Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

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