INVENTORY AND VEHICLE FLOORPLAN PAYABLE

The components of inventory at December 31 are as follows:



	2013		2012
New vehicles	$	2,330.8	$	1,938.0
Used vehicles	346.5		318.7
Parts, accessories, and other	149.9		140.2
Inventory	$	2,827.2	$	2,396.9

The components of vehicle floorplan payables at December 31 are as follows:



	2013		2012
Vehicle floorplan payable - trade	$	2,130.1	$	1,766.3
Vehicle floorplan payable - non-trade	898.9		773.9
Vehicle floorplan payable	$	3,029.0	$	2,540.2

Vehicle floorplan payable-trade reflects amounts borrowed to finance the purchase of specific new vehicle inventories with the corresponding manufacturers’ captive finance subsidiaries (“trade lenders”). Vehicle floorplan payable-non-trade represents amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with non-trade lenders, as well as amounts borrowed under our secured used floorplan facilities, which are primarily collateralized by used vehicle inventories and related receivables. Changes in vehicle floorplan payable-trade are reported as operating cash flows and changes in vehicle floorplan payable-non-trade are reported as financing cash flows in the accompanying Consolidated Statements of Cash Flows.

Our inventory costs are generally reduced by manufacturer holdbacks, incentives, and floorplan assistance, while the related vehicle floorplan payables are reflective of the gross cost of the vehicle. The vehicle floorplan payables, as shown in the above table, will generally also be higher than the inventory cost due to the timing of the sale of a vehicle and payment of the related liability.

Vehicle floorplan facilities are due on demand, but in the case of new vehicle inventories, are generally paid within several business days after the related vehicles are sold. Our manufacturer agreements generally require that the manufacturer have the ability to draft against the new vehicle floorplan facilities so the lender directly funds the manufacturer for the purchase of new vehicle inventory. Vehicle floorplan facilities are primarily collateralized by vehicle inventories and related receivables.

Our used vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 1.8% during 2013 and 2.0% during 2012. At December 31, 2013, the aggregate capacity under our floorplan credit agreements with various lenders to finance a portion of our used vehicle inventory was $275.0 million, of which $177.3 million had been borrowed. The remaining borrowing capacity of $97.7 million was limited to $50.0 million based on the eligible used vehicle inventory that could have been pledged as collateral.

Our new vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 1.9% during 2013 and 2.1% during 2012. At December 31, 2013, the aggregate capacity under our floorplan credit agreements with various lenders to finance our new vehicle inventory was approximately $3.3 billion, of which $2.9 billion had been borrowed.