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Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities
 12 Months Ended
Dec. 31, 2023
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Abstract]  
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES
Accounts receivable consist of the following:
As of December 31
(in thousands)20232022
Receivables from contracts with customers, less estimated credit losses of $24,667 and $21,387
$496,172 $504,784 
Other receivables28,915 27,157 
 $525,087 $531,941 
The changes in estimated credit losses were as follows:
(in thousands)Balance at
Beginning of Period		Additions –
Charged to
Costs and
Expenses		DeductionsBalance at
End of
Period
2023$21,387 $6,045 $(2,765)$24,667 
202221,836 2,958 (3,407)21,387 
202121,494 6,824 (6,482)21,836 
Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
As of December 31
(in thousands)20232022
Accounts payable$154,484 $136,186 
Vehicle floor plan payable148,300 69,756 
Accrued compensation and related benefits154,580 149,823 
Other accrued liabilities237,157 218,522 
 $694,521 $574,287 
Cash overdrafts of $0.5 million are included in accounts payable at December 31, 2023 and 2022.
The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation (Truist and Toyota floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). On September 26, 2023, the Company entered into a credit agreement with Truist Bank (see Note 11) to, among other things, establish a new revolving floor plan credit facility with an aggregate capacity of $115.0 million. The Truist and Toyota floor plan facility bears interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) plus 1.25% per annum. In connection with the establishment of the Truist and Toyota floor plan facility, the previous Truist floor plan facility, dated July 5, 2022, was repaid and terminated. At December 31, 2023, the floor plan facilities bore interest at variable rates that are based on SOFR and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.2%, 3.2% and 1.1% for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Consolidated Statements of Cash Flows.
The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contain a number of covenants, including, among others, covenants restricting the dealership subsidiary with respect to the creation of liens and changes in ownership, officers and key management personnel. The Company was in compliance with all of these restrictive covenants as of December 31, 2023.
The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Consolidated Statements of Operations when the associated inventory is sold. For the years ended December 31, 2023, 2022 and 2021, the Company recognized a reduction in cost of goods sold of $6.7 million, $4.6 million and $2.7 million, respectively, related to manufacturer floor plan assistance.
Activity related to floor plan facilities associated with new vehicles is as follows:
(in thousands)2023
Obligations outstanding at the beginning of the year$69,190 
Additions646,083 
Settlements(586,344)
Obligations outstanding at the end of the year$128,929