Accounts Receivable, Net

9 Months Ended

Apr. 30, 2022

Accounts Receivable [Abstract]

Accounts Receivable, Net

Accounts Receivable, Net

Accounts receivable, net consisted of:

(In thousands)	April 30, 2022		July 31, 2021
Advance charges receivable	$	452,103	$	385,002
Trade accounts receivable	136,563		97,249
Other receivables	3,959		4,013
	592,625		486,264
Less: Allowance for credit loss	(6,711)		(5,636)
Accounts receivable, net	$	585,914	$	480,628

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.