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ACQUISITIONS AND DIVESTITURES (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Schedule of Business Acquisitions
The sources of the purchase consideration are as follows:
(In millions)
Cash$941.3 
New vehicle floor plan facility256.1 
Used vehicle floor plan facility307.1 
Purchase price$1,504.5 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the amounts recorded based on final estimates of fair value:
Summary of Assets Acquired and Liabilities Assumed
(In millions)
Assets
Inventories, net$310.6 
Other current assets11.8 
Assets held for sale100.9 
Total current assets423.3 
Property and equipment, net417.6 
Goodwill272.4 
Intangible franchise rights401.0 
Operating lease right-of-use assets11.2 
Total assets acquired$1,525.5 
Liabilities
Operating lease liabilities$11.2 
Other liabilities9.7 
Total liabilities assumed20.9 
Net assets acquired$1,504.5 
Schedule of Pro Forma Information
The following represents the unaudited pro forma information as if the Koons acquisition had been included in the consolidated results of the Company since January 1, 2022:
For the Year Ended December 31,
20232022
(In millions)
(Unaudited)
Pro forma revenue$17,540.4 $18,516.1 
Pro forma net income$660.8 $1,092.9 
The above pro forma financial information adjusts the revenue and net income related to the Koons acquisition primarily for (1) depreciation and interest expense assuming that the fair value adjustments and indebtedness incurred in connection with the Koons acquisition had occurred on January 1, 2022 and (2) the exclusion of Koons Lexus of Wilmington, which is classified as
assets held for sale as of December 31, 2023. The pro forma net income for the year ended December 31, 2023 includes $117.2 million of asset impairments recorded by the Company during the fourth quarter of 2023.