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This excerpt taken from the AN 10-K filed Feb 17, 2010. Interest Rate Risk We had $1.4 billion of variable rate vehicle floorplan payables at December 31, 2009, and $1.8 billion at December 31, 2008. Based on these amounts, a 100 basis point change in interest rates would result in an approximate change of $13.9 million in 2009 and $18.1 million in 2008 to our annual floorplan interest expense. Our exposure to changes in interest rates with respect to total vehicle floorplan payables is partially mitigated by manufacturers’ floorplan assistance, which in some cases is based on variable interest rates. We had $0.7 billion of other variable rate debt outstanding at December 31, 2009, and $0.8 billion at December 31, 2008. Based on the amounts outstanding at year-end, a 100 basis point change in interest rates would result in an approximate change to interest expense of $7.5 million in 2009 and $7.9 million in 2008.
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Table of ContentsThese excerpts taken from the AN 10-K filed Feb 17, 2009. Interest
Rate Risk
We had $1.9 billion of variable rate vehicle floorplan
payables at December 31, 2008, and $2.1 billion at
December 31, 2007. Based on these amounts, a 100 basis
point change in interest rates would result in an approximate
change of $19.3 million in 2008 and $21.2 million in
2007 to our annual floorplan interest expense. Our exposure to
changes in interest rates with respect to total vehicle
floorplan payable is partially mitigated by manufacturers’
floorplan assistance, which in some cases is based on variable
interest rates.
We had $0.8 billion of other variable rate debt outstanding
at December 31, 2008, and $1.2 billion at
December 31, 2007. Based on the amounts outstanding at
year-end, a 100 basis point change in interest rates would
result in an approximate change to interest expense of
$7.9 million in 2008 and $11.8 million in 2007.
Interest Rate Risk We had $1.9 billion of variable rate vehicle floorplan payables at December 31, 2008, and $2.1 billion at December 31, 2007. Based on these amounts, a 100 basis point change in interest rates would result in an approximate change of $19.3 million in 2008 and $21.2 million in 2007 to our annual floorplan interest expense. Our exposure to changes in interest rates with respect to total vehicle floorplan payable is partially mitigated by manufacturers’ floorplan assistance, which in some cases is based on variable interest rates. We had $0.8 billion of other variable rate debt outstanding at December 31, 2008, and $1.2 billion at December 31, 2007. Based on the amounts outstanding at year-end, a 100 basis point change in interest rates would result in an approximate change to interest expense of $7.9 million in 2008 and $11.8 million in 2007.
These excerpts taken from the AN 10-K filed Feb 28, 2008. Interest
Rate Risk
We had $2.2 billion of variable rate vehicle floorplan
payables at December 31, 2007 and 2006. Based on these
amounts, a 100 basis point change in interest rates would
result in an approximate change of $21.8 million in 2007
and $22.1 million in 2006 to our annual floorplan interest
expense. Our exposure to changes in interest rates with respect
to total vehicle floorplan payable is partially mitigated by
manufacturers’ floorplan assistance, which in some cases is
based on variable interest rates.
We had $1.2 billion of other variable rate debt outstanding
at December 31, 2007 and 2006. Based on the amounts
outstanding at year-end, a 100 basis point change in
interest rates would result in an approximate change to interest
expense of $11.8 million in 2007 and $12.1 million in
2006.
This excerpt taken from the AN 10-K filed Feb 28, 2007. Interest
Rate Risk
At December 31, 2006 and 2005, we had variable rate vehicle
floorplan payable totaling $2.3 billion and
$2.4 billion, respectively. Based on these amounts at
December 31, 2006 and 2005, a 100 basis point change
in interest rates would result in an approximate
$22.7 million and $24.5 million, respectively, change
to our annual floorplan interest expense. Our exposure to
changes in interest rates with respect to total vehicle
floorplan payable is partially mitigated by manufacturers’
floorplan assistance, which in some cases is based on variable
interest rates.
At December 31, 2006 and 2005, we had other variable rate
debt outstanding totaling $1.2 billion and
$153.7 million, respectively. Based on the amounts
outstanding at December 31, 2006 and 2005, a 100 basis
point change in interest rates would result in an approximate
$12.1 million and $1.5 million change to interest
expense, respectively.
This excerpt taken from the AN 10-K filed Feb 24, 2005. Interest Rate Risk
At December 31, 2004 and 2003, we had variable rate vehicle floorplan payable totaling $2.5 billion and $2.7 billion, respectively. Based on these amounts at December 31, 2004 and 2003, a 100 basis point change in interest rates would result in an approximate $25.2 million and $27.4 million, respectively, change to our annual floorplan interest expense. Our exposure to changes in interest rates with respect to vehicle floorplan 37
Table of Contents
payable is partially mitigated by
manufacturers’ floorplan assistance, which in some cases is
based on variable interest rates. Net of floorplan assistance,
at December 31, 2004 and 2003, a 100 basis point change in
interest rates would result in an approximate $20.8 million
and $22.8 million, respectively, change to our net
inventory carrying costs.
At December 31, 2004 and 2003, we had other variable rate debt outstanding totaling $318.1 million and $329.7 million, respectively. Based on the amounts outstanding at December 31, 2004 and 2003, a 100 basis point change in interest rates would result in an approximate $3.2 million and $3.3 million change to interest expense, respectively.
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