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FINANCE RECEIVABLES (Tables)

3 Months Ended

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

1Includes 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

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
-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

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No definition available.

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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

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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

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