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Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2024
Discontinued Operations [Abstract]  
Schedule of Condensed Consolidated Operations and Balance Sheets from Discontinued Operations

The following table summarizes the major income and expense line items from discontinued operations as reported in the consolidated statements of operations (in thousands):

 

Year Ended
December 31,

   

2024

 

2023

Revenue:

 

 

 

 

 

 

 

 

Retail vehicle, net

 

$

47,320

 

 

$

566,560

 

Wholesale vehicle

 

 

140,714

 

 

 

104,119

 

Product, net

 

 

1,635

 

 

 

16,536

 

Total revenue

 

 

189,669

 

 

 

687,215

 

Cost of sales:

 

 

 

 

 

 

 

 

Retail vehicle

 

 

43,673

 

 

 

553,565

 

Wholesale vehicle

 

 

142,343

 

 

 

138,472

 

Total cost of sales

 

 

186,016

 

 

 

692,037

 

Total gross profit

 

 

3,653

 

 

 

(4,822

)

Selling, general and administrative expenses

 

 

39,562

 

 

 

205,857

 

Loss (gain) on disposal of long lived assets

 

 

(10,159

)

 

 

120

 

Depreciation and amortization

 

 

383

 

 

 

13,656

 

Impairment charges

 

 

 

 

 

48,748

 

Loss from operations

 

 

(26,133

)

 

 

(273,203

)

Interest expense

 

 

1,607

 

 

 

19,556

 

Interest income

 

 

(856

)

 

 

(13,218

)

Loss before provision for income taxes

 

 

(26,884

)

 

 

(279,541

)

Provision (benefit) for income taxes

 

 

 

 

 

(27

)

Net loss from discontinued operations

 

$

(26,884

)

 

$

(279,514

)

The following table summarizes the major classes of assets and liabilities from discontinued operations as reported in the consolidated balance sheets:

 

As of
December 31,

   

2024

 

2023

ASSETS

 

 

   

 

 

Inventory

 

$

 

$

163,250

Property and equipment, net

 

 

800

 

 

19,150

Other assets

 

 

143

 

 

14,137

Assets from discontinued operations

 

$

943

 

$

196,537

LIABILITIES

 

 

   

 

 

Accounts payable

 

$

116

 

$

6,439

Accrued expenses

 

 

3,906

 

 

27,133

Vehicle floorplan

 

 

 

 

151,178

Deferred revenue

 

 

 

 

14,025

Operating lease liabilities

 

 

 

 

23,461

Other liabilities

 

 

 

 

5,884

Liabilities from discontinued operations

 

$

4,022

 

$

228,120