Inventory Financing Agreements

12 Months Ended

Dec. 31, 2024

Inventory Financing Agreements [Abstract]

The Company has entered into agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions to enhance liquidity. Under these agreements, the Company receives extended payment terms and agrees to pay the financial institution a stated amount of confirmed invoices from its designated suppliers. The Company does not incur any interest or other incremental expenses associated with these agreements as balances are paid when they are due. Additionally, the Company has no involvement in establishing the terms or conditions of the arrangements between its suppliers and the financial institution.

The amounts outstanding under these agreements as of December 31, 2024 and 2023 were $355 million and $431 million, respectively, and are separately presented as Accounts payable-inventory financing on the Consolidated Balance Sheets. The majority of such outstanding amounts relates to a floorplan sub-facility that is incorporated in the Company’s Revolving Loan Facility, as defined within Note 8 (Debt). A portion of the Company’s availability under the Revolving Loan Facility is reserved to cover the obligation to pay the financial institution. For additional information regarding the Revolving Loan Facility, see Note 8 (Debt).

The following table details the changes in the Company’s confirmed obligations outstanding related to inventory financing agreements:


	As of December 31, 2024
Confirmed obligations outstanding as of January 1	$	430.9
Invoices confirmed during the period	2,388.1
Confirmed invoices paid during the period	(2,463.8)
Confirmed obligations outstanding as of December 31	$	355.2