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FINANCE RECEIVABLES (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
(in millions) | March 31, 2024 |  | December 31, 2023
Contracts in transit | $ | 520.3 |  |  | $ | 559.7 |
Trade receivables | 201.9 |  |  | 153.3 |
Vehicle receivables | 252.7 |  |  | 191.4 |
Manufacturer receivables | 262.7 |  |  | 216.5 |
Other receivables, current | 15.0 |  |  | 9.3 |
| 1,252.6 |  |  | 1,130.2 |
Less: Allowance for doubtful accounts | (3.3) |  |  | (7.1) |
Total accounts receivable, net | $ | 1,249.3 |  |  | $ | 1,123.1 |
Finance Receivables, net
(in millions) | March 31, 2024 |  | December 31, 2023
Asset-backed term funding | $ | 2,298.0 |  |  | $ | 2,146.5 |
Warehouse facilities | 808.3 |  |  | 749.3 |
Other managed receivables | 418.0 |  |  | 452.9 |
Total finance receivables | 3,524.3 |  |  | 3,348.7 |
Less: Allowance for finance receivable losses | (111.8) |  |  | (106.4) |
Finance receivables, net | $ | 3,412.5 |  |  | $ | 3,242.3 |
Schedule of Financing Receivable Credit Quality Indicators | Finance Receivables by FICO Score
| As of March 31, 2024
| Year of Origination
($ in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | Total
<599 | $ | 16.8 |  |  | $ | 57.3 |  |  | $ | 34.0 |  |  | $ | 15.6 |  |  | $ | 2.1 |  |  |  |  |  |  | $ | 125.8 |
600-699 | 140.3 |  |  | 549.1 |  |  | 418.8 |  |  | 135.3 |  |  | 13.9 |  |  |  |  |  |  | 1,257.4 |
700-774 | 135.4 |  |  | 532.7 |  |  | 386.5 |  |  | 57.0 |  |  | 5.1 |  |  |  |  |  |  | 1,116.7 |
775+ | 141.7 |  |  | 445.8 |  |  | 240.4 |  |  | 13.1 |  |  | 2.3 |  |  |  |  |  |  | 843.3 |
Total auto loan receivables | $ | 434.2 |  |  | $ | 1,584.9 |  |  | $ | 1,079.7 |  |  | $ | 221.0 |  |  | $ | 23.4 |  |  |  |  |  |  | 3,343.2 |
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 181.1 |
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,524.3 |
|  |  | As of December 31, 2023
|  |  | Year of Origination
($ in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |  |  | Total
<599 | $ | 62.2 |  |  | $ | 39.0 |  |  | $ | 17.6 |  |  | $ | 2.4 |  |  |  |  |  |  |  |  | $ | 121.2 |
600-699 | 586.6 |  |  | 463.6 |  |  | 152.7 |  |  | 16.1 |  |  |  |  |  |  |  |  | 1,219.0 |
700-774 | 568.1 |  |  | 422.5 |  |  | 63.9 |  |  | 5.9 |  |  |  |  |  |  |  |  | 1,060.4 |
775+ | 490.3 |  |  | 263.5 |  |  | 14.7 |  |  | 2.7 |  |  |  |  |  |  |  |  | 771.2 |
Total auto loan receivables | $ | 1,707.2 |  |  | $ | 1,188.6 |  |  | $ | 248.9 |  |  | $ | 27.1 |  |  |  |  |  |  |  |  | 3,171.8 |
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 176.9 |
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,348.7 |
1 Includes legacy portfolio, loans that are originated with no FICO score available, and lease receivables.
Schedule of Financing Receivable, Noncurrent, Allowance for Credit Loss | Rollforward of Allowance for Loan and Lease Losses Our allowance for loan and lease losses represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowances for credit losses related to finance receivables consisted of the following changes during the period:
| Three Months Ended March 31,
(in millions) | 2024 |  | 2023
Allowance at beginning of period | $ | 106.4 |  |  | $ | 69.3 |
Charge-offs | (34.1) |  |  | (24.8) |
Recoveries | 14.8 |  |  | 11.4 |
Sold loans | (0.3) |  |  | — |
Provision expense | 25.0 |  |  | 26.3 |
Allowance at end of period | $ | 111.8 |  |  | $ | 82.2 |
Charge-off Activity by Year of Origination
| Three Months Ended March 31,
(in millions) | 2024 |  | 2023
2024 | $ | — |  |  | $ | — |
2023 | 13.4 |  |  | 0.1 |
2022 | 15.1 |  |  | 14.2 |
2021 | 4.9 |  |  | 8.9 |
Other finance receivables 1 | 0.7 |  |  | 1.6 |
Total charge-offs | $ | 34.1 |  |  | $ | 24.8 |
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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of allowance for credit loss of financing receivable, classified as noncurrent. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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