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INVENTORIES | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The Company’s inventories consisted of the following (in millions):
|  | December 31,
|  | 2023 |  | 2022
New vehicles |  | $ | 1,061.0 |  |  | $ | 536.2 |
Used vehicles |  | 549.0 |  |  | 537.3 |
Rental vehicles |  | 217.2 |  |  | 155.0 |
Parts, accessories and other |  | 136.2 |  |  | 128.0 |
Total inventories |  | $ | 1,963.4 |  |  | $ | 1,356.6 |
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 $9.2 million a nd $5.4 m illion at December 31, 2023 and 2022, respectively. Interest assistance reduced inventory costs by $7.0 million a nd $2.8 million at December 31, 2023 and 2022, respectively, and reduced cost of sal es by $71.2 million, $56.0 million and $54.2 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021, the Company recorded $3.4 million, $0.3 million and $0.1 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.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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