Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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	March 31, 2024				December 31, 2023				March 31, 2023
($ in thousands)	Measurement	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2	$	1,343,580	$	1,322,077	$	1,346,229	$	1,328,892	$	1,354,221	$	1,387,212
Floor Plan Facility Revolving Line of Credit	Level 2		31,885		33,134		20,885		21,732		20,885		21,213
Real Estate Facilities(1)	Level 2		219,068		230,710		183,892		195,029		202,452		211,085
Other Long-Term Debt	Level 2		8,168		6,708		8,246		6,702		3,250		2,945

(1) The carrying value of Real Estate Facilities at December 31, 2023 and March 31, 2023, include $17.3 million and $7.7 million, respectively, reported as liabilities related to assets held for sale in the condensed consolidated balance sheet.