v3.25.3
LONG-TERM DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Floor plan notes payable as of September 30, 2025 and December 31, 2024 were as follows:
($ in millions)September 30,
2025		December 31,
2024
Floor plans notes payable - trade$104.2 $73.5 
Floor plans notes payable - non-trade(1)
131.1 136.4 
Floor plan notes payable$235.3 $209.9 
(1) Includes amounts borrowed under related-party pre-owned inventory floor plan line. See Note 10.
Long-term debt consisted of the following as of September 30, 2025 and December 31, 2024:
($ in millions)September 30, 2025December 31, 2024
Term loan credit agreement(1)
$209.1 $227.1 
Subordinated Loans(2)
10.0 — 
6.75% convertible senior notes
— 38.8 
Fleet notes and other1.2 1.5 
Total principal amount220.3 267.4 
Less: unamortized debt discount and issuance costs(12.8)(16.3)
Total long-term debt207.5 251.1 
Less: current portion of long-term debt (0.4)(39.1)
Long-term debt, net of current portion$207.1 $212.0 
(1) Fair value of $222.3 million and $243.8 million, respectively.
(2) Fair value of $8.6 million as of September 30, 2025. See Note 10 for a description of the Subordinated Loans, which are with related parties.
Schedule of Interest Expense
Other Interest Expense
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Interest expense on:
Term loan(1)
$9.2 $10.8 $28.8 $31.8 
Finance lease obligation(2)
1.1 1.1 3.4 3.4 
Subordinated Loans(3)
0.1 — 0.1 — 
6.75% convertible senior notes
— 0.7 — 2.0 
Other, net— (0.4)(0.2)(1.0)
  Total $10.4 $12.2 $32.1 $36.2 
(1) Includes the amortization of debt discount and issuance costs of $2.2 million and $7.1 million for the three and nine months ended September 30, 2025, respectively, and $2.1 million and $6.5 million for the three and nine months ended September 30, 2024, respectively.
(2) Finance lease obligation is reported in other long-term liabilities on the consolidated balance sheets.
(3) Interest will be paid in kind on interest payment dates. See Note 10.