LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Floor plan notes payable as of June 30, 2026 and December 31, 2025 was as follows:


($ in millions)	June 30, 2026		December 31, 2025
Floor plans notes payable (trade)	$	101.9	$	97.0
Floor plans notes payable (non-trade)(1)	172.0		121.4
Floor plan notes payable	$	273.9	$	218.4

(1) Includes a related-party pre-owned inventory floor plan line. See Note 12.

Long-term debt consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
Term loan credit agreement due September 2027(1)	$	208.7	$	207.7
Subordinated Loans due August 2028(2)	10.7		10.0
Notes payable for fleet vehicles and other(3)	1.7		1.1
Total principal amount	221.1		218.8
Less: Unamortized debt discount and issuance costs	(8.0)		(11.2)
Total debt	213.1		207.6
Less: current portion of long-term debt	(0.7)		(0.4)
Long-term debt	$	212.4	$	207.2

(1) Interest payments are required quarterly. Fair value was $216.5 million and $215.7 million as of June 30, 2026 and December 31, 2025, respectively.

(2) Fair value of $10.7 million and $8.7 million as of June 30, 2026 and December 31, 2025, respectively. See Note 12 for a description of the Subordinated Loans, which are with related parties.

(3) Carrying value approximate fair value due to the nature of this debt.

Schedule of Interest Expense

Other Interest Expense


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2026		2025		2026		2025
Interest expense on:
Term loan(1)	$	7.6	$9.8		$	15.3	$	19.6
Finance lease obligation(2)	1.1		1.2		2.3		2.3
Subordinated Loans(3)	0.3		—		0.7		—
Other, net	—		(0.1)		0.1		(0.2)
Total	$	9.0	$	10.9	$	18.4	$	21.7

(1) Includes the amortization of debt discount and issuance costs of $1.6 million and $3.2 million for the three and six months ended June 30, 2026, respectively, and $2.4 million and $4.9 million for the three and six months ended 2025, respectively. Certain interest is paid in kind on interest payment dates.

(2) Finance lease obligation is reported in other long-term liabilities on the condensed consolidated balance sheets.

(3) Interest is paid in kind on interest payment dates. See Note 12.