Note 12 - Subsequent Event

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

12 – Subsequent Event

On July 7, 2016, we entered into the Third Amended and Restated Credit Agreement (“Floor Plan Credit Agreement”) with BMO Harris Bank N.A. The amendment increased the aggregate loan commitment to $875.0 million. Borrowings under the Floor Plan Credit Agreement bear interest at an annual rate equal to the (A) the greater of (i) zero and (ii) three month LIBOR rate, determined on the last day of the prior month, plus (B) 1.51% and are payable monthly.  In addition, the Company is required to pay a monthly working capital fee equal to 0.16% per annum multiplied by the amount of voluntary prepayments of new and used inventory loans. Loans under the Floor Plan Credit Agreement for the purchase of used inventory are limited to $150.0 million. The Company may terminate the Floor Plan Credit Agreement at any time, although if it does so it must pay a prepayment processing fee equal to (i) 2.0% of the aggregate revolving loan commitments if such termination occurs on or before January 1, 2018; (ii) 1.0% of the aggregate revolving loan commitments if such termination occurs after January 1, 2018 and on or prior to July 1, 2018; and (iii) $500,000 if such termination occurs after July 1, 2018 and prior to June 30, 2019, subject to specified limited exceptions. On June 30, 2016, the Company had approximately $658.0 million outstanding under its Second Amended and Restated Credit Agreement with BMO Harris Bank N.A.