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FINANCE RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

(in millions)			June 30, 2024						December 31, 2023
Contracts in transit			$	534.9					$	559.7
Trade receivables			177.3						153.3
Vehicle receivables			272.8						191.4
Manufacturer receivables			248.9						216.5
Other receivables, current			11.6						9.3
			1,245.5						1,130.2
Less: Allowance for doubtful accounts			(2.6)						(7.1)
Total accounts receivable, net			$	1,242.9					$	1,123.1

Finance Receivables, net

(in millions)			June 30, 2024						December 31, 2023
Asset-backed term funding			$	2,507.0					$	2,146.5
Warehouse facilities			890.4						749.3
Other managed receivables			342.3						452.9
Total finance receivables			3,739.7						3,348.7
Less: Allowance for finance receivable losses			(115.8)						(106.4)
Finance receivables, net			$	3,623.9					$	3,242.3

Schedule of Financing Receivable Credit Quality Indicators

Finance Receivables by FICO Score

			As of June 30, 2024
			Year of Origination
($ in millions)			2024						2023						2022						2021						2020																		Total
<599			$	32.5					$	51.8					$	30.1					$	13.4					$	1.8																	$	129.6
600-699			296.3						500.5						377.5						119.0						11.7																		1,305.0
700-774			295.9						487.5						350.8						50.5						4.4																		1,189.1
775+			296.8						402.2						218.2						11.9						2.0																		931.1
Total auto loan receivables			$	921.5					$	1,442.0					$	976.6					$	194.8					$	19.9																	3,554.8
Other finance receivables 1																																													184.9
Total finance receivables																																													$	3,739.7

									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

The allowances for credit losses related to finance receivables consisted of the following changes during the period:

			Six Months Ended June 30,
(in millions)			2024						2023
Allowance at beginning of period			$	106.4					$	69.3
Charge-offs			(65.6)						(50.1)
Recoveries			30.1						23.6
Sold loans			(0.3)						—
Initial allowance for credit-deteriorated loans			—						2.3
Provision expense			45.2						52.0
Allowance at end of period			$	115.8					$	97.1

Charge-off Activity by Year of Origination

			Six Months Ended June 30,
(in millions)			2024						2023
2024			$	0.6					$	—
2023			27.4						0.8
2022			26.2						31.0
2021			9.1						15.8
Other finance receivables 1			2.3						2.5
Total charge-offs			$	65.6					$	50.1

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://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Publisher FASB
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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
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
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- Definition

Tabular disclosure of allowance for credit loss of financing receivable, classified as noncurrent.

+ References

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-Name Accounting Standards Codification
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