Business Combinations

3 Months Ended

Mar. 31, 2016

Business Combinations

Business Combinations

3. Business Combinations

We acquired one retail automotive franchise during the three months ended March 31, 2016. During the three months ended March 31, 2015, we acquired one retail automotive franchise and two retail commercial truck dealerships. Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed financial statements, and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the three months ended March 31, 2016 and 2015 follows:

	March 31,
	2016		2015
Inventory	$	0.1	$	46.8
Other current assets		—		0.2
Property and equipment		0.1		4.4
Indefinite-lived intangibles		4.6		38.8
Current liabilities		(4.4)		(1.2)
Total consideration		0.4		89.0
Seller financed/assumed debt		—		(2.6)
Total cash used in acquisitions	$	0.4	$	86.4

The following unaudited consolidated pro forma results of operations of PAG for the three months ended March 31, 2016 and 2015 give effect to acquisitions consummated during 2016 and 2015 as if they had occurred effective at the beginning of the periods:

	Three Months Ended March 31,
	2016		2015
Revenues	$	4,828.4	$	4,721.4
Income from continuing operations		79.4		77.1
Net income		79.3		76.2
Income from continuing operations per diluted common share	$	0.90	$	0.85
Net income per diluted common share	$	0.90	$	0.84