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FINANCE RECEIVABLES (Tables)

3 Months Ended

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

1Includes 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
<5991			$	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
<5991			$	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

1Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.

X

- 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

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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

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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

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