2024 Q3 Form 10-Q Financial Statement

#000114498024000130 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $4.237B $4.246B
YoY Change 15.56% 13.46%
Cost Of Revenue $3.519B $3.516B
YoY Change 17.57% 16.05%
Gross Profit $718.0M $730.7M
YoY Change 6.61% 2.47%
Gross Profit Margin 16.95% 17.21%
Selling, General & Admin $466.5M $476.5M
YoY Change 19.1% 16.62%
% of Gross Profit 64.97% 65.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.90M $18.20M
YoY Change 11.18% 8.33%
% of Gross Profit 2.63% 2.49%
Operating Expenses $466.5M $476.5M
YoY Change 19.1% 12.01%
Operating Profit $232.7M $100.5M
YoY Change -12.09% -65.07%
Interest Expense -$68.00M -$66.10M
YoY Change 75.71% 64.84%
% of Operating Profit -29.22% -65.77%
Other Income/Expense, Net -$63.00M -$62.50M
YoY Change 62.79% 134.96%
Pretax Income $169.7M $38.00M
YoY Change -24.91% -85.45%
Income Tax $43.40M $9.900M
% Of Pretax Income 25.57% 26.05%
Net Earnings $126.3M $28.10M
YoY Change -25.35% -85.69%
Net Earnings / Revenue 2.98% 0.66%
Basic Earnings Per Share $6.40 $1.40
Diluted Earnings Per Share $6.37 $1.39
COMMON SHARES
Basic Shares Outstanding 19.98M shares 20.17M shares
Diluted Shares Outstanding 19.80M shares 20.20M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.30M $77.70M
YoY Change 41.43% -11.5%
Cash & Equivalents $60.30M $67.20M
Short-Term Investments $9.000M $10.50M
Other Short-Term Assets $381.1M $422.5M
YoY Change 3.48% -21.93%
Inventory $2.031B $2.066B
Prepaid Expenses
Receivables $162.7M $144.9M
Other Receivables $93.90M $90.30M
Total Short-Term Assets $3.105B $3.218B
YoY Change 51.08% 60.6%
LONG-TERM ASSETS
Property, Plant & Equipment $2.443B $2.423B
YoY Change 24.6% 11.48%
Goodwill $2.011B $2.010B
YoY Change 12.78% 12.73%
Intangibles
YoY Change
Long-Term Investments $321.8M $337.6M
YoY Change 10.28% 17.51%
Other Assets $114.1M $130.7M
YoY Change -14.66% 11.33%
Total Long-Term Assets $7.069B $7.088B
YoY Change 14.02% 15.02%
TOTAL ASSETS
Total Short-Term Assets $3.105B $3.218B
Total Long-Term Assets $7.069B $7.088B
Total Assets $10.17B $10.31B
YoY Change 23.24% 26.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $761.1M $769.7M
YoY Change 26.47% 11.96%
Accrued Expenses $26.40M $26.90M
YoY Change 23.94% 26.89%
Deferred Revenue $235.4M $233.6M
YoY Change 3.84% 4.47%
Short-Term Debt $1.486B $1.420B
YoY Change 2422.92% 2780.53%
Long-Term Debt Due $83.40M $113.1M
YoY Change -2.91% 91.05%
Total Short-Term Liabilities $2.594B $2.566B
YoY Change 160.85% 144.43%
LONG-TERM LIABILITIES
Long-Term Debt $3.300B $3.488B
YoY Change 5.2% 9.65%
Other Long-Term Liabilities $52.70M $48.80M
YoY Change -5.89% -93.62%
Total Long-Term Liabilities $52.70M $48.80M
YoY Change -5.89% -98.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.594B $2.566B
Total Long-Term Liabilities $52.70M $48.80M
Total Liabilities $2.647B $2.614B
YoY Change 151.97% -48.71%
SHAREHOLDERS EQUITY
Retained Earnings $3.091B $3.049B
YoY Change 4.76% 9.62%
Common Stock $1.300B $1.300B
YoY Change 0.97% 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.079B $1.083B
YoY Change 1.17% 1.51%
Treasury Stock Shares
Shareholders Equity $3.362B $3.331B
YoY Change
Total Liabilities & Shareholders Equity $10.17B $10.31B
YoY Change 23.24% 26.21%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $126.3M $28.10M
YoY Change -25.35% -85.69%
Depreciation, Depletion And Amortization $18.90M $18.20M
YoY Change 11.18% 8.33%
Cash From Operating Activities $404.2M -$154.3M
YoY Change 2120.88% -409.22%
INVESTING ACTIVITIES
Capital Expenditures $41.30M $39.70M
YoY Change 15.69% 55.08%
Acquisitions
YoY Change
Other Investing Activities $77.10M $35.30M
YoY Change 888.46% 92.9%
Cash From Investing Activities $35.80M -$4.400M
YoY Change -228.32% -39.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -446.9M 196.9M
YoY Change 1605.73% -175.18%
NET CHANGE
Cash From Operating Activities 404.2M -154.3M
Cash From Investing Activities 35.80M -4.400M
Cash From Financing Activities -446.9M 196.9M
Net Change In Cash -6.900M 38.20M
YoY Change -80.78% -117.42%
FREE CASH FLOW
Cash From Operating Activities $404.2M -$154.3M
Capital Expenditures $41.30M $39.70M
Free Cash Flow $362.9M -$194.0M
YoY Change -2173.71% -898.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
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us-gaap Gain Loss On Sale Of Business
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us-gaap Gain Loss On Sale Of Business
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abg Changein Operating Lease Rightof Use Asset
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CY2024Q2 abg Number Of Collision Repair Centers
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CY2024Q2 us-gaap Number Of States In Which Entity Operates
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us-gaap Number Of Reportable Segments
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us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-indent:15.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Estimates made in the accompanying condensed consolidated financial statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of F&amp;I products, reserves for self-insurance programs, and certain assumptions related to goodwill and dealership franchise rights intangible assets.</span></div>
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CY2024Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
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CY2024Q2 abg Disposal Group Including Discontinued Operation Operating Lease Liabilities
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2000000.0 usd
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2100000 usd
CY2024Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
204500000 usd
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CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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351100000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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1300000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4300000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
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3500000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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2200000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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2700000 usd
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10600000 usd
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10500000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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122900000 usd
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121600000 usd
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72900000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
72300000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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206500000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
204400000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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351100000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
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348100000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Realized Loss
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CY2024Q2 us-gaap Debt Securities Available For Sale Realized Gain
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us-gaap Debt Securities Available For Sale Realized Loss
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us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
300000 usd
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DebtSecuritiesAvailableForSaleRealizedGain
100000 usd
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
200000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
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CY2023Q2 us-gaap Debt Securities Available For Sale Realized Loss
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CY2023Q2 us-gaap Equity Securities Fv Ni Realized Gain
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3700000 usd
us-gaap Equity Securities Fv Ni Realized Loss
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900000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
51000000.0 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
500000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
180300000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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3800000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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231300000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
4300000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
51100000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
700000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
102500000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1600000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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153600000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2200000 usd
CY2024Q2 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAllowanceForCreditLoss
0 usd
CY2024Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1300000 usd
CY2024Q2 abg Floor Plan Notes Payable Trade Gross
FloorPlanNotesPayableTradeGross
301500000 usd
CY2023Q4 abg Floor Plan Notes Payable Trade Gross
FloorPlanNotesPayableTradeGross
245600000 usd
CY2024Q2 abg Floor Plan Notes Payable Trade Offsets
FloorPlanNotesPayableTradeOffsets
198700000 usd
CY2023Q4 abg Floor Plan Notes Payable Trade Offsets
FloorPlanNotesPayableTradeOffsets
50500000 usd
CY2024Q2 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
102800000 usd
CY2023Q4 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
195100000 usd
CY2024Q2 abg Floor Plan Notes Payable Non Trade New Gross
FloorPlanNotesPayableNonTradeNewGross
1530000000 usd
CY2023Q4 abg Floor Plan Notes Payable Non Trade New Gross
FloorPlanNotesPayableNonTradeNewGross
1328100000 usd
CY2024Q2 abg Floor Plan Notes Payable Non Trade Used Gross
FloorPlanNotesPayableNonTradeUsedGross
0 usd
CY2023Q4 abg Floor Plan Notes Payable Non Trade Used Gross
FloorPlanNotesPayableNonTradeUsedGross
307100000 usd
CY2024Q2 abg Floor Plan Notes Payable Non Trade Offsets
FloorPlanNotesPayableNonTradeOffsets
212700000 usd
CY2023Q4 abg Floor Plan Notes Payable Non Trade Offsets
FloorPlanNotesPayableNonTradeOffsets
44700000 usd
CY2024Q2 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
1317300000 usd
CY2023Q4 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
1590600000 usd
CY2024Q2 abg Debt Instrument Conversion Maximum Convertible Amount Amount Subtracted From Contractual Total
DebtInstrumentConversionMaximumConvertibleAmountAmountSubtractedFromContractualTotal
50000000 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
8400000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
8400000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
3623100000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
3230100000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
23600000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
25900000 usd
CY2024Q2 abg Long Term Debt And Lease Obligations Including Unamortized Premium Discount
LongTermDebtAndLeaseObligationsIncludingUnamortizedPremiumDiscount
3601300000 usd
CY2023Q4 abg Long Term Debt And Lease Obligations Including Unamortized Premium Discount
LongTermDebtAndLeaseObligationsIncludingUnamortizedPremiumDiscount
3206200000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
113100000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
84900000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
3488200000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
3121200000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-1400000 usd
CY2024Q2 abg Debt Securities Available For Sale Loss Reclassified From Accumulated Oci Into Income Effective Portion
DebtSecuritiesAvailableForSaleLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
200000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-4100000 usd
CY2023Q2 abg Debt Securities Available For Sale Loss Reclassified From Accumulated Oci Into Income Effective Portion
DebtSecuritiesAvailableForSaleLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
100000 usd
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-4000000.0 usd
abg Debt Securities Available For Sale Loss Reclassified From Accumulated Oci Into Income Effective Portion
DebtSecuritiesAvailableForSaleLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
300000 usd
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-1500000 usd
abg Debt Securities Available For Sale Loss Reclassified From Accumulated Oci Into Income Effective Portion
DebtSecuritiesAvailableForSaleLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
200000 usd
us-gaap Interest Paid
InterestPaid
131800000 usd
us-gaap Interest Paid
InterestPaid
73200000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
63800000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
127400000 usd
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
232300000 usd
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
197900000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenues
Revenues
4246200000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
730700000 usd
CY2023Q2 us-gaap Revenues
Revenues
3742500000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
713100000 usd
us-gaap Revenues
Revenues
8447400000 usd
us-gaap Gross Profit
GrossProfit
1480700000 usd
us-gaap Revenues
Revenues
7324800000 usd
us-gaap Gross Profit
GrossProfit
1409300000 usd
CY2024Q2 us-gaap Assets
Assets
10306000000 usd
CY2023Q4 us-gaap Assets
Assets
10159400000 usd
CY2022Q3 abg Loss Contingency Number Of Dealerships Under Investigation
LossContingencyNumberOfDealershipsUnderInvestigation
6 dealership
CY2024Q1 abg Loss Contingency Dealerships That Violated Ftc Act Number
LossContingencyDealershipsThatViolatedFTCActNumber
3 dealership
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001144980-24-000130-index.html Edgar Link pending
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