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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Business segments are components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) to assess operating performance and allocate resources. Our CODM is our Chairman and CEO. Our operations are organized by management into operating segments by line of business. The CODM evaluates performance and allocates resources based on the segment operating income (loss) of the reportable segment, which excludes impairment charges, loss (gain) on the sale of assets, and amortization and depreciation that are included in operating income (loss) on the consolidated statement of operations and includes floor plan interest expense, which is not included in operating income (loss) on the consolidated statements of operations. Accordingly, the segment operating income is shown below with a reconciliation to operating loss as reported on the consolidated statements of operations. The CODM uses segment operating income in the annual budget and forecasting process and considers budget-to-actual variances on a periodic basis.
We had two reportable segments for 2025 and 2024: (1) powersports dealership group and (2) vehicle transportation services. The powersports dealership group segment is primarily comprised of powersports dealerships that sell new and pre-owned powersports vehicles; parts, service and accessories; and finance and inventory products for powersports vehicles sold. The vehicle transportation services segment, which ceased operations at the end of 2025, provided nationwide transportation brokerage services between dealerships and auctions.
The powersports dealership group segment is significantly larger and requires more investment than our vehicle transportation services segment required. The operating income for the powersports segment includes operating overhead and corporate costs. The most significant costs for both segments are their cost of revenue and compensation-related costs. Assets are not used for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
($ in millions)Powersports Dealership GroupVehicle Transportation ServicesUnallocated, Eliminations and AdjustmentsTotal
2025
Revenue from external customers:
Powersports vehicles$778.8 $— $— $778.8 
Parts, service and accessories197.8 — — 197.8 
Finance and insurance, net97.3 — — 97.3 
Vehicle transportation services— 8.6 — 8.6 
Total revenue1,073.9 8.6 — 1,082.5 
Cost of revenue:
Powersports vehicles672.2 — — 672.2 
Parts, service and accessories105.5 — — 105.5 
Vehicle transportation services— 6.8 — 6.8 
Total cost of revenue777.7 6.8 — 784.5 
Gross profit296.2 1.8 — 298.0 
Compensation and related costs145.4 1.6 — 147.0 
Facilities45.5 0.2 — 45.7 
Other operating expenses(1)
62.8 0.8 — 63.6 
Impairment of intangible assets— — 34.8 34.8 
Depreciation and amortization— — 9.0 9.0 
Gain on sale of assets— — (1.9)(1.9)
Floor plan interest expense11.0 — (11.0)— 
Operating income (loss) $31.5 $(0.8)$(30.9)$(0.2)
Floor plan interest expense11.0 
Other interest expense41.5 
Other income(0.6)
Loss before income taxes$(52.1)
(1) Other operating expenses represent general and administrative expenses, advertising, professional fees, and stock-based compensation expenses. The detail for such expenses on a consolidated basis is included in Note 11 and is attributable to the Powersports Dealership Group except for $0.8 million that was in Vehicle Transportation Services.
($ in millions)Powersports Dealership GroupVehicle Transportation ServicesUnallocated, Eliminations and AdjustmentsTotal
2024
Revenue from external customers:
Powersports vehicles$842.6 $— $— $842.6 
Parts, service and accessories206.2 — — 206.2 
Finance and insurance, net102.4 — — 102.4 
Vehicle transportation services— 58.0 58.0 
Total revenue1,151.2 58.0 — 1,209.2 
Cost of revenue:
Powersports vehicles738.6 — — 738.6 
Parts, service and accessories111.7 — — 111.7 
Vehicle transportation services— 44.6 — 44.6 
Total cost of revenue850.3 44.6 — 894.9 
Gross profit300.9 13.4 — 314.3 
Compensation and related costs152.4 7.0 — 159.4 
Facilities45.0 0.2 — 45.2 
Other operating expenses(1)
70.1 0.7 — 70.8 
Impairment of franchise rights— — 39.3 39.3 
Depreciation and amortization— — 14.3 14.3 
Loss on sale of assets— — 0.5 0.5 
Floor plan interest expense16.0 — (16.0)— 
Operating income (loss) $17.4 $5.5 $(38.1)$(15.2)
Floor plan interest expense16.0 
Other interest expense48.1 
Other income(0.5)
Loss before income taxes$(78.8)
(1) Other operating expenses represent general and administrative expenses, advertising, professional fees, and stock-based compensation expenses. The detail for such expenses on a consolidated basis is included in Note 11 and is attributable to the Powersports Dealership Group except for $0.7 million that was in Vehicle Transportation Services.