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Inventories and Related Notes Payable - Floor Plan | 12 Months Ended
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Dec. 31, 2021
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | Inventories and Related Notes Payable - Floor Plan Inventories consist of the following:
| December 31, 2021 |  | December 31, 2020
| (In millions)
New vehicles | $ | 273.1 |  |  | $ | 648.4 |
Used vehicles | 807.2 |  |  | 413.2 |
Service loaners | 106.3 |  |  | 128.5 |
Parts, accessories and other | 74.6 |  |  | 57.2 |
Net inventories | $ | 1,261.2 |  |  | $ | 1,247.3 |
We finance all of our new and certain of our used vehicle inventory through standardized floor plan facilities with either a syndicate of financial institutions and manufacturer-affiliated finance companies, directly with individual manufacturer-affiliated finance companies, or other lending institutions. We also use these floor plan facilities to finance the acquisition of new and certain used vehicle inventory as part of acquisitions of dealerships These floor plan facilities are due on demand and bear interest at variable rates based on either LIBOR or prime rates, depending on the lender arrangement. The weighted-average interest rate for our new vehicle floor plan facilities was 0.74%, 1.72% and 3.03% for 2021, 2020 and 2019, respectively. Our floor plan interest expense related to the new vehicle floor plan arrangements is partially offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and charged against cost of sales when the associated inventory is sold. For 2021, 2020 and 2019, we recognized a reduction in cost of sales of approximately $46.5 million, $40.6 million and $41.5 million, respectively, related to manufacturer floor plan assistance. The weighted-average interest rate for our used vehicle floor plan facilities was 1.75%, 2.02% and 3.10% for 2021, 2020 and 2019, respectively. The new and used vehicle floor plan facilities are collateralized by vehicle inventory and other assets, excluding goodwill and other intangible assets, of the relevant dealership subsidiary. The new and used vehicle floor plan facilities contain a number of covenants, including, among others, covenants restricting us with respect to the creation of liens and changes in ownership, officers and key management personnel. We were in compliance with all of these restrictive covenants as of December 31, 2021.

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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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