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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Jul. 23, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	GROUP 1 AUTOMOTIVE INC
Entity Central Index Key	0001031203
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,770,190

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 9,544	$ 14,895
Contracts-in-transit and vehicle receivables, net	150,978	167,507
Accounts and notes receivable, net	114,361	92,775
Inventories, net	1,071,927	867,470
Deferred income taxes	18,147	16,012
Prepaid expenses and other current assets	20,154	16,925
Total current assets	1,385,111	1,175,584
PROPERTY AND EQUIPMENT, net	638,971	585,633
GOODWILL	563,181	531,458
INTANGIBLE FRANCHISE RIGHTS	195,535	170,687
OTHER ASSETS	12,459	12,981
Total assets	2,795,257	2,476,343
CURRENT LIABILITIES:
Floorplan notes payable - credit facility	886,237	718,945
Offset account related to floorplan notes payable - credit facility	(101,760)	(109,207)
Floorplan notes payable - manufacturer affiliates	174,783	155,980
Current maturities of long-term debt and short-term financing	25,184	14,663
Current liabilities from interest rate risk management activities	2,119	7,273
Accounts payable	166,127	148,048
Accrued expenses	117,625	109,245
Total current liabilities	1,270,315	1,044,947
LONG-TERM DEBT, net of current maturities	516,970	482,601
DEFERRED INCOME TAXES	83,295	78,459
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES	38,201	26,766
OTHER LIABILITIES	40,702	36,470
COMMITMENTS AND CONTINGENCIES (NOTE 11)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, 1,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value, 50,000 shares authorized; 26,126 and 25,967 issued, respectively	261	260
Additional paid-in capital	368,069	363,375
Retained earnings	636,182	591,037
Accumulated other comprehensive loss	(33,160)	(29,236)
Treasury stock, at cost; 3,382 and 3,260 shares, respectively	(125,578)	(118,336)
Total stockholders' equity	845,774	807,100
Total liabilities and stockholders' equity	$ 2,795,257	$ 2,476,343

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares shares in Thousands	Jun. 30, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000	1,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	26,126	25,967
Treasury securities, shares	3,382	3,260

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
REVENUES:
New vehicle retail sales	$ 1,080,710	$ 809,881	$ 1,993,305	$ 1,594,595
Used vehicle retail sales	456,234	353,047	871,208	676,494
Used vehicle wholesale sales	73,134	60,607	139,991	122,558
Parts and service sales	220,313	204,091	433,414	399,041
Finance, insurance and other, net	65,435	46,519	122,653	90,759
Total revenues	1,895,826	1,474,145	3,560,571	2,883,447
COST OF SALES:
New vehicle retail sales	1,016,868	755,617	1,876,643	1,497,559
Used vehicle retail sales	417,388	318,499	795,965	613,046
Used vehicle wholesale sales	72,811	58,940	136,964	118,397
Parts and service sales	103,415	96,878	205,231	188,459
Total cost of sales	1,610,482	1,229,934	3,014,803	2,417,461
GROSS PROFIT	285,344	244,211	545,768	465,986
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	214,327	183,051	413,439	358,935
DEPRECIATION AND AMORTIZATION EXPENSE	7,742	6,581	14,978	13,036
ASSET IMPAIRMENTS	187	142	288	364
INCOME FROM OPERATIONS	63,088	54,437	117,063	93,651
OTHER EXPENSE:
Floorplan interest expense	(7,863)	(6,521)	(15,482)	(13,281)
Other interest expense, net	(9,190)	(8,225)	(18,230)	(16,167)
INCOME BEFORE INCOME TAXES	46,035	39,691	83,351	64,203
PROVISION FOR INCOME TAXES	(17,410)	(15,008)	(31,609)	(24,158)
NET INCOME	$ 28,625	$ 24,683	$ 51,742	$ 40,045
BASIC EARNINGS PER SHARE	$ 1.25	$ 1.03	$ 2.26	$ 1.67
Weighted average common shares outstanding	21,650	22,533	21,640	22,558
DILUTED EARNINGS PER SHARE	$ 1.20	$ 1.03	$ 2.18	$ 1.66
Weighted average common shares outstanding	22,513	22,651	22,522	22,693
CASH DIVIDENDS PER COMMON SHARE	$ 0.15	$ 0.11	$ 0.29	$ 0.22

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
NET INCOME	$ 28,625	$ 24,683	$ 51,742	$ 40,045
Other comprehensive income (loss):
Foreign currency translation adjustment	(1,400)	(43)	(6)	1,297
Unrealized gain (loss) on marketable securities, net of tax benefit (provision) of ($3), $2, $(5) and $7 respectively	5	(4)	8	(11)
Net unrealized gain (loss) on interest rate swaps:
Unrealized loss arising during the period, net of tax benefit of $4,273, $2,194, $4,566 and $2,407, respectively	(7,122)	(3,656)	(7,610)	(4,012)
Reclassification adjustment for loss included in interest expense, net of tax provision of $1,076, $1,299, $2,210 and $2,595, respectively	1,793	2,166	3,684	4,326
Net unrealized gain (loss) on interest rate swaps, net of tax	(5,329)	(1,490)	(3,926)	314
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(6,724)	(1,537)	(3,924)	1,600
COMPREHENSIVE INCOME	$ 21,901	$ 23,146	$ 47,818	$ 41,645

Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
Tax (benefit) provision on unrealized gain (loss) on marketable securities	$ (3)	$ 2	$ (5)	$ 7
Tax (benefit) of unrealized loss on interest rate swap	4,273	2,194	4,566	2,407
Tax provision of reclassification adjustment	$ 1,076	$ 1,299	$ 2,210	$ 2,595

Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2012 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at Dec. 31, 2011	$ 807,100	$ 260	$ 363,375	$ 591,037	$ (29,236)	$ (118,336)
Balance, shares at Dec. 31, 2011		25,967
Comprehensive income:
Net income	51,742			51,742
Other comprehensive loss, net	(3,924)				(3,924)
Purchases of treasury stock	(11,317)					(11,317)
Issuance of common and treasury shares to employee stock purchase plans	(1,054)	$ (1)	(5,128)			4,075
Issuance of common and treasury shares to employee stock purchase plans, shares		(122)
Proceeds from sales of common stock under employee stock purchase plans	3,105		3,105
Proceeds from sales of common stock under employee stock purchase plans, shares		56
Issuance of restricted stock		$ 2	(2)
Issuance of restricted stock, shares		263
Forfeiture of restricted stock, shares		(38)
Stock-based compensation	5,903		5,903
Tax effect from the vesting of restricted shares	816		816
Cash dividends	(6,597)			(6,597)
Balance at Jun. 30, 2012	$ 845,774	$ 261	$ 368,069	$ 636,182	$ (33,160)	$ (125,578)
Balance, shares at Jun. 30, 2012		26,126

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 51,742	$ 40,045
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	14,978	13,036
Deferred income taxes	6,075	14,110
Asset impairments	288	364
Stock-based compensation	5,915	5,558
Amortization of debt discount and issue costs	6,388	5,848
Gain on real estate transactions	(1,588)
Gain on disposition of assets		(786)
Tax effect from stock-based compensation	(707)	(471)
Other	764	369
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts payable and accrued expenses	17,623	24,890
Accounts and notes receivable	(14,720)	3,963
Inventories	(160,082)	52,803
Contracts-in-transit and vehicle receivables	23,871	8,127
Prepaid expenses and other assets	6,215	1,022
Floorplan notes payable - manufacturer affiliates	(3,077)	32,444
Deferred revenues	594	(948)
Net cash provided by (used in) operating activities	(45,721)	200,374
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	(114,958)	(109,934)
Proceeds from disposition of franchises, property and equipment	213	5,174
Purchases of property and equipment, including real estate	(38,434)	(23,472)
Other	396	756
Net cash used in investing activities	(152,783)	(127,476)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - Floorplan Line	2,797,532	2,443,288
Repayments on credit facility - Floorplan Line	(2,622,793)	(2,501,056)
Borrowings on mortgage facility	18,080
Principal payments on mortgage facility	(1,065)	(532)
Borrowings of other long-term debt	36	79
Principal payments of long-term debt related to real estate loans	(4,703)	(3,793)
Borrowings of long-term debt related to real estate	21,708
Principal payments of other long-term debt	(2,815)	(1,652)
Repurchases of common stock, amounts based on settlement date	(8,496)	(14,009)
Proceeds from issuance of common stock to benefit plans	2,051	1,899
Tax effect from stock-based compensation	707	471
Dividends paid	(6,609)	(5,248)
Net cash provided by (used in) financing activities	193,633	(80,553)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(480)	97
NET DECREASE IN CASH AND CASH EQUIVALENTS	(5,351)	(7,558)
CASH AND CASH EQUIVALENTS, beginning of period	14,895	19,843
CASH AND CASH EQUIVALENTS, end of period	9,544	12,285
SUPPLEMENTAL CASH FLOW INFORMATION:
Purchases of property and equipment, including real estate, accrued in accounts payable and accrued expenses	$ 3,844	$ 258

Interim Financial Information

6 Months Ended

Jun. 30, 2012

Interim Financial Information [Abstract]

INTERIM FINANCIAL INFORMATION

1. INTERIM FINANCIAL INFORMATION

Business and Organization

Group 1 Automotive, Inc., a Delaware corporation, through its subsidiaries, is a leading operator in the automotive retailing industry with operations in 15 states in the United States of America (“U.S.”) and 11 towns in the United Kingdom (“U.K.”). Group 1 Automotive, Inc. and its subsidiaries are herein collectively referred to as the “Company.” The Company, through its regions, sells new and used cars and light trucks; arranges related vehicle financing; service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.

As of June 30, 2012, the Company’s U.S. retail network consisted of the following two regions (with the number of dealerships they comprised): (a) the East (47 dealerships in Alabama, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York and South Carolina), and (b) the West (64 dealerships in California, Kansas, Oklahoma, and Texas). Each region is managed by a regional vice president who reports directly to the Company’s Chief Executive Officer and is responsible for the overall performance of their regions, as well as for overseeing the market directors and dealership general managers that report to them. Each region is also managed by a regional chief financial officer who reports directly to the Company’s Chief Financial Officer. The Company’s 11 dealerships in the U.K. are also managed locally with direct reporting responsibilities to the Company’s corporate management team.

Basis of Presentation

The accompanying unaudited condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying unaudited condensed Consolidated Financial Statements. Due to seasonality and other factors, the results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (“2011 Form 10-K”).

All acquisitions of dealerships completed during the periods presented have been accounted for using the purchase method of accounting and their results of operations are included from the effective dates of the closings of the respective acquisitions. The allocations of purchase price to the assets acquired and liabilities assumed are assigned and recorded based on estimates of fair value. All intercompany balances and transactions have been eliminated in consolidation.

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This update changes certain fair value measurement principles and enhances the disclosure requirements, particularly Level 3 fair value measurements. The Company adopted ASU 2011-04 as of March 31, 2012 and it did not have a material impact on its consolidated financial position or results of operations.

In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment. This update permits an entity to first assess qualitative factors to determine whether it is more likely than not (likelihood more than 50%) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company adopted ASU 2011-08 as of March 31, 2012 and it did not have an impact on its consolidated financial position or results of operations.

In December 2011, the FASB issued ASU 2011-10, Disclosures about Offsetting Assets and Liabilities. This update requires additional disclosures related to offsetting either in accordance with U.S. generally accepted accounting principles (“GAAP”) or master netting arrangements. This ASU is effective for reporting periods beginning after January 1, 2013. The Company does not expect this update to have a material effect on its consolidated financial statements.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
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-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
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-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2012

Acquisitions and Dispositions [Abstract]

ACQUISITIONS AND DISPOSITIONS

2. ACQUISITIONS AND DISPOSITIONS

During the first six months of 2012, the Company acquired one dealership in each of South Carolina, Texas and Kansas, three dealerships in Florida, and six dealerships in the U.K. Consideration paid for these dealerships totaled $115.0 million.

During the first six months of 2011, the Company acquired five dealerships in Texas. Consideration paid for these dealerships totaled $109.9 million. In addition, the Company sold for $4.1 million one nonoperational dealership that qualified as held-for-sale as of December 31, 2010, with no gain or loss recognized by the Company during the six months ended June 30, 2011.

Derivative Instruments and Risk Management Activities

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Risk Management Activities [Abstract]

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT ACTIVITIES

3. DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT ACTIVITIES

The periodic interest rates of the Revolving Credit Facility (as defined in Note 8, “Credit Facilities”), the Mortgage Facility (as defined in Note 9, “Long-Term Debt”) and certain variable-rate real estate related borrowings are indexed to the one-month London Inter Bank Offered Rate (“LIBOR”) plus an associated company credit risk rate. In order to minimize the earnings variability related to fluctuations in these rates, the Company employs an interest rate hedging strategy, whereby it enters into arrangements with various financial institutional counterparties with investment grade credit ratings, swapping its variable interest rate exposure for a fixed interest rate over terms not to exceed the related variable-rate debt.

The Company presents the fair value of all derivatives on its Consolidated Balance Sheets. The Company measures its interest rate derivative instruments utilizing an income approach valuation technique, converting future amounts of cash flows to a single present value in order to obtain a transfer exit price within the bid and ask spread that is most representative of the fair value of its derivative instruments. In measuring fair value, the Company utilizes the option-pricing Black-Scholes present value technique for all of its derivative instruments. This option-pricing technique utilizes a one-month LIBOR forward yield curve, obtained from an independent external service provider, matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation technique incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value estimate of the interest rate derivative instruments also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated by using the spread between the one-month LIBOR yield curve and the relevant average 10 and 20-year rate according to Standard and Poor’s. The Company has determined the valuation measurement inputs of these derivative instruments to maximize the use of observable inputs that market participants would use in pricing similar or identical instruments and market data obtained from independent sources, which is readily observable or can be corroborated by observable market data for substantially the full term of the derivative instrument. Further, the valuation measurement inputs minimize the use of unobservable inputs. Accordingly, the Company has classified the derivatives within Level 2 of the hierarchy framework as described by the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification.

The related gains or losses on these interest rate derivatives are deferred in stockholders’ equity as a component of accumulated other comprehensive loss. These deferred gains and losses are recognized in income in the period in which the related items being hedged are recognized in expense. However, to the extent that the change in value of a derivative contract does not perfectly offset the change in the value of the items being hedged, that ineffective portion is immediately recognized in other income or expense. Monthly contractual settlements of these swap positions are recognized as floorplan or other interest expense in the Company’s accompanying Consolidated Statements of Operations. All of the Company’s interest rate hedges are designated as cash flow hedges.

As of June 30, 2012, the Company held interest rate swaps in effect of $275.0 million in notional value that fixed its underlying one-month LIBOR at a weighted average rate of 4.4%. For the three and six months ended June 30, 2012, the impact of the Company’s interest rate hedges in effect increased floorplan interest expense by $2.6 million and $5.3 million, respectively; for the three and six months ended June 30, 2011, the impact of these interest rate hedges increased floorplan interest by $3.2 million and $6.5 million, respectively. Total floorplan interest expense was $7.9 million and $6.5 million for the three months ended June 30, 2012 and 2011, respectively, and $15.5 million and $13.3 million for the six months ended June 30, 2012 and 2011, respectively.

In addition to the $275.0 million of swaps in effect as of June 30, 2012, the Company has entered into 24 additional interest rate swaps with forward start dates between August 2012 and December 2016 and expiration dates between August 2015 and December 2019. The aggregate notional value of these forward-starting swaps is $875.0 million, with a maximum of $550.0 million in effect at any time, and the weighted average interest rate is 2.7%.

As of June 30, 2012 and December 31, 2011, the Company reflected liabilities from interest rate risk management activities of $40.3 million and $34.0 million, respectively, in its Consolidated Balance Sheets. Several of the Company’s interest rate swaps expire in 2012, as such, the fair value of these instruments are classified as current liabilities in the accompanying Consolidated Balance Sheets. Included in accumulated other comprehensive loss at June 30, 2012 and 2011 are unrealized losses, net of income taxes, totaling $25.2 million and $10.6 million, respectively, related to these hedges.

At June 30, 2012, all of the Company’s derivative contracts were determined to be effective. The Company had no gains or losses related to ineffectiveness or amounts excluded from effectiveness testing recognized in the Consolidated Statements of Operations for either the three months ended June 30, 2012 or 2011, respectively.


	Amount of Unrealized Gain (Loss), Net of Tax, Recognized in OCI
	Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationship	2012			2011
	(In thousands)
Interest rate swap contracts	$	(3,926	)	$	314


	Amount of Loss Reclassified from OCI into Statements of Operations
	Six Months Ended June 30,
Location of Loss Reclassified from OCI into Statements of Operations	2012			2011
	(In thousands)
Floorplan interest expense	$	(5,344	)	$	(6,476	)
Other interest expense	$	(550	)	$	(445	)

The amount expected to be reclassified out of other comprehensive income into earnings (through floorplan interest expense or other interest expense) in the next twelve months is $9.9 million.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation Plans [Abstract]

STOCK-BASED COMPENSATION PLANS

4. STOCK-BASED COMPENSATION PLANS

The Company provides stock-based compensation benefits to employees and non-employee directors pursuant to its 2007 Long Term Incentive Plan, as amended, as well as to employees pursuant to its Employee Stock Purchase Plan, as amended.

2007 Long Term Incentive Plan

The Group 1 Automotive, Inc. 2007 Long Term Incentive Plan (“Incentive Plan”) was amended and restated in May 2010 to increase the number of shares available for issuance under the plan to 7.5 million, for grants to non-employee directors, officers and other employees of the Company and its subsidiaries of: (a) options (including options qualified as incentive stock options under the Internal Revenue Code of 1986 and options that are non-qualified), the exercise price of which may not be less than the fair market value of the common stock on the date of the grant; and (b) stock appreciation rights, restricted stock, performance awards, and bonus stock, each granted at the market price of the Company’s common stock at the date of grant. The Incentive Plan expires on March 8, 2017. The terms of the awards (including vesting schedules) are established by the Compensation Committee of the Company’s Board of Directors. All outstanding option awards are exercisable over a period not to exceed ten years and vest over a period not to exceed five years. Certain of the Company’s option awards are subject to graded vesting over a service period for the entire award. As of June 30, 2012, there were 1,047,140 shares available for issuance under the Incentive Plan.

Restricted Stock Awards

In 2005, the Company began granting to non-employee directors and certain employees, at no cost to the recipient, restricted stock awards or, at their election, restricted stock units pursuant to the Incentive Plan. In 2006, the Company began granting to certain employees, at no cost to the recipient, performance awards pursuant to the Incentive Plan. Restricted stock awards and performance awards qualify as participating securities as each contain non-forfeitable rights to dividends. As such, the two-class method is required for the computation of earnings per share. See Note 5, “Earnings Per Share” for further details. Restricted stock awards are considered outstanding at the date of grant but are subject to forfeiture provisions for periods ranging from six months to five years. Vested restricted stock units, which are not considered outstanding at the grant date, will settle in shares of common stock upon the termination of the grantees’ employment or directorship. Performance awards are considered outstanding at the date of grant and have forfeiture provisions that lapse based on the passage of time and the achievement of certain performance criteria established by the Compensation Committee of the Company’s Board of Directors. During the first six months of June 30, 2012, there were no granted or outstanding performance awards. In the event the employee or non-employee director terminates his or her employment or directorship with the Company prior to the lapse of the restrictions, the shares, in most cases, will be forfeited to the Company. Compensation expense for these awards is calculated based on the price of the Company’s common stock at the date of grant and recognized over the requisite service period. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual or expected forfeitures differ from the previous estimate.

A summary of these awards as of June 30, 2012, along with the changes during the six months then ended, is as follows:


	Awards			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2011		1,154,004		$	28.30
Granted		262,824			54.60
Vested		(65,232	)		26.55
Forfeited		(90,822	)		31.73

Nonvested at June 30, 2012		1,260,774		$	33.63

Employee Stock Purchase Plan

In 1997, the Company adopted the “Group 1 Automotive, Inc. Employee Stock Purchase Plan as amended” (the “Purchase Plan”). The Purchase Plan authorizes the issuance of up to 3.5 million shares of common stock and provides that no options to purchase shares may be granted under the Purchase Plan after March 6, 2016. The Purchase Plan is available to all employees of the Company and its participating subsidiaries and is a qualified plan as defined by Section 423 of the Internal Revenue Code. At the end of each fiscal quarter (the “Option Period”) during the term of the Purchase Plan, the employee acquires shares of common stock from the Company at 85% of the fair market value of the common stock on the first or the last day of the Option Period, whichever is lower. As of June 30, 2012, there were 774,892 shares remaining in reserve for future issuance under the Purchase Plan. During the six months ended June 30, 2012 and 2011, the Company issued 56,149 and 49,177 shares, respectively, of common stock to employees participating in the Purchase Plan.

The weighted average fair value of employee stock purchase rights issued pursuant to the Purchase Plan was $11.68 and $9.59 during the six months ended June 30, 2012 and 2011, respectively. The fair value of stock purchase rights is calculated using the grant date stock price, the value of the embedded call option and the value of the embedded put option.

Stock-Based Compensation

Total stock-based compensation cost was $3.0 million and $2.8 million for the three months ended June 30, 2012 and 2011, respectively, and $5.9 million and $5.6 million for the six months ended June 30, 2012 and 2011, respectively. Cash received from option exercises and Purchase Plan purchases was $3.1 million and $1.9 million for the six months ended June 30, 2012 and 2011, respectively. Additional paid-in capital increased by $0.8 million and $0.5 million for the six months ended June 30, 2012 and 2011, respectively, for the effect of tax deductions for options exercised and vesting of restricted shares that were more than the associated book expense previously recognized. Total income tax benefit recognized for stock-based compensation arrangements was $1.6 million and $1.5 million for the six months ended June 30, 2012 and 2011, respectively.

The Company issues new shares or treasury shares, if available, when options are exercised or restricted stock vests. With respect to shares issued under the Purchase Plan, the Company’s Board of Directors has authorized specific share repurchases to fund the shares issuable under the Purchase Plan.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

5. EARNINGS PER SHARE

The two-class method is utilized for the computation of Earnings Per Share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents. The Company’s restricted stock awards qualify as participating securities as each contain non-forfeitable rights to dividends. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.

The following table sets forth the calculation of EPS for the three and six months ended June 30, 2012 and 2011:


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding		21,650		22,533		21,640		22,558
Dilutive effect of contingently Convertible 3.00% Notes		851		107		871		123
Dilutive effect of stock options, net of assumed repurchase of treasury stock		4		8		5		10
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock		8		3		6		2

Weighted average dilutive common shares outstanding		22,513		22,651		22,522		22,693


Basic:
Net Income	$	28,625	$	24,683	$	51,742	$	40,045
Less: Earnings allocated to participating securities		1,628		1,426		2,822		2,308

Earnings available to basic common shares	$	26,997	$	23,257	$	48,920	$	37,737

Basic earnings per common share	$	1.25	$	1.03	$	2.26	$	1.67
Diluted:
Net Income	$	28,625	$	24,683	$	51,742	$	40,045
Less: Earnings allocated to participating securities		1,576		1,420		2,730		2,296

Earnings available to diluted common shares	$	27,049	$	23,263	$	49,012	$	37,749

Diluted earnings per common share	$	1.20	$	1.03	$	2.18	$	1.66

Any options with exercise prices in excess of the average market price of the Company’s common stock during each of the quarterly periods in the years presented are not considered when calculating the dilutive effect of stock options for the diluted EPS calculations. The weighted average number of stock-based awards not included in the calculation of the dilutive effect of stock-based awards was immaterial for both the three and six months ended June 30, 2012 and 2011.

As discussed in Note 9, “Long-Term Debt” below, the Company is required to include the dilutive effect, if applicable, of the net shares issuable under the 2.25% Notes (as defined in Note 9) and the 2.25% Warrants sold in connection with the 2.25% Notes (“2.25% Warrants”) in its diluted common shares outstanding for the diluted earnings calculation. Although the ten-year call options the Company purchased on its common stock in connection with the issuance of the 2.25% Notes (“2.25% Purchased Options”) have the economic benefit of decreasing the dilutive effect of the 2.25% Notes, the Company cannot factor this benefit into the diluted common shares outstanding for the diluted earnings calculation since the impact would be anti-dilutive. Since the average price of the Company’s common stock for the six months ended June 30, 2012 was less than the conversion price in effect at the end of the respective periods, no net shares were included in the computation of diluted EPS for such period, as the impact would have been anti-dilutive. Refer to Note 9 for a description of the change to the conversion price, which occurred during the three months ended June 30, 2012 as a result of the Company’s decision to pay a cash dividend in excess of $0.14.

In addition, the Company is required to include the dilutive effect, if applicable, of the net shares issuable under the 3.00% Notes (as defined in Note 9) and the 3.00% Warrants sold in connection with the 3.00% Notes (“3.00% Warrants”). Although the ten-year call options the Company purchased on its common stock in connection with the issuance of the 3.00% Notes (“3.00% Purchased Options”) have the economic benefit of decreasing the dilutive effect of the 3.00% Notes, the Company cannot factor this benefit into the diluted common shares outstanding for the diluted earnings calculation since the impact would be anti-dilutive. Since the average price of the Company’s common stock for the six months ended June 30, 2012 was more than the conversion price in effect at the end of the respective periods, the dilutive effect of the 3.00% Notes and 3.00% Warrants was included in the computation of diluted earnings per share. Refer to Note 9 for a description of the change to the conversion price, which occurred during the three months ended June 30, 2012 as a result of the Company’s decision to pay a cash dividend.

Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

6. INCOME TAXES

The Company is subject to U.S. federal income taxes and income taxes in numerous states. In addition, the Company is subject to income tax in the U.K. relative to its foreign subsidiaries. The effective income tax rate of 37.8% of pretax income for the three months ended June 30, 2012 differed from the federal statutory rate of 35.0% due primarily to taxes provided for the taxable state jurisdictions in which the Company operates.

For the six months ended June 30, 2012, the Company’s effective tax rate increased to 37.9% from 37.6% for the same period in 2011. The change was primarily due to the mix of pretax income from the taxable state jurisdictions in which the Company operates.

As of June 30, 2012 and December 31, 2011, the Company had no unrecognized tax benefits. Consistent with prior practice, the Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company did not incur any interest and penalties nor did it accrue any interest for the six months ended June 30, 2012.

Taxable years 2007 and subsequent remain open for examination by the Company’s major taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Detail of Certain Balance Sheet Accounts

6 Months Ended

Jun. 30, 2012

Detail of Certain Balance Sheet Accounts [Abstract]

DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS

7. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS

Accounts and notes receivable consisted of the following:


	June 30, 2012		December 31, 2011
	(unaudited)
	(In thousands)
Amounts due from manufacturers	$	52,573	$	48,912
Parts and service receivables		17,991		16,956
Finance and insurance receivables		16,438		16,755
Other		28,503		11,395

Total accounts and notes receivable		115,505		94,018
Less allowance for doubtful accounts		1,144		1,243

Accounts and notes receivable, net	$	114,361	$	92,775

During the three months ended June 30, 2012, the Company sustained damage to its new and used inventory, as well as real estate due to a hail storm in Oklahoma. The Company recorded a $2.7 million charge in selling, general, and administrative (“SG&A”) expense for its insurance deductible, as well as $16.9 million in related receivables for losses incurred which is included in other receivables as of June 30, 2012 and subsequently received in July 2012.

Inventories consisted of the following:


	June 30, 2012		December 31, 2011
	(unaudited)
	(In thousands)
New vehicles	$	763,357	$	610,694
Used vehicles		194,097		153,648
Rental vehicles		64,952		57,790
Parts, accessories and other		49,521		45,338

Inventories, net	$	1,071,927	$	867,470

New and used vehicles are valued at the lower of specific cost or market and are removed from inventory using the specific identification method. Parts and accessories are valued at lower of cost or market determined on a first-in, first-out basis.

Property and equipment consisted of the following:


	Estimated Useful Lives in Years		June 30, 2012		December 31, 2011
			(unaudited)
			(Dollars in thousands)
Land		—	$	231,349	$	211,754
Buildings		30 to 40		317,490		284,638
Leasehold improvements		up to 30		92,051		86,084
Machinery and equipment		7 to 20		64,657		59,316
Furniture and fixtures		3 to 10		59,043		54,406
Company vehicles		3 to 5		10,493		9,877
Construction in progress		—		19,412		16,719

Total				794,495		722,794
Less accumulated depreciation				155,524		137,161

Property and equipment, net			$	638,971	$	585,633

During the six months ended June 30, 2012, the Company incurred $26.2 million of capital expenditures for the construction of new or expanded facilities and the purchase of equipment and other fixed assets in the maintenance of the Company’s dealerships and facilities. In addition, the Company purchased real estate during the six months ended June 30, 2012 associated with existing dealership operations totaling $8.1 million. And, in conjunction with the Company’s acquisition of 12 separate dealerships during the six months ended June 30, 2012, the Company acquired $34.4 million of real estate and other property and equipment.

Credit Facilities

6 Months Ended

Jun. 30, 2012

Credit Facilities [Abstract]

CREDIT FACILITIES

8. CREDIT FACILITIES

The Company has a $1.35 billion revolving syndicated credit arrangement with 21 financial institutions including four manufacturer-affiliated finance companies (“Revolving Credit Facility”). The Company also has a $150.0 million floorplan financing arrangement with Ford Motor Credit Company (“FMCC Facility”), as well as arrangements with BMW Financial Services for financing of its new and used vehicles in the U.K. and with several other automobile manufacturers for financing of a portion of its rental vehicle inventory. Within the Company’s Consolidated Balance Sheets, Floorplan Notes Payable—Credit Facility reflects amounts payable for the purchase of specific new, used and rental vehicle inventory (with the exception of new and rental vehicle purchases financed through lenders affiliated with the respective manufacturer) whereby financing is provided by the Revolving Credit Facility. Floorplan Notes Payable—Manufacturer Affiliates reflects amounts payable for the purchase of specific new vehicles whereby financing is provided by the FMCC Facility, the financing of new and used vehicles in the U.K. with BMW Financial Services and the financing of rental vehicle inventory with several other manufacturers. Payments on the floorplan notes payable are generally due as the vehicles are sold. As a result, these obligations are reflected in the accompanying Consolidated Balance Sheets as current liabilities.

The Company receives interest assistance from certain automobile manufacturers. Over the past three years, manufacturers’ interest assistance as a percentage of the Company’s total consolidated floorplan interest expense has ranged from 62.6% for the fourth quarter of 2009 to 110.1% for the second quarter of 2012.

Revolving Credit Facility

The Revolving Credit Facility expires on June 1, 2016 and consists of two tranches: $1.1 billion for vehicle inventory floorplan financing (“Floorplan Line”) and $250.0 million for working capital, including acquisitions (“Acquisition Line”). Up to half of the Acquisition Line can be borrowed in either Euros or Pound Sterling. The capacity under these two tranches can be re-designated within the overall $1.35 billion commitment, subject to the original limits of a minimum of $1.1 billion for the Floorplan Line and maximum of $250.0 million for the Acquisition Line. The Revolving Credit Facility can be expanded to its maximum commitment of $1.6 billion, subject to participating lender approval. The Floorplan Line bears interest at rates equal to the one-month LIBOR plus 150 basis points for new vehicle inventory and the one-month LIBOR plus 175 basis points for used vehicle inventory. The Acquisition Line bears interest at the one-month LIBOR plus a margin that ranges from 150 to 250 basis points, depending on the Company’s leverage ratio. The Floorplan Line also requires a commitment fee of 0.20% per annum on the unused portion. The Acquisition Line requires a commitment fee ranging from 0.25% to 0.45% per annum, depending on the Company’s leverage ratio, based on a minimum commitment of $100.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $5.8 million of related unamortized costs as of June 30, 2012 that are being amortized over the term of the facility.

After considering outstanding balances of $784.5 million at June 30, 2012, the Company had $315.5 million of available floorplan borrowing capacity under the Floorplan Line. Included in the $315.5 million available borrowings under the Floorplan Line was $101.8 million of immediately available funds. The weighted average interest rate on the Floorplan Line was 1.7% and 1.8% as of June 30, 2012 and December 31, 2011, respectively, excluding the impact of the Company’s interest rate swaps. Amounts borrowed by the Company under the Floorplan Line of the Revolving Credit Facility for specific vehicle inventory are to be repaid upon the sale of the vehicle financed, and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. With regards to the Acquisition Line, no borrowings were outstanding as of June 30, 2012 or December 31, 2011. The amount of available borrowing capacity under the Acquisition Line is limited from time to time based upon certain debt covenants. After considering $24.3 million of outstanding letters of credit and other factors included in the Company’s available borrowing base calculation, there was $225.7 million of available borrowing capacity under the Acquisition Line as of June 30, 2012.

All of the Company’s domestic dealership-owning subsidiaries are co-borrowers under the Revolving Credit Facility. The Company’s obligations under the Revolving Credit Facility are secured by essentially all of the Company’s domestic personal property (other than equity interests in dealership-owning subsidiaries) including all motor vehicle inventory and proceeds from the disposition of dealership-owning subsidiaries. The Revolving Credit Facility contains a number of significant covenants that, among other things, restrict the Company’s ability to make disbursements outside of the ordinary course of business, dispose of assets, incur additional indebtedness, create liens on assets, make investments and engage in mergers or consolidations. The Company is also required to comply with specified financial tests and ratios defined in the Revolving Credit Facility, such as fixed charge coverage, total leverage, and senior secured leverage. Further, the Revolving Credit Facility restricts the Company’s ability to make certain payments, such as dividends or other distributions of assets, properties, cash, rights, obligations or securities (“Restricted Payments”). The Restricted Payments shall not exceed the sum of $100.0 million plus (or minus if negative) (a) one-half of the aggregate consolidated net income of the Company for the period beginning on January 1, 2011 and ending on the date of determination and (b) the amount of net cash proceeds received from the sale of capital stock on or after January 1, 2011 and ending on the date of determination (“Restricted Payment Basket”). For purposes of the calculation of the Restricted Payment Basket, net income represents such amounts per the consolidated financial statements adjusted to exclude the Company’s foreign operations, non-cash interest expense, non-cash asset impairment charges, and non-cash stock-based compensation. As of June 30, 2012, the Restricted Payment Basket totaled $97.3 million. As of June 30, 2012, the Company was in compliance with all applicable covenants and ratios under the Revolving Credit Facility.

Ford Motor Credit Company Facility

The FMCC Facility provides for the financing of, and is collateralized by, the Company’s Ford new vehicle inventory, including affiliated brands. This arrangement provides for $150.0 million of floorplan financing and is an evergreen arrangement that may be canceled with 30 days notice by either party. As of June 30, 2012, the Company had an outstanding balance of $103.3 million under the FMCC Facility with an available floorplan borrowing capacity of $46.7 million. This facility bears interest at a rate of Prime plus 150 basis points minus certain incentives; however, the prime rate is defined to be a minimum of 3.75%. As of June 30, 2012, the interest rate on the FMCC Facility was 5.25% before considering the applicable incentives.

Other Credit Facilities

The Company has a credit facility with BMW Financial Services and Volkswagen Finance for the financing of new, used and rental vehicle inventories related to its U.K. operations. These facilities are evergreen arrangements that may be canceled with notice by either party and bears interest of a base rate, plus a surcharge that varies based upon the type of vehicle being financed. Dependent upon the type of inventory financed, the interest rates charged on borrowings outstanding under these facilities ranged from 1.1% to 4.5%, as of June 30, 2012.

Excluding rental vehicles financed through the Revolving Credit Facility, financing for rental vehicles is typically obtained directly from the automobile manufacturers. These financing arrangements generally require small monthly payments and mature in varying amounts over the next two years. As of June 30, 2012, the interest rate charged on borrowings related to the Company’s rental vehicle fleet varied up to 5.3%. Rental vehicles are typically transferred to used vehicle inventory when they are removed from rental service and repayment of the borrowing is required at that time.

Long-Term Debt

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

LONG-TERM DEBT

9. LONG-TERM DEBT

The Company carries its long-term debt at face value, net of applicable discounts. Long-term debt consisted of the following:


	June 30, 2012		December 31, 2011
	(Dollars in thousands)
2.25% Convertible Senior Notes	$	148,603	$	144,985
3.00% Convertible Senior Notes		79,018		77,401
Mortgage Facility		58,018		41,003
Real Estate Related and Other Long-Term Debt		211,139		194,580
Capital lease obligations related to real estate, maturing in varying amounts through November 2032 with a weighted average interest rate of 9.3%		37,024		39,295

		533,802		497,264
Less current maturities of long-term debt		16,832		14,663

	$	516,970	$	482,601

Fair Value of Long-Term Debt

The Company’s outstanding 2.25% Convertible Senior Notes (“2.25% Notes”) had a fair value of $189.0 million and $192.3 million as of June 30, 2012 and December 31, 2011, respectively. The Company’s outstanding 3.00% Convertible Senior Notes (“3.00% Notes”) had a fair value of $159.4 million and $170.6 million as of June 30, 2012 and December 31, 2011, respectively. The carrying value of the Company’s variable rate debt approximates fair value due to the short-term nature of the interest rates.

The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of June 30, 2012 and December 31, 2012. The Company determined the estimated fair value of its long-term debt using available market information and commonly accepted valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, these estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a material effect on estimated fair values. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

2.25% Convertible Senior Notes

As of June 30, 2012 and December 31, 2011, the carrying value of the 2.25% Notes, related discount and equity component consisted of the following:


	June 30, 2012			December 31, 2011
	(In thousands)
Carrying amount of equity component	$	65,270		$	65,270
Allocated underwriter fees, net of taxes		(1,475	)		(1,475	)
Allocated debt issuance cost, net of taxes		(58	)		(58	)

Total net equity component	$	63,737		$	63,737

Deferred income tax component	$	12,175		$	13,452

Principal amount of 2.25% Notes	$	182,753		$	182,753
Unamortized discount		(32,862	)		(36,344	)
Unamortized underwriter fees		(1,288	)		(1,424	)

Net carrying amount of liability component	$	148,603		$	144,985

Unamortized debt issuance cost	$	51		$	56

The Company determined the discount using the estimated effective interest rate for similar debt with no convertible features. The original effective interest rate of 7.5% was estimated by comparing debt issuances from companies with similar credit ratings during the same annual period as the Company. The effective interest rate differs due to the impact of underwriter fees associated with this issuance that were capitalized as an additional discount and are being amortized to interest expense through 2016. The effective interest rate may change in the future as a result of future repurchases of the 2.25% Notes. The Company utilized a ten-year term for the assessment of the fair value of its 2.25% Notes.

For the six months ended June 30, 2012 and 2011, the contractual interest expense and the discount amortization, which is recorded as interest expense in the accompanying Consolidated Statements of Operations, were as follows:


	Six Months Ended June 30,
	2012			2011
	(Dollars in thousands)
Year-to-date contractual interest expense	$	2,056		$	2,056
Year-to-date discount amortization ⁽¹⁾	$	3,404		$	3,140
Effective interest rate of liability component		7.7	%		7.7	%

(1)	Represents the incremental impact of the accounting for convertible debt as primarily codified in ASC 470.

The 2.25% Notes are convertible into cash and, if applicable, common stock based on the conversion rate, subject to adjustment, including a quarterly cash dividend in excess of $0.14 per share, under the following circumstances: (a) during any calendar quarter (and only during such calendar quarter) beginning after September 30, 2006, if the closing price of the Company’s common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the applicable conversion price per share (or $77.24 as of June 30, 2012); (b) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount for each day of the ten day trading period was less than 98% of the product of the last reported sale/bid price of the Company’s common stock and the conversion rate on that day; and (c) upon the occurrence of specified corporate transactions set forth in the 2.25% Notes Indenture. Upon conversion, a holder will receive an amount in cash and common shares of the Company’s common stock, determined in the manner set forth in the 2.25% Notes Indenture.

As of June 30, 2012, the conversion rate was 16.8298 shares of common stock per $1,000 principal amount of 2.25% Notes, with a conversion price of $59.42 per share, which was reduced during the second quarter of 2012 as the result of the Company’s decision to pay a cash dividend in excess of $0.14 per share. If any cash dividend or distribution is made to all, or substantially all, holders of the Company’s common stock in excess of $0.14 per share in the future, the conversion rate will be adjusted based on the formula defined in the 2.25% Notes Indenture.

As of June 30, 2012, the exercise price of the 2.25% Warrants, which are related to the issuance of the 2.25% Notes, was $80.30 due to the Company’s decision to pay a cash dividend in excess of $0.14 per share. If any cash dividend or distribution is made to all, or substantially all, holders of the Company’s common stock in excess of $0.14 per share in the future, the conversion rate will be adjusted based on the formula defined in the 2.25% Notes Indenture.

Under the terms of the 2.25% Purchased Options, which become exercisable upon conversion of the 2.25% Notes, the Company has the right to receive a total of 4.8 million shares of its common stock at the conversion price then in effect. The exercise price is subject to certain adjustments that mirror the adjustments to the conversion price of the 2.25% Notes (including payments of cash dividends in excess of $0.14 per share).

3.00% Convertible Senior Notes

As of June 30, 2012 and December 31, 2011, the carrying value of the 3.00% Notes, related discount and equity component consisted of the following:


	June 30, 2012			December 31, 2011
	(In thousands)
Carrying amount of equity component	$	25,359		$	25,359
Allocated underwriter fees, net of taxes		(760	)		(760	)
Allocated debt issuance cost, net of taxes		(112	)		(112	)

Total net equity component	$	24,487		$	24,487

Deferred income tax component	$	12,413		$	12,956

Principal amount of 3.00% Notes	$	115,000		$	115,000
Unamortized discount		(34,105	)		(35,638	)
Unamortized underwriter fees		(1,877	)		(1,961	)

Net carrying amount of liability component	$	79,018		$	77,401

Unamortized debt issuance cost	$	277		$	289

The Company determined the discount using the estimated effective interest rate for similar debt with no convertible features. The original effective interest rate of 8.25% was estimated by receiving a range of quotes from the underwriters for the estimated rate that the Company could reasonably expect to issue non-convertible debt for the same tenure. The effective interest rate differs from the 8.25%, due to the impact of underwriter fees associated with this issuance that were capitalized as an additional discount and are being amortized to interest expense through 2020. The effective interest rate may change in the future as a result of future repurchases of the 3.00% Notes. The Company utilized a ten-year term for the assessment of the fair value of its 3.00% Notes.


	Six Months Ended June 30,
	2012			2011
	(Dollars in thousands)
Year-to-date contractual interest expense	$	1,725		$	1,725
Year-to-date discount amortization ⁽¹⁾	$	1,449		$	1,322
Effective interest rate of liability component		8.6	%		8.6	%

(1)	Represents the incremental impact of the accounting for convertible debt as primarily codified in ASC 470.

The 3.00% Notes are convertible into cash and, if applicable, common stock based on the conversion rate, subject to adjustment, on the business day preceding September 15, 2019, under the following circumstances: (a) during any fiscal quarter (and only during such fiscal quarter) beginning after June 30, 2010, if the last reported sale price of the Company’s common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the applicable conversion price per share (or $49.23 as of June 30, 2012) (“Stock Price Trigger”); (b) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount for each day of the ten day trading period was less than 98% of the product of the last reported sale/bid price of the Company’s common stock and the conversion rate on that day; and (c) upon the occurrence of specified corporate transactions set forth in the 3.00% Notes Indenture. Upon conversion, a holder will receive an amount in cash and common shares of the Company’s common stock, determined in the manner set forth in the 3.00% Notes Indenture. As a result of the Stock Price Trigger in the first quarter of 2012, the 3.00% Notes were convertible at the option of holders during the three months ended June 30, 2012, however, as of June 30, 2012, the 3.00% Notes are no longer convertible. Upon conversion, a holder will receive an amount in cash and common shares of the Company’s common stock, determined in the manner set forth in the 3.00% Notes Indenture. The if-converted value of the 3.00% Notes exceeded the principal amount of the 3.00% Notes by $23.4 million at June 30, 2012.

As of June 30, 2012, the conversion rate was 26.4086 shares of common stock per $1,000 principal amount of 3.00% Notes, with a conversion price of $37.87 per share, which was reduced during the second quarter of 2012 as the result of the Company’s decision to pay a cash dividend. If any cash dividend or distribution is made to all, or substantially all, holders of the Company’s common stock in the future, the conversion rate will be adjusted based on the formula defined in the 3.00% Notes Indenture.

As of June 30, 2012, the exercise price of the 3.00% Warrants, which are related to the issuance of the 3.00% Notes, was $55.64 due to the Company’s decision to pay a cash dividend. If any cash dividend or distribution is made to all, or substantially all, holders of the Company’s common stock in the future, the conversion rate will be adjusted based on the formula defined in the 3.00% Notes Indenture.

Under the terms of the 3.00% Purchased Options, which become exercisable upon conversion of the 3.00% Notes, the Company has the right to receive a total of 3.0 million shares of its common stock at the conversion price then in effect. The exercise price is subject to certain adjustments that mirror the adjustments to the conversion price of the 3.00% Notes (including payments of cash dividends).

Real Estate Credit Facility

As amended and restated, the Company’s real estate credit facility with Bank of America, N.A. and Comerica Bank (“Mortgage Facility”) provides the right to expand to $83.4 million of term loans, of which $60.7 million has been used as of June 30, 2012. The term loans can be expanded provided that (a) no default or event of default exists under the Mortgage Facility; (b) the Company obtains commitments from the lenders who would qualify as assignees for such increased amounts; and (c) certain other agreed upon terms and conditions have been satisfied. This facility is guaranteed by the Company and substantially all of the domestic subsidiaries of the Company and is secured by the relevant real property owned by the Company that is mortgaged under the Mortgage Facility. The Company capitalized $0.9 million of debt issuance costs related to the Mortgage Facility that are being amortized over the term of the facility, $0.7 million of which were still unamortized as of June 30, 2012.

The interest rate is equal to (a) the per annum rate equal to one-month LIBOR plus 2.50% per annum, determined on the first day of each month, or (b) 1.45% per annum in excess of the higher of (i) the Bank of America prime rate (adjusted daily on the day specified in the public announcement of such price rate), (ii) the Federal Funds Rate adjusted daily, plus 0.5%, or (iii) the per annum rate equal to the one-month LIBOR plus 1.05% per annum. The Federal Funds Rate is the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the business day succeeding such day.

The Company is required to make quarterly principal payments equal to 1.25% of the principal amount outstanding, which began in April 2011, and is required to repay the aggregate amount outstanding on the maturity dates, from December 29, 2015 through February 27, 2017. During the six months ended June 30, 2012, the Company borrowed an additional $18.1 million to finance the acquisition and/or improvement of dealership facilities and made principal payments of $1.1 million on outstanding borrowings from the Mortgage Facility. As of June 30, 2012, borrowings under the amended and restated Mortgage Facility totaled $58.0 million, with $3.0 million recorded as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets.

The Mortgage Facility also contains usual and customary provisions limiting the Company’s ability to engage in certain transactions, including limitations on the Company’s ability to incur additional debt, additional liens, make investments, and pay distributions to its stockholders. In addition, effective December 31, 2011, the Mortgage Facility was amended to require certain financial covenants that are identical to those contained in the Company’s Revolving Credit Facility. As of June 30, 2012, the Company was in compliance with all applicable covenants and ratios under the Revolving Credit Facility.

Real Estate Related Debt

The Company has entered into separate term mortgage loans with three of its manufacturer-affiliated finance partners—Toyota Motor Credit Corporation (“TMCC”), Mercedes-Benz Financial Services USA, LLC (“MBFS”), BMW Financial Services NA, LLC (“BMWFS”) and several third-party financial institutions (collectively, “Real Estate Notes”). The Real Estate Notes are on specific buildings and/or properties and are guaranteed by the Company. Each loan was made in connection with, and is secured by mortgage liens on, the relevant real property owned the Company that is mortgaged under the Real Estate Notes. The Real Estate Notes bear interest at fixed rates between 4.56% and 5.47%, and at variable indexed rates plus a spread between 2.25% and 3.35% per annum. The Company capitalized $1.3 million of related debt issuance costs related to the Real Estate Notes that are being amortized over the terms of the notes, $1.1 million of which were still unamortized as of June 30, 2012.

The loan agreements with TMCC consist of six term loans, one of which was added during the first quarter of 2012 for $4.0 million. As of June 30, 2012, $41.1 million was outstanding under the TMCC term loans with $1.3 million classified as current. The maturity dates vary from two to seven years and provide for monthly payments based on a 20-year amortization schedule. These six loans are cross-collateralized and cross-defaulted with each other and are cross-defaulted with the Revolving Credit Facility.

The loan agreements with MBFS consist of three term loans. As of June 30, 2012, $47.9 million was outstanding under the MBFS term loans with $1.6 million classified as current. The agreements provide for monthly payments based on a 20-year amortization schedule and have a maturity date of five years. These three loans are cross-collateralized and cross-defaulted with each other. They are also cross-defaulted with the Revolving Credit Facility.

The loan agreements with BMWFS consist of 14 term loans, one of which was added during the first quarter of 2012 for $5.6 million to finance the acquisition of a dealership facility. As of June 30, 2012, $74.3 million was outstanding under the BMWFS term loans with $3.8 million classified as current. The agreements provide for monthly payments based on a 15-year amortization schedule and have a maturity date of seven years. In the case of three properties owned by subsidiaries, the applicable loan is also guaranteed by the subsidiary real property owner. These 14 loans are cross-collateralized with each other. In addition, they are cross-defaulted with each other, the Revolving Credit Facility, and certain dealership franchising agreements with BMW of North America, LLC.

In addition, agreements with third-party financial institutions consist of four term loans for an aggregate principal amount of $24.9 million, to finance real estate associated with four of the Company’s dealerships. The loans are being repaid in monthly installments that began in September 2011 and will mature in May 2017. As of June 30, 2012, borrowings under these notes totaled $24.1 million, with $1.2 million classified as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets. These four loans are cross-defaulted with the Revolving Credit Facility.

In 2008, the Company executed a note agreement with another third-party financial institution for an aggregate principal amount of £10.0 million, which is secured by the Company’s foreign subsidiary properties. In addition, during the three months ended June 30, 2012, the Company borrowed £2.4 million to partially finance the acquisition of six U.K. dealerships. These agreements combined (“Foreign Notes”) are being repaid in monthly installments that began in March 2010 and mature in June 2024. As of June 30, 2012, borrowings under the Foreign Notes totaled $15.1 million, with $2.1 million classified as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets.

Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

10. FAIR VALUE MEASUREMENTS

Accounting Standards Codification (“ASC”) 820 defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; requires disclosure of the extent to which fair value is used to measure financial and non-financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date; establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date:

•

Level 1—unadjusted, quoted prices for identical assets or liabilities in active markets;

•

Level 2—quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and

•

Level 3—unobservable inputs based upon the reporting entity’s internally developed assumptions that market participants would use in pricing the asset or liability.

The Company’s financial instruments consist primarily of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, investments in debt and equity securities, accounts payable, credit facilities, long-term debt and interest rate swaps. The fair values of cash and cash equivalents, contracts-in-transit and vehicle receivables, accounts and notes receivable, accounts payable, and credit facilities approximate their carrying values due to the short-term nature of these instruments or the existence of variable interest rates.

The Company designates its investments in marketable securities and debt instruments as available-for-sale, measures them at fair value, and classifies them as either cash and cash equivalents or other assets in the accompanying Consolidated Balance Sheets based upon maturity terms and certain contractual restrictions. The Company maintains multiple trust accounts comprised of money market funds with short-term investments in marketable securities, such as U.S. government securities, commercial paper and bankers’ acceptances, that have maturities of less than three months. The Company determined that the valuation measurement inputs of these marketable securities represent unadjusted quoted prices in active markets and, accordingly, has classified such investments within Level 1 of the hierarchy framework.

The Company, within its trust accounts, also holds investments in debt instruments, such as government obligations and other fixed income securities. The debt securities are measured based upon quoted market prices utilizing public information, independent external valuations from pricing services or third-party advisors. Accordingly, the Company has concluded the valuation measurement inputs of these debt securities to represent, at their lowest level, quoted market prices for identical or similar assets in markets where there are few transactions for the assets and has categorized such investments within Level 2 of the hierarchy framework. In addition, the Company periodically invests in unsecured, corporate demand obligations with manufacturer-affiliated finance companies, which bear interest at a variable rate and are redeemable on demand by the Company. Therefore, the Company has classified these demand obligations as cash and cash equivalents in the accompanying Consolidated Balance Sheets. The Company determined that the valuation measurement inputs of these instruments include inputs other than quoted market prices, that are observable or that can be corroborated by observable data by correlation. Accordingly, the Company has classified these instruments within Level 2 of the hierarchy framework.

The Company’s derivative financial instruments are recorded at fair market value. See Note 3, “Derivative Instruments and Risk Management Activities” for further details regarding the Company’s derivative financial instruments.

The Company evaluated its assets and liabilities for those that met the criteria of the disclosure requirements and fair value framework of ASC 820 and identified investments in marketable securities, debt instruments, and interest rate derivative financial instruments as having met such criteria. The respective fair values measured on a recurring basis as of June 30, 2012 and December 31, 2011, respectively, were as follows:


	As of June 30, 2012
	Level 1		Level 2		Total
	(In thousands)
Assets:
Marketable securities—money market	$	611	$	—	$	611
Debt securities:
Demand obligations		—		178		178
Corporate bonds		—		353		353
Municipal obligations		—		388		388
Mortgage backed		—		581		581

Total debt securities		—		1,500		1,500

Total	$	611	$	1,500	$	2,111

Liabilities:
Interest rate derivative financial instruments	$	—	$	40,320	$	40,320

Total	$	—	$	40,320	$	40,320


	As of December 31, 2011
	Level 1		Level 2		Total
	(In thousands)
Assets:
Marketable securities—money market	$	1,571	$	—	$	1,571
Debt securities:
Demand obligations		—		271		271
Collateralized mortgage obligations		—		19		19
Corporate bonds		—		338		338
Municipal obligations		—		683		683
Mortgage backed		—		632		632

Total debt securities		—		1,943		1,943

Total	$	1,571	$	1,943	$	3,514

Liabilities:
Interest rate derivative financial instruments	$	—	$	34,040	$	34,040

Total	$	—	$	34,040	$	34,040

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

From time to time, the Company’s dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, as well as claims involving the manufacturer of automobiles, contractual disputes and other matters arising in the ordinary course of business. Due to the nature of the automotive retailing business, the Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s business. In the normal course of business, the Company is required to respond to customer, employee and other third-party complaints. Amounts that have been accrued or paid related to the settlement of litigation are included in SG&A expenses in the Company’s Consolidated Statements of Operations. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate or warranty-related items and charge the Company back for amounts determined to be invalid rewards under the manufacturers’ programs, subject to the Company’s right to appeal any such decision. Amounts that have been accrued or paid related to the settlement of manufacturer chargebacks of recognized incentives and rebates are included in cost of sales in the Company’s Consolidated Statements of Operations, while such amounts for manufacturer chargebacks of recognized warranty-related items are included as a reduction of revenues in the Company’s Consolidated Statements of Operations.

Legal Proceedings

In December 2011, an adverse jury verdict was rendered against the Company in the San Diego County Superior Court, awarding $7.5 million to the plaintiff who sought reimbursement for medical expenses, lost wages and pain and suffering arising from an accident involving one of the Company’s customer shuttle vans and the plaintiff’s motorcycle. In February 2012, the trial judge entered a judgment on the jury verdict. The Company believes it has meritorious defenses and has appealed the verdict. The Company maintains insurance coverage for any loss in excess of the Company’s $1.0 million self-insured retention. The Company has fully accrued the amount of the award as a current accrued expense in the accompanying Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011. The amount of the award, net of the related insurance deductible, is reflected as a current account receivable in the accompanying Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011. The Company’s insurance deductible was recognized as SG&A expense during the year ended December 31, 2011.

Other Matters

The Company, acting through its subsidiaries, is the lessee under many real estate leases that provide for the use by the Company’s subsidiaries of their respective dealership premises. Pursuant to these leases, the Company’s subsidiaries generally agree to indemnify the lessor and other parties from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities, or a breach of the lease by the lessee. Additionally, from time to time, the Company enters into agreements in connection with the sale of assets or businesses in which it agrees to indemnify the purchaser, or other parties, from certain liabilities or costs arising in connection with the assets or business. Also, in the ordinary course of business in connection with purchases or sales of goods and services, the Company enters into agreements that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability would be limited by the terms of the applicable agreement.

From time to time, primarily in connection with dealership dispositions, the Company’s subsidiaries assign or sublet to the dealership purchaser the subsidiaries’ interests in any real property leases associated with such dealerships. In general, the Company’s subsidiaries retain responsibility for the performance of certain obligations under such leases to the extent that the assignee or sublessee does not perform, whether such performance is required prior to or following the assignment or subletting of the lease. Additionally, the Company and its subsidiaries generally remain subject to the terms of any guarantees made by the Company and its subsidiaries in connection with such leases. Although the Company generally has indemnification rights against the assignee or sublessee in the event of non-performance under these leases, as well as certain defenses, and the Company presently has no reason to believe that it or its subsidiaries will be called on to perform under any such assigned leases or subleases, the Company estimates that lessee rental payment obligations during the remaining terms of these leases were $9.2 million as of June 30, 2012. The Company’s exposure under these leases is difficult to estimate and there can be no assurance that any performance of the Company or its subsidiaries required under these leases would not have a material adverse effect on the Company’s business, financial condition, or cash flows. The Company and its subsidiaries also may be called on to perform other obligations under these leases, such as environmental remediation of the leased premises or repair of the leased premises upon termination of the lease. However, the Company does not have any known material environmental commitments or contingencies and presently has no reason to believe that it or its subsidiaries will be called on to so perform.

In the ordinary course of business, the Company is subject to numerous laws and regulations, including automotive, environmental, health and safety, and other laws and regulations. The Company does not anticipate that the costs of such compliance will have a material adverse effect on its business, consolidated results of operations, financial condition, or cash flows, although such outcome is possible given the nature of its operations and the extensive legal and regulatory framework applicable to its business. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law on July 21, 2010, established a new consumer financial protection agency with broad regulatory powers. Although automotive dealers are generally excluded, the Dodd-Frank Act could lead to additional, indirect regulation of automotive dealers through its regulation of automotive finance companies and other financial institutions. In addition, the Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, has the potential to increase the Company’s future annual employee health care costs. Further, new laws and regulations, particularly at the federal level, may be enacted, which could also have a materially adverse impact on its business.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2012

Accumulated Other Comprehensive Loss [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

12. ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in the balances of each component of accumulated other comprehensive loss for the six months ended June 30, 2012 and 2011 were as follows:


	Unrealized Loss on Foreign Currency Translation			Unrealized Gain on Marketable Securities			Unrealized Loss on Interest Rate Swaps			Accumulated Other Comprehensive Loss
	(In thousands)
Balance, December 31, 2010	$	(7,852	)	$	50		$	(10,953	)	$	(18,755	)
Other comprehensive income (loss), net of tax		1,297			(11	)		314			1,600

Balance, June 30, 2011	$	(6,555	)	$	39		$	(10,639	)	$	(17,155	)

Balance, December 31, 2011	$	(7,969	)	$	8		$	(21,275	)	$	(29,236	)
Other comprehensive income (loss), net of tax		(6	)		8			(3,926	)		(3,924	)

Balance, June 30, 2012	$	(7,975	)	$	16		$	(25,201	)	$	(33,160	)

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

+ Details

Interim Financial Information (Policies)	6 Months Ended
Interim Financial Information (Policies)	Jun. 30, 2012
Interim Financial Information [Abstract]
Business and Organization	*Business and Organization* Group 1 Automotive, Inc., a Delaware corporation, through its subsidiaries, is a leading operator in the automotive retailing industry with operations in 15 states in the United States of America (“U.S.”) and 11 towns in the United Kingdom (“U.K.”). Group 1 Automotive, Inc. and its subsidiaries are herein collectively referred to as the “Company.” The Company, through its regions, sells new and used cars and light trucks; arranges related vehicle financing; service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts. As of June 30, 2012, the Company’s U.S. retail network consisted of the following two regions (with the number of dealerships they comprised): (a) the East (47 dealerships in Alabama, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York and South Carolina), and (b) the West (64 dealerships in California, Kansas, Oklahoma, and Texas). Each region is managed by a regional vice president who reports directly to the Company’s Chief Executive Officer and is responsible for the overall performance of their regions, as well as for overseeing the market directors and dealership general managers that report to them. Each region is also managed by a regional chief financial officer who reports directly to the Company’s Chief Financial Officer. The Company’s 11 dealerships in the U.K. are also managed locally with direct reporting responsibilities to the Company’s corporate management team.
Basis of Presentation	*Basis of Presentation* The accompanying unaudited condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying unaudited condensed Consolidated Financial Statements. Due to seasonality and other factors, the results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (“2011 Form 10-K”). All acquisitions of dealerships completed during the periods presented have been accounted for using the purchase method of accounting and their results of operations are included from the effective dates of the closings of the respective acquisitions. The allocations of purchase price to the assets acquired and liabilities assumed are assigned and recorded based on estimates of fair value. All intercompany balances and transactions have been eliminated in consolidation.
Recent Accounting Pronouncements	*Recent Accounting Pronouncements* In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This update changes certain fair value measurement principles and enhances the disclosure requirements, particularly Level 3 fair value measurements. The Company adopted ASU 2011-04 as of March 31, 2012 and it did not have a material impact on its consolidated financial position or results of operations. In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment. This update permits an entity to first assess qualitative factors to determine whether it is more likely than not (likelihood more than 50%) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company adopted ASU 2011-08 as of March 31, 2012 and it did not have an impact on its consolidated financial position or results of operations. In December 2011, the FASB issued ASU 2011-10, Disclosures about Offsetting Assets and Liabilities. This update requires additional disclosures related to offsetting either in accordance with U.S. generally accepted accounting principles (“GAAP”) or master netting arrangements. This ASU is effective for reporting periods beginning after January 1, 2013. The Company does not expect this update to have a material effect on its consolidated financial statements.

- Definition

Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 9, 10, 11, 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-Section SEC Observer Comments
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 7
-Subparagraph a, b, c, d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2303973

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 05
-Paragraph 4
-Subparagraph (a)-(d)
-URI http://asc.fasb.org/extlink&oid=6909625&loc=d3e227-128457

+ Details

Derivative Instruments and Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Risk Management Activities [Abstract]

Amount of Unrealized Gain, Net of Tax, Recognized in Other Comprehensive Income


	Amount of Unrealized Gain (Loss), Net of Tax, Recognized in OCI
	Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationship	2012			2011
	(In thousands)
Interest rate swap contracts	$	(3,926	)	$	314


	Amount of Loss Reclassified from OCI into Statements of Operations
	Six Months Ended June 30,
Location of Loss Reclassified from OCI into Statements of Operations	2012			2011
	(In thousands)
Floorplan interest expense	$	(5,344	)	$	(6,476	)
Other interest expense	$	(550	)	$	(445	)

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation Plans [Abstract]

Restricted Stock Awards


	Awards			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2011		1,154,004		$	28.30
Granted		262,824			54.60
Vested		(65,232	)		26.55
Forfeited		(90,822	)		31.73

Nonvested at June 30, 2012		1,260,774		$	33.63

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Basic and Diluted Earnings per share


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding		21,650		22,533		21,640		22,558
Dilutive effect of contingently Convertible 3.00% Notes		851		107		871		123
Dilutive effect of stock options, net of assumed repurchase of treasury stock		4		8		5		10
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock		8		3		6		2

Weighted average dilutive common shares outstanding		22,513		22,651		22,522		22,693


Basic:
Net Income	$	28,625	$	24,683	$	51,742	$	40,045
Less: Earnings allocated to participating securities		1,628		1,426		2,822		2,308

Earnings available to basic common shares	$	26,997	$	23,257	$	48,920	$	37,737

Basic earnings per common share	$	1.25	$	1.03	$	2.26	$	1.67
Diluted:
Net Income	$	28,625	$	24,683	$	51,742	$	40,045
Less: Earnings allocated to participating securities		1,576		1,420		2,730		2,296

Earnings available to diluted common shares	$	27,049	$	23,263	$	49,012	$	37,749

Diluted earnings per common share	$	1.20	$	1.03	$	2.18	$	1.66

Detail of Certain Balance Sheet Accounts (Tables)

6 Months Ended

Jun. 30, 2012

Detail of Certain Balance Sheet Accounts [Abstract]

Accounts and note receivable


	June 30, 2012		December 31, 2011
	(unaudited)
	(In thousands)
Amounts due from manufacturers	$	52,573	$	48,912
Parts and service receivables		17,991		16,956
Finance and insurance receivables		16,438		16,755
Other		28,503		11,395

Total accounts and notes receivable		115,505		94,018
Less allowance for doubtful accounts		1,144		1,243

Accounts and notes receivable, net	$	114,361	$	92,775

Summary of inventories


	June 30, 2012		December 31, 2011
	(unaudited)
	(In thousands)
New vehicles	$	763,357	$	610,694
Used vehicles		194,097		153,648
Rental vehicles		64,952		57,790
Parts, accessories and other		49,521		45,338

Inventories, net	$	1,071,927	$	867,470

Property and equipment


	Estimated Useful Lives in Years		June 30, 2012		December 31, 2011
			(unaudited)
			(Dollars in thousands)
Land		—	$	231,349	$	211,754
Buildings		30 to 40		317,490		284,638
Leasehold improvements		up to 30		92,051		86,084
Machinery and equipment		7 to 20		64,657		59,316
Furniture and fixtures		3 to 10		59,043		54,406
Company vehicles		3 to 5		10,493		9,877
Construction in progress		—		19,412		16,719

Total				794,495		722,794
Less accumulated depreciation				155,524		137,161

Property and equipment, net			$	638,971	$	585,633

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

Summary of long-term debt


	June 30, 2012		December 31, 2011
	(Dollars in thousands)
2.25% Convertible Senior Notes	$	148,603	$	144,985
3.00% Convertible Senior Notes		79,018		77,401
Mortgage Facility		58,018		41,003
Real Estate Related and Other Long-Term Debt		211,139		194,580
Capital lease obligations related to real estate, maturing in varying amounts through November 2032 with a weighted average interest rate of 9.3%		37,024		39,295

		533,802		497,264
Less current maturities of long-term debt		16,832		14,663

	$	516,970	$	482,601

Carrying value of Notes related discount and equity component


	June 30, 2012			December 31, 2011
	(In thousands)
Carrying amount of equity component	$	65,270		$	65,270
Allocated underwriter fees, net of taxes		(1,475	)		(1,475	)
Allocated debt issuance cost, net of taxes		(58	)		(58	)

Total net equity component	$	63,737		$	63,737

Deferred income tax component	$	12,175		$	13,452

Principal amount of 2.25% Notes	$	182,753		$	182,753
Unamortized discount		(32,862	)		(36,344	)
Unamortized underwriter fees		(1,288	)		(1,424	)

Net carrying amount of liability component	$	148,603		$	144,985

Unamortized debt issuance cost	$	51		$	56


	June 30, 2012			December 31, 2011
	(In thousands)
Carrying amount of equity component	$	25,359		$	25,359
Allocated underwriter fees, net of taxes		(760	)		(760	)
Allocated debt issuance cost, net of taxes		(112	)		(112	)

Total net equity component	$	24,487		$	24,487

Deferred income tax component	$	12,413		$	12,956

Principal amount of 3.00% Notes	$	115,000		$	115,000
Unamortized discount		(34,105	)		(35,638	)
Unamortized underwriter fees		(1,877	)		(1,961	)

Net carrying amount of liability component	$	79,018		$	77,401

Unamortized debt issuance cost	$	277		$	289

Contractual interest expense and the discount amortization


	Six Months Ended June 30,
	2012			2011
	(Dollars in thousands)
Year-to-date contractual interest expense	$	2,056		$	2,056
Year-to-date discount amortization ⁽¹⁾	$	3,404		$	3,140
Effective interest rate of liability component		7.7	%		7.7	%

(1)	Represents the incremental impact of the accounting for convertible debt as primarily codified in ASC 470.


	Six Months Ended June 30,
	2012			2011
	(Dollars in thousands)
Year-to-date contractual interest expense	$	1,725		$	1,725
Year-to-date discount amortization ⁽¹⁾	$	1,449		$	1,322
Effective interest rate of liability component		8.6	%		8.6	%

(1)	Represents the incremental impact of the accounting for convertible debt as primarily codified in ASC 470.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Asset and liabilities recorded at fair value


	As of June 30, 2012
	Level 1		Level 2		Total
	(In thousands)
Assets:
Marketable securities—money market	$	611	$	—	$	611
Debt securities:
Demand obligations		—		178		178
Corporate bonds		—		353		353
Municipal obligations		—		388		388
Mortgage backed		—		581		581

Total debt securities		—		1,500		1,500

Total	$	611	$	1,500	$	2,111

Liabilities:
Interest rate derivative financial instruments	$	—	$	40,320	$	40,320

Total	$	—	$	40,320	$	40,320


	As of December 31, 2011
	Level 1		Level 2		Total
	(In thousands)
Assets:
Marketable securities—money market	$	1,571	$	—	$	1,571
Debt securities:
Demand obligations		—		271		271
Collateralized mortgage obligations		—		19		19
Corporate bonds		—		338		338
Municipal obligations		—		683		683
Mortgage backed		—		632		632

Total debt securities		—		1,943		1,943

Total	$	1,571	$	1,943	$	3,514

Liabilities:
Interest rate derivative financial instruments	$	—	$	34,040	$	34,040

Total	$	—	$	34,040	$	34,040

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2012

Accumulated Other Comprehensive Loss [Abstract]

Changes in the balances of each component of accumulated other comprehensive income


	Unrealized Loss on Foreign Currency Translation			Unrealized Gain on Marketable Securities			Unrealized Loss on Interest Rate Swaps			Accumulated Other Comprehensive Loss
	(In thousands)
Balance, December 31, 2010	$	(7,852	)	$	50		$	(10,953	)	$	(18,755	)
Other comprehensive income (loss), net of tax		1,297			(11	)		314			1,600

Balance, June 30, 2011	$	(6,555	)	$	39		$	(10,639	)	$	(17,155	)

Balance, December 31, 2011	$	(7,969	)	$	8		$	(21,275	)	$	(29,236	)
Other comprehensive income (loss), net of tax		(6	)		8			(3,926	)		(3,924	)

Balance, June 30, 2012	$	(7,975	)	$	16		$	(25,201	)	$	(33,160	)

Interim Financial Information (Details)	Jun. 30, 2012 States Towns Dealerships
East [Member]
Business and Organization (Textual) [Abstract]
Number of dealerships	47
West [Member]
Business and Organization (Textual) [Abstract]
Number of dealerships	64
U.K [Member]
Business and Organization (Textual) [Abstract]
Number of dealerships	11
Number of locations with operations \| Towns	11
U.S [Member]
Business and Organization (Textual) [Abstract]
Number of locations with operations \| States	15

Acquisitions and Dispositions (Details) $ in Millions	6 Months Ended
Acquisitions and Dispositions (Details) $ in Millions	Jun. 30, 2012 USD ($) Dealerships	Jun. 30, 2011 USD ($) Dealerships
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	12
Acquisitions and Dispositions (Textual) [Abstract]
Consideration paid for acquisitions \| $	$ 115.0	$ 109.9
Number of nonoperational dealership sold	1
Proceeds from sale of property held for sale \| $		$ 4.1
South Carolina [Member]
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	1
Texas [Member]
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	1	5
Kansas [Member]
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	1
Florida [Member]
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	3
U.K [Member]
Acquisitions and Dispositions (Additional Textual) [Abstract]
Number of dealerships acquired	6

Derivative Instruments and Risk Management Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Derivatives in cash flow hedging relationship
Interest rate swap contracts	$ 7,122	$ 3,656	$ 7,610	$ 4,012
Floorplan Interest Expense [Member]
Location of Loss Reclassified from OCI into Statements of Operations
Amount of Loss Reclassified from OCI into Statement of Operations			(5,344)	(6,476)
Other Interest Expense [Member]
Location of Loss Reclassified from OCI into Statements of Operations
Amount of Loss Reclassified from OCI into Statement of Operations			(550)	(445)
Interest Rate Swap Contracts [Member] \| Cash Flow Hedging [Member]
Derivatives in cash flow hedging relationship
Interest rate swap contracts			$ (3,926)	$ 314

- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 121
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Derivative Instruments and Risk Management Activities (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012 USD ($) Contract	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) Contract	Jun. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Derivative Instruments and Risk Management Activities (Textual) [Abstract]
Notional Value of interest rate swaps	$ 275,000		$ 275,000
Interest rate hedges weighted average rate	4.40%		4.40%
Increase in floor plan interest expense due to impact of interest rate hedges	$ 2,600	$ 3,200	$ 5,300	$ 6,500
Floorplan interest expense	$ 7,863	6,521	$ 15,482	13,281
Number of additional forward interest rate swaps \| Contract	24		24
Aggregate notional value of twenty four additional forward interest rate swaps	$ 875,000		$ 875,000
Notional amount of derivatives in effect	$ 550,000		$ 550,000
Weighted average rate of swaps	2.70%		2.70%
Fair value of derivative financial instruments included in balance sheet as liabilities from interest risk management activities	$ 40,320		$ 40,320		$ 34,040
Unrealized losses related to hedges ,net of income taxes included in other comprehensive loss	(25,201)	$ (10,639)	(25,201)	$ (10,639)	$ (21,275)	$ (10,953)
Amount expected to be reclassified from other comprehensive income into earnings	$ 9,900		$ 9,900

Stock-Based Compensation Plans (Details)	6 Months Ended
Stock-Based Compensation Plans (Details)	Jun. 30, 2012 $ / shares shares
Restricted Stock Awards
Awards, Nonvested at December 31, 2011 \| shares	1,154,004
Awards, Granted \| shares	262,824
Awards, Vested \| shares	(65,232)
Awards, Forfeited \| shares	(90,822)
Awards, Nonvested at June 30, 2012 \| shares	1,260,774
Weighted Average Grant Date Fair Value, Nonvested at December 31, 2011 \| $ / shares	$ 28.30
Weighted Average Grant Date Fair Value, Granted \| $ / shares	54.60
Weighted Average Grant Date Fair Value, Vested \| $ / shares	26.55
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	31.73
Weighted Average Grant Date Fair Value, Nonvested at June 30, 2012 \| $ / shares	$ 33.63

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References + Details

Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Additional Stock-based Compensation Plans (Textual) [Abstract]
Stock-based compensation cost	$ 3,000	$ 2,800	$ 5,915	$ 5,558
Cash received from option exercises and employee stock purchase plan purchases			3,100	1,900
Increase in financing activities and decrease in operating activities due to tax benefit relating to excess stock based compensation deductions			800	500
Income tax benefit for stock based compensation arrangements			$ 1,600	$ 1,500
Long Term Incentive Plan [Member]
Stock-based Compensation Plans (Textual) [Abstract]
Maximum number of shares available for issuance under the plan	7,500,000		7,500,000
Expiry date for stock options grant			March 8, 2017
Maximum period for exercise of outstanding option awards			over a period not to exceed ten years
Maximum period for vesting of outstanding option awards			over a period not to exceed five years
Shares available for granted under the incentive plan	1,047,140		1,047,140
Restricted Stock [Member] \| Maximum [Member]
Stock-based Compensation Plans (Textual) [Abstract]
Range of forfeiture provisions			5 years
Restricted Stock [Member] \| Minimum [Member]
Stock-based Compensation Plans (Textual) [Abstract]
Range of forfeiture provisions			6 months
Employee Stock Purchase Plan [Member]
Stock-based Compensation Plans (Textual) [Abstract]
Expiry date for stock options grant			After March 6, 2016
Shares authorized under Employee stock option plan	3,500,000		3,500,000
Employee stock purchase price in percentage of fair market value			85.00%
Shares remaining in reserve for future issuance	774,892		774,892
Shares issued to employee under purchase plan			56,149	49,177
Weighted average fair value of employee stock purchase rights issued			$ 11.68	$ 9.59

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Basic and Diluted Earnings per share
Weighted average basic common shares outstanding	21,650	22,533	21,640	22,558
Dilutive effect of contingently Convertible 3.00% Notes	851	107	871	123
Dilutive effect of stock options, net of assumed repurchase of treasury stock	4	8	5	10
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock	8	3	6	2
Weighted average dilutive common shares outstanding	22,513	22,651	22,522	22,693
Basic:
Net income	$ 28,625	$ 24,683	$ 51,742	$ 40,045
Less: Earning allocated to participating securities	1,628	1,426	2,822	2,308
Earnings available to basic common shares	$ 26,997	$ 23,257	$ 48,920	$ 37,737
Basic earnings per common share	$ 1.25	$ 1.03	$ 2.26	$ 1.67
Diluted:
Net income	$ 28,625	$ 24,683	$ 51,742	$ 40,045
Less: Earning allocated to participating securities	1,576	1,420	2,730	2,296
Earnings available to diluted common shares	$ 27,049	$ 23,263	$ 49,012	$ 37,749
Diluted earnings per common share	$ 1.20	$ 1.03	$ 2.18	$ 1.66

Earnings Per Share (Details Textual)	3 Months Ended
Earnings Per Share (Details Textual)	Jun. 30, 2012 $ / shares
Earnings Per Share (Textual) [Abstract]
Convertible senior notes	3.00%
Minimum [Member]
Earnings Per Share (Textual) [Abstract]
Cash dividend	$ 0.14
Warrants [Member]
Earnings Per Share (Textual) [Abstract]
Convertible senior notes	2.25%

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Income Tax (Textual) [Abstract]
U.S. federal statutory corporate tax rate	35.00%
Effective tax rate	37.80%	37.90%	37.60%
Unrecognized tax benefits	$ 0	$ 0		$ 0

Detail of Certain Balance Sheet Accounts (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Accounts and notes receivable
Total accounts and notes receivable	$ 115,505	$ 94,018
Less allowance for doubtful accounts	1,144	1,243
Accounts and notes receivable, net	114,361	92,775
Amounts due from manufacturers [Member]
Accounts and notes receivable
Total accounts and notes receivable	52,573	48,912
Parts and service receivables [Member]
Accounts and notes receivable
Total accounts and notes receivable	17,991	16,956
Finance and insurance receivables [Member]
Accounts and notes receivable
Total accounts and notes receivable	16,438	16,755
Other receivable [Member]
Accounts and notes receivable
Total accounts and notes receivable	$ 28,503	$ 11,395

Detail of Certain Balance Sheet Accounts (Details 1) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Summary of inventories
Inventories, net	$ 1,071,927	$ 867,470
New vehicles [Member]
Summary of inventories
Inventories, net	763,357	610,694
Used vehicles [Member]
Summary of inventories
Inventories, net	194,097	153,648
Rental vehicles [Member]
Summary of inventories
Inventories, net	64,952	57,790
Parts accessories and other [Member]
Summary of inventories
Inventories, net	$ 49,521	$ 45,338

Detail of Certain Balance Sheet Accounts (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2012 USD ($) yr	Dec. 31, 2011 USD ($)
Property and Equipment
Property, plant and equipment, gross	$ 794,495	$ 722,794
Less accumulated depreciation	155,524	137,161
Property and equipment, net	638,971	585,633
Land [Member]
Property and Equipment
Property, plant and equipment, gross	231,349	211,754
Buildings [Member]
Property and Equipment
Property, plant and equipment, gross	$ 317,490	284,638
Property and equipment estimated minimum useful lives \| yr	30
Property and equipment estimated maximum useful lives \| yr	40
Leasehold improvements [Member]
Property and Equipment
Property, plant and equipment, gross	$ 92,051	86,084
Property and equipment estimated maximum useful lives \| yr	30
Machinery and equipment [Member]
Property and Equipment
Property, plant and equipment, gross	$ 64,657	59,316
Property and equipment estimated minimum useful lives \| yr	7
Property and equipment estimated maximum useful lives \| yr	20
Furniture and fixtures [Member]
Property and Equipment
Property, plant and equipment, gross	$ 59,043	54,406
Property and equipment estimated minimum useful lives \| yr	3
Property and equipment estimated maximum useful lives \| yr	10
Company vehicles [Member]
Property and Equipment
Property, plant and equipment, gross	$ 10,493	9,877
Property and equipment estimated minimum useful lives \| yr	3
Property and equipment estimated maximum useful lives \| yr	5
Construction in progress [Member]
Property and Equipment
Property, plant and equipment, gross	$ 19,412	$ 16,719

Detail of Certain Balance Sheet Accounts (Details Textual) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2012 USD ($)	Jun. 30, 2012 USD ($) Dealerships
Detail of certain balance sheet accounts (Additional Textual) [Abstract]
Capital expenditures incurred for construction and purchase of assets		$ 26.2
Number of dealerships acquired \| Dealerships		12
Charge in selling, general and administrative for insurance deductible	$ 2.7
Charge in other receivables for insurance deductible	$ 16.9
Dealership Acquisitions [Member]
Detail of certain balance sheet accounts (Textual) [Abstract]
Real estate purchased in dealership operations		$ 34.4
Existing Dealership Operations [Member]
Detail of certain balance sheet accounts (Textual) [Abstract]
Real estate purchased in dealership operations		$ 8.1

Credit Facilities (Details) $ in Millions	3 Months Ended		6 Months Ended
Credit Facilities (Details) $ in Millions	Jun. 30, 2012 USD ($) Company Financial_Institution	Dec. 31, 2009	Jun. 30, 2012 USD ($) Company Financial_Institution	Dec. 31, 2011 USD ($)
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity under line of credit facility	$ 1,350.0		$ 1,350.0
Credit Facilities (Additional Textual) [Abstract]
Number of financial institution \| Financial_Institution	21		21
Number of Manufacturer-affiliated finance companies \| Company	4		4
Manufacturers interest assistance as a percentage of the Company's consolidated floorplan interest expense	110.10%	62.60%
Expiry date of Revolving Credit Facility			June 1, 2016
Line of credit facility, maximum borrowing capacity can be extended, amount	$ 1,600.0		$ 1,600.0
Line of credit facility, unamortized cost	5.8		5.8
Acquisition line minimum commitment	100.0		100.0
Restricted payment maximum	100.0		100.0
Letters of credit outstanding	24.3		24.3
Restricted payment	97.3		$ 97.3
Maximum limit of restricted payment			$100.0 million plus (or minus if negative) (a) one-half of the aggregate consolidated net income of the Company for the period beginning on January 1, 2011 and ending on the date of determination and (b) the amount of net cash proceeds received from the sale of capital stock on or after January 1, 2011 and ending on the date of determination
Floorplan Line [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity under line of credit facility	1,100.0		$ 1,100.0
Commitment fees, Percentage			0.20%
Outstanding balance, borrowing capacity	784.5		$ 784.5
Available amount under borrowing capacity	315.5		315.5
Floorplan Offset	$ 101.8		$ 101.8
Weighted average interest rate	1.70%		1.70%	1.80%
Maximum period for outstanding borrowing			1 year
Acquisition Line [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity under line of credit facility	$ 250.0		$ 250.0
Outstanding balance, borrowing capacity	0.0		0.0	$ 0.0
Available amount under borrowing capacity	$ 225.7		$ 225.7
Used Vehicle [Member] \| Floorplan Line [Member]
Credit Facilities (Textual) [Abstract]
Bearing interest rate	1.75%		1.75%
New Vehicle [Member] \| Floorplan Line [Member]
Credit Facilities (Textual) [Abstract]
Bearing interest rate	1.50%		1.50%
BMW Financial Services and Volkswagen Finance [Member]
Credit Facilities (Textual) [Abstract]
Interest rate, minimum			1.10%
Interest rate, maximum			4.50%
FMCC Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity under line of credit facility	$ 150.0		$ 150.0
Bearing interest rate	1.50%		1.50%
Outstanding balance, borrowing capacity	$ 103.3		$ 103.3
Available amount under borrowing capacity	$ 46.7		$ 46.7
Cancellation of agreement			30 days
Prime interest rate, minimum	3.75%		3.75%
Debt interest rate	5.25%		5.25%
Rental Vehicle [Member]
Credit Facilities (Textual) [Abstract]
Interest rate, maximum			5.30%
Financial arrangements maturing over period			2 years
Maximum [Member] \| Acquisition Line [Member]
Credit Facilities (Textual) [Abstract]
Bearing interest rate	2.50%		2.50%
Commitment fees, Percentage			0.45%
Minimum [Member] \| Acquisition Line [Member]
Credit Facilities (Textual) [Abstract]
Bearing interest rate	1.50%		1.50%
Commitment fees, Percentage			0.25%

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Summary of long-term debt
Capital lease obligations related to real estate, maturing in varying amounts through November 2032 with a weighted average interest rate of 9.3%	$ 37,024	$ 39,295
Net carrying amount of liability component	533,802	497,264
Less current maturities of long-term debt	25,184	14,663
Long-Term Debt, net of current maturities	516,970	482,601
2.25% Convertible Senior Notes [Member]
Summary of long-term debt
Secured Long-Term Debt, Noncurrent	148,603	144,985
Net carrying amount of liability component	148,603	144,985
3.00% Convertible Senior Notes [Member]
Summary of long-term debt
Secured Long-Term Debt, Noncurrent	79,018	77,401
Net carrying amount of liability component	79,018	77,401
Mortgage Facility [Member]
Summary of long-term debt
Secured Debt	58,018	41,003
Other Real Estate Related Long-Term Debt [Member]
Summary of long-term debt
Other Real Estate Related and Long-Term Debt	$ 211,139	$ 194,580

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Carrying value of Notes related discount and equity component
Net carrying amount of liability component	$ 533,802	$ 497,264
2.25% Convertible Senior Notes [Member]
Carrying value of Notes related discount and equity component
Carrying amount of equity component	65,270	65,270
Allocated underwriter fees, net of taxes	(1,475)	(1,475)
Allocated debt issuance cost, net of taxes	(58)	(58)
Total net equity component	63,737	63,737
Deferred income tax component	12,175	13,452
Principal amount of Notes	182,753	182,753
Unamortized discount	(32,862)	(36,344)
Unamortized underwriter fees	(1,288)	(1,424)
Net carrying amount of liability component	148,603	144,985
Unamortized debt issuance cost	51	56
3.00% Convertible Senior Notes [Member]
Carrying value of Notes related discount and equity component
Carrying amount of equity component	25,359	25,359
Allocated underwriter fees, net of taxes	(760)	(760)
Allocated debt issuance cost, net of taxes	(112)	(112)
Total net equity component	24,487	24,487
Deferred income tax component	12,413	12,956
Principal amount of Notes	115,000	115,000
Unamortized discount	(34,105)	(35,638)
Unamortized underwriter fees	(1,877)	(1,961)
Net carrying amount of liability component	79,018	77,401
Unamortized debt issuance cost	$ 277	$ 289

Long-Term Debt (Details 2) - USD ($) $ in Thousands	6 Months Ended
Long-Term Debt (Details 2) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
2.25% Convertible Senior Notes [Member]
Contractual interest expense and the discount amortization
Year-to-date contractual interest expense	$ 2,056	$ 2,056
Year-to-date discount amortization	$ 3,404	$ 3,140
Effective interest rate of liability component	7.70%	7.70%
3.00% Convertible Senior Notes [Member]
Contractual interest expense and the discount amortization
Year-to-date contractual interest expense	$ 1,725	$ 1,725
Year-to-date discount amortization	$ 1,449	$ 1,322
Effective interest rate of liability component	8.60%	8.60%

Long-Term Debt (Details Textual) $ / shares in Units, £ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2012 GBP (£)	Mar. 31, 2012 USD ($)	Jun. 30, 2012 USD ($) Term_Loan $ / shares $ / Warrant shares	Dec. 31, 2011 USD ($)	Dec. 31, 2008 GBP (£)
Long Term Debt (Textual) [Abstract]
Circumstances under which senior notes are convertible into cash subject to adjustment			including a quarterly cash dividend in excess of $0.14 per share, under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) beginning after September 30, 2006, if closing price of the Company’s common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the applicable conversion price per share (or $77.24 as of June 30, 2012); (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount for each day of the ten day trading period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on that day; and (3) upon the occurrence of specified corporate transactions set forth in the 2.25% Notes Indenture. Upon conversion, a holder will receive an amount in cash and common shares of the Company’s common stock, determined in the manner set forth in the 2.25% Notes Indenture.
Principal amount of note to be considered under conversion rate			$ 1,000
Shares of its common stock at the conversion price \| shares			4,800,000
Toyota Motor Credit Corporation [Member]
Long Term Debt (Textual) [Abstract]
Current maturity of long term debt			$ 1,300,000
Maturity dates of long term debt			Two to seven years
Additional Borrowings		$ 4,000,000
Amortization schedule			20 years
Total borrowings			$ 41,100,000
Number of loans as per loan agreements \| Term_Loan			6
Mercedes-Benz Financial Services [Member]
Long Term Debt (Textual) [Abstract]
Current maturity of long term debt			$ 1,600,000
Maturity dates of long term debt			Five years
Amortization schedule			20 years
Total borrowings			$ 47,900,000
Number of loans as per loan agreements \| Term_Loan			3
BMW Financial Services [Member]
Long Term Debt (Textual) [Abstract]
Current maturity of long term debt			$ 3,800,000
Maturity dates of long term debt			Seven years
Additional Borrowings			$ 5,600,000
Amortization schedule			15 years
Total borrowings			$ 74,300,000
Number of loans as per loan agreements \| Term_Loan			14
3.00% Convertible Senior Notes [Member]
Long Term Debt (Textual) [Abstract]
Fair Value of Convertible Senior Notes			$ 159,400,000	$ 170,600,000
Debt Interest rate			8.25%
Minimum percentage of conversion price to be considered to redeem all or part of the notes			130.00%
Minimum trading days for conversion price			20 days
Maximum trading days for conversion price under redemption condition			30 days
Number of common shares to be issued for per $ 1,000 principal amount of note \| shares			26.4086
Initial conversion price per share \| $ / shares			$ 49.23
Maximum closing sale price under condition two			98.00%
Change in principal amount due to conversion			$ 23,400,000
Exercise price of warrants \| $ / Warrant			55.64
Each principal amount of notes converted			$ 1,000
Conversion value in cash			$ 1,000
Condition to redeem all or part of senior notes			(1) during any fiscal quarter (and only duringsuch fiscal quarter) beginning after June 30, 2010, if the last reported sale price of the Company’s common stock for at least 20trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter isequal to or more than 130% of the applicable conversion price per share (or $49.23 as of June 30, 2012) (“Stock Price Trigger”);(2) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principalamount for each day of the ten day trading period was less than 98% of the product of the last reported sale/bid price of theCompany’s common stock and the conversion rate on that day; and (3) upon the occurrence of specified corporate transactions setforth in the 3.00% Notes Indenture. Upon conversion, a holder will receive an amount in cash and common shares of the Company’scommon stock, determined in the manner set forth in the 3.00% Notes Indenture. As a result of the Stock Price Trigger on June 30,2012, the 3.00% Notes are convertible at the option of holders the during the three months ended September 30, 2012. As such, theCompany reclassified the redeemable equity portion of the 3.00% Notes to temporary equity from the additional paid-in capitalcomponent of permanent equity on the Consolidated Balance Sheet as of June 30, 2012. The debt portion of the 3.00% Notescontinued to be classified as a long-term liability as of June 30, 2012, since the Company has the intent and ability to refinance anyconversion of the 3.00% Notes with another long-term debt instrument. The combination of the debt portion and temporary equityportion represents the aggregate principal obligation of the 3.00% Notes redeemable at the option of the holders as of June 30, 2012.The if-converted value of the 3.00% Notes exceeded the principal amount of the 3.00% Notes by $23.4 million at June 30, 2012
Right to purchase common stock \| shares			3,000,000
Number of days after specific consecutive trading days			5 days
Number of consecutive trading days			10 days
Applicable conversion price per share under condition one \| $ / shares			$ 37.87
Assessment period for fair value			10 years
Amortized interest expense through			2020
2.25% Convertible Senior Notes [Member]
Long Term Debt (Textual) [Abstract]
Fair Value of Convertible Senior Notes			$ 189,000,000	$ 192,300,000
Debt Interest rate			7.50%
Difference in Effective interest rate			The effective interest rate differs due to the impact of underwriter fees associated with this issuance that were capitalized as an additional discount and are being amortized to interest expense through 2016
Minimum percentage of conversion price to be considered to redeem all or part of the notes			130.00%
Minimum trading days for conversion price			20 days
Maximum trading days for conversion price under redemption condition			30 days
Number of common shares to be issued for per $ 1,000 principal amount of note \| shares			16.8298
Conversion price per share \| $ / shares			$ 59.42
Dividend requirement impacting conversion	in excess of $0.14
Maximum closing sale price under condition two			98.00%
Initial threshold closing price per share \| $ / shares			$ 77.24
Exercise price of warrants \| $ / Warrant			80.30
Each principal amount of notes converted			$ 1,000
Number of days after specific consecutive trading days			5 days
Number of consecutive trading days			10 days
Assessment period for fair value			10 years
Mortgage Facility [Member]
Long Term Debt (Textual) [Abstract]
Amount available to be expanded			$ 83,400,000
Portion of term loans facility utilized			$ 60,700,000
Conditions related to expansion of Real estate credit facility			(a) no default or event of default exists under the Mortgage Facility; (b) the Company obtains commitments from the lenders who would qualify as assignees for such increased amounts; and (c) certain other agreed upon terms and conditions have been satisfied.
Capitalization of debt issuance costs			$ 900,000
Unamortized debt issuance cost			$ 700,000
Interest rate description			is equal to (a) the per annum rate equal to one-month LIBOR plus 2.50% per annum, determined on the first day of each month, or (b) 1.45% per annum in excess of the higher of (i) the Bank of America prime rate (adjusted daily on the day specified in the public announcement of such price rate), (ii) the Federal Funds Rate adjusted daily, plus 0.5%, or (iii) the per annum rate equal to the one-month LIBOR plus 1.05% per annum.
Interest rate under sub-condition two of condition second			0.50%
Interest rate under sub-condition three of condition second			1.05%
Percentage of principal payments to make its quarterly payment			1.25%
Starting date of installments to be repaid			2011-April
Ending date of installments to be repaid			December 29, 2015
Principal payments on outstanding borrowings		1,100,000
Borrowings under amended and restated mortgage facility			$ 58,000,000
Current maturities of long-term debt and short-term financing			$ 3,000,000
Additional Borrowing to finance acquisition		$ 18,100,000
Mortgage Facility [Member] \| Minimum [Member]
Long Term Debt (Textual) [Abstract]
Interest rate under condition second			1.45%
Real Estate Related Debt [Member]
Long Term Debt (Textual) [Abstract]
Capitalization of debt issuance costs			$ 1,300,000
Unamortized debt issuance cost			$ 1,100,000
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum			4.56%
Interest rate, maximum			5.47%
Real Estate Related Debt [Member] \| Maximum [Member]
Long Term Debt (Textual) [Abstract]
Variable Interest Rate			3.35%
Real Estate Related Debt [Member] \| Minimum [Member]
Long Term Debt (Textual) [Abstract]
Variable Interest Rate			2.25%
Foreign Note [Member]
Long Term Debt (Textual) [Abstract]
Principal amount of Notes \| £					£ 10.0
Starting date of installments to be repaid			2010-March
Ending date of installments to be repaid			2024-June
Current maturity of long term debt			$ 2,100,000
Total borrowings			15,100,000
Third-party financial institutions [Member]
Long Term Debt (Textual) [Abstract]
Principal amount of Notes			$ 24,900,000
Starting date of installments to be repaid			2011-September
Ending date of installments to be repaid			2017-May
Current maturity of long term debt			$ 1,200,000
Total borrowings			$ 24,100,000
Number of loans as per loan agreements \| Term_Loan			4
Another Third Party Financial Institution [Member]
Long Term Debt (Textual) [Abstract]
Starting date of installments to be repaid			2012-June
Ending date of installments to be repaid			2017-May
Company borrowings \| £	£ 2.4

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Debt Securities
Assets, Fair Value Disclosure, Total	$ 2,111	$ 3,514
Liabilities:
Interest rate derivative financial instruments	40,320	34,040
Liabilities, Fair Value Disclosure, Total	40,320	34,040
Money Market [Member]
Debt Securities
Total debt securities	611	1,571
Demand Obligation [Member]
Debt Securities
Total debt securities	178	271
Collateralized mortgage obligations [Member]
Debt Securities
Total debt securities		19
Corporate bonds [Member]
Debt Securities
Total debt securities	353	338
Debt Securities [Member]
Debt Securities
Total debt securities	1,500	1,943
Municipal Obligations [Member]
Debt Securities
Total debt securities	388	683
Mortgage backed [Member]
Debt Securities
Total debt securities	581	632
Level 1[Member]
Debt Securities
Assets, Fair Value Disclosure, Total	611	1,571
Level 1[Member] \| Money Market [Member]
Debt Securities
Total debt securities	611	1,571
Level 2 [Member]
Debt Securities
Assets, Fair Value Disclosure, Total	1,500	1,943
Liabilities:
Interest rate derivative financial instruments	40,320	34,040
Liabilities, Fair Value Disclosure, Total	40,320	34,040
Level 2 [Member] \| Demand Obligation [Member]
Debt Securities
Total debt securities	178	271
Level 2 [Member] \| Collateralized mortgage obligations [Member]
Debt Securities
Total debt securities		19
Level 2 [Member] \| Corporate bonds [Member]
Debt Securities
Total debt securities	353	338
Level 2 [Member] \| Debt Securities [Member]
Debt Securities
Total debt securities	1,500	1,943
Level 2 [Member] \| Municipal Obligations [Member]
Debt Securities
Total debt securities	388	683
Level 2 [Member] \| Mortgage backed [Member]
Debt Securities
Total debt securities	$ 581	$ 632

Fair Value Measurements (Details Textual)	6 Months Ended
Fair Value Measurements (Details Textual)	Jun. 30, 2012
Fair Value Measurements (Textual) [Abstract]
Short term investments maturity	Less than three months

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Jun. 30, 2012
Commitments and Contingencies (Textual) [Abstract]
Amount awarded to plaintiff	$ 7.5
Limited exposure in no stop loss plan per occurrence	$ 1.0
Rental payment obligations during the remaining terms of these leases		$ 9.2

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Changes in the balances of each component of accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss), Unrealized Loss on Foreign Currency Translation, Net of Tax, Beginning Balance			$ (7,969)	$ (7,852)
Other comprehensive income (loss), net of tax, Unrealized Loss on Foreign Currency Translation			(6)	1,297
Accumulated Other Comprehensive Income (Loss), Unrealized Loss on Foreign Currency Translation, Net of Tax, Ending Balance	$ (7,975)	$ (6,555)	(7,975)	(6,555)
Accumulated Other Comprehensive Income (Loss), Unrealized Gain on Marketable Securities, Net of Tax, Beginning Balance			8	50
Other comprehensive income (loss), net of tax, Unrealized Gain on Marketable Securities	5	(4)	8	(11)
Accumulated Other Comprehensive Income (Loss), Unrealized Gain on Marketable Securities, Net of Tax, Ending Balance	16	39	16	39
Accumulated Other Comprehensive Income (Loss), Unrealized Loss on Interest Rate Swaps, Net of Tax, Beginning Balance			(21,275)	(10,953)
Other comprehensive income (loss), net of tax, Unrealized Loss on Interest Rate Swaps	(5,329)	(1,490)	(3,926)	314
Accumulated Other Comprehensive Income (Loss), Unrealized Loss on Interest Rate Swaps, Net of Tax, Ending Balance	(25,201)	(10,639)	(25,201)	(10,639)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance			(29,236)	(18,755)
Other comprehensive income, net of tax			(3,924)	1,600
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	$ (33,160)	$ (17,155)	$ (29,236)	$ (18,755)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

+ Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 20, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 31, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 20, 24, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

+ References

+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569643-111683

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details