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FINANCE RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Schedule of Accounts Receivable Accounts receivable consisted of the following:
(in millions)September 30, 2023December 31, 2022
Contracts in transit$458.8 $432.5 
Trade receivables156.3 122.6 
Vehicle receivables170.3 105.4 
Manufacturer receivables207.8 151.9 
Other receivables, current10.6 3.8 
 1,003.8 816.2 
Less: Allowance for doubtful accounts(4.5)(3.1)
Total accounts receivable, net$999.3 $813.1 
Finance Receivables, net
(in millions)September 30, 2023December 31, 2022
Asset-backed term funding$1,840.2 $482.1 
Warehouse facilities861.5 1,383.9 
Other managed receivables503.4 390.9 
Total finance receivables3,205.1 2,256.9 
Less: Allowance for finance receivable losses(103.0)(69.3)
Finance receivables, net$3,102.1 $2,187.6 
Schedule of Financing Receivable Credit Quality Indicators
Finance Receivables by FICO Score
As of September 30, 2023
Year of Origination
($ in millions)2023202220212020Total
<599
$53.4 $45.3 $20.4 $3.0 $122.1 
600-699491.0 508.2 171.8 18.3 1,189.3 
700-774472.6 459.7 71.3 6.6 1,010.2 
775+404.3 285.9 16.2 3.1 709.5 
Total auto loan receivables$1,421.3 $1,299.1 $279.7 $31.0 3,031.1 
Other finance receivables 1
174.0 
Total finance receivables$3,205.1 
As of December 31, 2022
Year of Origination
($ in millions)202220212020Total
<599
$63.0 $30.3 $4.8 $98.1 
600-699652.6 243.4 27.2 923.2 
700-774575.9 97.9 10.0 683.8 
775+369.5 21.5 4.5 395.5 
Total auto loan receivables$1,661.0 $393.1 46.5 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.
Schedule of Financing Receivable, Noncurrent, Allowance for Credit Loss The allowances for credit losses related to finance receivables consisted of the following changes during the period:
Nine Months Ended September 30,
(in millions)20232022
Allowance at beginning of period$69.3 $25.0 
Charge-offs(79.1)(36.3)
Recoveries35.5 12.2 
Initial allowance for purchased credit-deteriorated loans2.3 — 
Provision expense75.0 51.5 
Allowance at end of period$103.0 $52.4 

Charge-off Activity by Year of Origination
Nine Months Ended September 30,
(in millions)20232022
2023$5.0 $— 
202247.1 5.7 
202123.0 24.1 
20202.3 3.5 
Other finance receivables 1
1.7 3.0 
Total charge-offs$79.1 $36.3 
1Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.
Schedule of Purchased Financial Assets with Credit Deterioration The following is a reconciliation of the difference between the purchase price paid by us for the financial assets and the par value (outstanding principal balance) of the assets on the date we acquired the portfolio:
Purchase price of PCD loans at acquisition$8.0 
Initial allowance for credit losses of PCD loans at acquisition2.3 
Noncredit premium of PCD loans at acquisition(1.2)
Par value of acquired PCD loans at acquisition$9.1