Key Highlights
- Record second quarter revenues of $9.8 billion
- Used retail GPUs increased $339, or 20%, sequentially
- Aftersales gross profit increased by 3.1% and gross margin was 59.2%, a 120-basis point increase, on a same-store basis
- Adjusted SG&A as a percent of gross profit was 68.6%, a 290-basis point improvement sequentially
- Financing Operations achieved record income of $37 million and record originations of $884 million, with a 17.5% penetration rate
- Second quarter diluted earnings per share of $11.54, a 17% increase, and adjusted diluted earnings per share of $10.03, a 9% increase
- Repurchased $242 million of shares, representing 3.7% of outstanding shares in the quarter, and 7.6% of outstanding shares in the first half of 2026
- Announced a 23% increase to quarterly dividend
MEDFORD, Ore., July 29, 2026 (GLOBE NEWSWIRE) -- Lithia & Driveway (NYSE: LAD), the largest global automotive retailer, today reported financial results for the second quarter of 2026.
"Our team delivered differentiated growth across the platform, with record quarterly revenues, stable new vehicle margins, improved used vehicle profitability, and meaningful sequential SG&A improvement. Financing Operations delivered 80% income growth, with expanding margins and increasing penetration," said Bryan DeBoer, President and CEO. "We continued to return value to shareholders this quarter, expanding our repurchase authorization by $500 million and purchasing nearly 4% of shares. Our ecosystem is delivering on its design, and we carry strong momentum into the second half of the year.”
Second Quarter 2026 Operational Summary
Second quarter 2026 revenue increased 2% to $9.8 billion from $9.6 billion in the second quarter of 2025.
Second quarter 2026 diluted earnings per share attributable to LAD was $11.54, a 17% increase from $9.87 per share reported in the second quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted diluted earnings per share attributable to LAD for the second quarter of 2026 was $10.03, a 9% increase compared to $9.20 per share in the same period of 2025.
Second quarter 2026 net income was $261.6 million, a 1.3% increase compared to net income of $258.2 million in the second quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted net income for the second quarter 2026 was $227.6 million, an 6% decrease compared to adjusted net income of $240.9 million for the same period of 2025.
The financial measures discussed in this release include both GAAP and non-GAAP measures. See “Reconciliation of Certain Non-GAAP Measures”.
For the first six months of 2026 revenues increased 2% to $19.1 billion, compared to $18.8 billion in 2025.
Diluted earnings per share attributable to LAD for the first six months of 2026 was $15.68, compared to $17.80 per share in 2025, a decrease of 12%. Adjusted diluted earnings per share attributable to LAD for the first six months of 2026 increased 1% to $17.32 from $17.12 in the same period of 2025.
Corporate Development
In the second quarter of 2026, LAD acquired 5 stores, which are expected to generate $340 million in annualized revenues, and divested 3 stores representing $120 million in annualized revenues.
Balance Sheet Update
LAD ended the second quarter with approximately $1.3 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit.
Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of $0.70 per share related to second quarter 2026 financial results. The dividend is expected to be paid on August 21, 2026 to shareholders of record on August 7, 2026.
During the second quarter of 2026, we repurchased approximately 854,000 shares at a weighted average price of $284. Under the current share repurchase authorization approximately $620 million remains available as of June 30, 2026.
Second Quarter Earnings Conference Call and Updated Presentation
The second quarter 2026 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting second quarter 2026 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on Quarterly Earnings.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.
Sites
www.lithia.com
investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on X
https://x.com/lithiamotors
https://x.com/DrivewayHQ
https://x.com/GreenCarsHQ
Lithia & Driveway on LinkedIn
https://www.linkedin.com/company/lithia-motors/
Lithia & Driveway on YouTube
https://www.youtube.com/@Lithia_Motors/featured
Contact:
Skyya for Lithia & Driveway
[email protected]
Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:
- The profitability of our strategy and growth
- Future market conditions, including anticipated vehicle and other sales, gross profit and inventory supply
- Our business strategy and plans, including our achieving our long-term financial targets
- The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores
- Annualized revenues from acquired stores or achieving target returns
- The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
- The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models
- Our capital allocations and uses and levels of capital expenditures in the future
- Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections
- Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sources
- Our continuing to purchase shares under our share repurchase program
- Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements
- Our programs and initiatives for team member recruitment, training, and retention
- Our strategies and targets for customer retention, growth, market position, operations, financial results and risk management
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:
- Future national and local economic and financial conditions, including as a result of inflation, interest rates, tariffs, governmental actions, programs and spending, and public health issues
- The market for dealerships, including the availability of stores to us for an acceptable price
- Changes in customer demand, levels of consumer debt, consumer confidence and manufacturer sales incentives, and the electric vehicle landscape and the impact of evolving digital technologies
- Changes in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery models
- Changes in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehicles
- Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms
- The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levels
- Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipment
- Government regulations and legislation
- The risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.
Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
All “adjusted” financial measures in this presentation are non-GAAP financial measures, as are EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. We caution you not to place undue reliance on such non-GAAP measures and to consider them together with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)
June 30,
%
Increase Six months ended
June 30,
%
Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Revenues: New vehicle$4,829.2 $4,703.5 2.7% $9,208.6 $9,283.9 (0.8)%Used vehicle 3,528.3 3,478.3 1.4 7,017.7 6,728.8 4.3 Finance and insurance 366.4 373.8 (2.0) 726.1 738.1 (1.6)Aftersales 1,067.4 1,027.4 3.9 2,110.3 2,010.4 5.0 Total revenues 9,791.3 9,583.0 2.2% 19,062.7 18,761.2 1.6%Cost of sales: New vehicle 4,545.2 4,390.1 3.5 8,665.0 8,677.1 (0.1)Used vehicle 3,314.3 3,273.0 1.3 6,616.0 6,334.8 4.4 Aftersales 434.4 434.8 (0.1) 862.6 853.9 1.0 Total cost of sales 8,293.9 8,097.9 2.4 16,143.6 15,865.8 1.8 Gross profit 1,497.4 1,485.1 0.8% 2,919.1 2,895.4 0.8% Finance operations income 36.5 20.1 81.6% 57.8 32.6 77.3% SG&A expense 1,014.7 1,014.7 — 2,052.1 1,967.4 4.3 Depreciation and amortization 70.9 65.2 8.7 140.7 129.0 9.1 Income from operations 448.3 425.3 5.4% 784.1 831.6 (5.7)%Floor plan interest expense (69.7) (55.0) 26.7 (125.6) (112.0) 12.1 Other interest expense (62.7) (66.7) (6.0) (132.9) (132.2) 0.5 Other income (expense) 36.2 48.5 (25.4) (31.5) 49.3 NM Income before income taxes 352.1 352.1 —% 494.1 636.7 (22.4)%Income tax expense (90.5) (93.9) (3.6) (130.4) (167.3) (22.1)Income tax rate 25.7% 26.7% 26.4% 26.3% Net income$261.6 $258.2 1.3% $363.7 $469.4 (22.5)%Net income attributable to non-controlling interests (1.6) (2.1) (23.8)% (3.3) (3.8) (13.2)%Net income attributable to LAD$260.0 $256.1 1.5% $360.4 $465.6 (22.6)% Diluted earnings per share attributable to LAD: Net income per share$11.54 $9.87 16.9% $15.68 $17.80 (11.9)% Diluted shares outstanding 22.5 25.9 (13.1)% 23.0 26.2 (12.2)%
NM - not meaningful
LAD
Key Performance Metrics (Unaudited)
June 30, %
Increase Six months ended
June 30, %
Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Gross margin New vehicle 5.9% 6.7% (80) bps 5.9% 6.5% (60) bpsUsed vehicle 6.1 5.9 20 5.7 5.9 (20)Finance and insurance 100.0 100.0 — 100.0 100.0 — Aftersales 59.3 57.7 160 59.1 57.5 160 Gross profit margin 15.3 15.5 (20) 15.3 15.4 (10) Unit sales New vehicle 104,089 101,316 2.7% 198,876 200,819 (1.0)%Used vehicle retail 106,114 109,053 (2.7) 216,265 216,379 (0.1) Average selling price (excluding agency) New vehicle$47,156 $47,494 (0.7)% $47,024 $47,353 (0.7)%Used vehicle retail 29,593 28,379 4.3 29,018 27,793 4.4 Average gross profit per unit New vehicle$2,728 $3,093 (11.8)% $2,733 $3,022 (9.6)%Used vehicle retail 2,014 1,911 5.4 1,848 1,840 0.4 Finance and insurance 1,808 1,819 (0.6) 1,807 1,812 (0.3)Total vehicle(1) 4,112 4,242 (3.1) 4,026 4,168 (3.4) Revenue mix New vehicle 49.3% 49.1% 48.3% 49.5% Used vehicle 36.0 36.3 36.8 35.9 Finance and insurance, net 3.7 3.9 3.8 3.9 Aftersales 11.0 10.7 11.1 10.7 Gross Profit Mix New vehicle 19.0% 21.1% 18.6% 21.0% Used vehicle 14.3 13.8 13.8 13.6 Finance and insurance, net 24.5 25.2 24.9 25.5 Aftersales 42.2 39.9 42.7 39.9
ended June 30, Three months
ended June 30, Six months ended
June 30, Six months ended
June 30,Other metrics2026
2025
2026
2025
2026
2025
2026
2025
SG&A as a % of revenue10.5% 10.5% 10.4% 10.6% 10.7% 10.5% 10.8% 10.5%SG&A as a % of gross profit68.6 67.7 67.8 68.3 70.0 67.9 70.3 67.9 Operating profit as a % of revenue4.5 4.5 4.6 4.4 4.2 4.4 4.1 4.4 Operating profit as a % of gross profit29.1 29.3 29.9 28.6 27.1 28.8 26.9 28.7 Pretax margin3.2 3.4 3.6 3.7 2.9 3.3 2.6 3.4 Net profit margin2.3 2.5 2.7 2.7 2.1 2.4 1.9 2.5
(1) Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail
LAD
Same Store Operating Highlights (Unaudited)
June 30,
% Six months ended
June 30, % Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Revenues New vehicle$4,548.3 $4,619.6 (1.5)% $8,704.3 $9,080.0 (4.1)%Used vehicle 3,316.7 3,390.8 (2.2) 6,620.6 6,539.9 1.2 Finance and insurance 350.3 369.6 (5.2) 696.2 728.1 (4.4)Aftersales 1,013.0 1,002.9 1.0 2,003.9 1,957.2 2.4 Total revenues 9,228.3 9,382.9 (1.6) 18,025.0 18,305.2 (1.5) Gross profit New vehicle$267.1 $307.5 (13.1)% $513.6 $594.2 (13.6)%Used vehicle 205.3 202.9 1.2 383.9 389.9 (1.5)Finance and insurance 350.3 369.6 (5.2) 696.2 728.1 (4.4)Aftersales 599.7 581.7 3.1 1,182.2 1,132.4 4.4 Total gross profit 1,422.4 1,461.7 (2.7) 2,775.9 2,844.6 (2.4) Gross margin New vehicle 5.9% 6.7% (80) bps 5.9% 6.5% (60) bpsUsed vehicle 6.2 6.0 20 5.8 6.0 (20)Finance and insurance 100.0 100.0 — 100.0 100.0 — Aftersales 59.2 58.0 120 59.0 57.9 110 Gross profit margin 15.4 15.6 (20) 15.4 15.5 (10) Unit sales New vehicle 98,286 100,517 (2.2)% 189,168 198,103 (4.5)%Used vehicle retail 101,462 108,040 (6.1) 207,669 213,087 (2.5) Average selling price (excluding agency) New vehicle$47,082 $47,020 0.1% $46,767 $46,954 (0.4)%Used vehicle retail 29,141 27,965 4.2 28,553 27,454 4.0 Average gross profit per unit New vehicle$2,718 $3,059 (11.1)% $2,715 $3,000 (9.5)%Used vehicle retail 2,019 1,899 6.3 1,839 1,846 (0.4)Finance and insurance 1,811 1,814 (0.2) 1,809 1,813 (0.2)Total vehicle(1) 4,119 4,220 (2.4) 4,016 4,164 (3.6)
(1) Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail
LAD
Other Highlights (Unaudited)
2026
Key Performance by CountryTotal Revenue Total Gross Profit Total Revenue Total Gross ProfitUnited States77.4% 82.2% 76.5% 81.6%United Kingdom18.7% 14.8% 20.0% 15.7%Canada3.9% 3.0% 3.5% 2.7%
(1) Days’ supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period.
Selected Financing Operations Financial Information
Three months ended June 30, Six months ended June 30,($ in millions)2026%(1) 2025
%(1) 2026
%(1) 2025
%(1)Interest and fee income$116.4 8.9 $98.8 9.2 $226.9 8.9 $193.2 9.3 Interest expense (53.5) (4.1) (49.8) (4.7) (105.2) (4.1) (97.9) (4.7)Total interest margin$62.9 4.8 $49.0 4.5 $121.7 4.8 $95.3 4.5 Lease income 26.4 23.7 50.3 44.2 Lease costs (22.5) (18.6) (42.7) (35.4) Lease income, net 3.9 5.1 7.6 8.8 Provision expense (15.8) (1.2) (21.2) (2.0) (42.2) (1.7) (46.7) (2.2)Other financing operations expenses (14.5) (1.1) (12.8) (1.2) (29.3) (1.2) (24.8) (1.2)Finance operations income$36.5 $20.1 $57.8 $32.6 Total average managed finance receivables$5,271.4 $4,287.6 $5,140.2 $4,196.6
(1) Annualized percentage of total average managed finance receivables
LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
December 31, 2025
Cash, restricted cash, and cash equivalents$363.9 $341.8 Trade receivables, net 1,124.9 1,134.1 Inventories, net 6,516.8 6,119.6 Other current assets 267.7 262.5 Total current assets$8,273.3 $7,858.0 Property and equipment, net 5,031.6 4,936.0 Finance receivables, net 5,281.6 4,755.1 Intangibles 5,320.5 5,254.1 Other non-current assets 2,338.8 2,304.0 Total assets$26,245.8 $25,107.2 Floor plan notes payable 6,387.4 5,008.9 Other current liabilities 1,861.5 1,687.8 Total current liabilities$8,248.9 $6,696.7 Long-term debt, less current maturities 6,690.9 7,274.9 Non-recourse notes payable, less current maturities 2,688.9 2,404.2 Other long-term liabilities and deferred revenue 2,189.7 2,103.0 Total liabilities$19,818.4 $18,478.8 Equity 6,427.4 6,628.4 Total liabilities and equity$26,245.8 $25,107.2
LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
2025
Net income$363.7 $469.4 Adjustments to reconcile net income to net cash (used in) provided by operating activities 326.6 266.7 Changes in: Inventories (433.8) (19.7)Finance receivables (534.5) (432.1)Floor plan notes payable 12.6 26.4 Other operating activities 91.3 20.7 Net cash (used in) provided by operating activities (174.1) 331.4 Cash flows from investing activities: Capital expenditures (153.4) (148.8)Cash paid for acquisitions, net of cash acquired (221.7) (278.6)Proceeds from sales of stores 21.0 104.4 Other investing activities 2.3 7.5 Net cash used in investing activities (351.8) (315.5)Cash flows from financing activities: Net borrowings on floor plan notes payable, non-trade 1,409.2 (141.2)Net borrowings on non-recourse notes payable 267.4 (67.4)Net borrowings on other debt and finance lease liabilities (568.3) 552.2 Proceeds from issuance of common stock 14.0 13.6 Repurchase of common stock (534.0) (263.3)Dividends paid (25.7) (28.2)Other financing activity (7.5) (79.2)Net cash provided by (used in) financing activities 555.1 (13.5)Effect of exchange rate changes on cash and restricted cash (3.3) 7.4 Change in cash, restricted cash, and cash equivalents 25.9 9.8 Cash, restricted cash, and cash equivalents at beginning of period 391.3 445.8 Cash, restricted cash, and cash equivalents at end of period 417.2 455.6
LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
2025
As reported$(174.1) $331.4 Floor plan notes payable, non-trade, net(1) 1,409.2 (141.2)Adjust: finance receivables activity 534.5 432.1 Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory (21.8) (45.6)Adjusted$1,747.8 $576.7
(1) Includes the impact of converting inventory‑secured revolvers to floorplan facilities during 2026, increasing net floorplan borrowings and adjusted operating cash flows $1,138.3 million.
LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
June 30,
% Six months ended
June 30, % Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)EBITDA and Adjusted EBITDA Net income$261.6 $258.2 1.3% $363.7 $469.4 (22.5)%Flooring interest expense 69.7 55.0 26.7 125.6 112.0 12.1 Other interest expense 62.7 66.7 (6.0) 132.9 132.2 0.5 Financing operations interest expense 53.5 49.8 7.4 105.2 97.9 7.5 Income tax expense 90.5 93.9 (3.6) 130.4 167.3 (22.1)Depreciation and amortization 70.9 65.2 8.7 140.7 129.0 9.1 EBITDA$608.9 $588.8 3.4% $998.5 $1,107.8 (9.9)% Other adjustments: Less: flooring interest expense$(69.7) $(55.0) 26.7 $(125.6) $(112.0) 12.1 Less: financing operations interest expense (53.5) (49.8) 7.4 (105.2) (97.9) 7.5 Less: used vehicle line of credit interest — (4.4) (100.0) (1.4) (7.5) (81.3)Add: acquisition expenses 0.4 0.1 NM 0.7 0.3 NMAdd: (gain) loss on disposal of stores (15.1) 7.2 NM (15.0) (2.2) NMAdd: investment (gain) loss(1) (28.2) (36.4) NM 45.2 (26.7) NMAdd: insurance reserves 2.3 2.4 NM 2.3 2.8 NMAdd: contract buyouts — — NM 20.3 — NMAdjusted EBITDA$445.1 $452.9 (1.7)% $819.8 $864.6 (5.2)%
NM - not meaningful
(1) Investment (gains) losses retrospectively included in adjusted non-GAAP financial measures presented
2025
(Decrease)Floor plan notes payable$6,387.4 $4,888.0 30.7%Used and service loaner vehicle inventory financing facility 3.5 1,011.3 (99.7)Revolving lines of credit 1,889.8 1,792.1 5.5 Warehouse facilities 1,459.0 1,241.0 17.6 Non-recourse notes payable 2,741.4 2,042.0 34.3 4.625% Senior notes due 2027 400.0 400.0 — 3.875% Senior notes due 2029 800.0 800.0 — 5.500% Senior notes due 2030 600.0 — — 4.375% Senior notes due 2031 550.0 550.0 — Real estate mortgages, finance lease obligations, and other debt 1,106.7 986.4 12.2 Unamortized debt issuance costs (25.1) (20.6) 21.8 Total debt$15,912.7 $13,690.2 16.2% Less: Inventory related debt$(6,390.9) $(5,899.3) 8.3%Less: Financing operations related debt (4,200.4) (3,283.0) 27.9 Less: Unrestricted cash and cash equivalents (110.3) (202.8) (45.6)Less: Marketable securities (67.0) (52.1) 28.6 Less: Availability on used vehicle and service loaner financing facilities (0.5) (29.9) (98.3)Net Debt$5,143.6 $4,223.1 21.8% TTM Adjusted EBITDA$1,621.7 $1,670.6 (2.9)% Net debt to Adjusted EBITDA3.17x 2.53x
NM - not meaningful