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Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Acquisitions | Acquisitions The Company completed four business acquisitions during the year ended December 31, 2024. These acquisitions were accounted for using the acquisition method and, accordingly, the results of the acquired businesses have been included in the Company's results of operations from the respective acquisition dates. Goodwill acquired in connection with these acquisitions represents expected synergies from the combined operations, is deductible for tax purposes in the United States, and is amortized on a straight-line basis over 15 years. Indiana Auto Auction On June 17, 2024, the Company completed its acquisition of all of the ownership interest of Indiana Auto Auction for total cash consideration of $51.5 million, which included $5.0 million of acquired cash and $14.1 million of acquired real estate. The aggregate purchase price was allocated to $16.2 million of goodwill, $13.9 million of intangibles, and $21.4 million of net tangible assets assumed. The Company completed a sale of the real estate to a third party on August 6, 2024. Indiana Auto Auction offers wholesale and commercial car auction and reconditioning services and enabled the Company to expand its range of offerings to dealers and commercial partners. March 13, 2024 Acquisition On March 13, 2024, the Company completed its acquisition of all of the ownership interests of a business for total cash consideration of $19.0 million. The aggregate purchase price was allocated to $14.1 million of goodwill, $5.7 million of intangible assets, and $0.8 million of net tangible liabilities assumed. The business acquired offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners. 166 Auto Auction On March 8, 2024, the Company completed its acquisition of all of the ownership interests of 166 Auto Auction for a total cash consideration of $27.4 million. The aggregate purchase price was allocated to $7.4 million of goodwill, $16.3 million of intangible assets, and $3.6 million of net tangible assets assumed. 166 Auto Auction offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners. Alliance Auto Auctions On January 30, 2024, the Company completed its acquisition of all of the ownership interests of Alliance Auto Auctions for total cash consideration of $66.9 million and 639,976 common shares of the Company's Class A common stock. The fair value of the consideration shares of $8.6 million was determined based upon the closing market price of the Company's Class A common shares on January 30, 2024. The aggregate purchase price for the Alliance Auto Auctions acquisition was allocated to the assets and liabilities assumed as follows (in thousands):
Assets Acquired |  |
Cash and cash equivalents |  | $ | 2,467 |
Trade receivables |  | 14,926 |
Finance receivables |  | — |
Other current assets |  | 768 |
Property & equipment |  | 892 |
Goodwill |  | 40,412 |
Intangible assets |  | 32,700 |
Other assets |  | 8,305 |
Total assets acquired |  | $ | 100,470 |
Liabilities Assumed |  |
Accounts payable |  | $ | 15,040 |
Accrued payroll |  | 400 |
Accrued other liabilities |  | 2,132 |
Deferred revenue |  | 64 |
Other long-term liabilities |  | 7,383 |
Total liabilities assumed |  | 25,019 |
Net assets acquired |  | $ | 75,451 |
Alliance Auto Auctions offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners.

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