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Accounts Receivable, Net

12 Months Ended

Jul. 31, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

NOTE 3 — Accounts Receivable, Net

Accounts receivable, net consisted of:

						July 31,
(In thousands)						2022						2021
Advance charges receivable						$	440,650					$	385,002
Trade accounts receivable						137,243						97,249
Other receivables						7,257						4,013
						585,150						486,264
Less: Allowance for credit loss						(6,577)						(5,636)
Accounts receivable, net						$	578,573					$	480,628

Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.

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- References

No definition available.

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- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-URI https://asc.fasb.org/subtopic&trid=2196772

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