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Acquisitions
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS
We purchased eight stores during the nine months ended September 30, 2015. During the third quarter of 2015, we purchased a Mercedes-Benz store, an Audi store, and a Subaru and Volkswagen store in the Baltimore, Maryland market. Acquisitions are included in the Unaudited Condensed Consolidated Financial Statements from the date of acquisition. The purchase price allocation for these business combinations are preliminary and subject to final adjustment. We purchased one store during the nine months ended September 30, 2014.
The acquisitions that occurred during the nine months ended September 30, 2015 were not material to our financial condition or results of operations. Additionally, on a pro forma basis as if the results of these acquisitions had been included in our consolidated results for the entire three and nine month periods ended September 30, 2015 and 2014, revenue and net income would not have been materially different from our reported revenue and net income for these periods.
In August 2015, we announced that we have entered into an agreement to acquire 13 stores located in Georgia, Alabama, and Tennessee. The stores to be acquired include Chrysler, Dodge, Jeep, Ram, Fiat, Ford, Lincoln, Honda, Hyundai, and Volkswagen franchises. This acquisition remains subject to customary closing conditions and is expected to be completed in the fourth quarter of 2015. In October 2015, we announced that we have entered into an agreement to acquire 12 stores located in Texas. The stores to be acquired include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz, and Sprinter franchises. This acquisition remains subject to customary closing conditions and is expected to be completed in the first quarter of 2016.