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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue        
Revenue $ 280,682 $ 333,758 $ 884,718 $ 1,083,471
Cost applicable to revenues        
Cost applicable to revenues 226,241 258,194 698,662 810,474
Gross profit 54,441 75,564 186,056 272,997
Depreciation and amortization 4,602 4,202 13,464 12,338
Selling, general, and administrative expenses 48,250 55,541 152,262 173,249
Income from operations 1,589 15,821 20,330 87,410
Other income (expense)        
Floor plan interest expense (6,258) (2,621) (17,624) (5,063)
Other interest expense (2,701) (1,982) (6,484) (5,837)
Change in fair value of warrant liabilities 0 (521) 856 10,671
Gain (loss) on sale of property and equipment (21) 0 (21) 0
Total other (expense) income, net (8,980) (5,124) (23,273) (229)
Income (loss) before income tax expense (7,391) 10,697 (2,943) 87,181
Income tax benefit (expense) 1,805 (3,032) 642 (19,388)
Net income (loss) (5,586) 7,665 (2,301) 67,793
Dividends on Series A convertible preferred stock (1,210) (1,210) (3,590) (3,590)
Net income (loss) and comprehensive income attributable to common stock and participating securities (6,796) 6,455 (5,891) 64,203
Net earnings allocated to common stock and participating securities (6,796) 6,455 (5,891) 64,203
Net income (loss) and comprehensive income attributable to common stock and participating securities $ (6,796) $ 6,455 $ (5,891) $ 64,203
EPS:        
Basic (in dollars per share) $ (0.48) $ 0.38 $ (0.44) $ 3.57
Diluted (in dollars per share) $ (0.48) $ 0.35 $ (0.49) $ 2.39
Weighted average shares outstanding:        
Basic (in shares) 14,263,367 11,132,317 13,470,219 11,930,649
Diluted (in shares) 14,263,367 11,883,985 13,470,219 13,351,591
New vehicle retail        
Revenue        
Revenue $ 172,898 $ 203,456 $ 532,397 $ 640,078
Cost applicable to revenues        
Cost applicable to revenues 154,181 169,445 465,656 517,160
Pre-owned vehicle retail        
Revenue        
Revenue 75,059 90,725 250,825 319,655
Cost applicable to revenues        
Cost applicable to revenues 59,693 70,469 199,646 242,379
Vehicle wholesale        
Revenue        
Revenue 2,056 6,622 5,480 18,850
Cost applicable to revenues        
Cost applicable to revenues 2,026 6,813 5,432 19,226
Finance and insurance        
Revenue        
Revenue 16,462 18,574 51,085 61,591
Cost applicable to revenues        
Cost applicable to revenues 569 676 2,072 2,216
Service, body and parts and other        
Revenue        
Revenue 14,207 14,381 44,931 43,297
Cost applicable to revenues        
Cost applicable to revenues 7,109 6,887 21,807 21,263
LIFO        
Cost applicable to revenues        
Cost applicable to revenues $ 2,663 $ 3,904 $ 4,049 $ 8,230