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Credit Facilities and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Balances on Credit Facilities and Long-term Debt

						December 31,
($ in millions)						2023						2022
Floor plan notes payable: non-trade						$	2,288.5					$	1,489.4
Floor plan notes payable						1,347.0						627.2
Total floor plan debt						$	3,635.5					$	2,116.6

Below is a summary of our outstanding balances on credit facilities and long-term debt:

												December 31,
($ in millions)						Maturity Dates						2023						2022
Long-term debt:
Used and service loaner vehicle inventory financing commitments						Various dates through Apr 2026						$	902.8					$	877.2
Revolving lines of credit						Various dates through Apr 2026						1,620.7						927.6
Warehouse facilities						Various dates through Jul 2026						587.0						930.0
Non-recourse notes payable						Various dates through Apr 2031						1,705.6						422.2
4.625% Senior notes due 2027						Dec 2027						400.0						400.0
4.375% Senior notes due 2031						Jan 2031						550.0						550.0
3.875% Senior notes due 2029						Jun 2029						800.0						800.0
Real estate mortgages, finance lease obligations, and other debt						Various dates through Dec 2050						730.7						653.1
Total long-term debt												7,296.8						5,560.1
Less: unamortized debt issuance costs												(31.8)						(29.1)
Less: current maturities (net of current debt issuance costs)												(109.6)						(20.5)
Long-term debt, net												$	7,155.4					$	5,510.5

Schedule of Line of Credit Facilities

The annual interest rates associated with our floor plan commitments are as follows:

Commitment			Annual Interest Rate at December 31, 2023
New vehicle floor plan			6.58%
Used vehicle floor plan			6.88%
Service loaner floor plan			6.68%
Revolving line of credit			6.48%

Commitment			Annual Interest Rate at December 31, 2023
Wholesale flooring facility			6.46%
Used vehicle flooring facility			6.71%
Daily rental facility			6.66%
Wholesale leasing facility			6.76%
Working capital revolving facility			6.71%

Schedule of Long-term Debt Instruments

In 2023, we issued $1.9 billion in non-recourse notes payable related to quarterly asset-backed term funding transactions. Below is a summary of outstanding non-recourse notes payable issued:

($ in millions)

Balance as of December 31, 2023

Initial Principal Amount

Issuance Date

Interest Rate Range

Final Distribution Date

LAD Auto Receivables Trust 2021-1 Class A-D

$

97.4

$

344.4

11/24/21

1.30% to 3.99%

Various dates through Nov 2029

LAD Auto Receivables Trust 2022-1 Class A-C

150.6

298.1

08/17/22

5.21% to 6.85%

Various dates through Apr 2030

LAD Auto Receivables Trust 2023-1 Class A-D

315.0

479.7

02/14/23

5.48% to 7.30%

Various dates through Jun 2030

LAD Auto Receivables Trust 2023-2 Class A-D

402.1

556.7

05/24/23

5.42% to 6.30%

Various dates through Feb 2031

LAD Auto Receivables Trust 2023-3 Class A-D

349.4

415.4

08/23/23

5.95% to 6.92%

Various dates through Dec 2030

LAD Auto Receivables Trust 2023-4 Class A-D

391.1

421.2

11/15/23

5.71% to 7.37%

Various dates through Apr 2031

Total non-recourse notes payable

$

1,705.6

$

2,515.5

Below is a summary of outstanding senior notes issued:

($ in millions)

Principal Amount

Earliest Redemption Date

% Currently Redeemable

Current Redemption Price

Maturity Date

Interest Payment Dates

4.625% Senior notes due 2027

$400.0

12/15/22

100%

102.313%

12/15/27

Jun 15, Dec 15

3.875% Senior notes due 2029

800.0

06/01/24

40%

103.875%

06/01/29

Jun 1, Dec 1

4.375% Senior notes due 2031

550.0

10/15/25

40%

104.375%

01/15/31

Jan 15, Jul 15

Total senior notes

$1,750.0

Schedule of Maturities of Long-term Debt

The schedule of future principal payments associated with real estate mortgages, finance lease liabilities, our senior notes and other debt as of December 31, 2023 was as follows:

Year Ending December 31,						($ in millions)
2024						$	82.3
2025						75.4
2026						51.0
2027						476.2
2028						109.6
Thereafter						1,686.3
Total principal payments						$	2,480.8

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