v3.26.1
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities
 6 Months Ended
Jun. 30, 2026
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,
2026		December 31,
2025
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $26,015 and $23,164
$419,481 $519,068 
Other receivables55,206 57,686 
 $474,687 $576,754 
Credit loss expense was $1.5 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively. Credit loss expense was $3.0 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively.
Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
As of
June 30,
2026		December 31,
2025
(in thousands)
Accounts payable$175,672 $181,009 
Vehicle floor plan payable117,096 118,959 
Accrued compensation and related benefits135,443 194,972 
Other accrued liabilities210,372 226,686 
$638,583 $721,626 
Cash overdrafts of $0.6 million are included in accounts payable as of June 30, 2026 and December 31, 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, 2026, 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 5.7% for the three and six months ended June 30, 2026. The weighted average interest rate for the floor plan facilities was 6.3% for the three and six months ended June 30, 2025. The Company incurred floor plan interest expense of $1.8 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively. The Company incurred floor plan
interest expense of $3.5 million and $4.1 million for the six months ended June 30, 2026 and 2025, 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, 2026.
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, 2026 and 2025, the Company recognized a reduction in cost of goods sold of $2.2 million and $2.0 million, respectively, related to manufacturer floor plan assistance. For the six months ended June 30, 2026 and 2025, the Company recognized a reduction in cost of goods sold of $4.1 million and $4.0 million, respectively, related to manufacturer floor plan assistance.
As of June 30, 2026 and December 31, 2025, the Company had $99.8 million and $105.9 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.