges relating to our other indefinite-lived intangible assets. We had no impairment charges relating to our other indefinite-lived intangible assets during 2023.
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Vehicle Financing
 12 Months Ended
Dec. 31, 2024
Short-Term Debt [Abstract]  
Vehicle Financing Vehicle Financing
We finance substantially all of the commercial vehicles we purchase for distribution, new vehicles for retail sale, and a portion of our used vehicle inventories for retail sale under floor plan and other revolving arrangements with various lenders, including the captive finance companies associated with automotive manufacturers. In the U.S., the floor plan arrangements are due on demand; however, we have not historically been required to repay floor plan advances prior to the sale of the vehicles that have been financed. We typically make monthly interest payments on the amount financed. Outside of the U.S., substantially all of the floor plan arrangements are payable on demand or have an original maturity of 90 days or less, and we are generally required to repay floor plan advances at the earlier of the sale of the vehicles that have been financed or the stated maturity.
The agreements typically grant a security interest in substantially all of the assets of our dealership and distribution subsidiaries and in the U.S., Australia, and New Zealand and in some cases are guaranteed or partially guaranteed by us. Interest rates under the arrangements are variable and increase or decrease based on changes in the prevailing benchmark interest rates in our various markets. To date, we have not experienced any material limitation with respect to the amount or availability of financing from any institution providing us with vehicle financing. We also receive non-refundable credits from certain of our vehicle manufacturers, which are treated as a reduction in the cost of sales as vehicles are sold.
The weighted average interest rate on floor plan borrowings was 4.9%, 4.5%, and 1.9% for 2024, 2023, and 2022, respectively. We classify floor plan notes payable to a party other than the manufacturer of a particular new vehicle and all floor plan notes payable relating to pre-owned vehicles as "Floor plan notes payable — non-trade" on our consolidated balance sheets and classify related cash flows as a financing activity on our consolidated statements of cash flows.
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Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
December 31,
20242023
U.S. credit agreement — revolving credit line$— $— 
U.K. credit agreement — revolving credit line171.4 — 
3.50% senior subordinated notes due 2025
549.1 547.7 
3.75% senior subordinated notes due 2029
496.6 495.8 
Mortgage facilities474.8 402.1 
Other debt160.1 183.6 
Total long-term debt$1,852.0 $1,629.2 
Less: current portion(721.2)(209.7)
Net long-term debt$1,130.8 $1,419.5 
Scheduled maturities of long-term debt for each of the next five years and thereafter are as follows:
2025
$721.2 
2026
22.2 
2027
36.6 
2028
378.1 
2029
521.9 
2030 and thereafter
172.0 
Total long-term debt reported$1,852.0 
U.S. Credit Agreement
On December 2, 2024, we entered into the Eleventh Amendment (the “Amendment”) to our U.S. credit agreement with Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, and Daimler Truck Financial Services USA LLC (as amended, the “U.S. Credit Agreement”) principally to increase the facility borrowing capacity from $1.2 billion to $1.5 billion.

As amended, the U.S. Credit Agreement provides for up to $1.5 billion in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, and provides up to an additional $75 million of letters of credit. The U.S. Credit Agreement provides for a maximum of $400 million of borrowings for foreign acquisitions and expires on September 30, 2027. The interest rate on revolving loans is based on an adjusted
Secured Overnight Financing Rate ("SOFR") plus 1.50%, with uncollateralized borrowings in excess of a defined borrowing base bearing interest at adjusted SOFR plus 2.00%.
The U.S. credit agreement is fully and unconditionally guaranteed on a joint and several basis by substantially all of our U.S. subsidiaries and contains a number of significant operating covenants that, among other things, restrict our ability to dispose of assets, incur additional indebtedness, repay certain other indebtedness, pay dividends, create liens on assets, make investments or acquisitions, and engage in mergers or consolidations. We are also required to comply with specified financial and other tests and ratios, each as defined in the U.S. credit agreement, including a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders' equity, and a ratio of debt to earnings before interest, taxes, depreciation, and amortization ("EBITDA"). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed.
The U.S. credit agreement also contains typical events of default, including change of control, non-payment of obligations, and cross-defaults to our other material indebtedness. Substantially all of our U.S. assets are subject to security interests granted to the lenders under the U.S. credit agreement. As of December 31, 2024, we had no revolver borrowings under the U.S. credit agreement.
U.K. Credit Agreement
Our U.K. credit agreement with National Westminster Bank Plc and BMW Financial Services (GB) Limited provides up to a £200.0 million revolving line of credit to be used for working capital, acquisitions, capital expenditures, investments, and general corporate purposes. The revolving loans bear interest between defined Sterling Overnight Index Average (“SONIA”) plus 1.10% and defined SONIA plus 2.10%. In addition, the U.K. credit agreement includes a £100.0 million “accordion” feature which allows the U.K. subsidiaries to request up to an additional £100.0 million of facility capacity, subject to certain limitations. The lenders may agree to provide additional capacity, and, if not, the U.K. subsidiaries may add an additional lender, if available, to the facility to provide such additional capacity. Our U.K. credit agreement expires in January 2028. As of December 31, 2024, we had £137.0 million ($171.4 million) revolver borrowings under the U.K. credit agreement.
The U.K. credit agreement is fully and unconditionally guaranteed on a joint and several basis by the holding company of a majority of our international subsidiaries, PAG International Ltd. and our U.K. subsidiaries, and contains a number of significant covenants that, among other things, limit the ability of our U.K. subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, our U.K. subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (“EBITAR”) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the U.K. credit agreement, the most severe of which is the termination of the agreement and acceleration of any amounts owed.
The U.K. credit agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of our U.K. subsidiaries. Substantially all of our U.K. subsidiaries’ assets are subject to security interests granted to the lenders under the U.K. credit agreement.
Senior Subordinated Notes
We have issued the following senior subordinated notes:
DescriptionMaturity DateInterest Payment DatesPrincipal Amount
3.50% Notes
September 1, 2025February 15, August 15$550 million
3.75% Notes
June 15, 2029June 15, December 15$500 million
Each of these notes are our unsecured, senior subordinated obligations and are guaranteed on an unsecured senior subordinated basis by our 100% owned U.S. subsidiaries. Each also contains customary negative covenants and events of
default. If we experience certain "change of control" events specified in the indentures, holders of these notes will have the option to require us to purchase for cash all or a portion of their notes at a price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest. In addition, if we make certain asset sales and do not reinvest the proceeds thereof or use such proceeds to repay certain debt, we will be required to use the proceeds of such asset sales to make an offer to purchase the notes at a price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest. We may redeem the 3.50% Notes and the 3.75% Notes at the redemption prices noted in the respective indentures. Our 3.50% Notes that mature on September 1, 2025, were reclassified as current liabilities during the third quarter of 2024.
Mortgage Facilities
We are party to mortgages that bear interest at defined rates and require monthly principal and interest payments. We also have a revolving mortgage facility with Toyota Motor Credit Corporation in the U.S. Our maximum borrowing capacity under the mortgage facility is $350.0 million, contingent on property values. Our actual borrowing capacity as of December 31, 2024, was $336.6 million. The facility bears interest at the prime rate minus 1.68% and expires in December 2028. As of December 31, 2024, we had $150.0 million outstanding borrowings under this mortgage facility. Our mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to our other material indebtedness, certain change of control events, and the loss or sale of certain dealerships operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of December 31, 2024, we owed $474.8 million of principal under all of our mortgage facilities.
Other Debt
Our other debt consists primarily of various credit agreements and working capital loans in countries that we operate outside of the U.S. and the U.K.
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Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
We are involved in litigation which may relate to claims brought by governmental authorities, issues with customers, and employment related matters, including class action claims and purported class action claims. As of December 31, 2024, we were not party to any legal proceedings, including class action lawsuits that, individually or in the aggregate, are reasonably expected to have a material adverse effect on our results of operations, financial condition, or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on our results of operations, financial condition, or cash flows.
We lease land and facilities, including certain dealerships and office space. Pursuant to the leases for some of our larger facilities, we are required to comply with specified financial ratios, including a "rent coverage" ratio and a debt to EBITDA ratio, each as defined. For these leases, non-compliance with the ratios may require us to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. Refer to the disclosures provided in Note 3 for further description of our leases. Rent expense for land and facilities for the years ended December 31, 2024, 2023, and 2022 amounted to $263.1 million, $247.9 million, and $243.3 million, respectively.
We have sold a number of dealerships to third parties and as a condition to certain of those sales, remain liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. We are also party to lease agreements on properties that we no longer use in our retail operations that we have sublet to third parties. We rely on subtenants to pay the rent and maintain the property at these locations. In the event the subtenant does not perform as expected, we may not be able to recover amounts owed to us, and we could be required to fulfill these obligations. We believe we have made appropriate reserves relating to these locations. We currently guarantee or are otherwise liable for approximately $130.8 million of these lease payments, including lease payments during available renewal periods.
Our floor plan credit agreements with Daimler Truck Financial Services Australia and Mercedes-Benz Financial Services New Zealand ("MBA") provide us revolving loans for the acquisition of commercial vehicles for distribution to our retail network. These facilities include a commitment to repurchase dealer vehicles in the event the dealer's floor plan agreement with MBA is terminated.
We have $14.0 million of letters of credit outstanding and $18.3 million of bank guarantees as of December 31, 2024, and have posted $24.7 million of surety bonds in the ordinary course of business.
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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
We sometimes pay to and/or receive fees from Penske Corporation, its subsidiaries, and its affiliates for services rendered in the ordinary course of business or to reimburse payments made to third parties on each other's behalf. These transactions are reviewed periodically by our Audit Committee and reflect the provider's cost or an amount mutually agreed upon by both parties. During 2024, 2023, and 2022, Penske Corporation and its affiliates billed us $6.0 million, $5.3 million, and $5.1 million, respectively, and we billed Penske Corporation and its affiliates $1.4 million, $1.3 million, and $1.3 million, respectively, for such services. As of December 31, 2024, and 2023, we had $51 thousand and $44 thousand of receivables from, and $0.6 million and $0.5 million of payables to, Penske Corporation and its subsidiaries, respectively.
Our officers, directors, and their affiliates periodically purchase, lease, or sell vehicles and parts from us or PTS at fair market value. This includes purchases and sales of trucks, logistics, and other services and parts as between our subsidiaries and those of PTS (principally consisting of purchases of $34.9 million of trucks and parts by PTS from our PTG subsidiaries and purchases of $5.0 million of used trucks and towing services by PTG from PTS during 2024). In December 2024, we sold substantially all of the assets and real property relating to a collision and body shop repair facility operated by PTG in Eagan, Minnesota to PTS for $6.9 million.
PTS is owned 41.1% by Penske Corporation, 28.9% by us, and 30.0% by Mitsui. The PTS partnership agreement, among other things, provides us with specified partner distribution and governance rights and restricts our ability to transfer our interest. The partnership has an eleven-member Advisory Board. We have the right to appoint one Advisory Board member and appointed Robert H. Kurnick, Jr., our President. Lisa Davis and Michael Eisenson, our directors, are also members of the Advisory Board. We have the right to pro rata quarterly distributions equal to at least 50% of PTS' consolidated net income, as well as specified minority rights which require our and/or Mitsui's consent for certain actions taken by PTS as specified in the PTS partnership agreement.
We are able to transfer our directly owned interests with the unanimous consent of the other partners or if we provide the remaining partners with a right of first offer to acquire our interests, except that we may transfer up to 9.02% of our interest to Penske Corporation without complying with the right of first offer to the remaining partner. We and Penske Corporation have agreed that (1) in the event of any transfer by Penske Corporation of their partnership interests to a third party, we will be entitled to “tag-along” by transferring a pro rata amount of our partnership interests on similar terms and conditions, and (2) Penske Corporation is entitled to a right of first refusal in the event of any transfer of our partnership interests, subject to the terms of the partnership agreement. Additionally, PTS has agreed to indemnify the general partner for any actions in connection with managing PTS, except those taken in bad faith or in violation of the partnership agreement.
The partnership agreement allows each of the partners to give notice to require PTS to begin to effect an initial public offering of equity securities, subject to certain limitations, as soon as practicable after the first anniversary of the initial notice. The term of the partnership agreement is indefinite.
In 2024, 2023, and 2022, we received $98.4 million, $168.8 million, and $356.6 million, respectively, from PTS in pro rata cash dividends. In 2014, we formed a venture with PTS, Penske Commercial Leasing Australia. This venture combines PTS' fleet operations expertise with our market knowledge of commercial vehicles to rent heavy-duty commercial vehicles in Australia. This venture is accounted for as an equity method investment as discussed in Note 4.
Joint Venture Relationships
From time to time, we enter into joint venture relationships in the ordinary course of business, pursuant to which we own and operate automotive dealerships together with other investors. We may also provide these dealerships with working capital and other debt financing at costs that are based on our incremental borrowing rate. As of December 31, 2024, our automotive joint venture relationships were as follows:
LocationDealershipsOwnership Interest
Fairfield, ConnecticutAudi, Mercedes-Benz, Sprinter, Porsche80.00%(A)
Greenwich, ConnecticutMercedes-Benz80.00%(A)
Northern ItalyBMW, MINI, Maserati, Porsche, Audi, Jaguar, Land Rover, Volvo, Mercedes-Benz, smart, Lamborghini95.00%(A)
Barcelona, SpainBMW, MINI, Dongfeng, Xpeng50.00%(B)
_________________
(A) Entity is consolidated in our financial statements.
(B) Entity is accounted for using the equity method of accounting.
As noted above, we are party to non-automotive joint ventures representing our investments in PTS (28.9%) and Penske Commercial Leasing Australia (28%) that are accounted for under the equity method, as more fully discussed in Note 4.
In September 2024, we purchased the remaining 33.33% interest in our joint venture in Kerpen, Germany. In October 2024, we also purchased an additional 10.9% interest in our joint venture in Northern Italy resulting in our owning 95% of this joint venture. In December 2024, we sold the remaining 50% interest in the Nix Group, our joint venture in Frankfurt, Germany.
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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Our key employees, outside directors, consultants, and advisors are eligible to receive stock-based compensation pursuant to the terms of our 2020 Equity Incentive Plan (the “2020 Plan”). This plan allows for the issuance of shares for stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other awards. The 2020 Plan allows for up to 5,000,000 awards, of which 3,760,000 shares of common stock were available for grant as of December 31, 2024, and terminates once all awards have been issued. Compensation expense related to our equity incentive plans were $29.1 million, $27.9 million, and $25.5 million during 2024, 2023, and 2022, respectively.
Restricted Stock
During 2024, 2023, and 2022, we granted 164,528, 210,222, and 291,832 shares, respectively, of restricted common stock at no cost to participants under the plan. These awards provide dividend rights and voting rights prior to vesting. The awards are subject to forfeiture and are non-transferable, which restrictions generally lapse over a four-year period from the grant date at a rate of 15%, 15%, 20% and 50% per year. We have determined that the grant date quoted market price of the underlying common stock is the appropriate measure of compensation cost. This cost is amortized as expense over the restriction period. As of December 31, 2024, there was $42.2 million of unrecognized compensation cost related to the restricted stock, which is expected to be recognized over the restricted period.
Presented below is a summary of the changes of our restricted common stock during the years ended December 31, 2024 and 2023:
SharesWeighted Average
Grant Date Fair Value		Aggregate
Intrinsic Value
December 31, 20221,018,020 $70.03 
Granted210,222 146.48 
Vested(399,362)58.62 
Forfeited(5,407)87.40 
December 31, 2023823,473 $94.98 $132.2 
Granted164,528 150.64 
Vested(278,293)79.97 
Forfeited(10,804)106.65 
December 31, 2024698,904 $113.87 $106.5 
In certain non-U.S. markets, we issue restricted stock units similar to the restricted common stock discussed above. However, these awards do not provide voting rights prior to vesting. As of December 31, 2024, 2023, and 2022, we had 33,497, 37,839, and 49,611 units outstanding, respectively, and 14,160 and 19,088 restricted stock units vested during 2024 and 2023, respectively.
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Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Equity
A summary of shares repurchased under our securities repurchase program, and shares acquired, is as follows:
Year Ended December 31,
202420232022
Shares repurchased (1)
394,010 2,640,152 8,065,707 
Aggregate purchase price$58.7 $358.7 $869.3 
Average purchase price per share$148.88 $135.86 $107.78 
Shares acquired (2)
123,235 168,464 148,440 
Aggregate purchase price$18.8 $23.5 $17.2 
Average purchase price per share$152.26 $139.45 $115.97 
________________________
(1)Shares were repurchased under our securities repurchase program. We had $156.8 million in repurchase authorization remaining under the repurchase program as of December 31, 2024.
(2)Shares were acquired from employees in connection with a net share settlement feature of employee equity awards.
v3.25.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component during the years ended December 31, 2024, 2023, and 2022, respectively, attributable to Penske Automotive Group common stockholders follows:
Foreign
Currency
Translation		OtherAccumulated Other Comprehensive Loss
Balance at January 1, 2022
$(174.4)$5.6 $(168.8)
Other comprehensive loss, net of tax(153.7)(12.8)(166.5)
Balance at December 31, 2022
$(328.1)$(7.2)$(335.3)
Other comprehensive income, net of tax65.5 5.7 71.2 
Balance at December 31, 2023
$(262.6)$(1.5)$(264.1)
Other comprehensive loss, net of tax(91.4)(9.0)(100.4)
Balance at December 31, 2024
$(354.0)$(10.5)$(364.5)
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income before income taxes by geographic region was as follows:
Year Ended December 31,
202420232022
U.S.$976.4 $1,119.9 $1,474.5 
Non-U.S.263.5 299.6 384.7 
Income before income taxes$1,239.9 $1,419.5 $1,859.2 
Income taxes consisted of the following:
Year Ended December 31,
202420232022
Current:
Federal$215.4 $131.0 $200.6 
State and local43.1 53.4 71.6 
Non-U.S.71.0 74.7 76.6 
Total current$329.5 $259.1 $348.8 
Deferred:
Federal(19.7)85.5 98.8 
State and local4.1 10.0 17.1 
Non-U.S.2.6 6.3 8.3 
Total deferred$(13.0)$101.8 $124.2 
Income taxes$316.5 $360.9 $473.0 
Income taxes varied from the U.S. federal statutory income tax rate due to the following:
Year Ended December 31,
202420232022
Income taxes at federal statutory rate$260.3 $298.1 $390.4 
State and local income taxes, net of federal taxes40.5 47.7 67.3 
Non-U.S. income taxed at other rates18.3 18.2 4.1 
Other(2.6)(3.1)11.2 
Income taxes$316.5 $360.9 $473.0 
The components of deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:
December 31,
20242023
Deferred Tax Assets
Accrued liabilities$79.9 $77.3 
Net operating loss and credit carryforwards47.0 49.3 
Leasing liabilities641.7 624.8 
Other44.5 36.6 
Total deferred tax assets813.1 788.0 
Valuation allowance(59.2)(58.2)
Net deferred tax assets$753.9 $729.8 
Deferred Tax Liabilities
Depreciation and amortization(402.2)(354.2)
Partnership investments(930.0)(972.1)
Leasing assets(641.7)(624.8)
Other(11.0)(10.4)
Total deferred tax liabilities(1,984.9)(1,961.5)
Net deferred tax liabilities$(1,231.0)$(1,231.7)
We are not permanently reinvested in a portion of our previously taxed unremitted foreign earnings, which may be distributed in the future. At December 31, 2024, we have accrued the appropriate amount of U.S. state income taxes and foreign withholding taxes for the unremitted foreign earnings that are not permanently reinvested. We have not provided any U.S. taxes on a total temporary difference of $436.1 million related to the excess of financial reporting basis over tax basis in our non-U.S. subsidiaries, as it is our position that we are permanently reinvested for this basis difference.
At December 31, 2024, we have $93.3 million of state net operating loss carryforwards in the U.S. that expire at various dates beginning in 2025 through 2045, a U.S. foreign tax credit carryforward of $32.0 million that will expire beginning in 2027, U.K. capital loss carryforwards of $6.3 million that will not expire, Germany net operating loss carryforwards of $23.9 million that will not expire, Italy net operating loss carryforwards of $0.1 million that will not expire, and New Zealand net operating loss carryforwards of $0.3 million that will not expire. The Company used $16.2 million of state net operating loss carryforwards in the U.S. in 2024.
A valuation allowance of $0.7 million has been recorded against the state net operating loss carryforwards in the U.S. and a valuation allowance of $32.0 million has been recorded against the U.S. foreign tax credit carryforward as of December 31, 2024. A valuation allowance of $2.3 million has been recorded against German net operating losses and other deferred tax assets. A valuation allowance of $24.2 million has been recorded against U.K. deferred tax assets related to buildings as of December 31, 2024.
Generally accepted accounting principles relating to uncertain income tax positions prescribe a minimum recognition threshold that a tax position is required to meet before being recognized and provides guidance on the derecognition, measurement, classification, and disclosure relating to income taxes.
We have elected to include interest and penalties in our income tax expense. There were no amounts of interest or penalties to be included within uncertain tax positions at December 31, 2024. We do not expect a significant change to the amount of uncertain tax positions within the next twelve months. Our U.S. federal returns remain open to examination for 2021, 2022, and 2023 and various U.S. state jurisdictions are open for periods ranging from 2019 through 2023. The portion of the total amount of uncertain tax positions that would, if recognized, impact the effective tax rate was $0.5 million as of December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We have determined that we have four reportable segments as defined in generally accepted accounting principles for segment reporting: (i) Retail Automotive, consisting of our retail automotive dealership operations; (ii) Retail Commercial Truck, consisting of our retail commercial truck dealership operations in the U.S. and Canada; (iii) Other, consisting of our commercial vehicle and power systems distribution operations; and (iv) Non-Automotive Investments, consisting of our equity method investments in non-automotive operations which includes our investment in PTS and other various investments. The Retail Automotive reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and our retail automotive joint ventures. The individual dealership operations included in the Retail Automotive reportable segment represent two operating segments: United States Retail Automotive and International Retail Automotive. These operating segments have been aggregated into one reportable segment as their operations (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and/or used vehicles, service, parts, and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals), and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The accounting policies of the segments are the same and are described in Note 1.
The following table summarizes revenues; cost of sales; selling, general, and administrative expenses; depreciation; floor plan interest expense; other interest expense; equity in earnings of affiliates; and income before income taxes, which is the measure of segment performance by which management allocates resources to its segments and which we refer to as segment income, for each of our reportable segments. Our company's Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment income to evaluate the profitability of our reportable segments, which helps guide decisions on resource allocation. Segment income is also used to analyze budget versus actual results and actual results versus the comparable prior period. This analysis is utilized in assessing the performance of our reportable segments.
Retail
Automotive		Retail Commercial
Truck		OtherNon-Automotive
Investments		Total
Revenues
2024$26,156.2 $3,521.1 $777.9 $— $30,455.2 
202325,209.1 3,684.3 634.0 — 29,527.4 
202223,694.7 3,541.3 578.8 — 27,814.8 
Cost of sales
2024$21,905.6 $2,936.6 $599.7 $— $25,441.9 
202321,032.9 3,091.9 468.8 — 24,593.6 
202219,568.3 2,986.2 421.5 — 22,976.0 
Selling, general, and administrative expenses:
Personnel expenses
2024$1,775.6 $264.3 $72.2 $— $2,112.1 
20231,709.9 253.6 72.3 — 2,035.8 
20221,709.1 234.0 70.2 — 2,013.3 
Advertising expenses
2024$129.4 $3.2 $1.8 $— $134.4 
2023130.8 3.3 1.8 — 135.9 
2022116.7 3.5 1.8 — 122.0 
Rent & related expenses
2024$378.6 $25.7 $13.9 $— $418.2 
2023350.6 25.8 12.9 — 389.3 
2022333.1 24.7 12.9 — 370.7 
Other expenses (1)
2024$797.0 $53.4 $23.4 $— $873.8 
2023756.6 57.3 25.7 — 839.6 
2022630.7 56.8 30.2 — 717.7 
Depreciation
2024$137.4 $15.1 $5.5 $— $158.0 
2023124.7 11.6 4.7 — 141.0 
2022112.7 10.0 4.6 — 127.3 
Floor plan interest expense
2024$160.9 $19.2 $9.7 $— $189.8 
2023116.0 14.5 2.6 — 133.1 
202244.5 7.5 0.4 — 52.4 
Other interest expense
2024$82.1 $— $5.7 $— $87.8 
202390.3 1.3 1.0 — 92.6 
202265.1 3.9 1.4 — 70.4 
Equity in earnings of affiliates
2024$3.1 $— $— $197.6 $200.7 
20233.9 — — 289.8 293.7 
20223.5 — — 490.7 494.2 
Segment income
2024$792.7 $203.6 $46.0 $197.6 $1,239.9 
2023 (2)860.5 225.0 44.2 289.8 1,419.5 
20221,118.0 214.7 35.8 490.7 1,859.2 
__________________________
(1)Other expenses within SG&A primarily consist of information technology expenses, customer service vehicle loaner expenses, vehicle delivery expenses, utility expenses, and various other miscellaneous expenses. These expenses are individually not significant to the performance of our segments and are not regularly used by the CODM on a disaggregated basis for purposes of evaluating segment profit or loss.
(2)Retail automotive segment income includes $40.7 million of goodwill impairment charges in 2023 related to our former Used Vehicle Dealerships International reporting unit.
Total capital expenditures by reportable segment are set forth in the table below. As segment assets are not regularly provided to or used by the CODM to measure business performance or allocate resources, total segment assets are not presented.
Retail
Automotive		Retail Commercial
Truck		OtherNon-Automotive
Investments		Total
Capital expenditures
2024$322.3 $41.0 $5.4 $— $368.7 
2023306.9 60.1 8.3 — 375.3 
2022245.6 31.2 5.7 — 282.5 
The following table presents revenue and long-lived assets (all non-current assets except goodwill, other indefinite-lived intangible assets, and operating lease right-of-use assets) by geographic area:
Year Ended December 31,
202420232022
Revenue from external customers:
U.S.$17,715.1 $17,186.5 $16,801.7 
U.K.9,322.0 9,240.4 8,443.4 
Other International3,418.1 3,100.5 2,569.7 
Total revenue from external customers$30,455.2 $29,527.4 $27,814.8 
Long-lived assets, net:
U.S.$3,529.0 $3,255.4 
U.K.975.5 953.6 
Other International438.5 394.2 
Total long-lived assets$4,943.0 $4,603.2 
No individual country other than the U.S. and the U.K. represented more than 10% of our total revenue from external customers or our total long-lived assets.
v3.25.0.1
Schedule II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II VALUATION AND QUALIFYING ACCOUNTS
Schedule II
PENSKE AUTOMOTIVE GROUP, INC.
VALUATION AND QUALIFYING ACCOUNTS
(In millions)
DescriptionBalance at
Beginning
of Year		AdditionsDeductions,
Recoveries,
& Other		Balance
at End
of Year
Year Ended December 31, 2024
Allowance for doubtful accounts$6.8 $3.0 $(3.5)$6.3 
Tax valuation allowance58.2 1.2 (0.2)59.2 
Year Ended December 31, 2023
Allowance for doubtful accounts$6.6 $2.2 $(2.0)$6.8 
Tax valuation allowance62.8 3.4 (8.0)58.2 
Year Ended December 31, 2022
Allowance for doubtful accounts$6.8 $3.7 $(3.9)$6.6 
Tax valuation allowance67.0 0.6 (4.8)62.8 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 918.9 $ 1,053.2 $ 1,380.0
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management Processes. We recognize the importance of assessing, identifying, and managing material risks from cybersecurity threats to our business and operations and developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems. As a result, we have integrated the management of cybersecurity threats into our broader risk management efforts, implementing policies and procedures to promote cybersecurity risk management and enhance mitigation efforts against cyber-attacks and similar threats. To help secure our systems that store or transmit electronic information, we have implemented multi-layered preventive controls which use aggregated intelligence to proactively detect, block and evaluate attacks. We also maintain a Chief Information Officer who is charged with implementing and overseeing our comprehensive written Information Security Program. In connection with our Information Security Program, we perform cybersecurity risk assessments at least annually to analyze the materiality of identified risks, the likelihood of such risks materializing, and the scope and intensity of adverse impacts if such risks result in the compromise of our information systems or sensitive information stored by us or on our behalf.
Our Information Security Program includes proactive measures to manage cybersecurity risks and threats, including mandatory annual security awareness training for all personnel with enhanced training for designated information security personnel; enterprise-wide phishing simulations and security assessments; a business continuity and recovery plan in the event of a cybersecurity incident; and the implementation of targeted access controls and various other measures, including multi-factor authentication, with respect to certain systems containing sensitive information. We have also implemented an incident response plan to guide our response to cybersecurity incidents, with a dedicated, cross-functional response team, including senior management from our information technology, information security, operations, finance, risk management, investor relations and legal teams, responsible for overseeing efforts related to detection, containment, threat mitigation and notification, as appropriate. We identify vulnerabilities in our information systems through proactive scanning of system assets for known vulnerabilities. Our outsourced managed security source operates 24/7, identifying threats and vulnerabilities, and our information security team regularly monitors alerts and meets to discuss trends in cybersecurity threats. We proactively manage vulnerabilities from major software publishers through a global patching program. To prevent unauthorized access to our information systems, we have a system of controls in place to manage user access to our information systems. Our employees acknowledge an acceptable use policy and are trained in how to identify information security risks in the workplace.
Third Party Engagement and Oversight. We engage third-party service providers, including consultants and auditors, to monitor and protect critical assets from cyber-attacks and to enhance certain components of our Information Security Program, including to assist us with annual security assessments, penetration and vulnerability testing, email and web filtering, endpoint protection, and consultation on certain cybersecurity enhancements. These partnerships enable us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain current. To oversee and identify cybersecurity threats associated with our use of third-party service providers, we periodically audit and review certain information security practices of critical vendors in possession of sensitive information, including through seeking responses to cybersecurity questionnaires. In the ordinary course of business, we also rely on contractual obligations from certain third-party service providers to meet certain information security standards and to notify and cooperate with us in the event of qualifying cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Risk Management Processes. We recognize the importance of assessing, identifying, and managing material risks from cybersecurity threats to our business and operations and developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems. As a result, we have integrated the management of cybersecurity threats into our broader risk management efforts, implementing policies and procedures to promote cybersecurity risk management and enhance mitigation efforts against cyber-attacks and similar threats. To help secure our systems that store or transmit electronic information, we have implemented multi-layered preventive controls which use aggregated intelligence to proactively detect, block and evaluate attacks. We also maintain a Chief Information Officer who is charged with implementing and overseeing our comprehensive written Information Security Program. In connection with our Information Security Program, we perform cybersecurity risk assessments at least annually to analyze the materiality of identified risks, the likelihood of such risks materializing, and the scope and intensity of adverse impacts if such risks result in the compromise of our information systems or sensitive information stored by us or on our behalf.
Our Information Security Program includes proactive measures to manage cybersecurity risks and threats, including mandatory annual security awareness training for all personnel with enhanced training for designated information security personnel; enterprise-wide phishing simulations and security assessments; a business continuity and recovery plan in the event of a cybersecurity incident; and the implementation of targeted access controls and various other measures, including multi-factor authentication, with respect to certain systems containing sensitive information. We have also implemented an incident response plan to guide our response to cybersecurity incidents, with a dedicated, cross-functional response team, including senior management from our information technology, information security, operations, finance, risk management, investor relations and legal teams, responsible for overseeing efforts related to detection, containment, threat mitigation and notification, as appropriate. We identify vulnerabilities in our information systems through proactive scanning of system assets for known vulnerabilities. Our outsourced managed security source operates 24/7, identifying threats and vulnerabilities, and our information security team regularly monitors alerts and meets to discuss trends in cybersecurity threats. We proactively manage vulnerabilities from major software publishers through a global patching program. To prevent unauthorized access to our information systems, we have a system of controls in place to manage user access to our information systems. Our employees acknowledge an acceptable use policy and are trained in how to identify information security risks in the workplace.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board of Directors Oversight. Our business is managed under the direction of our Board of Directors ("the Board"), which guides our long-term strategy and represents the highest level of oversight at the Company. Our Board views the
identification and effective management of cybersecurity threats as a critical component of overall risk management and oversight responsibilities. To that end, the Board assures that we maintain robust corporate governance policies designed to promote our culture of uncompromised integrity that have been implemented in a manner that facilitates active oversight and engagement regarding various cybersecurity matters. Consistent with these policies, the Board receives updates regarding cybersecurity threats and events in connection with its regularly scheduled meetings, as appropriate, and as part of its ongoing strategy and risk management sessions, engages in discussions regarding cybersecurity threats to our operations. In addition to this direct oversight, the Board has delegated oversight responsibilities with respect to cybersecurity risks to the Audit Committee of the Board. In addition to its oversight of the quality and integrity of the Company’s financial statements and internal audit functions, the Audit Committee is also responsible for reviewing the Company’s key risk areas, including cybersecurity risks, and regularly receives updates regarding cybersecurity threats and incidents involving the Company or our vendors and suppliers.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] In addition to this direct oversight, the Board has delegated oversight responsibilities with respect to cybersecurity risks to the Audit Committee of the Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Risk Report also clarifies that both the Board and the Audit Committee retain oversight of such risks. The Risk Report is shared and discussed at least quarterly with the Audit Committee and periodically with the full Board, with certain specified risks and mitigation efforts reported to the Board or designated standing committees on a more frequent basis, as appropriate.
Cybersecurity Risk Role of Management [Text Block]
Management's Role in Managing Risk. As noted above, we have a designated Chief Information Officer who is charged with implementing and overseeing our comprehensive written Information Security Program. With over 25 years of experience in the field of information technology and cybersecurity, our Chief Information Officer brings a wealth of expertise to his role and maintains both Certified Information Systems Security Professional (CISSP) and Certified Information Systems Auditor (CISA) certifications and additional personnel on our information security team have cybersecurity experience and certifications. Our Chief Information Officer’s background includes extensive experience as an enterprise chief information officer and is well-recognized within our industry. Our Chief Information Officer reviews with senior management, at least quarterly, the status of our Information Security Program, identified threats to our data security, and cyber incidents relevant to our operations and reviews these matters with our Board and/or Audit Committee at least annually, or more frequently when appropriate. Further, at least quarterly, our senior leadership team, including our Chief Financial Officer, General Counsel, Chief Information Officer, Executive Vice President of Financial Services, and Global Risk Management, prepares a comprehensive summary of certain key risks facing the Company (the “Risk Report”). The Risk Report includes feedback from multiple constituencies within the Company, incorporating and evaluating heightened risk areas identified by senior management, functional area teams within the organization, and management at the regional and local dealership levels. In addition to various enterprise-wide risks identified throughout this management-led process, the Risk Report highlights cybersecurity risks, tasking the Chief Information Officer or his designees with the responsibility to monitor such risks and, as appropriate, implement risk mitigation strategies. The Risk Report also clarifies that both the Board and the Audit Committee retain oversight of such risks. The Risk Report is shared and discussed at least quarterly with the Audit Committee and periodically with the full Board, with certain specified risks and mitigation efforts reported to the Board or designated standing committees on a more frequent basis, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] As noted above, we have a designated Chief Information Officer who is charged with implementing and overseeing our comprehensive written Information Security Program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] With over 25 years of experience in the field of information technology and cybersecurity, our Chief Information Officer brings a wealth of expertise to his role and maintains both Certified Information Systems Security Professional (CISSP) and Certified Information Systems Auditor (CISA) certifications and additional personnel on our information security team have cybersecurity experience and certifications. Our Chief Information Officer’s background includes extensive experience as an enterprise chief information officer and is well-recognized within our industry.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] As noted above, we have a designated Chief Information Officer who is charged with implementing and overseeing our comprehensive written Information Security Program. With over 25 years of experience in the field of information technology and cybersecurity, our Chief Information Officer brings a wealth of expertise to his role and maintains both Certified Information Systems Security Professional (CISSP) and Certified Information Systems Auditor (CISA) certifications and additional personnel on our information security team have cybersecurity experience and certifications. Our Chief Information Officer’s background includes extensive experience as an enterprise chief information officer and is well-recognized within our industry. Our Chief Information Officer reviews with senior management, at least quarterly, the status of our Information Security Program, identified threats to our data security, and cyber incidents relevant to our operations and reviews these matters with our Board and/or Audit Committee at least annually, or more frequently when appropriate. Further, at least quarterly, our senior leadership team, including our Chief Financial Officer, General Counsel, Chief Information Officer, Executive Vice President of Financial Services, and Global Risk Management, prepares a comprehensive summary of certain key risks facing the Company (the “Risk Report”). The Risk Report includes feedback from multiple constituencies within the Company, incorporating and evaluating heightened risk areas identified by senior management, functional area teams within the organization, and management at the regional and local dealership levels. In addition to various enterprise-wide risks identified throughout this management-led process, the Risk Report highlights cybersecurity risks, tasking the Chief Information Officer or his designees with the responsibility to monitor such risks and, as appropriate, implement risk mitigation strategies. The Risk Report also clarifies that both the Board and the Audit Committee retain oversight of such risks. The Risk Report is shared and discussed at least quarterly with the Audit Committee and periodically with the full Board, with certain specified risks and mitigation efforts reported to the Board or designated standing committees on a more frequent basis, as appropriate.We and others across our industry face a number of cybersecurity risks in connection with our business and operations. Although such risks have not materially affected our business strategy, results of operations, or financial condition to date, we have, from time to time, experienced threats to, and incidents in connection with, our information systems. Any security breach or event resulting in the unauthorized disclosure of our information or the information of our customers or the degradation of services provided by our critical business systems, whether by us directly or our third-party service providers, could adversely affect our business operations, sales, reputation with current and potential customers, associates, or vendors as well as other operational and financial impacts derived from investigations, litigation, the imposition of penalties, or other means.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements include all majority-owned subsidiaries. Investments in affiliated companies, representing an ownership interest in the voting stock of the affiliate of between 20% and 50% or an investment in a limited partnership or a limited liability corporation for which our investment is more than minor, are stated at the cost of acquisition plus our equity in undistributed net earnings since acquisition. All intercompany accounts and transactions have been eliminated in consolidation.
Estimates
Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of estimates include accounts receivable, inventories, income taxes, intangible assets, leases, and certain reserves.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments that have an original maturity of three months or less at the date of purchase.
Contracts in Transit
Contracts in Transit
Contracts in transit represent receivables from unaffiliated finance companies relating to the sale of customers' installment sales and lease contracts arising in connection with the sale of a vehicle by us.
Inventory Valuation
Inventory Valuation
Inventories are stated at the lower of cost or net realizable value. Cost for new and used vehicle inventories includes acquisition, reconditioning, dealer installed accessories, and transportation expenses and is determined using the specific identification method. Inventories of dealership parts and accessories are accounted for using the “first-in, first-out” (“FIFO”) method of inventory accounting, and the cost is based on factory list prices.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost and depreciated over estimated useful lives using the straight-line method. Useful lives for purposes of computing depreciation for assets, other than leasehold improvements, range between 2 and 15 years. Leasehold improvements and equipment under capital leases are depreciated over the shorter of the term of the lease or the estimated useful life of the asset, not to exceed 40 years.
Expenditures relating to recurring repair and maintenance are expensed as incurred. Expenditures that increase the useful life or substantially increase the serviceability of an existing asset are capitalized. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, with any resulting gain or loss being reflected in income.
Income Taxes
Income Taxes
Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is not more likely than not to allow for the use of the deduction or credit.
Intangible Assets
Intangible Assets
Our principal intangible assets relate to our agreements with vehicle manufacturers and distributors, which represent the estimated value of franchises acquired in business combinations; our distribution agreements with commercial vehicle manufacturers, which represent the estimated value of distribution rights acquired in business combinations; and goodwill, which represents the excess of cost over the fair value of tangible and identified intangible assets acquired in business combinations. We believe the franchise values of our automotive dealerships and the distribution agreements of our commercial vehicle distribution operations have an indefinite useful life based on the following:
•Automotive retailing and commercial vehicle distribution are mature industries and are based on franchise, agency, and distribution agreements with the vehicle manufacturers and distributors;
•Certain franchise agreement terms are indefinite;
•Franchise and distribution agreements that have limited terms have historically been renewed by us without substantial cost; and
•Manufacturers and distributors have not historically terminated our agreements.
Impairment Testing
Impairment Testing
Other indefinite-lived intangible assets are assessed for impairment annually on October 1 and upon the occurrence of an indicator of impairment through a comparison of its fair value to its carrying value. An indicator of impairment exists if the carrying value exceeds its fair value, and an impairment loss may be recognized up to that excess. We also evaluate in connection with the annual impairment testing whether events and circumstances continue to support our assessment that the other indefinite-lived intangible assets continue to have an indefinite life.
Goodwill impairment is assessed at the reporting unit level annually on October 1 and upon the occurrence of an indicator of impairment. Our operations are organized by management into operating segments by line of business and geography. We have determined that we have four reportable segments as defined in generally accepted accounting principles for segment reporting: (i) Retail Automotive, consisting of our retail automotive dealership operations; (ii) Retail Commercial Truck, consisting of our retail commercial truck dealership operations in the U.S. and Canada; (iii) Other, consisting of our commercial vehicle and power systems distribution operations; and (iv) Non-Automotive Investments, consisting of our equity method investments in non-automotive operations which includes our investment in PTS and other various investments. We have determined that the dealerships in each of our operating segments within the Retail Automotive reportable segment are components that were aggregated into two reporting units for the purpose of goodwill impairment testing as of October 1, 2024, as they (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and/or used vehicles, service, parts, and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals), and (D) have
similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The reporting units are United States Retail Automotive and International Retail Automotive. Our Retail Commercial Truck reportable segment has been determined to represent one operating segment and reporting unit. The goodwill included in our Other reportable segment relates primarily to our commercial vehicle distribution operating segment. There is no goodwill recorded in our Non-Automotive Investments reportable segment.
Investments
Investments
We account for each of our investments under the equity method, pursuant to which we record our proportionate share of the investee's income each period. The net book value of our investments was $1,827.0 million and $1,774.9 million as of December 31, 2024, and 2023, respectively, including $1,803.9 million and $1,725.1 million relating to PTS as of December 31, 2024, and 2023, respectively. We currently hold a 28.9% ownership interest in PTS.
Foreign Currency Translation
Foreign Currency Translation
For all of our non-U.S. operations, the functional currency is the local currency. The revenue and expense accounts of our non-U.S. operations are translated into U.S. dollars using the average exchange rates that prevailed during the period. Assets and liabilities of non-U.S. operations are translated into U.S. dollars using period end exchange rates. Cumulative translation adjustments relating to foreign functional currency assets and liabilities are recorded in accumulated other comprehensive income (loss), a separate component of equity.
Foreign currency translation gains and losses related to intercompany loans with foreign subsidiaries determined to be repayable are included in selling, general, and administrative expenses on the consolidated statements of income. For long-term intercompany loans with foreign subsidiaries, for which repayment has not been scheduled or planned, foreign currency gains and losses are included in accumulated other comprehensive loss on the consolidated balance sheets.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Accounting standards define fair value as the price that would be received from selling an asset, or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities
Level 2Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
Our financial instruments consist of cash and cash equivalents, debt, floor plan notes payable, and forward exchange contracts used to hedge future cash flows. Other than our fixed rate debt, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting.
Our fixed rate debt consists of amounts outstanding under our senior subordinated notes and mortgage facilities. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 2), and we estimate the fair value of our mortgage facilities using a present value technique based on our current market interest rates for similar types of financial instruments (Level 2).
Revenue Recognition
Revenue Recognition
Dealership Vehicle, Parts, and Service Sales
We record revenue for vehicle sales at a point in time when vehicles are delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. For dealerships operating under a franchise model, the amount of consideration we receive for vehicle sales is stated within the executed contract with our customer and is reduced by any non-cash consideration representing the fair value of trade-in vehicles, if applicable. We record revenue for vehicle service and collision work over time as work is completed and when parts are delivered to our customers. Sales promotions that we offer to customers are accounted for as a reduction of revenues at the time of sale. Rebates and other incentives offered directly to us by manufacturers are recognized as a reduction in the cost of sales. Reimbursements of qualified advertising expenses are treated as a reduction of selling, general, and administrative expenses. The amounts received under certain manufacturer rebate and incentive programs are based on the attainment of program objectives, and such earnings are recognized either upon the sale of the vehicle for which the award was received or upon attainment of the particular program goals if not associated with individual vehicles.
Dealership Finance and Insurance Sales
Subsequent to the sale of a vehicle to a customer, we sell installment sale contracts to various financial institutions on a non-recourse basis (with specified exceptions). We receive a commission from the lender equal to either the difference between the interest rate charged to the customer and the interest rate set by the financing institution or a flat fee. We also receive commissions for facilitating the sale of various products to customers, including vehicle protection products, vehicle theft protection, and extended service contracts. These commissions are recorded as revenue at a point in time when the customer enters into the contract. Payment is typically due and collected within 30 days subsequent to the execution of the contract with the customer. In the case of finance contracts, a customer may prepay or fail to pay their contract, thereby terminating the contract. Customers may also terminate extended service contracts and other insurance products, which are fully paid at purchase, and become eligible for refunds of unused premiums. In these circumstances, a portion of the commissions we received may be charged back based on the terms of the contracts. The revenue we record relating to these transactions is net of an estimate of the amount of chargebacks we will be required to pay. Our estimate is based upon our historical experience with similar contracts, including the impact of refinance and default rates on retail finance contracts and cancellation rates on extended service contracts and other insurance products. Aggregate reserves relating to chargeback activity were $48.2 million and $42.7 million as of December 31, 2024, and December 31, 2023, respectively.
Commercial Vehicle Distribution and Other
We record revenue from the distribution of vehicles, engines, and other products at a point in time when delivered, which is when the transfer of title, risks and rewards of ownership, and control are considered passed to the customer. We
record revenue for service or repair work as work is completed and when parts are delivered to our customers. For our long-term power generation contracts, we record revenue as services are provided in accordance with contract milestones.
Defined Contribution Plans
Defined Contribution Plans
We sponsor a number of defined contribution plans covering a significant majority of our employees. Our contributions to such plans are discretionary and are based on the level of compensation and contributions by plan participants.
Advertising
Advertising
Advertising costs are expensed as incurred or when such advertising takes place. We incurred net advertising costs of $134.4 million, $135.9 million, and $122.0 million during the years ended December 31, 2024, 2023, and 2022, respectively. Qualified advertising expenditures reimbursed by manufacturers, which are treated as a reduction of advertising expense, were $19.3 million, $17.8 million, and $16.4 million during the years ended December 31, 2024, 2023, and 2022, respectively.
Self-Insurance
Self-Insurance
We retain risk relating to certain of our general liability insurance, workers' compensation insurance, vehicle physical damage insurance, property insurance, information security risk insurance, directors' and officers' insurance, and employee medical benefits in the U.S. As a result, we are likely to be responsible for a significant portion of the claims and losses incurred under these programs. The amount of risk we retain varies by program, and for certain exposures, we either have no insurance or we have pre-determined maximum loss limits for certain individual claims and/or insurance periods. Losses, if any, above the pre-determined loss limits are paid by third-party insurance carriers. Certain insurers have limited available property coverage in response to the natural catastrophes experienced in recent years. Our estimate of future losses is prepared by management using our historical loss experience and industry-based development factors.
Earnings Per Share
Earnings Per Share
Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, including unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive impact of unissued shares paid to directors during the year as compensation.
Hedging
Hedging
Generally accepted accounting principles relating to derivative instruments and hedging activities require all derivatives, whether designated in hedging relationships or not, to be recorded on the balance sheet at fair value. These accounting principles also define requirements for designation and documentation of hedging relationships as well as ongoing effectiveness assessments, which must be met in order to qualify for hedge accounting. For a derivative that does not qualify as a hedge, changes in fair value are recorded in earnings immediately. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and the hedged item are recorded in earnings. If the derivative is designated as a cash-flow hedge, effective changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss), a separate component of equity, and recorded in the income statement only when the hedged item affects earnings. Changes in the fair value of the derivative attributable to hedge ineffectiveness are recorded in earnings immediately.
Stock-Based Compensation
Stock-Based Compensation
Generally accepted accounting principles relating to share-based payments require us to record compensation expense for all awards based on their grant-date fair value. Our share-based payments have generally been in the form of “non-vested shares,” the fair value of which are measured as if they were vested and issued on the grant date.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The guidance provided optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." This ASU refines the scope of ASC 848 and clarifies some of its guidance as part of the Board's monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." This ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. These new standards were effective upon issuance and generally can be applied to applicable contract modifications. While some of our floorplan arrangements and certain credit agreements had historically used LIBOR as a benchmark for calculating the applicable interest rate, all of our agreements previously utilizing LIBOR transitioned to an alternative benchmark rate on or before July 1, 2023. These changes have not had a significant impact on our consolidated financial position, results of operations, and cash flows.
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and also requires that public entities provide all annual disclosures about a reportable segment’s profit or loss and assets in interim periods. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We adopted this ASU on the effective date for our first annual period beginning on January 1, 2024.
Other than the revised presentation of our “Segment Information” footnote, the adoption of this accounting standard update has not had a material impact on our consolidated financial statements and disclosures.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This ASU expands public entities’ annual income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and disclosure of additional information for reconciling items that meet a quantitative threshold. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis with retrospective application permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires public business entities to disclose in the notes to financial statements specific categories within relevant expense captions presented on the face of the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis with retrospective application permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
v3.25.0.1
Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities A summary of our fixed rate debt is as follows:
December 31, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
3.50% senior subordinated notes due 2025
$549.1 $543.0 $547.7 $529.7 
3.75% senior subordinated notes due 2029
496.6 451.8 495.8 444.4 
Mortgage facilities (1)
474.8 450.6 402.1 378.5 
_____________________
(1)In addition to fixed rate debt, our mortgage facilities also include a revolving mortgage facility with Toyota Motor Credit Corporation in the U.S. and other revolving mortgage facilities that bear interest at variable rates. The fair value equals the carrying value.
Reconciliation of number of shares used in calculation of basic and diluted earning per share
A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 follows:
Year Ended December 31,
202420232022
Weighted average number of common shares outstanding66,882,731 67,963,956 74,394,799 
Effect of non-participatory equity compensation— — — 
Weighted average number of common shares outstanding, including effect of dilutive securities66,882,731 67,963,956 74,394,799 
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenues
The following tables disaggregate our retail automotive segment revenue by product type and geographic location for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
Retail Automotive Dealership Revenue202420232022
New vehicle$12,055.9 $11,273.3 $10,050.5 
Used vehicle8,770.7 8,919.5 9,011.6 
Finance and insurance, net811.1 838.6 848.1 
Service and parts3,047.4 2,734.3 2,426.7 
Fleet and wholesale1,471.1 1,443.4 1,357.8 
Total retail automotive dealership revenue$26,156.2 $25,209.1 $23,694.7 
Year Ended December 31,
Retail Automotive Dealership Revenue202420232022
U.S.$14,777.6 $14,160.5 $13,712.7 
U.K.9,322.0 9,240.4 8,443.4 
Germany, Italy, Japan, and Australia2,056.6 1,808.2 1,538.6 
Total retail automotive dealership revenue$26,156.2 $25,209.1 $23,694.7 
The following table disaggregates our retail commercial truck segment revenue by product type for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
Retail Commercial Truck Dealership Revenue202420232022
New truck$2,359.5 $2,480.2 $2,308.7 
Used truck227.0 229.9 301.3 
Finance and insurance, net18.8 21.9 20.5 
Service and parts886.3 907.3 852.2 
Other29.5 45.0 58.6 
Total retail commercial truck dealership revenue$3,521.1 $3,684.3 $3,541.3 
Schedule of accounts receivable and unearned revenues
The following table summarizes our accounts receivable and unearned revenues as of December 31, 2024, and December 31, 2023:
December 31,
2024		December 31,
2023
Accounts receivable
Contracts in transit$281.7$361.9
Vehicle receivables136.3170.6
Manufacturer receivables233.3218.9
Trade receivables326.9344.1
Accrued expenses
Unearned revenues$266.8$280.2
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of net operating lease cost
The following table summarizes our net operating lease cost during the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Lease Cost
Operating lease cost (1)
$269.9 $258.0 $254.3 
Sublease income(16.2)(17.0)(17.9)
Total lease cost$253.7 $241.0 $236.4 
_________________
(1)Includes short-term leases and variable lease costs, which are immaterial.
Summary of supplemental cash flow information related to operating leases and weighted average remaining lease term and discount rate of leases
The following table summarizes supplemental cash flow information related to our operating leases:
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases270.5 258.1 248.5 
Right-of-use assets modified or obtained in exchange for operating lease liabilities, net156.1 30.4 116.2 
Supplemental balance sheet information related to the weighted average remaining lease term and discount rate of our leases is as follows:
December 31, 2024December 31, 2023
Lease Term and Discount Rate
Weighted-average remaining lease term - operating leases24 years24 years
Weighted-average discount rate - operating leases
6.7%
6.7%
Schedule of maturity of lease liabilities
The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our consolidated balance sheet as of December 31, 2024:
Maturity of Lease LiabilitiesDecember 31, 2024
2025$256.8 
2026250.3 
2027240.7 
2028237.5 
2029231.4 
2030 and thereafter
4,122.3 
Total future minimum lease payments$5,339.0 
Less: Imputed interest(2,853.0)
Present value of future minimum lease payments$2,486.0 
Current operating lease liabilities (1)
$93.4 
Long-term operating lease liabilities2,392.6 
Total operating lease liabilities $2,486.0 
____________________
(1)Included within "Accrued expenses and other current liabilities" on Consolidated Balance Sheet as of December 31, 2024.
v3.25.0.1
Equity Method Investees (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity method investment summarized income statement information
The combined results of operations and financial position of our equity method investees as of December 31 for each of the years presented are summarized as follows:
Condensed income statement information:
Year Ended December 31,
202420232022
Revenues$13,967.4 $13,884.1 $13,587.3 
Gross profit2,960.9 2,917.3 3,025.5 
Net income691.9 1,008.3 1,701.3 
Condensed balance sheet information:
December 31,
20242023
Current assets$2,272.2 $2,355.5 
Noncurrent assets21,564.1 20,966.4 
Total assets$23,836.3 $23,321.9 
Current liabilities$5,971.8 $3,140.9 
Noncurrent liabilities13,004.9 15,545.7 
Equity4,859.6 4,635.3 
Total liabilities and equity$23,836.3 $23,321.9 
v3.25.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed The following table summarizes the aggregate consideration
paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Accounts receivable$32.3 $— 
Inventories256.5 34.2 
Other current assets0.3 0.2 
Property and equipment125.4 38.7 
Operating lease right-of-use assets66.1 — 
Indefinite-lived intangibles460.0 145.2 
Other noncurrent assets— — 
Current liabilities(67.2)(3.4)
Long-term operating lease liabilities(66.1)— 
Other noncurrent liabilities(21.1)— 
Total cash used in acquisitions$786.2 $214.9 
Summary of unaudited consolidated pro forma results of operations
Our following unaudited consolidated pro forma results of operations for the years ended December 31, 2024 and 2023 give effect to acquisitions consummated during 2024 and 2023 as if they had occurred on January 1, 2023. This pro forma information is based on historical results of operations, adjusted for the income statement effects of incremental interest expense directly resulting from the acquisitions and the related tax effects. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future:
Year Ended December 31,
20242023
Revenues$31,087.2 $31,790.3 
Net income attributable to Penske Automotive Group common stockholders928.2 1,091.1 
Net income per diluted common share$13.88 $16.05 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories
Inventories consisted of the following:
December 31,
20242023
Retail automotive dealership new vehicles$2,345.7 $1,951.3 
Retail automotive dealership used vehicles1,119.2 1,186.3 
Retail automotive parts, accessories, and other167.8 156.2 
Retail commercial truck dealership vehicles and parts518.4 543.7 
Commercial vehicle distribution vehicles, parts, and engines489.1 455.6 
Total inventories$4,640.2 $4,293.1 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of components of property and equipment
Property and equipment consisted of the following:
December 31,
20242023
Buildings and leasehold improvements$3,040.8 $2,763.2 
Furniture, fixtures, and equipment1,105.2 1,024.1 
Total$4,146.0 $3,787.3 
Less: Accumulated depreciation(1,139.8)(1,022.1)
Property and equipment, net$3,006.2 $2,765.2 
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets
The following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets during the years ended December 31, 2024, and 2023:
GoodwillOther Indefinite-Lived Intangible
Assets
Balance — December 31, 2022 (1)
$2,154.7 $690.9 
Additions95.9 51.3 
Disposals— (0.1)
Impairment(40.7)— 
Foreign currency translation25.0 6.1 
Balance — December 31, 2023 (2)
$2,234.9 $748.2 
Additions175.8 284.2 
Disposals(9.0)(3.7)
Impairment— (1.8)
Foreign currency translation(30.4)(15.3)
Balance — December 31, 2024 (2)
$2,371.3 $1,011.6 
____________________
(1)Net of accumulated goodwill impairment losses of $606.3 million recorded prior to December 31, 2012
(2)Net of accumulated goodwill impairment losses of $647.0 million
Summary of the changes in the carrying amount of goodwill by reportable segment
The following is a summary of the changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2024, and 2023:
Retail
Automotive		Retail
Commercial
Truck		OtherTotal
Balance — December 31, 2022
$1,617.6 $462.3 $74.8 $2,154.7 
Additions64.3 29.9 1.7 95.9 
Disposals— — — — 
Impairment(40.7)— — (40.7)
Foreign currency translation22.8 2.1 0.1 25.0 
Balance — December 31, 2023
$1,664.0 $494.3 $76.6 $2,234.9 
Additions162.5 13.3 — 175.8 
Disposals(6.0)(3.0)— (9.0)
Foreign currency translation(16.7)(7.1)(6.6)(30.4)
Balance — December 31, 2024
$1,803.8 $497.5 $70.0 $2,371.3 
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Long-term debt consisted of the following:
December 31,
20242023
U.S. credit agreement — revolving credit line$— $— 
U.K. credit agreement — revolving credit line171.4 — 
3.50% senior subordinated notes due 2025
549.1 547.7 
3.75% senior subordinated notes due 2029
496.6 495.8 
Mortgage facilities474.8 402.1 
Other debt160.1 183.6 
Total long-term debt$1,852.0 $1,629.2 
Less: current portion(721.2)(209.7)
Net long-term debt$1,130.8 $1,419.5 
Scheduled maturities of long-term debt for each of the next five years and thereafter
Scheduled maturities of long-term debt for each of the next five years and thereafter are as follows:
2025
$721.2 
2026
22.2 
2027
36.6 
2028
378.1 
2029
521.9 
2030 and thereafter
172.0 
Total long-term debt reported$1,852.0 
Schedule of senior subordinated notes issuances
We have issued the following senior subordinated notes:
DescriptionMaturity DateInterest Payment DatesPrincipal Amount
3.50% Notes
September 1, 2025February 15, August 15$550 million
3.75% Notes
June 15, 2029June 15, December 15$500 million
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of automotive joint venture relationships As of December 31, 2024, our automotive joint venture relationships were as follows:
LocationDealershipsOwnership Interest
Fairfield, ConnecticutAudi, Mercedes-Benz, Sprinter, Porsche80.00%(A)
Greenwich, ConnecticutMercedes-Benz80.00%(A)
Northern ItalyBMW, MINI, Maserati, Porsche, Audi, Jaguar, Land Rover, Volvo, Mercedes-Benz, smart, Lamborghini95.00%(A)
Barcelona, SpainBMW, MINI, Dongfeng, Xpeng50.00%(B)
_________________
(A) Entity is consolidated in our financial statements.
(B) Entity is accounted for using the equity method of accounting.
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of the Company's restricted stock activity
Presented below is a summary of the changes of our restricted common stock during the years ended December 31, 2024 and 2023:
SharesWeighted Average
Grant Date Fair Value		Aggregate
Intrinsic Value
December 31, 20221,018,020 $70.03 
Granted210,222 146.48 
Vested(399,362)58.62 
Forfeited(5,407)87.40 
December 31, 2023823,473 $94.98 $132.2 
Granted164,528 150.64 
Vested(278,293)79.97 
Forfeited(10,804)106.65 
December 31, 2024698,904 $113.87 $106.5 
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of stockholders equity
A summary of shares repurchased under our securities repurchase program, and shares acquired, is as follows:
Year Ended December 31,
202420232022
Shares repurchased (1)
394,010 2,640,152 8,065,707 
Aggregate purchase price$58.7 $358.7 $869.3 
Average purchase price per share$148.88 $135.86 $107.78 
Shares acquired (2)
123,235 168,464 148,440 
Aggregate purchase price$18.8 $23.5 $17.2 
Average purchase price per share$152.26 $139.45 $115.97 
________________________
(1)Shares were repurchased under our securities repurchase program. We had $156.8 million in repurchase authorization remaining under the repurchase program as of December 31, 2024.
(2)Shares were acquired from employees in connection with a net share settlement feature of employee equity awards.
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of the changes in accumulated other comprehensive income/(loss) by component and the reclassifications out of accumulated other comprehensive income/(loss) attributable to the entity's common stockholders
Changes in accumulated other comprehensive loss by component during the years ended December 31, 2024, 2023, and 2022, respectively, attributable to Penske Automotive Group common stockholders follows:
Foreign
Currency
Translation		OtherAccumulated Other Comprehensive Loss
Balance at January 1, 2022
$(174.4)$5.6 $(168.8)
Other comprehensive loss, net of tax(153.7)(12.8)(166.5)
Balance at December 31, 2022
$(328.1)$(7.2)$(335.3)
Other comprehensive income, net of tax65.5 5.7 71.2 
Balance at December 31, 2023
$(262.6)$(1.5)$(264.1)
Other comprehensive loss, net of tax(91.4)(9.0)(100.4)
Balance at December 31, 2024
$(354.0)$(10.5)$(364.5)
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of income from continuing operations before income taxes by geographic region
Income before income taxes by geographic region was as follows:
Year Ended December 31,
202420232022
U.S.$976.4 $1,119.9 $1,474.5 
Non-U.S.263.5 299.6 384.7 
Income before income taxes$1,239.9 $1,419.5 $1,859.2 
Schedule of income taxes relating to income from continuing operations
Income taxes consisted of the following:
Year Ended December 31,
202420232022
Current:
Federal$215.4 $131.0 $200.6 
State and local43.1 53.4 71.6 
Non-U.S.71.0 74.7 76.6 
Total current$329.5 $259.1 $348.8 
Deferred:
Federal(19.7)85.5 98.8 
State and local4.1 10.0 17.1 
Non-U.S.2.6 6.3 8.3 
Total deferred$(13.0)$101.8 $124.2 
Income taxes$316.5 $360.9 $473.0 
Schedule of reconciliation of income taxes from continuing operations at federal statutory rate
Income taxes varied from the U.S. federal statutory income tax rate due to the following:
Year Ended December 31,
202420232022
Income taxes at federal statutory rate$260.3 $298.1 $390.4 
State and local income taxes, net of federal taxes40.5 47.7 67.3 
Non-U.S. income taxed at other rates18.3 18.2 4.1 
Other(2.6)(3.1)11.2 
Income taxes$316.5 $360.9 $473.0 
Schedule of components of deferred tax assets and liabilities
The components of deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:
December 31,
20242023
Deferred Tax Assets
Accrued liabilities$79.9 $77.3 
Net operating loss and credit carryforwards47.0 49.3 
Leasing liabilities641.7 624.8 
Other44.5 36.6 
Total deferred tax assets813.1 788.0 
Valuation allowance(59.2)(58.2)
Net deferred tax assets$753.9 $729.8 
Deferred Tax Liabilities
Depreciation and amortization(402.2)(354.2)
Partnership investments(930.0)(972.1)
Leasing assets(641.7)(624.8)
Other(11.0)(10.4)
Total deferred tax liabilities(1,984.9)(1,961.5)
Net deferred tax liabilities$(1,231.0)$(1,231.7)
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Income statement or balance sheet information by reportable segment
The following table summarizes revenues; cost of sales; selling, general, and administrative expenses; depreciation; floor plan interest expense; other interest expense; equity in earnings of affiliates; and income before income taxes, which is the measure of segment performance by which management allocates resources to its segments and which we refer to as segment income, for each of our reportable segments. Our company's Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment income to evaluate the profitability of our reportable segments, which helps guide decisions on resource allocation. Segment income is also used to analyze budget versus actual results and actual results versus the comparable prior period. This analysis is utilized in assessing the performance of our reportable segments.
Retail
Automotive		Retail Commercial
Truck		OtherNon-Automotive
Investments		Total
Revenues
2024$26,156.2 $3,521.1 $777.9 $— $30,455.2 
202325,209.1 3,684.3 634.0 — 29,527.4 
202223,694.7 3,541.3 578.8 — 27,814.8 
Cost of sales
2024$21,905.6 $2,936.6 $599.7 $— $25,441.9 
202321,032.9 3,091.9 468.8 — 24,593.6 
202219,568.3 2,986.2 421.5 — 22,976.0 
Selling, general, and administrative expenses:
Personnel expenses
2024$1,775.6 $264.3 $72.2 $— $2,112.1 
20231,709.9 253.6 72.3 — 2,035.8 
20221,709.1 234.0 70.2 — 2,013.3 
Advertising expenses
2024$129.4 $3.2 $1.8 $— $134.4 
2023130.8 3.3 1.8 — 135.9 
2022116.7 3.5 1.8 — 122.0 
Rent & related expenses
2024$378.6 $25.7 $13.9 $— $418.2 
2023350.6 25.8 12.9 — 389.3 
2022333.1 24.7 12.9 — 370.7 
Other expenses (1)
2024$797.0 $53.4 $23.4 $— $873.8 
2023756.6 57.3 25.7 — 839.6 
2022630.7 56.8 30.2 — 717.7 
Depreciation
2024$137.4 $15.1 $5.5 $— $158.0 
2023124.7 11.6 4.7 — 141.0 
2022112.7 10.0 4.6 — 127.3 
Floor plan interest expense
2024$160.9 $19.2 $9.7 $— $189.8 
2023116.0 14.5 2.6 — 133.1 
202244.5 7.5 0.4 — 52.4 
Other interest expense
2024$82.1 $— $5.7 $— $87.8 
202390.3 1.3 1.0 — 92.6 
202265.1 3.9 1.4 — 70.4 
Equity in earnings of affiliates
2024$3.1 $— $— $197.6 $200.7 
20233.9 — — 289.8 293.7 
20223.5 — — 490.7 494.2 
Segment income
2024$792.7 $203.6 $46.0 $197.6 $1,239.9 
2023 (2)860.5 225.0 44.2 289.8 1,419.5 
20221,118.0 214.7 35.8 490.7 1,859.2 
__________________________
(1)Other expenses within SG&A primarily consist of information technology expenses, customer service vehicle loaner expenses, vehicle delivery expenses, utility expenses, and various other miscellaneous expenses. These expenses are individually not significant to the performance of our segments and are not regularly used by the CODM on a disaggregated basis for purposes of evaluating segment profit or loss.
(2)Retail automotive segment income includes $40.7 million of goodwill impairment charges in 2023 related to our former Used Vehicle Dealerships International reporting unit.
Total capital expenditures by reportable segment are set forth in the table below. As segment assets are not regularly provided to or used by the CODM to measure business performance or allocate resources, total segment assets are not presented.
Retail
Automotive		Retail Commercial
Truck		OtherNon-Automotive
Investments		Total
Capital expenditures
2024$322.3 $41.0 $5.4 $— $368.7 
2023306.9 60.1 8.3 — 375.3 
2022245.6 31.2 5.7 — 282.5 
Schedule of revenue and long-lived assets by geographic area
The following table presents revenue and long-lived assets (all non-current assets except goodwill, other indefinite-lived intangible assets, and operating lease right-of-use assets) by geographic area:
Year Ended December 31,
202420232022
Revenue from external customers:
U.S.$17,715.1 $17,186.5 $16,801.7 
U.K.9,322.0 9,240.4 8,443.4 
Other International3,418.1 3,100.5 2,569.7 
Total revenue from external customers$30,455.2 $29,527.4 $27,814.8 
Long-lived assets, net:
U.S.$3,529.0 $3,255.4 
U.K.975.5 953.6 
Other International438.5 394.2 
Total long-lived assets$4,943.0 $4,603.2 
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Business Overview and Concentrations (Details)
Dec. 31, 2024
Penske Truck Leasing Co LP | Corporate Joint Venture  
Summary Of Significant Accounting Policies [Line Items]  
Ownership percentage 28.90%
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Retail Automotive (Details) - Retail automotive dealership
 12 Months Ended
Dec. 31, 2024
dealership
franchise
Summary Of Significant Accounting Policies [Line Items]  
Total number of owned and operated franchises 353
Number of retail automotive franchises acquired 16
U.S.  
Summary Of Significant Accounting Policies [Line Items]  
Number of owned and operated franchises in US 148
Number of retail locations operated | dealership 6
Number of retail automotive franchises acquired 2
U.S. | Chrysler, Jeep, Dodge, Ram  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive dealerships acquired 1
Number of retail automotive franchises closed 1
U.S. | Used Vehicle Dealerships  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 1
U.S. | Jaguar  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 1
U.S. | Lexus  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises sold 1
Outside the U.S.  
Summary Of Significant Accounting Policies [Line Items]  
Number of owned and operated franchises outside US 205
U.S., U.K., and Australia  
Summary Of Significant Accounting Policies [Line Items]  
Number of stand-alone used vehicle dealerships operated in US and other countries | dealership 16
U.K.  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail locations operated | dealership 9
Number of retail automotive franchises opened 1
Number of retail automotive franchises sold 2
U.K. | Used Vehicle Dealerships  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 1
U.K. | Jaguar  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 2
U.K. | Land Rover  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 2
U.K. | Audi  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises closed 2
AUSTRALIA  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail locations operated | dealership 1
Number of retail automotive dealerships acquired 3
AUSTRALIA | Used Vehicle Dealerships  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive dealerships acquired 1
Italy  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive dealerships acquired 2
Germany  
Summary Of Significant Accounting Policies [Line Items]  
Number of retail automotive franchises opened 1
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Retail Commercial Truck Dealership (Details) - Retail commercial truck dealership
Dec. 31, 2024
location
state
Summary Of Significant Accounting Policies [Line Items]  
Number of locations operated | location 45
U.S. and Ontario/Manitoba, Canada  
Summary Of Significant Accounting Policies [Line Items]  
Number of states with locations | state 10
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Penske Transportation Solutions (Details)
 12 Months Ended
Dec. 31, 2024
Penske Truck Leasing Co LP | Penske Corporation  
Summary Of Significant Accounting Policies [Line Items]  
Ownership interest in Penske Truck Leasing Company 41.10%
Penske Truck Leasing Co LP | Mitsui and Co  
Summary Of Significant Accounting Policies [Line Items]  
Ownership interest in Penske Truck Leasing Company 30.00%
Penske Truck Leasing Co LP | Corporate Joint Venture  
Summary Of Significant Accounting Policies [Line Items]  
Ownership percentage 28.90%
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Contracts in Transit (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Contract Balances    
Accounts receivable $ 1,002.1 $ 1,114.6
Contracts in transit    
Contract Balances    
Accounts receivable $ 281.7 $ 361.9
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Property and Equipment (Details)
Dec. 31, 2024
Leasehold improvements and equipment under capital lease  
Property and equipment  
Useful life of property and equipment 40 years
Minimum | Property and equipment other than leasehold improvements  
Property and equipment  
Useful life of property and equipment 2 years
Maximum | Property and equipment other than leasehold improvements  
Property and equipment  
Useful life of property and equipment 15 years
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Impairment Testing (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments 4    
Goodwill | $ $ 2,371.3 $ 2,234.9 $ 2,154.7
Retail automotive dealership      
Segment Reporting Information [Line Items]      
Number of reportable segments 1    
Number of operating segments 2    
Number of reporting units 2    
Goodwill | $ $ 1,803.8 $ 1,664.0 $ 1,617.6
Retail commercial truck dealership      
Segment Reporting Information [Line Items]      
Number of operating segments 1    
Number of reporting units 1    
Non-Automotive Investments      
Segment Reporting Information [Line Items]      
Goodwill | $ $ 0.0    
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity Method Investees    
Equity method investments $ 1,827.0 $ 1,774.9
Penske Truck Leasing Co LP    
Equity Method Investees    
Equity method investments $ 1,803.9 $ 1,725.1
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument    
Carrying Value $ 1,852.0 $ 1,629.2
3.50% senior subordinated notes due 2025    
Debt Instrument    
Interest rate 3.50% 3.50%
Carrying Value $ 549.1 $ 547.7
Fair Value $ 543.0 $ 529.7
3.75% senior subordinated notes due 2029    
Debt Instrument    
Interest rate 3.75% 3.75%
Carrying Value $ 496.6 $ 495.8
Fair Value 451.8 444.4
Mortgage facilities    
Debt Instrument    
Carrying Value 474.8 402.1
Fair Value $ 450.6 $ 378.5
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Revenue Recognition (Details) - Finance and insurance, net - Retail Automotive and Retail Commercial Truck Dealership - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue from external customers and Long-lived assets, net    
Payment period 30 days  
Aggregate reserves relating to chargeback activity $ 48.2 $ 42.7
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Defined Contribution Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Expense incurred relating to defined contribution plans $ 40.2 $ 39.2 $ 36.1
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Advertising (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Net advertising costs $ 134.4 $ 135.9 $ 122.0
Reimbursement of advertising expense $ 19.3 $ 17.8 $ 16.4
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Self-Insurance (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Aggregate reserves relating to retained risk $ 33.1 $ 33.2
v3.25.0.1
Organization and Summary of Significant Accounting Policies - Earnings per share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Weighted average number of common shares outstanding (in shares) 66,882,731 67,963,956 74,394,799
Effect of non-participatory equity compensation (in shares) 0 0 0
Weighted average number of common shares outstanding, including effect of dilutive securities (in shares) 66,882,731 67,963,956 74,394,799
v3.25.0.1
Revenues - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
Revenue recognized from unearned revenue $ 199.4    
Commercial vehicle distribution and other      
Revenues      
Payment period 45 days    
Total revenues $ 777.9 634.0 578.8
Vehicle Sales | Retail Automotive and Retail Commercial Truck Dealership      
Revenues      
Payment period 30 days    
Service And Parts | Retail Automotive and Retail Commercial Truck Dealership      
Revenues      
Payment period 30 days    
Finance And Insurance Net | Retail Automotive and Retail Commercial Truck Dealership      
Revenues      
Payment period 30 days    
Finance and insurance, net | Retail Automotive and Retail Commercial Truck Dealership      
Revenues      
Aggregate reserves relating to chargeback activity $ 48.2 42.7  
Service and parts | Commercial vehicle distribution and other      
Revenues      
Total revenues $ 274.1 $ 265.2 $ 241.0
v3.25.0.1
Revenues - Retail Automotive Dealership (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
U.S.      
Revenues      
Total revenues 17,715.1 17,186.5 16,801.7
U.K.      
Revenues      
Total revenues 9,322.0 9,240.4 8,443.4
Retail automotive dealership      
Revenues      
Total revenues 26,156.2 25,209.1 23,694.7
Retail automotive dealership | U.S.      
Revenues      
Total revenues 14,777.6 14,160.5 13,712.7
Retail automotive dealership | U.K.      
Revenues      
Total revenues 9,322.0 9,240.4 8,443.4
Retail automotive dealership | Germany, Italy, Japan, and Australia      
Revenues      
Total revenues 2,056.6 1,808.2 1,538.6
New vehicle | Retail automotive dealership      
Revenues      
Total revenues 12,055.9 11,273.3 10,050.5
Used vehicle | Retail automotive dealership      
Revenues      
Total revenues 8,770.7 8,919.5 9,011.6
Finance and insurance, net | Retail automotive dealership      
Revenues      
Total revenues 811.1 838.6 848.1
Service and parts | Retail automotive dealership      
Revenues      
Total revenues 3,047.4 2,734.3 2,426.7
Fleet and wholesale | Retail automotive dealership      
Revenues      
Total revenues $ 1,471.1 $ 1,443.4 $ 1,357.8
v3.25.0.1
Revenues - Retail Commercial Truck Dealership (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
Retail commercial truck dealership      
Revenues      
Total revenues 3,521.1 3,684.3 3,541.3
New vehicle | Retail commercial truck dealership      
Revenues      
Total revenues 2,359.5 2,480.2 2,308.7
Used vehicle | Retail commercial truck dealership      
Revenues      
Total revenues 227.0 229.9 301.3
Finance and insurance, net | Retail commercial truck dealership      
Revenues      
Total revenues 18.8 21.9 20.5
Service and parts | Retail commercial truck dealership      
Revenues      
Total revenues 886.3 907.3 852.2
Other | Retail commercial truck dealership      
Revenues      
Total revenues $ 29.5 $ 45.0 $ 58.6
v3.25.0.1
Revenues - Contract Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Contract Balances    
Accounts receivable $ 1,002.1 $ 1,114.6
Unearned revenues 266.8 280.2
Contracts in transit    
Contract Balances    
Accounts receivable 281.7 361.9
Vehicle receivables    
Contract Balances    
Accounts receivable 136.3 170.6
Manufacturer receivables    
Contract Balances    
Accounts receivable 233.3 218.9
Trade receivables    
Contract Balances    
Accounts receivable $ 326.9 $ 344.1
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases      
Total undiscounted rent obligations $ 5,339.0    
Sublease rent received $ (16.2) $ (17.0) $ (17.9)
Land and Building | Minimum      
Leases      
Initial lease period (in years) 5 years    
Land and Building | Maximum      
Leases      
Initial lease period (in years) 20 years    
Equipment | Maximum      
Leases      
Initial lease period (in years) 5 years    
v3.25.0.1
Leases - Net operating lease cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease Cost      
Operating lease cost $ 269.9 $ 258.0 $ 254.3
Sublease income (16.2) (17.0) (17.9)
Total lease cost $ 253.7 $ 241.0 $ 236.4
v3.25.0.1
Leases - Cash flow information, weighted average remaining term and discount rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 270.5 $ 258.1 $ 248.5
Right-of-use assets modified or obtained in exchange for operating lease liabilities, net $ 156.1 $ 30.4 $ 116.2
Weighted-average remaining lease term - operating leases 24 years 24 years  
Weighted-average discount rate - operating leases 6.70% 6.70%  
v3.25.0.1
Leases - Maturity of lease liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Maturity of Lease Liabilities    
2025 $ 256.8  
2026 250.3  
2027 240.7  
2028 237.5  
2029 231.4  
2030 and thereafter 4,122.3  
Total future minimum lease payments 5,339.0  
Less: Imputed interest (2,853.0)  
Present value of future minimum lease payments 2,486.0  
Current operating lease liabilities 93.4  
Long-term operating lease liabilities $ 2,392.6 $ 2,336.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Liabilities  
v3.25.0.1
Equity Method Investees - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity Method Investees      
Equity method investments $ 1,827.0 $ 1,774.9  
Equity in earnings of affiliates 200.7 293.7 $ 494.2
Equity method investment, distribution 99.1 169.9 356.6
Retained earnings, undistributed earnings from equity method investees $ 927.5    
Barcelona Premium SL      
Equity Method Investees      
Ownership percentage 50.00%    
Penske Commercial Leasing Australia | Corporate Joint Venture      
Equity Method Investees      
Ownership percentage 28.00%    
Penske Truck Leasing Co LP      
Equity Method Investees      
Equity method investments $ 1,803.9 1,725.1  
Penske Truck Leasing Co LP | Corporate Joint Venture      
Equity Method Investees      
Ownership percentage 28.90%    
Pro rata quarterly distributions, percentage of net income 50.00%    
Debt-to-equity ratio 3.0    
Distribution threshold, percentage of net income 0.80    
Equity method investment, distribution $ 98.4 $ 168.8 $ 356.6
v3.25.0.1
Equity Method Investees - Combination of Operations and Financial Position (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Income Statement Information        
Gross profit $ 5,013.3 $ 4,933.8 $ 4,838.8  
Net income 923.4 1,058.6 1,386.2  
Condensed Balance Sheet Information        
Current assets 5,927.8 5,679.7    
Total assets 16,720.9 15,671.5    
Current liabilities 6,485.9 5,657.9    
Equity 5,227.3 4,755.6 4,174.8 $ 4,095.0
Total liabilities and equity 16,720.9 15,671.5    
Equity method investees        
Condensed Income Statement Information        
Revenues 13,967.4 13,884.1 13,587.3  
Gross profit 2,960.9 2,917.3 3,025.5  
Net income 691.9 1,008.3 $ 1,701.3  
Condensed Balance Sheet Information        
Current assets 2,272.2 2,355.5    
Noncurrent assets 21,564.1 20,966.4    
Total assets 23,836.3 23,321.9    
Current liabilities 5,971.8 3,140.9    
Noncurrent liabilities 13,004.9 15,545.7    
Equity 4,859.6 4,635.3    
Total liabilities and equity $ 23,836.3 $ 23,321.9    
v3.25.0.1
Business Combinations - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
dealership
franchise
Dec. 31, 2023
shop
center
dealership
franchise
Business Combination, Separately Recognized Transactions [Line Items]    
Revenue from date of acquisition of companies acquired | $ $ 1,200.0  
Pre-tax income from date of acquisition of companies acquired | $ $ 27.8  
U.K. | Retail automotive dealership | Franchised Dealerships    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired 16  
Italy | Retail automotive dealership | Franchised Dealerships    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired 2 2
Italy | Retail automotive dealership | Body Shops    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | shop   1
AUSTRALIA | Retail automotive dealership | Franchised Dealerships    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired 3  
AUSTRALIA | Retail automotive dealership | CarShop Used Vehicle Dealerships    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | dealership 1  
AUSTRALIA | Commercial vehicle distribution and other | Service Centers    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | center   1
U.S. | Retail automotive dealership | Franchised Dealerships    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired   2
U.S. | Retail automotive dealership | Franchised Dealerships | Ford | Nonrelated Party    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired 1  
U.S. | Retail commercial truck dealership | Franchised Dealerships | Full-Service Dealership    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | dealership 3  
U.S. | Retail commercial truck dealership | Franchised Dealerships | Collision Center    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | dealership 2  
Canada | Retail automotive dealership | Service And Parts    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | center   2
Canada | Retail commercial truck dealership | Franchised Dealerships | Full-Service Dealership    
Business Combination, Separately Recognized Transactions [Line Items]    
Number of franchises acquired | dealership   3
v3.25.0.1
Business Combinations - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]    
Accounts receivable $ 32.3 $ 0.0
Inventories 256.5 34.2
Other current assets 0.3 0.2
Property and equipment 125.4 38.7
Operating lease right-of-use assets 66.1 0.0
Indefinite-lived intangibles 460.0 145.2
Other noncurrent assets 0.0 0.0
Current liabilities (67.2) (3.4)
Long-term operating lease liabilities (66.1) 0.0
Other noncurrent liabilities (21.1) 0.0
Total cash used in acquisitions $ 786.2 $ 214.9
v3.25.0.1
Business Combinations - Pro Forma Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]    
Revenues $ 31,087.2 $ 31,790.3
Net income attributable to Penske Automotive Group common stockholders $ 928.2 $ 1,091.1
Net income per diluted common share (in dollars per share) $ 13.88 $ 16.05
v3.25.0.1
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory [Line Items]    
Total inventories $ 4,640.2 $ 4,293.1
Retail automotive dealership new vehicles    
Inventory [Line Items]    
Total inventories 2,345.7 1,951.3
Retail automotive dealership used vehicles    
Inventory [Line Items]    
Total inventories 1,119.2 1,186.3
Retail automotive parts, accessories, and other    
Inventory [Line Items]    
Total inventories 167.8 156.2
Retail commercial truck dealership vehicles and parts    
Inventory [Line Items]    
Total inventories 518.4 543.7
Commercial vehicle distribution vehicles, parts, and engines    
Inventory [Line Items]    
Total inventories $ 489.1 $ 455.6
v3.25.0.1
Inventories - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]      
Interest credits and advertising assistance $ 69.4 $ 49.1 $ 53.3
v3.25.0.1
Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property and equipment    
Total $ 4,146.0 $ 3,787.3
Less: Accumulated depreciation (1,139.8) (1,022.1)
Property and equipment, net 3,006.2 2,765.2
Buildings and leasehold improvements    
Property and equipment    
Total 3,040.8 2,763.2
Furniture, fixtures, and equipment    
Property and equipment    
Total $ 1,105.2 $ 1,024.1
v3.25.0.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Buildings and leasehold improvements    
Property and equipment    
Capitalized interest included in buildings and leasehold improvements $ 34.6 $ 30.9
v3.25.0.1
Intangible Assets - Changes in the Carrying Amount of Goodwill and Other Indefinite-Lived Intangibles (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2012
Goodwill        
Beginning balance $ 2,234,900,000 $ 2,154,700,000    
Additions 175,800,000 95,900,000    
Disposals (9,000,000.0) 0    
Impairment 0 (40,700,000) $ 0  
Foreign currency translation (30,400,000) 25,000,000.0    
Ending balance 2,371,300,000 2,234,900,000 2,154,700,000  
Other Indefinite-Lived Intangible Assets        
Beginning balance 748,200,000 690,900,000    
Additions 284,200,000 51,300,000    
Disposals (3,700,000) (100,000)    
Impairment (1,800,000) 0    
Foreign currency translation (15,300,000) 6,100,000    
Ending balance 1,011,600,000 $ 748,200,000 $ 690,900,000  
Goodwill, accumulated impairment loss $ 647,000,000.0     $ 606,300,000
v3.25.0.1
Intangible Assets - Changes in the Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill      
Beginning balance $ 2,234.9 $ 2,154.7  
Additions 175.8 95.9  
Disposals (9.0) 0.0  
Impairment 0.0 (40.7) $ 0.0
Foreign currency translation (30.4) 25.0  
Ending balance 2,371.3 2,234.9 2,154.7
Retail Automotive      
Goodwill      
Beginning balance 1,664.0 1,617.6  
Additions 162.5 64.3  
Disposals (6.0) 0.0  
Impairment   (40.7)  
Foreign currency translation (16.7) 22.8  
Ending balance 1,803.8 1,664.0 1,617.6
Retail Commercial Truck      
Goodwill      
Beginning balance 494.3 462.3  
Additions 13.3 29.9  
Disposals (3.0) 0.0  
Impairment   0.0  
Foreign currency translation (7.1) 2.1  
Ending balance 497.5 494.3 462.3
Other      
Goodwill      
Beginning balance 76.6 74.8  
Additions 0.0 1.7  
Disposals 0.0 0.0  
Impairment   0.0  
Foreign currency translation (6.6) 0.1  
Ending balance $ 70.0 $ 76.6 $ 74.8
v3.25.0.1
Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impairment charges $ 0 $ 40,700,000 $ 0
Impairment of intangible assets $ 1,800,000 $ 0  
v3.25.0.1
Vehicle Financing (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument, Redemption [Line Items]      
Maturity period of floor plan arrangements outside the U.S. if not payable on demand 90 days    
Floor Plan Notes Payable      
Debt Instrument, Redemption [Line Items]      
Weighted average interest rate on floor plan borrowings (as a percent) 4.90% 4.50% 1.90%
v3.25.0.1
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details)
£ in Millions, $ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2023
USD ($)
Debt Instrument      
Total long-term debt $ 1,852.0   $ 1,629.2
Less: current portion (721.2)   (209.7)
Net long-term debt 1,130.8   1,419.5
U.S. credit agreement — revolving credit line      
Debt Instrument      
Total long-term debt 0.0   0.0
U.K. credit agreement — revolving credit line      
Debt Instrument      
Total long-term debt $ 171.4 £ 137.0 $ 0.0
3.50% senior subordinated notes due 2025      
Debt Instrument      
Interest rate 3.50% 3.50% 3.50%
Total long-term debt $ 549.1   $ 547.7
3.75% senior subordinated notes due 2029      
Debt Instrument      
Interest rate 3.75% 3.75% 3.75%
Total long-term debt $ 496.6   $ 495.8
Mortgage facilities      
Debt Instrument      
Total long-term debt 474.8   402.1
Other debt      
Debt Instrument      
Total long-term debt $ 160.1   $ 183.6
v3.25.0.1
Long-Term Debt - Schedules Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 721.2  
2026 22.2  
2027 36.6  
2028 378.1  
2029 521.9  
2030 and thereafter 172.0  
Total long-term debt $ 1,852.0 $ 1,629.2
v3.25.0.1
Long-Term Debt - U.S. Credit Agreement (Details) - USD ($)
$ in Millions
Dec. 02, 2024
Dec. 31, 2024
Dec. 01, 2024
Dec. 31, 2023
Debt Instrument        
Long-term debt   $ 1,852.0   $ 1,629.2
U.S. credit agreement — revolving credit line        
Debt Instrument        
Maximum credit available $ 1,500.0   $ 1,200.0  
Maximum amount available for letters of credit 75.0      
Future borrowings available for foreign acquisitions $ 400.0      
Line of credit basis spread on variable rate (as a percent) 1.50%      
Long-term debt   $ 0.0   $ 0.0
Uncollateralized Borrowings in Excess of Defined Borrowings        
Debt Instrument        
Line of credit basis spread on variable rate (as a percent) 2.00%      
v3.25.0.1
Long-Term Debt - U.K. Credit Agreement (Details)
£ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2023
USD ($)
Debt Instrument      
Long-term debt | $ $ 1,852.0   $ 1,629.2
U.K. credit agreement — revolving credit line      
Debt Instrument      
Maximum credit available   £ 200.0  
Additional facility capacity under accordion feature   100.0  
Long-term debt $ 171.4 £ 137.0 $ 0.0
U.K. credit agreement — revolving credit line | Minimum      
Debt Instrument      
Line of credit basis spread on variable rate (as a percent) 1.10%    
U.K. credit agreement — revolving credit line | Maximum      
Debt Instrument      
Line of credit basis spread on variable rate (as a percent) 2.10%    
v3.25.0.1
Long-Term Debt - Senior Subordinated Notes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
3.50% senior subordinated notes due 2025    
Debt Instrument    
Interest rate 3.50% 3.50%
Principal amount $ 550  
3.75% senior subordinated notes due 2029    
Debt Instrument    
Interest rate 3.75% 3.75%
Principal amount $ 500  
Senior Subordinated Notes    
Debt Instrument    
Domestic subsidiaries ownership guaranteeing obligations 100.00%  
Change of control, redemption price as a percentage of principal 101.00%  
Sale of assets, redemption price as percentage of principal 100.00%  
v3.25.0.1
Long-Term Debt - Mortgage Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument    
Long-term debt $ 1,852.0 $ 1,629.2
Revolving Mortgage Facility    
Debt Instrument    
Maximum credit available 350.0  
Current borrowing capacity $ 336.6  
Line of credit basis spread on variable rate, increase (decrease) (as a percent) 1.68%  
Long-term debt $ 150.0  
Mortgage facilities    
Debt Instrument    
Long-term debt $ 474.8 $ 402.1
v3.25.0.1
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]      
Rent expense for land and facilities $ 263.1 $ 247.9 $ 243.3
Aggregate rent currently guaranteed by the Company 130.8    
Letters of credit outstanding 14.0    
Bank guarantees 18.3    
Surety bonds posted $ 24.7    
v3.25.0.1
Related Party Transactions - Transactions (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
member
Dec. 31, 2024
USD ($)
member
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Related party transactions        
Revenues   $ 30,455,200 $ 29,527,400 $ 27,814,800
Proceeds from sale of property and equipment   26,200 30,700 32,300
Equity method investment, distribution   $ 99,100 169,900 356,600
Penske Corporation | Penske Truck Leasing Co LP        
Related party transactions        
Ownership interest in Penske Truck Leasing Company   41.10%    
Mitsui and Co | Penske Truck Leasing Co LP        
Related party transactions        
Ownership interest in Penske Truck Leasing Company   30.00%    
Related Party        
Related party transactions        
Other expenses   $ 6,000 5,300 5,100
Revenues   1,400 1,300 1,300
Receivables $ 51 51 44  
Payables $ 600 $ 600 500  
Corporate Joint Venture | Penske Truck Leasing Co LP        
Related party transactions        
Ownership percentage 28.90% 28.90%    
Number of members on the advisory board | member   11    
Number of members on the advisory committee the Company is entitled to | member 1 1    
Pro rata quarterly distributions, percentage of net income 50.00% 50.00%    
Partnership interest that my be transferred without complying with the right of first offer   9.02%    
Equity method investment, distribution   $ 98,400 $ 168,800 $ 356,600
Corporate Joint Venture | Penske Truck Leasing Co LP        
Related party transactions        
Purchases of trucks and parts   34,900    
Corporate Joint Venture | Premier Truck Group        
Related party transactions        
Purchases of trucks and parts   $ 5,000    
Proceeds from sale of property and equipment $ 6,900      
v3.25.0.1
Related Party Transactions - Joint venture Relationships (Details)
 1 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Dec. 31, 2024
Penske Truck Leasing Co LP | Corporate Joint Venture      
Related party transactions      
Ownership percentage     28.90%
Penske Commercial Leasing Australia | Corporate Joint Venture      
Related party transactions      
Ownership percentage     28.00%
The Nix Group      
Related party transactions      
Equity ownership interest sold, percentage     50.00%
Join Venture In Kerpen, Germany      
Related party transactions      
Subsidiary, ownership percentage purchased   0.3333  
BMW, MINI, Maserati, Porsche, Audi, Jaguar, Land Rover, Volvo, Mercedes-Benz, smart, Lamborghini      
Related party transactions      
Subsidiary, ownership percentage purchased 0.109    
Fairfield, Connecticut | Audi, Mercedes-Benz, Sprinter, Porsche      
Related party transactions      
Ownership percentage of consolidated entity     80.00%
Greenwich, Connecticut | Mercedes-Benz      
Related party transactions      
Ownership percentage of consolidated entity     80.00%
Northern Italy | BMW, MINI, Maserati, Porsche, Audi, Jaguar, Land Rover, Volvo, Mercedes-Benz, smart, Lamborghini      
Related party transactions      
Ownership percentage of consolidated entity     95.00%
Barcelona, Spain | BMW, MINI, Dongfeng, Xpeng      
Related party transactions      
Ownership percentage     50.00%
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Compensation expense related to the Plan $ 29.1 $ 27.9 $ 25.5
Restricted Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares granted (in shares) 164,528 210,222 291,832
Period over which forfeiture and non-transferable restrictions lapse 4 years    
Unrecognized compensation cost related to the restricted stock $ 42.2    
Restricted common stock outstanding (in shares) 698,904 823,473 1,018,020
Restricted stock units vested (in shares) 278,293 399,362  
Restricted Stock | Share-Based Payment Arrangement, Tranche One      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 15.00%    
Restricted Stock | Share-Based Payment Arrangement, Tranche Two      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 15.00%    
Restricted Stock | Share-Based Payment Arrangement, Tranche Three      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 20.00%    
Restricted Stock | Share-Based Payment Arrangement, Tranche Four      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 50.00%    
Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted common stock outstanding (in shares) 33,497 37,839 49,611
Restricted stock units vested (in shares) 14,160 19,088  
2020 Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Maximum number of shares authorized under the plan (in shares) 5,000,000    
Number of shares of common stock available for grant under the plan (in shares) 3,760,000    
v3.25.0.1
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Balance at the beginning of the period (in shares) 823,473 1,018,020  
Granted (in shares) 164,528 210,222 291,832
Vested (in shares) (278,293) (399,362)  
Forfeited (in shares) (10,804) (5,407)  
Balance at the end of the period (in shares) 698,904 823,473 1,018,020
Weighted Average Grant Date Fair Value      
Balance at the beginning of the period (in dollars per share) $ 94.98 $ 70.03  
Granted (in dollars per share) 150.64 146.48  
Vested (in dollars per share) 79.97 58.62  
Forfeited (in dollars per share) 106.65 87.40  
Balance at the end of the period (in dollars per share) $ 113.87 $ 94.98 $ 70.03
Aggregate Intrinsic Value      
Balance at the end of the period $ 106.5 $ 132.2  
v3.25.0.1
Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securities Repurchase Program      
Aggregate purchase price $ 78.0 $ 385.2 $ 886.5
Securities Repurchase Program      
Securities Repurchase Program      
Repurchases of common stock (in shares) 394,010 2,640,152 8,065,707
Aggregate purchase price $ 58.7 $ 358.7 $ 869.3
Average purchase price per share (in usd per share) $ 148.88 $ 135.86 $ 107.78
Amount authorized to be repurchased $ 156.8    
Acquired Employee Equity Awards      
Securities Repurchase Program      
Repurchases of common stock (in shares) 123,235 168,464 148,440
Aggregate purchase price $ 18.8 $ 23.5 $ 17.2
Average purchase price per share (in usd per share) $ 152.26 $ 139.45 $ 115.97
v3.25.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 4,755.6 $ 4,174.8 $ 4,095.0
Ending balance 5,227.3 4,755.6 4,174.8
Accumulated Other Comprehensive Loss      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (264.1) (335.3) (168.8)
Other comprehensive loss, net of tax (100.4) 71.2 (166.5)
Ending balance (364.5) (264.1) (335.3)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (262.6) (328.1) (174.4)
Other comprehensive loss, net of tax (91.4) 65.5 (153.7)
Ending balance (354.0) (262.6) (328.1)
Other      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1.5) (7.2) 5.6
Other comprehensive loss, net of tax (9.0) 5.7 (12.8)
Ending balance $ (10.5) $ (1.5) $ (7.2)
v3.25.0.1
Income Taxes - Schedule of Income from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. $ 976.4 $ 1,119.9 $ 1,474.5
Non-U.S. 263.5 299.6 384.7
Income before income taxes $ 1,239.9 $ 1,419.5 $ 1,859.2
v3.25.0.1
Income Taxes - Schedule of Income Taxes Relating to Income from Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 215.4 $ 131.0 $ 200.6
State and local 43.1 53.4 71.6
Non-U.S. 71.0 74.7 76.6
Total current 329.5 259.1 348.8
Deferred:      
Federal (19.7) 85.5 98.8
State and local 4.1 10.0 17.1
Non-U.S. 2.6 6.3 8.3
Total deferred (13.0) 101.8 124.2
Income taxes $ 316.5 $ 360.9 $ 473.0
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income taxes at federal statutory rate $ 260.3 $ 298.1 $ 390.4
State and local income taxes, net of federal taxes 40.5 47.7 67.3
Non-U.S. income taxed at other rates 18.3 18.2 4.1
Other (2.6) (3.1) 11.2
Income taxes $ 316.5 $ 360.9 $ 473.0
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets    
Accrued liabilities $ 79.9 $ 77.3
Net operating loss and credit carryforwards 47.0 49.3
Leasing liabilities 641.7 624.8
Other 44.5 36.6
Total deferred tax assets 813.1 788.0
Valuation allowance (59.2) (58.2)
Net deferred tax assets 753.9 729.8
Deferred Tax Liabilities    
Depreciation and amortization (402.2) (354.2)
Partnership investments (930.0) (972.1)
Leasing assets (641.7) (624.8)
Other (11.0) (10.4)
Total deferred tax liabilities (1,984.9) (1,961.5)
Net deferred tax liabilities $ (1,231.0) $ (1,231.7)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]      
Amount of total temporary difference related to the excess of financial reporting basis over tax basis in the non-U.S. subsidiaries on which U.S. federal income taxes are not provided $ 436,100,000    
Valuation allowance against deferred tax assets 59,200,000 $ 58,200,000  
Interest and penalties included within uncertain tax positions 0    
Uncertain tax positions at the end of the period 500,000 $ 500,000 $ 500,000
State and Local Jurisdiction      
Income Tax [Line Items]      
Net operating loss carryforwards 93,300,000    
Net operating loss carryforwards utilized 16,200,000    
Valuation allowance against net operating loss carryforwards 700,000    
Domestic Tax Jurisdiction      
Income Tax [Line Items]      
Valuation allowance against tax credit carryforwards 32,000,000    
Domestic Tax Jurisdiction | Foreign Carryforward      
Income Tax [Line Items]      
Tax credit carryforwards 32,000,000.0    
U.K. Tax Authority      
Income Tax [Line Items]      
Valuation allowance against deferred tax assets 24,200,000    
U.K. Tax Authority | Capital loss carryforwards      
Income Tax [Line Items]      
Tax credit carryforwards 6,300,000    
Germany Tax Authority      
Income Tax [Line Items]      
Valuation allowance against net operating losses and other deferred tax assets 2,300,000    
Foreign | Germany      
Income Tax [Line Items]      
Net operating loss carryforwards 23,900,000    
Foreign | New Zealand      
Income Tax [Line Items]      
Net operating loss carryforwards 300,000    
Foreign | Italy      
Income Tax [Line Items]      
Net operating loss carryforwards $ 100,000    
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting Information [Line Items]  
Number of reportable segments 4
Retail automotive dealership  
Segment Reporting Information [Line Items]  
Number of reportable segments 1
Number of operating segments 2
v3.25.0.1
Segment Information - Revenues and Segment Income by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
Total cost of sales 25,441.9 24,593.6 22,976.0
Selling, general, and administrative expenses:      
Personnel expenses 2,112.1 2,035.8 2,013.3
Advertising expenses 134.4 135.9 122.0
Rent & related expenses 418.2 389.3 370.7
Other expenses 873.8 839.6 717.7
Depreciation 158.0 141.0 127.3
Floor plan interest expense 189.8 133.1 52.4
Other interest expense 87.8 92.6 70.4
Equity in earnings of affiliates 200.7 293.7 494.2
Segment income 1,239.9 1,419.5 1,859.2
Goodwill impairment charges 0.0 40.7 0.0
Retail Automotive      
Segment Reporting Information [Line Items]      
Revenues 26,156.2 25,209.1 23,694.7
Total cost of sales 21,905.6 21,032.9 19,568.3
Selling, general, and administrative expenses:      
Personnel expenses 1,775.6 1,709.9 1,709.1
Advertising expenses 129.4 130.8 116.7
Rent & related expenses 378.6 350.6 333.1
Other expenses 797.0 756.6 630.7
Depreciation 137.4 124.7 112.7
Floor plan interest expense 160.9 116.0 44.5
Other interest expense 82.1 90.3 65.1
Equity in earnings of affiliates 3.1 3.9 3.5
Segment income 792.7 860.5 1,118.0
Goodwill impairment charges   40.7  
Retail Commercial Truck      
Segment Reporting Information [Line Items]      
Revenues 3,521.1 3,684.3 3,541.3
Total cost of sales 2,936.6 3,091.9 2,986.2
Selling, general, and administrative expenses:      
Personnel expenses 264.3 253.6 234.0
Advertising expenses 3.2 3.3 3.5
Rent & related expenses 25.7 25.8 24.7
Other expenses 53.4 57.3 56.8
Depreciation 15.1 11.6 10.0
Floor plan interest expense 19.2 14.5 7.5
Other interest expense 0.0 1.3 3.9
Equity in earnings of affiliates 0.0 0.0 0.0
Segment income 203.6 225.0 214.7
Goodwill impairment charges   0.0  
Other      
Segment Reporting Information [Line Items]      
Revenues 777.9 634.0 578.8
Total cost of sales 599.7 468.8 421.5
Selling, general, and administrative expenses:      
Personnel expenses 72.2 72.3 70.2
Advertising expenses 1.8 1.8 1.8
Rent & related expenses 13.9 12.9 12.9
Other expenses 23.4 25.7 30.2
Depreciation 5.5 4.7 4.6
Floor plan interest expense 9.7 2.6 0.4
Other interest expense 5.7 1.0 1.4
Equity in earnings of affiliates 0.0 0.0 0.0
Segment income 46.0 44.2 35.8
Goodwill impairment charges   0.0  
Non-Automotive Investments      
Segment Reporting Information [Line Items]      
Revenues 0.0 0.0 0.0
Total cost of sales 0.0 0.0 0.0
Selling, general, and administrative expenses:      
Personnel expenses 0.0 0.0 0.0
Advertising expenses 0.0 0.0 0.0
Rent & related expenses 0.0 0.0 0.0
Other expenses 0.0 0.0 0.0
Depreciation 0.0 0.0 0.0
Floor plan interest expense 0.0 0.0 0.0
Other interest expense 0.0 0.0 0.0
Equity in earnings of affiliates 197.6 289.8 490.7
Segment income $ 197.6 $ 289.8 $ 490.7
v3.25.0.1
Segment Information - Total Assets, Equity Method Investments, and Capital Expenditures by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Capital expenditures $ 368.7 $ 375.3 $ 282.5
Retail Automotive      
Segment Reporting Information [Line Items]      
Capital expenditures 322.3 306.9 245.6
Retail Commercial Truck      
Segment Reporting Information [Line Items]      
Capital expenditures 41.0 60.1 31.2
Other      
Segment Reporting Information [Line Items]      
Capital expenditures 5.4 8.3 5.7
Non-Automotive Investments      
Segment Reporting Information [Line Items]      
Capital expenditures $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Segment Information - Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from external customers and Long-lived assets, net      
Revenues $ 30,455.2 $ 29,527.4 $ 27,814.8
Long-lived assets, net 4,943.0 4,603.2  
U.S.      
Revenue from external customers and Long-lived assets, net      
Revenues 17,715.1 17,186.5 16,801.7
Long-lived assets, net 3,529.0 3,255.4  
U.K.      
Revenue from external customers and Long-lived assets, net      
Revenues 9,322.0 9,240.4 8,443.4
Long-lived assets, net 975.5 953.6  
Other International      
Revenue from external customers and Long-lived assets, net      
Revenues 3,418.1 3,100.5 $ 2,569.7
Long-lived assets, net $ 438.5 $ 394.2  
v3.25.0.1
Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for doubtful accounts      
Valuation and qualifying accounts      
Balance at Beginning of Year $ 6.8 $ 6.6 $ 6.8
Additions 3.0 2.2 3.7
Deductions, Recoveries, & Other (3.5) (2.0) (3.9)
Balance at End of Year 6.3 6.8 6.6
Tax valuation allowance      
Valuation and qualifying accounts      
Balance at Beginning of Year 58.2 62.8 67.0
Additions 1.2 3.4 0.6
Deductions, Recoveries, & Other (0.2) (8.0) (4.8)
Balance at End of Year $ 59.2 $ 58.2 $ 62.8