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INVENTORIES

12 Months Ended

Dec. 31, 2022

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


	December 31,
	2022		2021
New vehicles	$	536.2	$	254.8
Used vehicles	537.3		596.6
Rental vehicles	155.0		114.7
Parts, accessories and other	128.0		107.1
Total inventories	$	1,356.6	$	1,073.1

As described in Note 1. Basis of Presentation, Consolidation and Summary of 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 $5.4 million and $4.1 million at December 31, 2022 and 2021, respectively.

Interest assistance reduced inventory costs by $2.8 million and $1.3 million at December 31, 2022 and 2021, respectively, and reduced cost of sales by $56.0 million, $54.2 million and $47.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Impairments of inventory, net of insurance proceeds, related to catastrophic events are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $0.3 million, $0.1 million and $0.9 million of impairment charges, respectively.

Refer to Note 1. Basis of Presentation, Consolidation and Summary of Accounting Policies for further discussion of the Company’s accounting policies for inventories.