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Business Combinations
 12 Months Ended
Dec. 31, 2012
Business Combinations  
Business Combinations

3.  Business Combinations

 

During 2012 and 2011, respectively, we acquired 26 and 7 franchises in our retail operations. Our financial statements include the results of operations of the acquired dealerships from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated financial statements, and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2012 and 2011 follows:

 

 

 

December 31,

 

 

 

2012

 

2011

 

Accounts receivable

 

$

28,907

 

$

953

 

Inventory

 

123,672

 

61,247

 

Other current assets

 

628

 

—

 

Property and equipment

 

64,150

 

40,190

 

Goodwill

 

61,713

 

107,498

 

Franchise value

 

53,407

 

29,491

 

Other non-current assets

 

745

 

628

 

Current liabilities

 

(59,722

)

(6,190

)

Non-current liabilities

 

(23,330

)

—

 

Total consideration

 

250,170

 

233,817

 

Seller financed/assumed debt

 

—

 

(1,711

)

Cash used in dealership acquisitions

 

$

250,170

 

$

232,106

 

 

The following unaudited consolidated pro forma results of operations of PAG for the years ended December 31, 2012 and 2011 give effect to acquisitions consummated during 2012 and 2011 as if they had occurred on January 1, 2011:

 

 

 

Year Ended December 31,

 

 

 

2012

 

2011

 

 

 

(In millions, except per share

 

 

 

amounts)

 

Revenues

 

$

13,443

 

$

12,077

 

Income from continuing operations

 

198

 

186

 

Net income

 

189

 

187

 

Income from continuing operations per diluted common share

 

$

2.18

 

$

2.03

 

Net income per diluted common share

 

$

2.09

 

$

2.05