XML 40 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
The Company’s inventories consisted of the following (in millions):
 December 31,
 20242023
New vehicles$1,509.0 $1,061.0 
Used vehicles729.4 549.0 
Rental vehicles246.7 217.2 
Parts, accessories and other151.8 136.2 
Total inventories$2,636.8 $1,963.4 
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 $14.1 million and $9.2 million at December 31, 2024 and 2023, respectively.
Interest assistance reduced inventory costs by $8.0 million and $7.0 million at December 31, 2024 and 2023, respectively, and reduced cost of sales by $88.4 million, $71.2 million and $56.0 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022, the Company recorded $2.7 million, $3.4 million and $0.3 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.