Company: GPI
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001031203-25-000029
Chunk: 88

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 88
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 cash activity in our floorplan offset account). 

33

Credit Facilities, Debt Instruments and Other Financing Arrangements     

Our various credit facilities, debt instruments and other financing arrangements are used to finance the purchase of inventory and real estate, provide acquisition funding and provide working capital for general corporate purposes.

The following table summarizes the commitment of our credit facilities as of March 31, 2025 (in millions):     TotalCommitmentOutstandingAvailableU.S. Floorplan Line (1) $1,500.0 $1,177.0 $323.0 Acquisition Line (2) 1,000.0 51.8 818.9 Total revolving credit facility2,500.0 1,228.8 1,141.9 FMCC Facility (3)300.0 169.2 130.8 GM Financial Facility (4)348.1 160.0 188.1 Total U.S. credit facilities (5) $3,148.1 $1,558.0 $1,460.8 

(1) The available balance at March 31, 2025, includes $105.1 million of immediately available funds. The remaining available balance can be used for vehicle inventory financing. 

(2) The outstanding balance of $51.8 million is related to outstanding letters of credit of $11.8 million and $40.0 million in USD borrowings. The available borrowings may be limited from time to time, based on certain debt covenant calculations, and as a result, the outstanding balance plus available borrowings may not equal the total commitment.

(3) The available balance at March 31, 2025, includes no immediately available funds. The remaining available balance can be used for Ford new vehicle inventory financing.   

(4) The remaining available balance as of March 31, 2025, can be used for General Motors new and rental vehicle inventory financing.

(5) The outstanding balance excludes $653.9 million of borrowings with manufacturer-affiliates and third-party financial institutions for foreign and rental vehicle financing not associated with any of our U.S. credit facilities.

We have other credit facilities in the U.S. and the U.K. with third-party financial institutions, most of which are affiliated with the automobile manufacturers that provide financing for portions of our new, used and rental vehicle inventories. In addition, we have outstanding debt instruments, including our 4.00% and