Inventory and Floor Plan Notes Payable

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventory and Floor Plan Notes Payable

Inventory and Floor Plan Notes Payable

The following table summarizes inventory as of:

	December 31, 2021		December 31, 2020
Used vehicles	$	40,739	$	11,202
Parts	246		—
Total	$	40,985	$	11,202

Beginning March 10, 2021, the Company entered into a $30,000 floorplan credit facility, which was expanded to $40,000 in the second quarter, with Ally Financial to finance the acquisition of used vehicle inventory. Concurrently, proceeds from the agreement were used to settle outstanding debt obligations on the Company’s preexisting floorplan facility with AFC. Borrowings under the Ally Financial facility accrue interest at a variable rate based on the most recent prime rate plus 2.50% per annum. The prime rate as of December 31, 2021 was 3.25%.

Floor plan notes payable are generally due upon the sale of the related used vehicle inventory.