v3.25.2
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]  
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES
Accounts receivable consist of the following:
As of
June 30,
2025		December 31,
2024
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $24,384 and $23,719
$419,349 $477,827 
Other receivables42,205 36,599 
 $461,554 $514,426 
Credit loss expense was $1.0 million for three months ended June 30, 2025, and credit loss recovery was $0.1 million for the three months ended June 30, 2024. Credit loss expense was $2.1 million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively.
Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
As of
June 30,
2025		December 31,
2024
(in thousands)
Accounts payable$164,108 $160,384 
Vehicle floor plan payable115,108 147,884 
Accrued compensation and related benefits145,562 172,915 
Other accrued liabilities214,405 231,322 
$639,183 $712,505 
Cash overdrafts of $0.9 million are included in accounts payable as of June 30, 2025.
The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation and Ford Motor Credit Company. At June 30, 2025, 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 6.3% and 6.7% for the three months ended June 30, 2025 and 2024, respectively. The weighted average interest rate for the floor plan facilities was 6.3% and 6.8% for the six months ended June 30, 2025 and 2024, respectively. The Company incurred floor plan interest expense of $1.9 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively, which is included in interest expense in the Condensed Consolidated Statements of Operations. The Company incurred floor plan interest expense of $4.1 million and $6.0 million for the six months ended June 30, 2025 and 2024, respectively. 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 contain 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, 2025.
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 June 30, 2025 and 2024, the Company recognized a reduction in cost of goods sold of $2.0 million and $2.4 million, respectively, related to manufacturer floor plan assistance. For the six months ended June 30, 2025 and 2024, the Company recognized a reduction in cost of goods sold of $4.0 million and $4.6 million, respectively, related to manufacturer floor plan assistance.
As of June 30, 2025 and December 31, 2024, the Company had $101.1 million and $133.5 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.