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FLOORPLAN NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2024
Line of Credit Facility [Abstract] |
FLOORPLAN NOTES PAYABLE | FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions):
|  | September 30, 2024 |  | December 31, 2023
Revolving Credit Facility — floorplan notes payable |  | $ | 1,303.0 |  |  | $ | 1,358.2 |
Revolving Credit Facility — floorplan notes payable offset account |  | (99.8) |  |  | (236.7) |
Revolving Credit Facility — floorplan notes payable, net |  | 1,203.2 |  |  | 1,121.6 |
Other non-manufacturer facilities |  | 240.1 |  |  | 31.4 |
Floorplan notes payable — credit facility and other, net |  | $ | 1,443.4 |  |  | $ | 1,153.0 |
FMCC Facility |  | $ | 162.1 |  |  | $ | 156.6 |
FMCC Facility offset account |  | — |  |  | (38.5) |
FMCC Facility, net |  | 162.1 |  |  | 118.1 |
GM Financial Facility |  | 239.1 |  |  | 37.9 |
Other manufacturer affiliate facilities |  | 424.9 |  |  | 256.4 |
Floorplan notes payable — manufacturer affiliates, net |  | $ | 826.1 |  |  | $ | 412.4 |
Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (the “Revolving Credit Facility”). On April 30, 2024, the Company entered into an amendment to the Revolving Credit Facility that increased the availability from $2.0 billion to $2.5 billion, with the ability to increase to $3.0 billion, as further described below. The Revolving Credit Facility consists of two tranches: (i) a $1.5 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net; and (ii) a $1.0 billion maximum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets — refer to Note 8. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.5 billion commitment. The Acquisition Line includes a $100.0 million sub-limit for letters of credit and a $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of September 30, 2024 and December 31, 2023. The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 6.20% as of September 30, 2024, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $3.5 million and $3.8 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 8.00% as of September 30, 2024. GM Financial Facility During 2023, the Company entered into a master loan agreement with General Motors Financial (the “GM Financial Facility”). During the nine months ended September 30, 2024, additional subsidiaries of the Company entered into the GM Financial Facility as additional borrowers and the borrowing base thereunder was increased. As of September 30, 2024 and December 31, 2023, the GM Financial Facility had a total capacity of $348.1 million and $84.5 million, respectively. The GM Financial Facility bears interest at the U.S. prime rate less 100 basis points. Other Manufacturer Facilities The Company has other credit facilities in the U.S. and the U.K., respectively, with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of September 30, 2024, borrowings outstanding under these facilities totaled $424.9 million, comprised of $183.2 million in the U.S. and $241.7 million in the U.K., with annual interest rates ranging from 1% to approximately 9%. Interest rates on the Company’s manufacturer facilities vary across manufacturers. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.

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