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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets The following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets during the years ended December 31, 2024, and 2023:
| Goodwill |  | Other Indefinite-Lived Intangible Assets
Balance — December 31, 2022 (1) | $ | 2,154.7 |  |  | $ | 690.9 |
Additions | 95.9 |  |  | 51.3 |
Disposals | — |  |  | (0.1) |
Impairment | (40.7) |  |  | — |
Foreign currency translation | 25.0 |  |  | 6.1 |
Balance — December 31, 2023 (2) | $ | 2,234.9 |  |  | $ | 748.2 |
Additions | 175.8 |  |  | 284.2 |
Disposals | (9.0) |  |  | (3.7) |
Impairment | — |  |  | (1.8) |
Foreign currency translation | (30.4) |  |  | (15.3) |
Balance — December 31, 2024 (2) | $ | 2,371.3 |  |  | $ | 1,011.6 |
____________________
(1)Net of accumulated goodwill impairment losses of $606.3 million recorded prior to December 31, 2012
(2)Net of accumulated goodwill impairment losses of $647.0 million
The following is a summary of the changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2024, and 2023:
| Retail Automotive |  | Retail Commercial Truck |  | Other |  | Total
Balance — December 31, 2022 | $ | 1,617.6 |  |  | $ | 462.3 |  |  | $ | 74.8 |  |  | $ | 2,154.7 |
Additions | 64.3 |  |  | 29.9 |  |  | 1.7 |  |  | 95.9 |
Disposals | — |  |  | — |  |  | — |  |  | — |
Impairment | (40.7) |  |  | — |  |  | — |  |  | (40.7) |
Foreign currency translation | 22.8 |  |  | 2.1 |  |  | 0.1 |  |  | 25.0 |
Balance — December 31, 2023 | $ | 1,664.0 |  |  | $ | 494.3 |  |  | $ | 76.6 |  |  | $ | 2,234.9 |
Additions | 162.5 |  |  | 13.3 |  |  | — |  |  | 175.8 |
Disposals | (6.0) |  |  | (3.0) |  |  | — |  |  | (9.0) |
Foreign currency translation | (16.7) |  |  | (7.1) |  |  | (6.6) |  |  | (30.4) |
Balance — December 31, 2024 | $ | 1,803.8 |  |  | $ | 497.5 |  |  | $ | 70.0 |  |  | $ | 2,371.3 |
For reporting units within our Retail Automotive, Retail Commercial Truck, and Other reportable segments, we prepared a quantitative assessment of the carrying value of goodwill. We estimated the fair value of our reporting units using an income approach. The income approach measures fair value by discounting expected future cash flows at a weighted average cost of capital. We also validate the fair value for each reporting unit using the income approach by calculating a cash earnings multiple and determining whether the multiple was reasonable compared to recent market transactions completed by the Company or in the industry. As part of that assessment, we also reconcile the estimated aggregate fair values of our reporting units to our market capitalization. We believe this reconciliation process is consistent with a market participant perspective. This consideration would also include a control premium that represents the estimated amount an investor would pay for our equity securities to obtain a controlling interest and other significant assumptions, including revenue growth, terminal growth rates, EBITDA margin, and the weighted average cost of capital. Based on our assessment as of October 1, 2024, and in conjunction with our fourth quarter annual forecasting process for 2025 which impacts key assumptions used in our goodwill impairment assessment, we concluded that for each of our reporting units that the fair values were more likely than not greater than their carrying values. As a result, we had no goodwill impairment charges in 2024. Based on our assessment as of October 1, 2023, we recorded a non-cash goodwill impairment charge in 2023 of $40.7 million related to our former Used Vehicle Dealerships International reporting unit to reduce the carrying value to fair value. For our other indefinite-lived intangible assets, we prepared a quantitative assessment as of October 1, 2024, by comparing the fair value to its carrying value. We estimated the fair value using an income approach, applying similar methodology as discussed above. As a result of this assessment, and in conjunction with the closure of certain franchised dealerships in the U.K. during 2024, we had $1.8 million of impairment charges relating to our other indefinite-lived intangible assets. We had no impairment charges relating to our other indefinite-lived intangible assets during 2023.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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