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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 6. Goodwill and other intangible assets Goodwill The changes in the carrying value of goodwill were as follows:
Balance at December 31, 2018 |  | $ | — |
Initial value of PistonHeads acquisition |  |  | 15,521 |
Foreign currency translation adjustment |  |  | 341 |
Purchase price adjustment (1) |  |  | (655 | )
Balance at December 31, 2019 |  | $ | 15,207 |
(1) | The purchase price adjustment corresponds to an adjustment for the deferred tax liability as a result of the Company’s evaluation of income tax treatment, which was recorded during the second quarter of 2019.
The Company did not have a goodwill balance prior to the closing of the PistonHeads acquisition on January 8, 2019. The Company tests goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company evaluated goodwill for impairment on October 1, 2019 and did not recognize an impairment charge. Other Intangible Assets Intangible assets as of December 31, 2019 consist of the following:
|  | Weighted Average Remaining Useful Life (years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Brand |  |  | 10.0 |  |  | $ | 3,524 |  |  | $ | 313 |  |  | $ | 3,211 |
Customer relationships |  |  | 2.0 |  |  |  | 1,045 |  |  |  | 336 |  |  |  | 709 |
Total |  |  |  |  |  | $ | 4,569 |  |  | $ | 649 |  |  | $ | 3,920 |
The Company did not have intangible assets prior to the closing of the PistonHeads acquisition on January 8, 2019. The Company recorded amortization expense related to intangible assets of $649 for the year ended December 31, 2019. The estimated useful life of brand and customer relationships is 11 years and 3 years, respectively. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Estimated amortization expense of intangible assets for future periods as of December 31, 2019, is as follows:
Year Ending December 31, |  | Amortization Expense |
2020 |  | $ | 671 |
2021 |  |  | 671 |
2022 |  |  | 328 |
2023 |  |  | 320 |
2024 |  |  | 320 |
2025 and thereafter |  |  | 1,610 |
Total |  | $ | 3,920 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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