Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurements

Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

For floor plan notes payable under the Floor Plan Facility, the amounts reported in the accompanying condensed consolidated balance sheets approximate the fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates.

	Fair Value	June 30, 2023				December 31, 2022				June 30, 2022
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,351,543	$	1,383,674	$	1,360,454	$	1,394,290	$	1,361,853	$	1,397,829
Floor Plan Facility Revolving Line of Credit	Level 2		20,885		21,327		20,885		19,823		20,885		17,535
Real Estate Facilities(1)	Level 2		192,574		200,797		145,911		145,664		22,076		19,812
Other Long-Term Debt	Level 2		8,403		6,947		3,280		2,944		3,341		3,055

(1) The carrying value of Real Estate Facilities at June 30, 2023 includes the $4.1 million reported as liabilities related to assets held for sale in the condensed consolidated balance sheets.