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Business Combinations | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Business Acquisitions and Dispositions | Business Acquisitions and Dispositions During the nine months ended September 30, 2025, we acquired five businesses in our Franchised Dealerships Segment and were awarded one franchise in our Powersports Segment, which was previously an authorized retail outlet in Sturgis, South Dakota. The businesses acquired in our Franchised Dealerships Segment were Jaguar Land Rover Los Angeles, Jaguar Land Rover Newport Beach, Jaguar Land Rover San Jose, Land Rover Pasadena and Jaguar Land Rover Santa Monica for an aggregate gross purchase price of approximately $440.3 million. The preliminary allocation of the aggregate gross purchase price included inventory of approximately $165.5 million, property and equipment of approximately $9.4 million, goodwill of approximately $263.9 million, other assets of approximately $2.0 million, right-of-use assets of $86.2 million, lease liabilities of $85.5 million, and other liabilities of approximately $1.2 million. The accompanying consolidated statements of operations include revenue and earnings attributable to the businesses acquired during the nine months ended September 30, 2025 of approximately $137.6 million and $3.5 million, respectively. Acquisition costs recognized as an expense in the September 30, 2025 consolidated statements of operations related to these acquisitions were immaterial. Additionally, the total amount of goodwill from these acquisitions that is expected to be deductible for tax purposes related to these acquisitions is approximately $261.1 million. The following unaudited pro forma summary presents consolidated information as if the 2025 acquisitions had occurred on January 1, 2024:
| Nine Months Ended September 30, 2025 |  | Twelve Months Ended December 31, 2024
| (In millions)
Revenue | $ | 11,639.7 |  |  | $ | 14,861.9 |
Income before taxes | $ | 110.2 |  |  | $ | 288.1 |
We did not acquire any businesses during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, we disposed of one mid-line import franchised dealership and terminated one domestic franchised dealership and one powersports dealership. The disposal of the mid-line import franchised dealership generated net cash of approximately $9.6 million. During the nine months ended September 30, 2024, we terminated two luxury franchised dealerships and disposed of two mid-line import franchised dealerships, in addition to closing the remaining seven Northwest Motorsport stores within the EchoPark Segment. The disposal of two mid-line import franchised dealerships generated net cash of approximately $8.2 million.

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