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Business Combinations
9 Months Ended
Sep. 30, 2011
Business Combinations [Abstract] 
Business Combinations
3. Business Combinations
The Company acquired seven and two franchises during the nine months ended September 30, 2011 and 2010, respectively, in its retail operations (not including the German operations noted below). The Company’s financial statements include the results of operations of the acquired dealerships from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in the Company’s consolidated condensed financial statements, and may be subject to adjustment pending completion of the final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the nine months ended September 30, 2011 and 2010 follows:
                 
    September 30,  
    2011     2010  
Accounts receivable
  $ 953     $ —  
Inventory
    61,247       6,336  
Other current assets
    —       17  
Property and equipment
    40,190       —  
Goodwill
    107,498       3,014  
Franchise value
    29,491       —  
Other assets
    628       —  
Current liabilities
    (6,190 )     (87 )
 
           
Total consideration
    233,817       9,280  
Seller financed/assumed debt
    (1,711 )     —  
 
           
Cash used in dealership acquisitions
  $ 232,106     $ 9,280  
 
           
In the first quarter of 2010, the Company exited one of its German joint ventures by exchanging its 50% interest in the joint venture for 100% ownership in three BMW franchises previously held by the joint venture. The Company recorded $13,331 of intangible assets in connection with this transaction.
The following unaudited consolidated pro forma results of operations of the Company for the three and nine months ended September 30, 2011 and 2010 give effect to acquisitions consummated during 2011 and 2010 as if they had occurred on January 1, 2010:
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
Revenues
  $ 2,951,046     $ 2,795,667     $ 8,822,713     $ 8,075,752  
Income from continuing operations
    57,045       36,451       138,110       94,753  
Net income
    56,045       31,614       132,408       84,441  
Income from continuing operations per diluted common share
  $ 0.62     $ 0.40     $ 1.50     $ 1.03  
Net income per diluted common share
  $ 0.61     $ 0.34     $ 1.44     $ 0.92