Ann: 2024 Annual Report, page-8

Bailment : Is the 100% loan against the wholesale price of the car sourced from the manufacturer say BMW & debited to the dealer account when a car is delivered to a dealer. So inventories of new cars should have a corresponding amount of bailment finance. Any differential would be cars sold but not yet paid out (to be paid out after sale within 48 hours under their bailment agreement).
Used cars will depend on the level of advance from the financier, can be 100% (if secured by property) or down to say 50% (if the dealer has equity in their stock). I haven't looked closely as ASGs financials for years, but they don't usually give much away in splitting new / used bailment to make it easy to assess.
Put simply the more equity in dealer stock usually the better..but invariably ASG shows negative equity in debtors plus inventory less bailment (-$43m) & they rely on the 48hrs to payout sold cars. Like a lot of dealers, why payout something until you absolutely need to.