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Business Combinations | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Business Combinations | Business Combinations During the nine months ended September 30, 2024, we acquired 16 retail automotive franchises in the U.K., acquired two retail automotive franchises in Italy, and acquired two retail automotive franchises and one used vehicle dealership in Australia, and acquired one Ford franchise in the U.S. We also acquired three full-service dealerships and two independent repair facilities in the U.S. adding to PTG's operations. The companies acquired during the nine months ended September 30, 2024, generated $812.2 million of revenue and $18.2 million of pre-tax income from our date of acquisition through September 30, 2024. During the nine months ended September 30, 2023, we acquired three full-service commercial truck dealerships and two service and parts centers in Canada adding to PTG's operations. We also acquired two retail automotive franchises in the U.S. 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. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30,
| 2024 |  | 2023
Accounts receivable | $ | 34.1 |  |  | $ | — |
Inventories | 217.9 |  |  | 33.8 |
Other current assets | 0.2 |  |  | 0.2 |
Property and equipment | 63.5 |  |  | 38.4 |
Indefinite-lived intangibles | 402.2 |  |  | 141.4 |
Other noncurrent assets | — |  |  | — |
Current liabilities | (59.9) |  |  | (2.5) |
Noncurrent liabilities | (20.6) |  |  | — |
Total cash used in acquisitions | $ | 637.4 |  |  | $ | 211.3 |
Our following unaudited consolidated pro forma results of operations for the three and nine months ended September 30, 2024 and 2023 give effect to acquisitions consummated during 2024 and 2023 as if they had occurred on January 1, 2023. This pro forma information is based on historical results of operations, adjusted for the income statement effects of incremental interest expense directly resulting from the acquisitions and the related tax effects. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 7,615.8 |  |  | $ | 7,961.7 |  |  | $ | 23,240.7 |  |  | $ | 23,903.5 |
Net income attributable to Penske Automotive Group common stockholders | 226.6 |  |  | 272.2 |  |  | 692.8 |  |  | 892.7 |
Net income per diluted common share | $ | 3.39 |  |  | $ | 4.05 |  |  | $ | 10.35 |  |  | $ | 13.09 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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