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INVENTORIES

12 Months Ended

Dec. 31, 2023

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 and $5.4 million at December 31, 2023 and 2022, respectively.

Interest assistance reduced inventory costs by $7.0 million and $2.8 million at December 31, 2023 and 2022, respectively, and reduced cost of sales 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.