Receivables, Net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Receivables, Net

RECEIVABLES, NET

The components of receivables, net of allowances for expected credit losses, are as follows:

	March 31, 2024		December 31, 2023
Contracts-in-transit and vehicle receivables	$	425.0	$	553.8
Trade receivables	169.7		173.2
Manufacturer receivables	212.0		240.5
Income taxes receivable (see Note 9)	—		11.1
Other	75.3		63.9
	882.0		1,042.5
Less: allowances for expected credit losses	(2.0)		(2.1)
Receivables, net	$	880.0	$	1,040.4

Contracts-in-transit and vehicle receivables primarily represent receivables from financial institutions for the portion of the vehicle sales price financed by our customers. Trade receivables represent amounts due for parts and services sold, excluding amounts due from manufacturers, as well as receivables from finance organizations for commissions on the sale of finance and insurance products. Manufacturer receivables represent amounts due from manufacturers for holdbacks, rebates, incentives, floorplan assistance, and warranty claims. We evaluate our receivables for collectability based on past collection experience, current information, and reasonable and supportable forecasts.