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Credit Facilities and Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Outstanding Balances on Credit Facilities and Long-term Debt
December 31,
($ in millions)20222021
Floor plan notes payable: non-trade$1,489.4 $835.9 
Floor plan notes payable627.2 354.2 
Total floor plan debt$2,116.6 $1,190.1 
Below is a summary of our outstanding balances on credit facilities and long-term debt:
December 31,
($ in millions)Maturity Dates20222021
Long-term debt:
Used and service loaner vehicle inventory financing commitmentsVarious dates through Apr 2026$877.2 $500.0 
Revolving lines of creditVarious dates through Apr 2026927.6 129.9 
Warehouse facilitiesVarious dates through Nov 2025930.0 90.0 
Total lines of credit2,734.8 719.9 
Real estate mortgagesVarious dates through Jan 2043580.1 592.9 
Finance lease obligationsVarious dates through Aug 203756.4 53.6 
4.625% Senior notes due 2027
Dec 2027400.0 400.0 
4.375% Senior notes due 2031
Jan 2031550.0 550.0 
3.875% Senior notes due 2029
Jun 2029800.0 800.0 
Other debtVarious dates through Jan 202416.6 1.9 
Total long-term debt outstanding5,137.9 3,118.3 
Less: unamortized debt issuance costs(29.1)(26.5)
Less: current maturities (net of current debt issuance costs)(20.5)(223.7)
Long-term debt, less current maturities$5,088.3 $2,868.1 
Non-recourse notes payable
Various dates through Apr 2030$422.2 $317.6 
Schedule of Line of Credit Facilities The annual interest rates associated with our floor plan commitments are as follows:
CommitmentAnnual Interest Rate at December 31, 2022
New vehicle floor plan5.51%
Used vehicle floor plan5.81%
Service loaner floor plan5.51%
Revolving line of credit5.41%
CommitmentAnnual Interest Rate at December 31, 2022
Wholesale flooring facility5.76%
Used vehicle flooring facility6.01%
Daily rental facility5.96%
Wholesale leasing facility6.06%
Working capital revolving facility6.01%
Schedule of Debt Covenant Terms
Under our USB credit facility, we are required to maintain the ratios detailed in the following table:
Debt Covenant RatioRequirementAs of December 31, 2022
Fixed charge coverage ratio
Not less than 1.20 to 1
5.81 to 1
Leverage ratio
Not more than 5.75 to 1
1.36 to 1
Schedule of Long-term Debt Instruments
In August 2022, we issued $298.1 million in non-recourse notes payable related to the asset-backed term funding transaction. Below is a summary of outstanding non-recourse notes payable issued:
($ in millions)Balance as of December 31, 2022Initial Principal AmountIssuance DateInterest RateFinal Distribution Date
LAD Auto Receivables Trust 2021-1 Class A$115.0 $282.8 11/19/211.30%08/17/26
LAD Auto Receivables Trust 2021-1 Class B18.3 18.3 11/19/211.94%11/16/26
LAD Auto Receivables Trust 2021-1 Class C26.0 26.0 11/19/212.35%04/15/27
LAD Auto Receivables Trust 2021-1 Class D17.2 17.2 11/19/213.99%11/15/29
LAD Auto Receivables Trust 2022-1 Class A207.2 259.7 08/09/225.21%06/15/27
LAD Auto Receivables Trust 2022-1 Class B15.5 15.5 08/09/225.87%09/15/27
LAD Auto Receivables Trust 2022-1 Class C23.0 22.9 08/09/226.85%04/15/30
Total non-recourse notes payable$422.2 $642.4 
Below is a summary of outstanding senior notes issued:
($ in millions)Principal AmountEarliest Redemption Date% Currently RedeemableCurrent Redemption PriceMaturity DateInterest Payment Dates
4.625% Senior notes due 2027
$400.012/15/22100%102.313%12/15/27Jun 15, Dec 15
4.375% Senior notes due 2031
550.010/15/2540%104.375%01/15/31Jan 15, Jul 15
3.875% Senior notes due 2029
800.006/01/2440%103.875%06/01/29Jun 1, Dec 1
Total senior notes$1,750.0
Schedule of Maturities of Long-term Debt
The schedule of future principal payments associated with real estate mortgages, finance lease liabilities, our senior notes and other debt as of December 31, 2022 was as follows:
Year Ending December 31,($ in millions)
2023$26.7 
202474.8 
202574.1 
202649.3 
2027473.8 
Thereafter1,688.9 
Total principal payments$2,387.6