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Note 9 - Revenue
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

9 – Revenue

 

The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.  

 

The following table summarizes the Company’s disaggregated revenue by revenue source for the three months and six months ended June 30, 2021 and 2020 (in thousands):

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30, 2021

  

June 30, 2020

  

June 30, 2021

  

June 30, 2020

 

Commercial vehicle sales revenue

 $797,269  $559,062  $1,544,988  $1,348,616 

Parts revenue

  263,491   211,804   503,927   448,402 

Commercial vehicle repair service revenue

  182,035   165,749   357,336   357,129 

Finance revenue

  4,549   2,523   8,453   4,879 

Insurance revenue

  2,858   2,437   5,419   4,548 

Other revenue

  4,417   3,647   8,075   7,530 

Total

 $1,254,619  $945,222  $2,428,198  $2,171,104 

 

All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not have any material contract assets or contract liabilities on the balance sheet as of June 30, 2021. Revenues related to commercial vehicle sales, parts sales, commercial vehicle repair service, finance and the majority of the Company’s other revenues are related to the Truck Segment.