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RECEIVABLES, NET AND CONTRACT ASSETS
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
RECEIVABLES, NET AND CONTRACT ASSETS RECEIVABLES, NET AND CONTRACT ASSETS
Contracts-in-Transit and Vehicle Receivables
Contracts-in-transit and vehicle receivables consist primarily of amounts due from financing institutions on retail finance contracts from vehicle sales, and also includes receivables related to vehicle wholesale sales.
Accounts and Notes Receivables
Accounts and notes receivable consist primarily of amounts due from manufacturers related to dealer incentives, and also includes receivables related to parts and service sales.
The Company maintains an allowance for doubtful accounts that is calculated under the current expected credit loss (“CECL”) model. The CECL model applies to financial assets measured at amortized cost, as shown in the following table, and requires the Company to reflect expected credit losses over the remaining contractual term of the asset. As the large majority of the Company’s receivables settle within 30 days, the forecast period under the CECL model is a relatively short horizon. The Company uses an aging method to estimate allowances for doubtful accounts under the CECL model as the Company has determined that the aging method adequately reflects expected credit losses, as corroborated by historical loss rates.
The Company’s receivables, net and contract assets consisted of the following (in millions):
 December 31,
 20242023
Contracts-in-transit and vehicle receivables, net:
Contracts-in-transit$250.3 $259.2 
Vehicle receivables110.6 110.3 
Total contracts-in-transit and vehicle receivables360.9 369.5 
Less: allowance for doubtful accounts0.8 0.3 
Total contracts-in-transit and vehicle receivables, net$360.1 $369.2 
Accounts and notes receivables, net:
Manufacturer receivables$177.4 $128.3 
Parts and service receivables80.6 64.3 
F&I receivables39.7 35.6 
Other11.7 14.4 
Total accounts and notes receivables309.5 242.5 
Less: allowance for doubtful accounts6.4 4.2 
Total accounts and notes receivables, net$303.0 $238.4 
Within Other current assets and Other long-term assets:
Total contract assets (1)
$59.0 $55.0 
(1) See further discussion of the Company’s Contract Assets balance at Note 2. Revenues. No allowance for doubtful accounts was recorded for contract assets as of December 31, 2024, or December 31, 2023.