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DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Credit Facilities
US Bank Syndicated Credit Facility
On February 9, 2023, we amended our existing syndicated credit facility (USB credit facility), comprised of 20 financial institutions, including eight manufacturer-affiliated finance companies, maturing April 29, 2026.

This USB credit facility provides for a total financing commitment of $4.5 billion, which may be further expanded, subject to lender approval and the satisfaction of other conditions, up to a total of $5.5 billion. The allocation of the financing commitment is for up to $800 million in used vehicle inventory floorplan financing, up to $1.70 billion in revolving financing for general corporate purposes, including acquisitions and working capital, up to $1.95 billion in new vehicle inventory floorplan financing, and up to $50 million in service loaner vehicle floorplan financing. We have the option to reallocate the commitments under this USB credit facility, provided that the aggregate revolving loan commitment may not be more than 40% of the amount of the aggregate commitment, and the aggregate service loaner vehicle floorplan commitment may not be more than the 3% of the amount of the aggregate commitment. All borrowings from, and repayments to, our lending group are presented in the Consolidated Statements of Cash Flows as financing activities.

Our obligations under our USB credit facility are secured by a substantial amount of our assets, including our inventory (including new and used vehicles, parts and accessories), equipment, accounts receivable (and other rights to payment) and our equity interests in certain of our subsidiaries. Under our USB credit facility, our obligations relating to new vehicle floor plan loans are secured only by collateral owned by borrowers of new vehicle floor plan loans under the USB credit facility.

The interest rate on the USB credit facility varies based on the type of debt, with the rate of one-day SOFR plus a credit spread adjustment of 0.10% plus a margin of 1.10% for new vehicle floor plan financing, 1.40% for used vehicle floor plan financing, 1.20% for service loaner floor plan financing, and a variable interest rate on the revolving financing ranging from 1.00% to 2.00% depending on our leverage ratio. The annual interest rates associated with our floor plan commitments are as follows:
CommitmentAnnual Interest Rate at March 31, 2023
New vehicle floor plan6.07%
Used vehicle floor plan6.37%
Service loaner floor plan6.07%
Revolving line of credit5.97%

Non-Recourse Notes Payable
In February 2023, we issued approximately $480 million in non-recourse notes payable related to the asset-backed term funding transaction. Below is a summary of outstanding non-recourse notes payable issued:
($ in millions)Balance as of March 31, 2023Initial Principal AmountIssuance DateInterest RateFinal Distribution Date
LAD Auto Receivables Trust 2021-1 Class A$92.7 $282.8 11/24/211.300%08/17/26
LAD Auto Receivables Trust 2021-1 Class B18.3 18.3 11/24/211.940%11/16/26
LAD Auto Receivables Trust 2021-1 Class C26.0 26.0 11/24/212.350%04/15/27
LAD Auto Receivables Trust 2021-1 Class D17.2 17.2 11/24/213.990%11/15/29
LAD Auto Receivables Trust 2022-1 Class A182.0 259.7 08/17/225.210%06/15/27
LAD Auto Receivables Trust 2022-1 Class B15.5 15.5 08/17/225.870%09/15/27
LAD Auto Receivables Trust 2022-1 Class C23.0 23.0 08/17/226.850%04/15/30
LAD Auto Receivables Trust 2023-1 Class A-146.2 75.1 02/14/234.929%02/15/24
LAD Auto Receivables Trust 2023-1 Class A-2242.0 242.0 02/14/235.680%10/15/26
LAD Auto Receivables Trust 2023-1 Class A-374.4 74.4 02/14/235.480%06/15/27
LAD Auto Receivables Trust 2023-1 Class B20.1 20.1 02/14/235.590%08/16/27
LAD Auto Receivables Trust 2023-1 Class C36.7 36.7 02/14/236.180%12/15/27
LAD Auto Receivables Trust 2023-1 Class D31.3 31.3 02/14/237.300%06/17/30
Total non-recourse notes payable$825.4 $1,122.1