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Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities
 3 Months Ended
Mar. 31, 2024
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
March 31,
2024		December 31,
2023
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $26,447 and $24,667
$468,371 $496,172 
Other receivables31,955 28,915 
 $500,326 $525,087 
Credit loss expense was $1.7 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively.
Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
As of
March 31,
2024		December 31,
2023
(in thousands)
Accounts payable$137,697 $154,484 
Vehicle floor plan payable175,103 148,300 
Accrued compensation and related benefits136,076 154,580 
Other accrued liabilities230,278 237,157 
$679,154 $694,521 
Cash overdrafts of $1.3 million and $0.5 million are included in accounts payable as of March 31, 2024 and December 31, 2023, respectively.
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). At March 31, 2024, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.9% and 5.4% for the three months ended March 31, 2024 and 2023, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed 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 March 31, 2024.
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 Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended March 31, 2024 and 2023, the Company recognized a reduction in cost of goods sold of $2.2 million and $1.4 million, respectively, related to manufacturer floor plan assistance.
As of March 31, 2024 and December 31, 2023, the Company had $156.9 million and $128.9 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.