DEBT

9 Months Ended

Sep. 30, 2024

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In millions)
Floor plan notes payable—trade	$	311.7	$	245.6
Floor plan notes payable offset account	(4.5)		(50.5)
Floor plan notes payable—trade, net	$	307.2	$	195.1

Floor plan notes payable—new non-trade	$	1,371.4	$	1,328.1
Floor plan notes payable—used non-trade	—		307.1
Floor plan notes payable offset account	(192.7)		(44.7)
Floor plan notes payable—non-trade, net	$	1,178.8	$	1,590.6

We have floor plan offset accounts that allow us to offset our floor plan notes payable balances outstanding with transfers of cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day.

We have the ability to convert a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to convert is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to convert any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility.

In addition to our new and used vehicle floor plan facilities, we have loaner vehicle floor plan facilities with Bank of America and certain original equipment manufacturers (“OEMs”). Loaner vehicles notes payable related to Bank of America as of September 30, 2024 and December 31, 2023 were $128.8 million and $127.2 million, respectively. Loaner vehicles notes payable related to OEMs as of September 30, 2024 and December 31, 2023 were $96.3 million and $111.9 million, respectively.

DEBT

Long-term debt consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In millions)
4.50% Senior Notes due 2028	$	405.0	$	405.0
4.625% Senior Notes due 2029	800.0		800.0
4.75% Senior Notes due 2030	445.0		445.0
5.00% Senior Notes due 2032	600.0		600.0
Mortgage notes payable bearing interest at fixed rates	30.1		31.9
2021 Real Estate Facility	588.6		614.4
2021 BofA Real Estate Facility	160.4		165.9
2018 Bank of America Facility	38.8		50.3
2018 Wells Fargo Master Loan Facility	63.4		72.0

2015 Wells Fargo Master Loan Facility	33.3		37.2
2023 Syndicated Revolving Credit Facility	230.7		—
Finance lease liability	8.3		8.4
Total debt outstanding	3,403.7		3,230.1
Add—unamortized premium on 4.50% Senior Notes due 2028	0.5		0.6
Add—unamortized premium on 4.75% Senior Notes due 2030	1.1		1.3
Less—debt issuance costs	(22.5)		(25.9)
Long-term debt, including current portion	3,382.8		3,206.2
Less—current portion, net of current portion of debt issuance costs	(83.4)		(84.9)
Long-term debt	$	3,299.5	$	3,121.2

Mortgage Financings

We have multiple mortgage agreements with finance companies affiliated with our vehicle manufacturers ("captive mortgages"). During the three months ended September 30, 2024, we modified the captive mortgages to extend the payment term and maturity of the captive mortgages to August 2034. In addition, the interest rate was amended to 5.8% over the revised term. As of September 30, 2024, we had total captive mortgage notes payable outstanding of $30.1 million which are collateralized by the associated real estate.