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Business Combinations | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Business Acquisitions and Dispositions | Business Acquisitions and Dispositions We did not acquire any businesses during the six months ended June 30, 2024. During the six months ended June 30, 2023, we acquired one business (consisting of five locations) in our Powersports Segment (as defined below) for an aggregate gross purchase price (including inventory acquired and subsequently funded by floor plan notes payable) of approximately $75.1 million. The allocation of the approximately $75.1 million aggregate gross purchase price included inventory of approximately $11.1 million, property and equipment of approximately $0.7 million, franchise assets of approximately $22.6 million, goodwill of approximately $11.9 million, real estate of approximately $29.0 million, other assets of approximately $0.1 million, and other liabilities of approximately $0.3 million. During the six months ended June 30, 2024, we terminated two luxury franchised dealerships and disposed of one mid-line import franchised dealership, in addition to closing the remaining seven Northwest Motorsport stores within the EchoPark Segment (as defined below). The disposal generated net cash of approximately $3.4 million. During the six months ended June 30, 2023, we disposed of one luxury franchised dealership, one domestic franchised dealership, and one mid-line import franchised dealership that generated net cash of approximately $52.3 million. Revenues and other activities associated with disposed stores, terminated franchises or closed stores that remain in continuing operations were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Income (loss) from operations | $ | (3.3) |  |  | $ | (14.4) |  |  | $ | (8.3) |  |  | $ | (28.0) |
Gain (loss) on disposal, termination and closure charges | 0.3 |  |  | 20.7 |  |  | (1.4) |  |  | 20.7 |
Lease exit accrual adjustments and charges | 4.2 |  |  | (2.4) |  |  | 6.5 |  |  | (4.1) |
Property impairment charges | — |  |  | (46.0) |  |  | — |  |  | (46.0) |
Pre-tax income (loss) | 1.2 |  |  | (42.1) |  |  | (3.2) |  |  | (57.4) |
Total Revenues | $ | 0.6 |  |  | $ | 161.9 |  |  | $ | 16.0 |  |  | $ | 367.0 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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- References No definition available. + Details
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