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FINANCE RECEIVABLES (Tables)

9 Months Ended

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

1Includes 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

1Includes legacy portfolio, loans that are originated with no FICO score available, and finance 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.

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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

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

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