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Business Combinations | 12 Months Ended
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Dec. 31, 2018
Business Combinations |
Business Combinations | 4. Business Combinations During 2018, we acquired The Car People, a stand-alone specialty retailer of used vehicles in the U.K. representing four locations; acquired six retail automotive franchises; and acquired one retail commercial truck dealership. The companies acquired in 2018 generated $484.7 million of revenue and $14.1 million of pre-tax income from our date of acquisition through December 31, 2018. During 2017, we acquired CarSense, a stand-alone specialty retailer of used vehicles in the U.S. representing five locations, acquired CarShop, a stand-alone specialty retailer of used vehicles in the U.K. representing five retail locations and a vehicle preparation center, and acquired eight retail automotive franchises. 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 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, 2018 and 2017 follows:
|  | December 31, |
|  | 2018 |  | 2017 |
Accounts receivable |  | $ | 3.6 |  | $ | 11.1 |
Inventories |  |  | 101.1 |  |  | 139.9 |
Other current assets |  |  | 0.2 |  |  | 2.9 |
Property and equipment |  |  | 55.4 |  |  | 21.8 |
Indefinite-lived intangibles |  |  | 173.9 |  |  | 365.6 |
Other noncurrent assets |  |  | — |  |  | 0.1 |
Current liabilities |  |  | (17.7) |  |  | (33.6) |
Noncurrent liabilities |  |  | (0.6) |  |  | (1.9) |
Total consideration |  | $ | 315.9 |  | $ | 505.9 |
Deferred consideration |  |  | (6.8) |  |  | — |
Consideration transferred through common stock issuance |  |  | — |  |  | (32.4) |
Contingent consideration |  |  | — |  |  | (20.0) |
Seller financed/assumed debt |  |  | — |  |  | (3.8) |
Total cash used in acquisitions |  | $ | 309.1 |  | $ | 449.7 |
The following unaudited consolidated pro forma results of operations of PAG for the years ended December 31, 2018 and 2017 give effect to acquisitions consummated during 2018 and 2017 as if they had occurred on January 1, 2017:
|  | Year Ended December 31, |
|  | 2018 |  | 2017 |
Revenues |  | $ | 23,007.7 |  | $ | 22,172.6 |
Income from continuing operations |  |  | 472.1 |  |  | 622.3 |
Net income |  |  | 473.3 |  |  | 622.6 |
Income from continuing operations per diluted common share |  | $ | 5.55 |  | $ | 7.25 |
Net income per diluted common share |  | $ | 5.56 |  | $ | 7.25 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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