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Credit Facilities and Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Outstanding Balances on Credit Facilities and Long-term Debt |
| December 31,
($ in millions) | 2024 |  | 2023
Floor plan notes payable: non-trade | $ | 2,848.0 |  |  | $ | 2,288.5 |
Floor plan notes payable | 2,055.1 |  |  | 1,347.0 |
Total floor plan debt | $ | 4,903.1 |  |  | $ | 3,635.5 |
Below is a summary of our outstanding balances on credit facilities and long-term debt:
|  |  | December 31,
($ in millions) | Maturity Dates |  | 2024 |  | 2023
Long-term debt: |  |  |  |  |
Used and service loaner vehicle inventory financing commitments | Various dates through Feb 2029 |  | $ | 975.3 |  |  | $ | 902.8 |
Revolving lines of credit | Various dates through Feb 2029 |  | 1,633.2 |  |  | 1,620.7 |
Warehouse facilities | Various dates through Nov 2026 |  | 834.0 |  |  | 587.0 |
Non-recourse notes payable | Various dates through Feb 2032 |  | 2,109.3 |  |  | 1,705.6 |
4.625% Senior notes due 2027 | Dec 2027 |  | 400.0 |  |  | 400.0 |
4.375% Senior notes due 2031 | Jan 2031 |  | 550.0 |  |  | 550.0 |
3.875% Senior notes due 2029 | Jun 2029 |  | 800.0 |  |  | 800.0 |
Real estate mortgages, finance lease obligations, and other debt | Various dates through Jul 2038 |  | 1,085.9 |  |  | 730.7 |
Total long-term debt |  |  | 8,387.7 |  |  | 7,296.8 |
Less: unamortized debt issuance costs |  |  | (25.1) |  |  | (31.8) |
Less: current maturities (net of current debt issuance costs) |  |  | (192.1) |  |  | (109.6) |
Long-term debt, net |  |  | $ | 8,170.5 |  |  | $ | 7,155.4 |
Schedule of Line of Credit Facilities | The annual interest rates associated with our commitments are as follows:
Commitment | Annual Interest Rate at December 31, 2024
New vehicle floor plan | 5.69%
Used vehicle floor plan | 5.99%
Service loaner floor plan | 5.79%
Revolving line of credit | 5.84%
The annual interest rates associated with our commitments are as follows:
Commitment | Annual Interest Rate at December 31, 2024
Wholesale flooring facility | 4.62%
Used vehicle flooring facility | 4.87%
Daily rental facility | 4.82%
Wholesale leasing facility | 4.92%
Working capital revolving facility | 4.87%
Schedule of Long-term Debt Instruments | Below is a summary of outstanding non-recourse notes payable issued:
($ in millions) | Balance as of December 31, 2024 | Initial Principal Amount | Issuance Date | Interest Rate Range | Final Distribution Date
LAD Auto Receivables Trust 2021-1 Class A-D | $ | 44.8 |  | $ | 344.4 |  | 11/24/21 | 1.94% to 3.99% | Various dates through Nov 2029
LAD Auto Receivables Trust 2022-1 Class A-C | 80.9 |  | 298.1 |  | 08/17/22 | 5.21% to 6.85% | Various dates through Apr 2030
LAD Auto Receivables Trust 2023-1 Class A-D | 178.3 |  | 479.7 |  | 02/14/23 | 5.48% to 7.30% | Various dates through Jun 2030
LAD Auto Receivables Trust 2023-2 Class A-D | 245.2 |  | 556.7 |  | 05/24/23 | 5.42% to 6.30% | Various dates through Feb 2031
LAD Auto Receivables Trust 2023-3 Class A-D | 220.7 |  | 415.4 |  | 08/23/23 | 5.95% to 6.92% | Various dates through Dec 2030
LAD Auto Receivables Trust 2023-4 Class A-D | 247.5 |  | 421.2 |  | 11/15/23 | 6.10% to 7.37% | Various dates through Apr 2031
LAD Auto Receivables Trust 2024-1 Class A-D | 219.9 |  | 329.4 |  | 02/14/24 | 5.17% to 6.15% | Various dates through Jun 2031
LAD Auto Receivables Trust 2024-2 Class A-D | 320.0 |  | 409.6 |  | 06/20/24 | 5.46% to 6.37% | Various dates through Oct 2031
LAD Auto Receivables Trust 2024-3 Class A-D | 552.0 |  | 614.9 |  | 11/15/24 | 4.52% to 5.18% | Various dates through Feb 2032
Total non-recourse notes payable | $ | 2,109.3 |  | $ | 3,869.4 |  |  |  |
Below is a summary of outstanding senior notes issued:
($ in millions) | Principal Amount | Earliest Redemption Date | % Currently Redeemable | Current Redemption Price | Maturity Date | Interest Payment Dates
4.625% Senior notes due 2027 | $400.0 | 12/15/22 | 100% | 101.156% | 12/15/27 | Jun 15, Dec 15
3.875% Senior notes due 2029 | 800.0 | 06/01/24 | 100% | 101.938% | 06/01/29 | Jun 1, Dec 1
4.375% Senior notes due 2031 | 550.0 | 10/15/25 | 40% | 104.375% | 01/15/31 | Jan 15, Jul 15
Total senior notes | $1,750.0 |  |  |  |  |
Schedule of Maturities of Long-term Debt | The schedule of future principal payments associated with real estate mortgages, finance lease liabilities, our senior notes, and other debt as of December 31, 2024 was as follows:
Year Ending December 31, | ($ in millions)
2025 | $ | 140.7 |
2026 | 69.5 |
2027 | 516.6 |
2028 | 125.3 |
2029 | 886.1 |
Thereafter | 1,097.7 |
Total principal payments | $ | 2,835.9 |

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