Goodwill and Franchise Value

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a roll-forward of goodwill:


(Dollars in millions)	Domestic		Import		Luxury		Consolidated
Balance as of December 31, 2019 ¹	$	171.8	$	197.3	$	85.5	$	454.6

Additions through acquisitions 2	33.3		94.3		17.3		144.9
Reductions through divestitures	(0.1)		(0.7)		(2.2)		(3.0)
Reductions from impairments	(0.5)		(3.0)		—		(3.5)
Balance as of December 31, 2020 ¹	204.5		287.9		100.6		593.0

Additions through acquisitions 3	101.0		188.7		105.8		395.5
Reductions through divestitures	(1.5)		(8.4)		(1.3)		(11.2)

Balance as of December 31, 20211	$	304.0	$	468.2	$	205.1	$	977.3

(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 2019 acquisitions were finalized in 2020. As a result, we added $144.9 million of goodwill.

(3)Our purchase price allocation for the 2020 acquisitions were finalized in 2021. As a result, we added $395.5 million of goodwill. Our purchase price allocation for the 2021 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 15.

The following is a roll-forward of franchise value:


(Dollars in millions)	Franchise Value
Balance as of December 31, 2019	$	306.7

Additions through acquisitions1	51.9
Reductions through divestitures	(4.0)
Reductions from impairments	(4.4)
Balance as of December 31, 2020	350.2

Additions through acquisitions2	459.7
Reductions through divestitures	(8.9)
Reductions from impairments	(1.9)
Balance as of December 31, 2021	$	799.1

(1)Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $51.9 million of franchise value.

(2)Our purchase price allocation for the 2020 acquisitions were finalized in 2021. As a result, we added $459.7 million of franchise value. Our purchase price allocation for the 2021 acquisitions are preliminary and is not yet allocated to our segments. See Note 15.