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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Revenues $ 238,694 $ 308,380 $ 509,280 $ 604,036
Cost applicable to revenues        
Cost applicable to revenues 191,290 240,657 424,110 472,422
Gross profit 47,404 67,723 85,170 131,614
Depreciation and amortization 4,956 4,459 10,417 8,862
Selling, general, and administrative expenses 50,966 50,480 99,852 104,012
(Loss) income from operations (8,518) 12,784 (25,099) 18,740
Other income (expense):        
Floor plan interest expense (5,708) (5,835) (13,384) (11,366)
Other interest expense (5,837) (2,083) (10,360) (3,783)
Change in fair value of warrant liabilities (337) 0 (337) 856
Total other expense, net (11,882) (7,918) (24,081) (14,293)
(Loss) income before income taxes (20,400) 4,866 (49,180) 4,447
Income tax expense (23,821) (1,306) (17,021) (1,163)
Net (loss) income (44,221) 3,560 (66,201) 3,284
Dividends on Series A Convertible Preferred Stock (2,031) (1,196) (4,015) (2,380)
Net (loss) income and comprehensive (loss) income attributable to common stock and participating securities $ (46,252) $ 2,364 $ (70,216) $ 904
(Loss) income per share:        
Basic (in dollars per share) $ (3.22) $ 0.12 $ (4.89) $ 0.05
Diluted (in dollars per share) $ (3.22) $ 0.12 $ (4.89) $ 0
Weighted average shares used for EPS calculations:        
Basic (in shares) 14,374,897 14,181,659 14,371,787 13,066,607
Diluted (in shares) 14,374,897 14,292,064 14,371,787 13,188,135
New vehicle retail        
Revenues        
Revenues $ 143,333 $ 182,752 $ 296,024 $ 359,499
Cost applicable to revenues        
Cost applicable to revenues 130,138 158,144 277,193 311,475
Pre-owned vehicle retail        
Revenues        
Revenues 60,908 90,991 140,484 175,766
Cost applicable to revenues        
Cost applicable to revenues 49,446 72,425 119,645 139,953
Vehicle wholesale        
Revenues        
Revenues 3,268 1,716 9,517 3,424
Cost applicable to revenues        
Cost applicable to revenues 3,597 1,685 12,057 3,406
Finance and insurance        
Revenues        
Revenues 16,041 17,742 34,370 34,623
Cost applicable to revenues        
Cost applicable to revenues 644 810 1,337 1,503
Service, body and parts and other        
Revenues        
Revenues 15,144 15,179 28,885 30,724
Cost applicable to revenues        
Cost applicable to revenues 7,150 7,517 13,437 14,698
LIFO        
Cost applicable to revenues        
Cost applicable to revenues $ 315 $ 76 $ 441 $ 1,387