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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Our investment portfolio is primarily funded by product premiums from the sale of our TCA F&I products. The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale are as follows:
| As of September 30, 2025
| Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In millions)
Short-term investments | $ | 0.9 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |
U.S. Treasury | 2.6 |  |  |  |  | — |  |  | — |  |  | 2.6 |
Municipal | 4.9 |  |  |  |  | 0.2 |  |  | — |  |  | 5.0 |
Corporate | 169.9 |  |  |  |  | 3.8 |  |  | — |  |  | 173.6 |
Mortgage and other asset-backed securities | 228.8 |  |  |  |  | 3.0 |  |  | (0.5) |  |  | 231.3 |
Total investments | $ | 407.0 |  |  |  |  | $ | 6.9 |  |  | $ | (0.5) |  |  | $ | 413.4 |
| As of December 31, 2024
| Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In millions)
Short-term investments | $ | 14.4 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 14.4 |
U.S. Treasury | 2.6 |  |  |  |  | — |  |  | — |  |  | 2.6 |
Municipal | 10.6 |  |  |  |  | 0.1 |  |  | (0.1) |  |  | 10.6 |
Corporate | 152.0 |  |  |  |  | 0.8 |  |  | (0.9) |  |  | 151.9 |
Mortgage and other asset-backed securities | 170.1 |  |  |  |  | 0.6 |  |  | (1.7) |  |  | 169.1 |
Total investments | $ | 349.8 |  |  |  |  | $ | 1.6 |  |  | $ | (2.7) |  |  | $ | 348.6 |
As of September 30, 2025 and December 31, 2024, the Company had $2.9 million and $2.8 million of accrued interest receivable, respectively, which is included in other current assets on the condensed consolidated balance sheets. The Company does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses. A summary of amortized costs and fair value of investments by time to maturity, is as follows:
| As of September 30, 2025
| Amortized Cost |  | Fair Value
| (In millions)
Due in 1 year or less | $ | 0.9 |  |  | $ | 0.9 |
Due in 1-5 years | 122.0 |  |  | 124.3 |
Due in 6-10 years | 53.3 |  |  | 54.8 |
Due after 10 years | 2.1 |  |  | 2.1 |
Total by maturity | 178.3 |  |  | 182.1 |
Mortgage and other asset-backed securities | 228.8 |  |  | 231.3 |
Total investment securities | $ | 407.0 |  |  | $ | 413.4 |
There were no gross losses and $0.3 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the three months ended September 30, 2025. There were $0.2 million gross losses and $0.7 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the nine months ended September 30, 2025. There were $0.3 million gross losses and $0.5 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the three months ended September 30, 2024. There were $0.3 million gross losses and $0.9 million gross gains realized related to the sale of available-for-sale debt securities carried at fair value for the nine months ended September 30, 2024. The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of investments with unrealized losses. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was September 30, 2025.
| As of September 30, 2025
| Less than 12 Months |  | Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In millions)
Short-term investments | $ | — |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
U.S. Treasury | 0.8 |  |  | — |  |  | 0.8 |  |  | — |  |  | 1.7 |  |  | — |
Municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9 |  |  | — |
Mortgage and other asset-backed securities | 39.7 |  |  | (0.3) |  |  | 11.5 |  |  | (0.2) |  |  | 51.2 |  |  | (0.5) |
Total debt securities | $ | 45.4 |  |  | $ | (0.3) |  |  | $ | 13.1 |  |  | $ | (0.2) |  |  | $ | 58.6 |  |  | $ | (0.5) |
| As of December 31, 2024
| Less than 12 Months |  | Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In millions)
Short-term investments | $ | 0.3 |  |  | $ | — |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | 4.1 |  |  | $ | — |
U.S. Treasury | 1.1 |  |  | — |  |  | 1.4 |  |  | — |  |  | 2.5 |  |  | — |
Municipal | 3.4 |  |  | (0.1) |  |  | 1.6 |  |  | — |  |  | 4.9 |  |  | (0.1) |
Corporate | 64.3 |  |  | (0.5) |  |  | 26.6 |  |  | (0.4) |  |  | 90.9 |  |  | (0.9) |
Mortgage and other asset-backed securities | 78.5 |  |  | (1.0) |  |  | 26.4 |  |  | (0.7) |  |  | 104.9 |  |  | (1.7) |
Total debt securities | $ | 147.5 |  |  | $ | (1.6) |  |  | $ | 59.8 |  |  | $ | (1.2) |  |  | $ | 207.3 |  |  | $ | (2.7) |
The Company reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors including changes in credit ratings. The decline in fair value identified in the tables above are a result of widening market spreads and not a result of credit quality. Additionally, the Company has determined it has both the intent and ability to hold these investments until the market price recovers or until maturity and does not believe it will be required to sell the securities before maturity. Accordingly, no credit losses were recognized on these securities during the three and nine months ended September 30, 2025.

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