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Note 14 - Acquisitions | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | (14) Acquisitions In 2013, we completed the following acquisitions, which contributed revenues of $64.7 million for the year ended December 31, 2013:
| ● | On June 10, 2013, we acquired OB Salem Auto Group, Inc. in Salem, Oregon, including BMW, Honda and Volkswagen franchises.
| ● | On October 7, 2013, we acquired Stockton Nissan Kia in Stockton, California.
| ● | On October 24, 2013, we acquired Fresno Lincoln Volvo in Fresno, California.
| ● | On November 1, 2013, we acquired Howard’s Body Shop in Klamath Falls, Oregon.
| ● | On November 4, 2013, we acquired Geweke Motors, Inc. a Toyota Scion store in Lodi, California.
| ● | On December 2, 2013, we acquired Diablo Subaru in Walnut Creek, California.
We completed the following acquisitions in 2012:
| ● | On April 30, 2012, we acquired Bellingham Chevrolet and Cadillac in Bellingham, Washington.
| ● | On June 12, 2012, we acquired Fairbanks GMC Buick in Fairbanks, Alaska.
| ● | On August 27, 2012, we acquired Killeen Chevrolet in Killeen, Texas.
| ● | On October 23, 2012, we acquired Bitterroot Toyota in Missoula, Montana.
We completed the following acquisitions in 2011:
| ● | On April 18, 2011, we acquired Mercedes-Benz of Portland, Oregon, Mercedes Benz of Wilsonville, Oregon and Rasmussen BMW/MINI in Portland, Oregon.
| ● | On October 7, 2011, we acquired Fresno Subaru in Fresno, California.
All acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition No portion of the purchase price was paid with our equity securities. The following table summarizes the consideration paid for material acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in thousands):
Consideration paid for year ended December 31, |  | 2013 |  |  | 2012 |
Cash paid, net of cash acquired |  | $ | 81,105 |  |  | $ | 44,716 |
Assets acquired and liabilities assumed for year ended December 31, |  | 2013 |  |  | 2012 |
Inventories |  | $ | 30,624 |  |  | $ | 17,541 |
Franchise value |  |  | 8,770 |  |  |  | 5,174 |
Property, plant and equipment |  |  | 24,741 |  |  |  | 11,097 |
Real estate lease reserves |  |  | (221 | ) |  |  | - |
Other assets |  |  | 264 |  |  |  | 110 |
Reserves |  |  | (344 | ) |  |  | - |
Capital lease obligations |  |  | (37 | ) |  |  | (2,609 | )
Other liabilities |  |  | (156 | ) |  |  | (307 | )
|  |  | 63,641 |  |  |  | 31,006 |
Goodwill |  |  | 17,464 |  |  |  | 13,710 |
|  | $ | 81,105 |  |  | $ | 44,716 |
We account for franchise value as an indefinite-lived intangible asset. We expect the full amount of the goodwill recognized to be deductible for tax purposes. We did not have any material acquisition-related expenses in 2013, 2012 or 2011. The following unaudited pro forma summary presents consolidated information as if the 2013 and 2012 acquisitions had occurred on January 1 of the prior year (in thousands, except for per share amounts):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Revenue |  | $ | 4,144,945 |  |  | $ | 3,571,853 |  |  | $ | 2,789,436 |
Income from continuing operations, net of tax |  |  | 105,783 |  |  |  | 81,531 |  |  |  | 56,904 |
Basic income per share from continuing operations, net of tax |  |  | 4.10 |  |  |  | 3.17 |  |  |  | 2.17 |
Diluted income per share from continuing operations, net of tax |  |  | 4.04 |  |  |  | 3.12 |  |  |  | 2.13 |
These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property, plant and equipment; accounting for inventory on a specific identification method; and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring pro forma adjustments directly attributable to the acquisitions are included in the reported pro forma revenues and earnings. In July 2011, we were awarded a Ford franchise in Klamath Falls, Oregon which was accounted for as an asset acquisition. Consideration of $5.1 million was paid for the inventory, equipment and associated real estate.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463 + Details
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