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FINANCE RECEIVABLES (Tables) | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Schedule of Finance Receivables, Net | Accounts receivable consisted of the following:
(in millions) | September 30, 2024 |  | December 31, 2023
Contracts in transit | $ | 451.4 |  |  | $ | 559.7 |
Trade receivables | 190.2 |  |  | 153.3 |
Vehicle receivables | 278.3 |  |  | 191.4 |
Manufacturer receivables | 280.5 |  |  | 216.5 |
Other receivables, current | 12.1 |  |  | 9.3 |
| 1,212.5 |  |  | 1,130.2 |
Less: Allowance for doubtful accounts | (3.1) |  |  | (7.1) |
Total accounts receivable, net | $ | 1,209.4 |  |  | $ | 1,123.1 |
Finance Receivables, net
(in millions) | September 30, 2024 |  | December 31, 2023
Asset-backed term funding | $ | 2,267.8 |  |  | $ | 2,146.5 |
Warehouse facilities | 1,332.5 |  |  | 749.3 |
Other managed receivables | 285.7 |  |  | 452.9 |
Total finance receivables | 3,886.0 |  |  | 3,348.7 |
Less: Allowance for finance receivable losses | (120.5) |  |  | (106.4) |
Finance receivables, net | $ | 3,765.5 |  |  | $ | 3,242.3 |
Schedule of Finance Receivable by FICO Score | Finance Receivables by FICO Score
| As of September 30, 2024
| Year of Origination
($ in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | Total
<599 | $ | 44.4 |  |  | $ | 45.3 |  |  | $ | 26.1 |  |  | $ | 11.9 |  |  | $ | 1.6 |  |  |  |  |  |  | $ | 129.3 |
600-699 | 428.7 |  |  | 452.6 |  |  | 338.2 |  |  | 103.9 |  |  | 10.0 |  |  |  |  |  |  | 1,333.4 |
700-774 | 434.4 |  |  | 444.4 |  |  | 317.9 |  |  | 44.8 |  |  | 3.8 |  |  |  |  |  |  | 1,245.3 |
775+ | 418.9 |  |  | 364.0 |  |  | 197.4 |  |  | 10.4 |  |  | 1.6 |  |  |  |  |  |  | 992.3 |
Total auto loan receivables | $ | 1,326.4 |  |  | $ | 1,306.3 |  |  | $ | 879.6 |  |  | $ | 171.0 |  |  | $ | 17.0 |  |  |  |  |  |  | 3,700.3 |
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 185.7 |
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,886.0 |
|  |  | 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, lease receivables, and deferred origination fees.
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) | 2024 |  | 2023
Allowance at beginning of period | $ | 106.4 |  |  | $ | 69.3 |
Charge-offs | (106.8) |  |  | (79.1) |
Recoveries | 44.2 |  |  | 35.5 |
Sold loans | (0.3) |  |  | — |
Initial allowance for credit-deteriorated receivables | — |  |  | 2.3 |
Provision expense | 77.0 |  |  | 75.0 |
Allowance at end of period | $ | 120.5 |  |  | $ | 103.0 |
Charge-off Activity by Year of Origination
| Nine Months Ended September 30,
(in millions) | 2024 |  | 2023
2024 | $ | 5.3 |  |  | $ | — |
2023 | 45.4 |  |  | 5.0 |
2022 | 39.5 |  |  | 47.1 |
2021 | 13.6 |  |  | 23.0 |
2020 | 1.2 |  |  | 2.3 |
Other finance receivables 1 | 1.8 |  |  | 1.7 |
Total charge-offs | $ | 106.8 |  |  | $ | 79.1 |
1 Includes legacy portfolio, loans that are originated with no FICO score available, and finance 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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: 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 + 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: 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(3)) -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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B Reference 2: 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 + Details
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