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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Revenue and Operating Income from Acquisitions | Revenue and net income contributed by the 2017 acquisitions subsequent to the date of acquisition were as follows (in thousands):
Revenue | $ | 281,416 |
Net income | $ | 4,378 |
Summary of Acquisitions | The following tables summarize the consideration paid for the 2017 acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in thousands):
|  | Consideration
Cash paid, net of cash acquired |  | $ | 400,558 |
Equity securities issued 1 |  | 2,137 |
Debt issued |  | 1,748 |
|  | $ | 404,443 |
Assets Acquired and Liabilities Assumed |
|  | Assets Acquired and Liabilities Assumed
Trade receivables, net |  | $ | 15,554 |
Inventories |  | 190,079 |
Franchise value |  | — |
Property and equipment |  | 57,217 |
Other assets |  | 249,725 |
Floor plan notes payable |  | (75,065 | )
Debt and capital lease obligations |  | (11,837 | )
Other liabilities |  | (21,230 | )
|  | $ | 404,443 |
Pro Forma Summary of All Acquisitions | The following unaudited proforma summary presents consolidated information as if all acquisitions in the three and nine-month periods ended September 30, 2017 and 2016 had occurred on January 1, 2016 (in thousands, except per share amounts):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Revenue |  | $ | 2,773,082 |  |  | $ | 2,792,994 |  |  | $ | 8,032,963 |  |  | $ | 7,941,561 |
Net income |  | 53,488 |  |  | 59,925 |  |  | 164,938 |  |  | 163,473 |
Basic net income per share |  | 2.14 |  |  | 2.38 |  |  | 6.57 |  |  | 6.41 |
Diluted net income per share |  | 2.13 |  |  | 2.37 |  |  | 6.56 |  |  | 6.39 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: 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=79982066&loc=d3e1486-128463 Reference 2: 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=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: 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=84161108&loc=d3e4845-128472 + Details
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