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RECEIVABLES, NET AND CONTRACT ASSETS | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
RECEIVABLES, NET AND CONTRACT ASSETS | RECEIVABLES, NET AND CONTRACT ASSETS Contracts-in-Transit and Vehicle Receivables Contracts-in-transit and vehicle receivables consist primarily of amounts due from financing institutions on retail finance contracts from vehicle sales, and also includes receivables related to vehicle wholesale sales. Accounts and Notes Receivables Accounts and notes receivable consist primarily of amounts due from manufacturers related to dealer incentives, and also includes receivables related to parts and service sales. The Company maintains an allowance for doubtful accounts that is calculated under the current expected credit loss (“CECL”) model. The CECL model applies to financial assets measured at amortized cost, as shown in the following table, and requires the Company to reflect expected credit losses over the remaining contractual term of the asset. As the large majority of the Company’s receivables settle within 30 days, the forecast period under the CECL model is a relatively short horizon. The Company uses an aging method to estimate allowances for doubtful accounts under the CECL model as the Company has determined that the aging method adequately reflects expected credit losses, as corroborated by historical loss-rates. The Company’s receivables and contract assets consisted of the following (in millions):
|  | December 31,
|  | 2021 |  | 2020
Contracts-in-transit and vehicle receivables, net: |  |  |  |
Contracts-in-transit |  | $ | 143.8 |  |  | $ | 147.1 |
Vehicle receivables |  | 75.6 |  |  | 63.8 |
Total contracts-in-transit and vehicle receivables |  | 219.4 |  |  | 210.9 |
Less: allowance for doubtful accounts |  | 0.5 |  |  | 0.3 |
Total contracts-in-transit and vehicle receivables, net |  | $ | 218.9 |  |  | $ | 210.6 |
Accounts and notes receivables, net: |  |  |  |
Manufacturer receivables |  | $ | 76.9 |  |  | $ | 107.0 |
Parts and service receivables |  | 58.6 |  |  | 47.7 |
F&I receivables |  | 29.8 |  |  | 27.4 |
Other |  | 17.0 |  |  | 13.2 |
Total accounts and notes receivables |  | 182.2 |  |  | 195.3 |
Less: allowance for doubtful accounts |  | 4.3 |  |  | 3.2 |
Total accounts and notes receivables, net |  | $ | 177.9 |  |  | $ | 192.2 |
Within Other current assets and Other long-term assets: |  |  |  |
Total contract assets (1) |  | $ | 37.5 |  |  | $ | 35.3 |
(1) See further discussion of the Company’s Contract Assets balance at Note 2. Revenues. No allowance for doubtful accounts was recorded for contract assets as of December 31, 2021, or December 31, 2020.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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