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Note 11 - Discontinued Operations | 9 Months Ended
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Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 11. Discontinued Operations We classify an asset group as held for sale 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 as follows:
| ● | 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 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management team believes it is unlikely changes will be made to the plan or the plan to dispose of the store will be withdrawn.
In April 2014, the Financial Accounting Standards Board (FASB) issued an accounting standard update that amends the accounting guidance related to discontinued operations. This amendment defines discontinued operations as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. We early adopted this guidance in the third quarter of 2014 and, as a result, determined that individual stores which met the criteria for held for sale after our adoption date would no longer qualify for classification as discontinued operations. We had previously reclassified a store’s operations to discontinued operations in our Consolidated Statements of Operations, on a comparable basis for all periods presented, provided we did not expect to have any significant continuing involvement in the store’s operations after its disposal. On May 1, 2014, we completed the sale of one store which had been classified as held for sale since October 2012. This store’s operations have been reclassified to discontinued operations in our Consolidated Statement of Operations, on a comparable basis for all periods presented. In September 2014, we determined two operating stores met the criteria to be classified as held for sale. One of the stores was under contract to sell and the other was being actively marketed for sale by us and third party brokers. For the nine months ended September 30, 2014 and 2013, income from continuing operations before income taxes of the two operating stores was immaterial. Assets held for sale included the following (in thousands):
|  | September 30, |  |  | December 31, |
|  | 201 4 |  |  | 2013 |
Inventories |  | $ | 6,551 |  |  | $ | 8,260 |
Property, plant and equipment |  |  | 1,829 |  |  |  | 1,194 |
Intangible assets |  |  | 540 |  |  |  | 2,072 |
|  | $ | 8,920 |  |  | $ | 11,526 |
Liabilities related to assets held for sale included the following (in thousands):
|  | September 30, |  |  | December 31, |
|  | 201 4 |  |  | 2013 |
Floor plan notes payable |  | $ | 4,776 |  |  | $ | 6,271 |
Certain financial information related to discontinued operations was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenue |  | $ | - |  |  | $ | 8,712 |  |  | $ | 12,569 |  |  | $ | 27,590 |
Pre-tax income (loss) from discontinued operations |  | $ | - |  |  | $ | 237 |  |  | $ | (467 | ) |  | $ | 929 |
Net gain on disposal activities |  |  | - |  |  |  | - |  |  |  | 5,744 |  |  |  | - |
|  |  | - |  |  |  | 237 |  |  |  | 5,277 |  |  |  | 929 |
Income tax expense |  |  | - |  |  |  | (110 | ) |  |  | (2,098 | ) |  |  | (355 | )
Income from discontinued operations, net of income tax expense |  | $ | - |  |  | $ | 127 |  |  | $ | 3,179 |  |  | $ | 574 |
Goodwill and other intangible assets disposed of |  |  | - |  |  |  | - |  |  |  | 221 |  |  |  | - |
Cash generated from disposal activities |  |  | - |  |  |  | - |  |  |  | 10,617 |  |  |  | - |
Floor plan debt paid in connection with disposal activities |  |  | - |  |  |  | - |  |  |  | 3,311 |  |  |  | - |
Actual floor plan interest expense for a 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. For the nine months ended September 30, 2014 and 2013, interest expense included as a component of discontinued operations was immaterial.

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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 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 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 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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