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Acquisitions and Dispositions
6 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets and liabilities assumed based on an estimate of fair value.
During the six months ended June 30, 2020, the Company acquired a collision center in the U.S., which was integrated into an existing dealership.
During the six months ended June 30, 2019, the Company opened one dealership representing one franchise in the U.S. and one dealership representing one franchise in the U.K.
Dispositions
During the six months ended June 30, 2020, the Company did not dispose of any businesses.
During the six months ended June 30, 2019, the Company disposed of three dealerships representing six franchises in the U.S., three dealerships representing four franchises in the U.K and one dealership representing one franchise in Brazil. The Company recorded a net pre-tax gain totaling $5.4 million related to these dispositions.
The Company’s dispositions generally consist of dealership assets and related real estate. Gains and losses on dispositions are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statement of Operations.