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Business Combinations

6 Months Ended

Jun. 30, 2019

6. Business Combinations

During the six months ended June 30, 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand. During the six months ended June 30, 2018, we acquired The Car People, a stand-alone specialty retailer of used vehicles in the U.K. representing four locations; acquired four retail automotive franchises; and acquired one retail commercial truck dealership. 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 six months ended June 30, 2019 and 2018 follows:


	June 30,
	2019		2018
Accounts receivable	$	—	$	3.6
Inventories		0.5		62.8
Other current assets		—		—
Property and equipment		0.2		52.6
Indefinite-lived intangibles		0.4		73.9
Other noncurrent assets		0.1		—
Current liabilities		(0.1)		(16.9)
Noncurrent liabilities		—		(0.6)
Total consideration		1.1		175.4
Deferred consideration		—		(6.8)
Consideration transferred through common stock issuance		—		—
Contingent consideration		—		—
Seller financed/assumed debt		—		—
Total cash used in acquisitions	$	1.1	$	168.6

The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2019 and 2018 give effect to acquisitions consummated during 2019 and 2018 as if they had occurred effective at the beginning of the periods:


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues	$	5,755.8	$	6,003.1	$	11,321.5	$	11,833.1
Income from continuing operations		117.7		134.6		217.6		243.0
Net income		117.8		134.7		217.8		243.2
Income from continuing operations per diluted common share	$	1.42	$	1.58	$	2.60	$	2.84
Net income per diluted common share	$	1.42	$	1.59	$	2.60	$	2.84