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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Revenues $ 213,465 $ 280,682 $ 722,745 $ 884,718
Cost applicable to revenues        
Cost applicable to revenues 168,152 226,241 592,262 698,662
Gross profit 45,313 54,441 130,483 186,056
Depreciation and amortization 5,170 4,602 15,587 13,464
Selling, general, and administrative expenses 45,802 48,250 146,698 152,262
(Loss) income from operations (5,659) 1,589 (31,802) 20,330
Other income (expense):        
Floor plan interest expense (6,361) (6,258) (19,745) (17,624)
Other interest expense (5,564) (2,701) (15,924) (6,484)
Change in fair value of warrant liabilities (462) 0 (799) 856
(Loss) gain on sale of property and equipment 0 (21) 1,044 (21)
Total other expense, net (12,387) (8,980) (35,424) (23,273)
Loss before income taxes (18,046) (7,391) (67,226) (2,943)
Income tax benefit (expense) 381 1,805 (16,640) 642
Net loss (17,665) (5,586) (83,866) (2,301)
Dividends on Series A Convertible Preferred Stock (2,159) (1,210) (6,174) (3,590)
Net loss and comprehensive loss attributable to common stock and participating securities $ (19,824) $ (6,796) $ (90,040) $ (5,891)
Loss per share:        
Basic (in dollars per share) $ (1.37) $ (0.48) $ (6.24) $ (0.44)
Diluted (in dollars per share) $ (1.37) $ (0.48) $ (6.24) $ (0.49)
Weighted average shares used for EPS calculations:        
Basic (in shares) 14,439,861 14,263,367 14,418,692 13,470,219
Diluted (in shares) 14,439,861 14,263,367 14,418,692 13,470,219
New vehicle retail        
Revenues        
Revenues $ 122,291 $ 172,898 $ 418,315 $ 532,397
Cost applicable to revenues        
Cost applicable to revenues 111,032 154,181 388,225 465,656
Pre-owned vehicle retail        
Revenues        
Revenues 60,177 75,059 200,661 250,825
Cost applicable to revenues        
Cost applicable to revenues 49,220 59,693 168,865 199,646
Vehicle wholesale        
Revenues        
Revenues 1,801 2,056 11,318 5,480
Cost applicable to revenues        
Cost applicable to revenues 1,964 2,026 14,021 5,432
Finance and insurance        
Revenues        
Revenues 16,333 16,462 50,703 51,085
Cost applicable to revenues        
Cost applicable to revenues 544 569 1,881 2,072
Service, body and parts and other        
Revenues        
Revenues 12,863 14,207 41,748 44,931
Cost applicable to revenues        
Cost applicable to revenues 5,742 7,109 19,179 21,807
LIFO        
Cost applicable to revenues        
Cost applicable to revenues $ (350) $ 2,663 $ 91 $ 4,049