DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

In the fourth quarter of 2022, the Company announced plans to wind down its automotive business. As of June 30, 2023, the Company had completed all substantial activities pertaining to the wind down of its automotive business, which represented a strategic shift having a major effect on our operations and financial results.

We have reclassified all direct revenues, costs, and expenses related to commercial operations of the wholesale automotive business, within loss from discontinued operations in the Consolidated Statements of Operations for all periods presented. We have not allocated any amounts for shared general and administrative operating support expenses to discontinued operations. While ASC 205-20 does not explicitly require assets and liabilities of a discontinued operation to be separately presented in prior periods when the disposal is other than by sale, we have presented related assets and liabilities as assets and liabilities of discontinued operations in our Consolidated Balance Sheets.

Discontinued operations consisted of the following:


($ in millions)	2023		2022
Revenue	$	24.7	$	334.4
Cost of sales	23.7		323.4
Gross profit	1.0		11.0
SG&A expenses	2.0		11.9
Impairment of goodwill	—		26.0
Depreciation and amortization	—		0.1
Loss from operations of discontinued automotive segment	(1.0)		(27.0)
Interest expense	0.2		1.7
Other income	0.1		0.1
Loss from discontinued operations before income taxes	(1.1)		(28.6)
Income tax provision (benefit)	—		(0.6)
Loss from discontinued operations	$	(1.1)	$	(28.0)

The following table presents the carrying amounts of the assets and liabilities of discontinued operations, all of which were current, as of December 31:


($ in millions)	2023		2022
Cash	$	—	$	1.8
Accounts receivable, net	—		1.3
Inventory	—		8.3
Total assets of discontinued operations	$	—	$	11.4

Accounts payable and accrued expenses	$	0.3	$	3.1
Vehicle floor plan payable	—		5.3
Total liabilities of discontinued operations	$	0.3	$	8.4