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Auto Loans Receivable (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at March 31, 2024, and December 31, 2023, are as follows:
| March 31, 2024 |  | December 31, 2023
Total auto loans receivable | $ | 566.5 |  |  | $ | 451.2 |
Accrued interest and fees | 5.2 |  |  | 4.8 |
Deferred loan origination costs | 2.0 |  |  | 1.6 |
Less: unearned discounts | (7.7) |  |  | (8.9) |
Less: allowances for expected credit losses | (48.1) |  |  | (46.3) |
Auto loans receivable, net | $ | 517.9 |  |  | $ | 402.4 |
Financing Receivable Credit Quality Indicators | The following tables present auto loans receivable as of March 31, 2024, and December 31, 2023, disaggregated by major credit program tier, in descending order of highest likelihood of repayment:
|  | Fiscal Year of Origination |  |
As of March 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palladium |  | $ | 15.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15.8 |
Rhodium |  | 27.6 |  |  | 23.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 50.8 |
Platinum |  | 112.7 |  |  | 118.5 |  |  | 13.2 |  |  | 7.2 |  |  | 2.8 |  |  | 2.6 |  |  | 257.0 |
Gold |  | 17.9 |  |  | 57.6 |  |  | 31.8 |  |  | 16.1 |  |  | 5.6 |  |  | 4.0 |  |  | 133.0 |
Silver |  | 0.2 |  |  | 45.0 |  |  | 28.7 |  |  | 13.7 |  |  | 4.2 |  |  | 2.1 |  |  | 93.9 |
Bronze |  | — |  |  | 5.9 |  |  | 0.6 |  |  | 5.0 |  |  | 1.3 |  |  | 0.1 |  |  | 12.9 |
Copper |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 2.3 |  |  | 0.4 |  |  | 0.1 |  |  | 3.1 |
Total auto loans receivable |  | $ | 174.2 |  |  | $ | 250.3 |  |  | $ | 74.5 |  |  | $ | 44.3 |  |  | $ | 14.3 |  |  | $ | 8.9 |  |  | $ | 566.5 |
Current-period gross write-offs |  | $ | 0.1 |  |  | $ | 5.9 |  |  | $ | 4.3 |  |  | $ | 2.7 |  |  | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | 14.0 |
|  | Fiscal Year of Origination |  |
As of December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhodium |  | $ | 27.6 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27.7 |
Platinum |  | 136.3 |  |  | 14.7 |  |  | 8.2 |  |  | 3.3 |  |  | 3.1 |  |  | 0.5 |  |  | 166.1 |
Gold |  | 64.3 |  |  | 35.9 |  |  | 18.5 |  |  | 6.8 |  |  | 4.5 |  |  | 0.8 |  |  | 130.8 |
Silver |  | 50.2 |  |  | 33.0 |  |  | 16.2 |  |  | 5.2 |  |  | 2.8 |  |  | 0.3 |  |  | 107.7 |
Bronze |  | 6.7 |  |  | 0.7 |  |  | 6.0 |  |  | 1.5 |  |  | 0.1 |  |  | — |  |  | 15.0 |
Copper |  | 0.3 |  |  | 0.2 |  |  | 2.8 |  |  | 0.5 |  |  | 0.1 |  |  | — |  |  | 3.9 |
Total auto loans receivable |  | $ | 285.4 |  |  | $ | 84.6 |  |  | $ | 51.7 |  |  | $ | 17.3 |  |  | $ | 10.6 |  |  | $ | 1.6 |  |  | $ | 451.2 |
(1) Classified based on credit grade assigned when customer was initially approved for financing.
Financing Receivable, Allowance for Credit Loss | The following is a rollforward of our allowance for expected credit losses for auto loans receivable for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Balance as of beginning of year |  | $ | 46.3 |  |  | $ | 57.5 |
Provision for credit losses |  | 10.2 |  |  | 12.8 |
Write-offs |  | (14.0) |  |  | (16.0) |
Recoveries(1) |  | 5.6 |  |  | 7.0 |
Balance as of end of period |  | $ | 48.1 |  |  | $ | 61.3 |
(1) Includes proceeds from the recovery of vehicle collateral, net of costs incurred. |  |
Financing Receivable, Past Due | The following table presents past due auto loans receivable, as of March 31, 2024, and December 31, 2023:
| Age Analysis of Past-Due Auto Loans Receivable as of
| March 31, 2024 |  | December 31, 2023
31-60 Days | $ | 16.4 |  |  | $ | 20.7 |
61-90 Days | 4.7 |  |  | 5.4
Greater than 90 Days | 2.9 |  |  | 3.1
Total Past Due | $ | 24.0 |  |  | $ | 29.2 |
Current | 542.5 |  |  | 422.0
Total | $ | 566.5 |  |  | $ | 451.2 |

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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://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 + Details
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