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Business Combinations
 3 Months Ended
Mar. 31, 2014
Business Combinations  
Business Combinations

 

 

3. Business Combinations

 

We acquired one automotive retail franchise during the three months ended March 31, 2014 and one Hertz car rental franchise market area during the three months ended March 31, 2013. During the three months ended March 31, 2014 we also made an additional investment in an entity previously accounted under the equity method.  Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed 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 three months ended March 31, 2014 and 2013 follows:

 

 

 

March 31,

 

 

 

2014

 

2013

 

Accounts receivable

 

$

0.7

 

$

—

 

Inventory

 

27.2

 

0.1

 

Other current assets

 

1.1

 

0.1

 

Property and equipment

 

3.8

 

20.0

 

Indefinite-lived intangibles

 

54.5

 

7.0

 

Current liabilities

 

(2.0

)

—

 

Non-current liabilities

 

(2.2

)

—

 

Total consideration

 

83.1

 

27.2

 

Seller financed/assumed debt

 

(1.3

)

—

 

Cash used in dealership acquisitions

 

$

81.8

 

$

27.2

 

 

The following unaudited consolidated pro forma results of operations of PAG for the three months ended March 31, 2014 and 2013 give effect to acquisitions consummated during 2014 and 2013 as if they had occurred on January 1, 2013:

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

Revenues

 

$

4,080.9

 

$

3,809.9

 

Income from continuing operations

 

66.0

 

69.2

 

Net income

 

67.4

 

69.6

 

Income from continuing operations per diluted common share

 

$

0.73

 

$

0.76

 

Net income per diluted common share

 

$

0.74

 

$

0.77