INVENTORIES

3 Months Ended

Mar. 31, 2023

Vehicle and parts inventories are recorded at the lower of cost or net realizable value, with cost determined by the last-in, first-out (“LIFO”) method. Cost includes purchase costs, reconditioning costs, dealer-installed accessories and freight. For vehicles accepted as trade-ins, the cost is the fair value of such pre-owned vehicles at the time of the trade-in. Other inventory includes parts and accessories, as well as retail travel and leisure specialty merchandise, and is recorded at the lower of cost or net realizable value with cost determined by LIFO method.

The current replacement costs of LIFO inventories exceeded their recorded values by $22.1 million and $20.8 million as of March 31, 2023 and December 31, 2022, respectively.

Inventories consist of the following:


(In thousands)	As of March 31, 2023		As of December 31, 2022

New recreational vehicles	$	375,927	$	342,415
Pre-owned recreational vehicles	56,801		50,457
Parts, accessories and other	8,541		6,831
	441,269		399,703
Less: excess of current cost over LIFO	(22,133)		(20,822)
Total	$	419,136	$	378,881