Interest Rate Risk We are exposed to risk from changes in interest rates on a significant portion of our outstanding indebtedness. Based on $2.09 billion of total variable interest rate debt, which includes our floor plan notes payable, amounts drawn on our used vehicle floor plan, revolver and certain mortgage liabilities, outstanding as of June 30, 2026, a 100 basis point change in interest rates would result in a change of $20.9 million in annual interest expense. We periodically receive floor plan assistance from certain automobile manufacturers, which is primarily accounted for as a reduction in our new vehicle inventory cost. Floor plan assistance reduced our cost of sales for the six months ended June 30, 2026 and 2025 by $52.3 million and $54.0 million, respectively. We cannot provide assurance as to the future amount of floor plan assistance and these amounts may be negatively impacted due to future changes in interest rates. As part of our strategy to mitigate our exposure to fluctuations in interest rates, we have various interest rate swap agreements. All of our interest rate swaps qualify for cash flow hedge accounting treatment and do not contain any ineffectiveness. As of June 30, 2026, we had five interest rate swap agreements. These swaps are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in SOFR. The following table provides information on the attributes of each swap as of June 30, 2026: 55 Table of Contents Inception Date Notional Principal at Inception Notional Value Notional Principal at Maturity Maturity Date (In millions) January 2022 $ 300.0 $ 236.3 $ 228.8 December 2026 January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031 May 2021 $ 184.4 $ 147.5 $ 110.6 May 2031 July 2020 $ 93.5 $ 63.2 $ 50.6 December 2028 February 2026 $ 250.0 $ 245.8 $ 194.3 July 2030 These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to other interest expense in the same period or periods during which the hedged transactions affect earnings. For additional information about the effect of our derivative instruments, please refer to Note 10 "Financial Instruments and Fair Value" within the accompanying condensed consolidated financial statements.