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Business Combinations

12 Months Ended

Dec. 31, 2019

5. Business Combinations

During 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand and six retail commercial truck locations. The companies acquired in 2019 generated $620.2 million of revenue and $24.1 million of pre-tax income from our date of acquisition through December 31, 2019. During 2018, we acquired The Car People which we renamed CarShop, 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 location. 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, 2019 and 2018 follows:


	December 31,
	2019		2018
Accounts receivable	$	—	$	3.6
Inventories		150.7		101.1
Other current assets		0.6		0.2
Property and equipment		2.6		55.4
Indefinite-lived intangibles		214.0		173.9
Current liabilities		(16.8)		(17.7)
Noncurrent liabilities		(13.6)		(0.6)
Total consideration	$	337.5	$	315.9
Deferred consideration		—		(6.8)
Contingent consideration		(10.6)		—
Total cash used in acquisitions	$	326.9	$	309.1

The following unaudited consolidated pro forma results of operations of PAG for the years ended December 31, 2019 and 2018 give effect to acquisitions consummated during 2019 and 2018 as if they had occurred on January 1, 2018:


	Year Ended December 31,
	2019		2018
Revenues	$	23,780.6	$	24,115.7
Income from continuing operations		443.7		489.6
Net income		444.2		490.1
Income from continuing operations per diluted common share	$	5.38	$	5.75
Net income per diluted common share	$	5.38	$	5.75