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Inventories, Contracts in Progress and Vehicle Floor Plan Payable | 6 Months Ended
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Jun. 30, 2019
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract] |
Inventories, Contracts in Progress and Vehicle Floor Plan Payable | INVENTORIES, CONTRACTS IN PROGRESS AND VEHICLE FLOOR PLAN PAYABLE Inventories and contracts in progress consist of the following:
| As of
| June 30, 2019 |  | December 31, 2018
(in thousands) |
Raw materials | $ | 35,937 |  |  | $ | 37,248 |
Work-in-process | 10,979 |  |  | 11,633 |
Finished goods | 71,065 |  |  | 17,861 |
Contracts in progress | 2,434 |  |  | 2,735 |
| $ | 120,415 |  |  | $ | 69,477 |
The Company finances all new vehicle inventory through a standardized floor plan facility (the “floor plan facility”) with SunTrust Bank. The new vehicle floor plan facility bears interest at variable rates that are based on LIBOR plus 1.15% per annum. The weighted average interest rate for the floor plan facility was 3.4% and 3.5%, respectively, for the three and six months ended June 30, 2019. As of June 30, 2019, the aggregate capacity under the floor plan facility was $60 million, of which $50.4 million had been utilized, and is included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. The floor plan facility is collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contains a number of covenants, including, among others, covenants restricting the dealership subsidiary with respect to the creation of liens and changes in ownership, officers and key management personnel. The Company was in compliance with all of these restrictive covenants as of June 30, 2019. The floor plan interest expense related to the new vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against operating expense in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three and six months ended June 30, 2019, the Company recognized a reduction in operating expense of $0.8 million and $1.2 million, respectively, related to manufacturer floor plan assistance.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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