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Goodwill and Franchise Value
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Franchise Value Goodwill and Franchise Value

The changes in the carrying amounts of goodwill are as follows (in millions):
 
 
Domestic
 
Import
 
Luxury
 
Consolidated
Balance as of December 31, 2018 ¹
 
$
164.5

 
$
188.9

 
$
81.5

 
$
434.9

Adjustments to purchase price allocations 2
 
1.6

 
1.6

 
1.9

 
5.1

Additions through acquisitions 2
 
6.2

 
9.0

 
2.2

 
17.4

Reductions from impairments
 
(0.3
)
 
(1.3
)
 
(0.1
)
 
(1.7
)
Reductions through divestitures
 
(0.2
)
 
(0.9
)
 
—

 
(1.1
)
Balance as of December 31, 2019 ¹
 
171.8

 
197.3

 
85.5

 
454.6

Additions through acquisitions 3
 
0.4

 
2.4

 
0.4

 
3.2

Reductions through divestitures
 
(0.1
)
 
—

 
—

 
(0.1
)
Balance as of March 31, 2020 1
 
$
172.1

 
$
199.7

 
$
85.9

 
$
457.7

1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.
2 Our purchase price allocation for the 2018 acquisitions of the Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $22.5 million of goodwill.
3 Our purchase price allocation for a portion of the 2019 acquisitions was finalized in 2020. As a result, we added $3.2 million of goodwill. Our purchase price allocation for all other 2019 and 2020 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12.

The changes in the carrying amounts of franchise value are as follows (in millions):
 
Franchise Value
Balance as of December 31, 2018
$
288.7

Adjustments to purchase price allocations 1
3.5

Additions through acquisitions 1
20.9

Reductions through divestitures
(6.0
)
Reductions from impairments
(0.4
)
Balance as of December 31, 2019
306.7

Reductions through divestitures
(0.7
)
Balance as of March 31, 2020 2
$
306.0

1 Our purchase price allocation for the 2018 acquisitions of Ray Laks Honda, Ray Laks Acura, Day Auto Group, Prestige Auto Group, and Buhler Ford were finalized in 2019. As a result, we added $24.4 million of franchise value.
2 Our purchase price allocation for the remaining 2019 and 2020 acquisitions are preliminary and franchise value is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12.

As discussed further in the Business Overview, COVID-19 has adversely impacted the economy as a whole. Based on the current macro economic conditions, we assessed our goodwill, franchise value and long-lived assets for indications of impairment. We elected to perform a qualitative assessment as of March 31, 2020 and determined there were no indicators that it is more likely than not that goodwill, franchise value, or long-lived asset impairments exist. As such, no impairments were recognized in the first quarter of 2020. We will continue to monitor the impact of COVID-19 on store performance.