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Business Combinations | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Business Combinations | Business Combinations During 2024, we acquired 16 retail automotive franchises in the U.K., acquired two retail automotive franchises in Italy, and acquired three retail automotive franchises and one used vehicle dealership in Australia, and acquired one retail automotive 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 in 2024 generated $1.2 billion of revenue and $27.8 million of pre-tax income from our date of acquisition through December 31, 2024. During 2023, we acquired three full-service commercial truck dealerships and two service and parts centers in Canada, acquired two retail automotive franchises in the U.S., acquired two retail automotive franchises and one body shop in Italy, and acquired one service center in Australia. 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. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2024 and 2023:
| Year Ended December 31,
| 2024 |  | 2023
Accounts receivable | $ | 32.3 |  |  | $ | — |
Inventories | 256.5 |  |  | 34.2 |
Other current assets | 0.3 |  |  | 0.2 |
Property and equipment | 125.4 |  |  | 38.7 |
Operating lease right-of-use assets | 66.1 |  |  | — |
Indefinite-lived intangibles | 460.0 |  |  | 145.2 |
Other noncurrent assets | — |  |  | — |
Current liabilities | (67.2) |  |  | (3.4) |
Long-term operating lease liabilities | (66.1) |  |  | — |
Other noncurrent liabilities | (21.1) |  |  | — |
Total cash used in acquisitions | $ | 786.2 |  |  | $ | 214.9 |
Our following unaudited consolidated pro forma results of operations for the years ended December 31, 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:
| Year Ended December 31,
| 2024 |  | 2023
Revenues | $ | 31,087.2 |  |  | $ | 31,790.3 |
Net income attributable to Penske Automotive Group common stockholders | 928.2 |  |  | 1,091.1 |
Net income per diluted common share | $ | 13.88 |  |  | $ | 16.05 |

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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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