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v3.23.1

FINANCE RECEIVABLES (Tables) | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
(in millions) | March 31, 2023 |  | December 31, 2022
Contracts in transit | $ | 397.1 |  |  | $ | 432.5 |
Trade receivables | 135.2 |  |  | 122.6 |
Vehicle receivables | 136.2 |  |  | 105.4 |
Manufacturer receivables | 173.1 |  |  | 151.9 |
Other receivables, current | 4.6 |  |  | 3.8 |
| 846.2 |  |  | 816.2 |
Less: Allowance for doubtful accounts | (3.1) |  |  | (3.1) |
Total accounts receivable, net | $ | 843.1 |  |  | $ | 813.1 |
Finance receivables consisted of the following:
(in millions) | March 31, 2023 |  | December 31, 2022
Asset-backed term funding | $ | 993.0 |  |  | $ | 482.1 |
Warehouse facilities | 1,254.9 |  |  | 1,383.9 |
Other managed receivables | 419.1 |  |  | 390.9 |
Total finance receivables | 2,667.0 |  |  | 2,256.9 |
Less: Allowance for finance receivable losses | (82.2) |  |  | (69.3) |
Finance receivables, net | $ | 2,584.8 |  |  | $ | 2,187.6 |
Financing Receivable, Noncurrent, Allowance for Credit Loss | The allowances for credit losses related to finance receivables consisted of the following changes during the period:
| Three Months Ended March 31,
(in millions) | 2023 |  | 2022
Allowance at beginning of period | $ | 69.3 |  |  | $ | 25.0 |
Charge-offs | (24.8) |  |  | (10.3) |
Recoveries | 11.4 |  |  | 4.3 |
Provision expense | 26.3 |  |  | 10.4 |
Allowance at end of period | $ | 82.2 |  |  | $ | 29.4 |
Financing Receivable Credit Quality Indicators | Charge-off activity by year of origination:
| Three Months Ended March 31,
(in millions) | 2023 |  | 2022
2023 | $ | 0.1 |  |  | $ | — |
2022 | 14.2 |  |  | — |
2021 | 8.9 |  |  | 7.1 |
2020 | 1.0 |  |  | 1.8 |
Other finance receivables 1 | 0.6 |  |  | 1.4 |
Total charge-offs | $ | 24.8 |  |  | $ | 10.3 |
1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables. Ending auto loan receivables (principal balances) by FICO score:
| As of March 31, 2023
| Year of Origination
($ in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | Total
<599 1 | $ | 24.1 |  |  | $ | 59.1 |  |  | $ | 26.7 |  |  | $ | 4.1 |  |  |  |  |  |  | $ | 114.0 |
600-699 | 181.8 |  |  | 613.6 |  |  | 218.1 |  |  | 23.7 |  |  |  |  |  |  | 1,037.2 |
700-774 | 190.5 |  |  | 543.0 |  |  | 88.2 |  |  | 8.7 |  |  |  |  |  |  | 830.4 |
775+ | 163.0 |  |  | 340.4 |  |  | 19.5 |  |  | 4.1 |  |  |  |  |  |  | 527.0 |
Total auto loan receivables | $ | 559.4 |  |  | $ | 1,556.1 |  |  | $ | 352.5 |  |  | $ | 40.6 |  |  |  |  |  |  | 2,508.6 |
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  | 158.4 |
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,667.0 |
| As of December 31, 2022
| Year of Origination
($ in millions) | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |  |  | Total
<599 1 | $ | 63.0 |  |  | $ | 30.3 |  |  | $ | 4.8 |  |  |  |  |  |  |  |  | $ | 98.1 |
600-699 | 652.6 |  |  | 243.4 |  |  | 27.2 |  |  |  |  |  |  |  |  | 923.2 |
700-774 | 575.9 |  |  | 97.9 |  |  | 10.0 |  |  |  |  |  |  |  |  | 683.8 |
775+ | 369.5 |  |  | 21.5 |  |  | 4.5 |  |  |  |  |  |  |  |  | 395.5 |
Total auto loan receivables | $ | 1,661.0 |  |  | $ | 393.1 |  |  | 46.6 |  |  |  |  |  |  |  |  | 2,100.6 |
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  | 156.3 |
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,256.9 |
1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- Definition Tabular disclosure of allowance for credit loss of financing receivable, classified as noncurrent. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
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