Note 3 - Inventories

12 Months Ended

Dec. 31, 2012

(3) Inventories

Inventories consisted of the following (in thousands):

December 31,	2012		2011
New vehicles	$	563,275	$	372,838
Used vehicles		130,529		106,622
Parts and accessories		29,522		27,024
Total inventories	$	723,326	$	506,484

The new vehicle inventory cost is generally reduced by manufacturer holdbacks and incentives, while the related floor plan notes payable are reflective of the gross cost of the vehicle. As of December 31, 2012 and 2011, the carrying value of inventory had been reduced by $4.8 million and $3.2 million, respectively, for assistance received from manufacturers as discussed in Note 1.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details