Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

During 2021, we purchased 20 stores and 4 collision centers operating in South Carolina, Georgia, and Maryland. Acquisitions are included in the Consolidated Financial Statements from the date of acquisition. The purchase price allocations for these business combinations are preliminary and subject to final adjustments, primarily related to the valuation of working capital amounts and residual goodwill. We did not purchase any stores during 2020 and purchased 2 parts centers in 2019.

The following table summarizes the consideration paid and estimated fair values of the assets acquired and liabilities assumed at the acquisition dates for the stores acquired during 2021.

Inventory	$	46.6
Property and equipment	282.8
Goodwill	51.6
Franchise rights - indefinite-lived	232.4
Other assets	17.7
Vehicle floorplan payable - non-trade	(15.1)
Other liabilities	(2.8)
Aggregate purchase price	$	613.2
Finance lease obligations	(180.5)
Cash used in business acquisition, net of cash acquired	$	432.7

The goodwill was assigned to the Domestic, Import, Premium Luxury, and Collision Centers reporting units in the amounts of $1.5 million, $15.3 million, $30.3 million, and $4.6 million, respectively. We anticipate that substantially all of the goodwill recorded in 2021 will be deductible for federal income tax purposes.

From each acquisition date to December 31, 2021, the amounts of revenue and earnings of the stores and collision centers acquired during 2021 included in our Consolidated Statement of Income for the year ended December 31, 2021, were $176.9 million and $6.9 million, respectively. Our supplemental pro forma revenue and net income from continuing operations had the acquisition dates been January 1, 2020 are as follows:

	Years Ended December 31,
Unaudited supplemental pro forma:	2021		2020
Revenue	$	26,544.2	$	21,074.8
Net income from continuing operations	$	1,407.0	$	404.1