INVENTORIES

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of the following:

	As of December 31,
	2022		2021
	(In millions)
New vehicles	$	527.7	$	206.5
Used vehicles	304.4		402.0
Parts and accessories	127.2		109.9
Total inventories, net (a)	$	959.2	$	718.4

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(a) Inventories, net as of December 31, 2022 and December 31, 2021, excluded $3.4 million and $24.1 million classified as assets held for sale, respectively.

The lower of cost and net realizable value reserves reduced total inventory cost by $10.7 million and $7.7 million, respectively as of December 31, 2022 and December 31, 2021. As of December 31, 2022 and December 31, 2021, certain automobile manufacturer incentives reduced new vehicle inventory cost by $2.7 million and $1.2 million, respectively, and reduced new vehicle cost of sales for the year ended December 31, 2022, 2021, and 2020 by $91.5 million, $60.4 million, and $47.0 million, respectively.