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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

The Company’s inventories consisted of the following (in millions):

						December 31,
						2020						2019
New vehicles						$	902.5					$	1,328.6
Used vehicles						374.8						346.7
Rental vehicles						110.7						140.9
Parts, accessories and other						80.1						85.5
Total inventories						$	1,468.0					$	1,901.7

As described in Note 1. Business and Summary of Significant Accounting Policies, inventories are valued at lower of cost or net realizable value. The lower of specific cost or net realizable value adjustments reduced total inventory cost by $8.8 million and $9.7 million at December 31, 2020 and 2019, respectively.

Interest assistance reduced inventory costs by $7.4 million and $10.7 million at December 31, 2020 and 2019, respectively, and reduced cost of sales by $47.3 million, $49.1 million and $47.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Refer to Note 1. Business and Summary of Significant Accounting Policies for further discussion of the Company’s accounting policies for inventories.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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