Accounts Receivable, net

3 Months Ended

Oct. 31, 2020

Accounts Receivable [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 2 — Accounts Receivable, Net

Accounts receivable, net consisted of:

(In thousands)	October 31, 2020		July 31, 2020
Advance charges receivable	$	314,371	$	260,196
Trade accounts receivable	97,583		94,281
Other receivables	2,455		2,120
	414,409		356,597
Less: Allowance for credit loss	(6,512)		(6,390)
Accounts receivable, net	$	407,897	$	350,207

Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.