Goodwill and Franchise Value

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amounts of goodwill are as follows:


(in millions)	Domestic		Import		Luxury		Consolidated
Balance as of December 31, 2019 ¹	$	171.8	$	197.3	$	85.5	$	454.6

Additions through acquisitions 2	33.3		94.3		17.3		144.9
Reductions through divestitures	(0.1)		(0.7)		(2.2)		(3.0)
Reductions from impairments	(0.5)		(3.0)		—		(3.5)
Balance as of December 31, 2020 ¹	204.5		287.9		100.6		593.0

Additions through acquisitions 3	52.0		64.3		34.2		150.5
Reductions through divestitures	—		(3.2)		—		(3.2)

Balance as of September 30, 2021	$	256.5	$	349.0	$	134.8	$	740.3

1 Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.

2 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $144.9 million of goodwill.

3 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $150.5 million of goodwill. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and goodwill is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 13.

The changes in the carrying amounts of franchise value are as follows:


(in millions)	Franchise Value
Balance as of December 31, 2019	$	306.7

Additions through acquisitions 1	51.9
Reductions through divestitures	(4.0)
Reductions from impairments	(4.4)
Balance as of December 31, 2020	350.2

Additions through acquisitions 2	262.4
Reductions through divestitures	(2.3)
Reductions from impairments	(1.9)
Balance as of September 30, 2021	$	608.4

1 Our purchase price allocation for the 2019 acquisitions were finalized in 2020. As a result, we added $51.9 million of franchise value.

2 Our purchase price allocation for a portion of the 2020 acquisitions was finalized in 2021. As a result, we added $262.4 million of franchise value. Our purchase price allocation for the remaining 2020 and 2021 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 13.