XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.23.1

Inventories, Contracts in Progress and Vehicle Floor Plan Payable | 3 Months Ended
--- | ---
Mar. 31, 2023
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
| March 31, 2023 |  | December 31, 2022
(in thousands) |
Raw materials | $ | 67,950 |  |  | $ | 68,494 |
Work-in-process | 15,141 |  |  | 15,718 |
Finished goods | 160,168 |  |  | 140,548 |
Contracts in progress | 2,961 |  |  | 2,051 |
| $ | 246,220 |  |  | $ | 226,811 |
The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank (Truist floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). At March 31, 2023, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 5.4% and 2.0% for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the aggregate capacity under the floor plan facilities was $106.3 million, of which $76.9 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 facilities are 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 March 31, 2023. The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended March 31, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $1.4 million and $0.9 million, respectively, related to manufacturer floor plan assistance.

X
- 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 https://asc.fasb.org/topic&trid=2126998 + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InventoryNetOfAllowancesCustomerAdvancesAndProgressBillingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration