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Note 15 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (15) Discontinued Operations We classify a store as discontinued operations if the location has been sold, we have ceased operations at that location or the store meets the criteria required by U.S. generally accepted accounting standards:
| ● | our management team, possessing the necessary authority, commits to a plan to sell the store;
| ● | the store is available for immediate sale in its present condition;
| ● | an active program to locate buyers and other actions that are required to sell the store are initiated;
| ● | a market for the store exists and we believe its sale is likely to be completed within one year;
| ● | active marketing of the store commences at a price that is reasonable in relation to the estimated fair market value; and
| ● | our management team believes it is unlikely that changes will be made to the plan or the plan to dispose of the store will be withdrawn.
We reclassify the store’s operations to discontinued operations in our Consolidated Statements of Operations, on a comparable basis for all periods presented, provided we do not expect to have any significant continuing involvement in the store’s operations after its disposal. In 2011, we sold three stores: a Chrysler Jeep Dodge store in Concord, California; a Volkswagen store in Thornton, Colorado and a GMC Buick and a Kia store in Cedar Rapids, Iowa. The associated results of operations for these locations are classified as discontinued operations. As of December 31, 2011, we had no stores and no properties classified as held for sale. In October 2012, we sold two stores: a Chrysler Jeep Dodge store and a Hyundai store, both located in Renton, Washington. The associated results of operations for these locations are classified as discontinued operations. Additionally, in October 2012, we determined that one of our stores met the criteria for classification of the assets and related liabilities as held for sale. As of December 31, 2013, the store has been classified as held for sale for more than one year. As this store has been classified as held for sale beyond one year, we continually evaluated whether (i) we had taken all necessary actions to respond to the change in circumstances; (ii) we were actively marketing the store at a price that was reasonable; and (iii) we continued to meet all of the criteria discussed above to continue to classify the stores as held for sale. Since the end of 2012, we have actively marketed this store for sale and continue to identify interested parties. Throughout the past year, we have had both signed letters of intent and contracts for the sale of the property. However, these sales have not been consummated for various reasons including the potential buyers being unable to obtain manufacturer approval. We believe the classification continues to be appropriate as all criteria to classify the store as held for sale are still met as of December 31, 2013. The store’s assets and related liabilities are classified as held for sale and its associated operating results are classified as discontinued operations as of December 31, 2013. As of December 31, 2013, we have one store and no properties classified as held for sale. Assets held for sale included the following (in thousands):
December 31, |  | 2013 |
Inventories |  | $ | 8,260 |
Property, plant and equipment |  |  | 1,194 |
Intangible assets |  |  | 2,072 |
|  | $ | 11,526 |
Liabilities related to assets held for sale included the following (in thousands):
December 31, |  | 2013 |
Floor plan notes payable |  | $ | 6,271 |
Actual floor plan interest expense for the store classified as discontinued operations is directly related to the store’s new vehicles. Interest expense related to our used vehicle inventory financing and revolving line of credit is allocated based on the working capital level of the store. Interest expense included as a component of discontinued operations was as follows (in thousands):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Floor plan interest |  | $ | 117 |  |  | $ | 217 |  |  | $ | 520 |
Other interest |  |  | 21 |  |  |  | 69 |  |  |  | 108 |
Total interest |  | $ | 138 |  |  | $ | 286 |  |  | $ | 628 |
Certain financial information related to discontinued operations was as follows (in thousands):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Revenue |  | $ | 38,978 |  |  | $ | 82,150 |  |  | $ | 131,380 |
Pre-tax gain from discontinued operations |  | $ | 1,310 |  |  | $ | 2,186 |  |  | $ | 1,516 |
Net gain (loss) on disposal activities |  |  | - |  |  |  | (621 | ) |  |  | 4,396 |
|  |  | 1,310 |  |  |  | 1,565 |  |  |  | 5,912 |
Income tax expense |  |  | (524 | ) |  |  | (598 | ) |  |  | (2,262 | )
Income from discontinued operations, net of income tax expense |  | $ | 786 |  |  | $ | 967 |  |  | $ | 3,650 |
Goodwill and other intangible assets disposed of |  | $ | - |  |  | $ | 169 |  |  | $ | 712 |
The net gain (loss) on disposal activities included the following charges (in thousands):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Goodwill and other intangible assets |  | $ | - |  |  | $ | (169 | ) |  | $ | 3,168 |
Property, plant and equipment |  |  | - |  |  |  | (299 | ) |  |  | 1,357 |
Inventory |  |  | - |  |  |  | (82 | ) |  |  | (88 | )
Other |  |  | - |  |  |  | (71 | ) |  |  | (41 | )
|  | $ | - |  |  | $ | (621 | ) |  | $ | 4,396 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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