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v3.24.2

FLOORPLAN NOTES PAYABLE - Narrative (Details) | 1 Months Ended | 6 Months Ended |  |  |
--- | --- | --- | --- | --- | ---
Feb. 29, 2024 USD ($) | Jun. 30, 2024 USD ($) tranche institution | Apr. 30, 2024 USD ($) | Apr. 29, 2024 USD ($) | Dec. 31, 2023 USD ($)
Revolving Credit Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Unamortized discount |  | $ 3,900,000 |  |  | $ 3,800,000
Line of Credit |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Participating financial institutions (institution) | institution |  | 20 |  |  |
Line of credit facility, maximum borrowing capacity | $ 258,300,000 |  |  |  |
Outstanding letters of credit |  | $ 12,200,000 |  |  | 12,200,000
Basis spread on variable rate (as a percentage) | 1.75% |  |  |  |
Outstanding balance |  | 258,300,000 |  |  |
Line of Credit | Revolving Credit Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Line of credit facility, maximum borrowing capacity |  | 2,500,000,000 | $ 2,500,000,000 | $ 2,000,000,000 |
Line of credit facility, potential maximum borrowing capacity |  | $ 3,000,000,000 |  |  |
Number 0f tranches (tranche) | tranche |  | 2 |  |  |
Line of Credit | Floorplan Line |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Line of credit facility, maximum borrowing capacity |  | $ 1,500,000,000 |  |  |
Weighted average interest rate (as a percentage) |  | 6.57% |  |  |
Commitment fee (as a percentage) |  | 0.15% |  |  |
Line of Credit | Acquisition Line |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Line of credit facility, maximum borrowing capacity |  | $ 1,000,000,000.0 |  |  |
Minimum borrowing capacity |  | 50,000,000.0 |  |  |
Sub-limit for letters of credit |  | $ 100,000,000.0 |  |  |
Line of Credit | Acquisition Line | Minimum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Commitment fee (as a percentage) |  | 0.15% |  |  |
Line of Credit | Acquisition Line | Maximum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Commitment fee (as a percentage) |  | 0.40% |  |  |
Line of Credit | Acquisition Line | SOFR | Minimum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Basis spread on variable rate (as a percentage) |  | 1.10% |  |  |
Line of Credit | Acquisition Line | SOFR | Maximum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Basis spread on variable rate (as a percentage) |  | 2.10% |  |  |
Line of Credit | New Vehicles | SOFR |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Basis spread on variable rate (as a percentage) |  | 1.20% |  |  |
Line of Credit | Used Vehicles | SOFR |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Basis spread on variable rate (as a percentage) |  | 1.50% |  |  |
Line of Credit | FMCC Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Line of credit facility, maximum borrowing capacity |  | $ 300,000,000.0 |  |  |
Interest rate (as a percentage) |  | 8.50% |  |  |
Line of Credit | GM Financial Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Line of credit facility, maximum borrowing capacity |  | $ 348,100,000 |  |  | $ 84,500,000
Line of Credit | GM Financial Facility | Prime Floor |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Basis spread on variable rate (as a percentage) |  | 1.00% |  |  |
Line of Credit | Other Credit Facilities |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Outstanding balance |  | $ 340,300,000 |  |  |
Line of Credit | Rental Vehicles Financed through Credit Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Outstanding balance |  | $ 184,400,000 |  |  |
Line of Credit | Rental Vehicles Financed through Credit Facility | Minimum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Interest rate (as a percentage) |  | 1.00% |  |  |
Line of Credit | Rental Vehicles Financed through Credit Facility | Maximum |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Interest rate (as a percentage) |  | 9.00% |  |  |
Line of Credit | UK Credit Facilities |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Outstanding balance |  | $ 156,000,000.0 |  |  |

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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