Business Combinations

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

During the three months ended March 31, 2023, we made no acquisitions. During the three months ended March 31, 2022, we acquired TEAM Truck Centres, a retailer of heavy- and medium-duty Freightliner and Western Star commercial trucks located in Ontario, Canada representing four full-service dealerships. Our financial statements include the results of operations of the acquired entity 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. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the three months ended March 31, 2022:


	March 31,
	2022
Accounts receivable	$	—
Inventories	21.9
Other current assets	0.1
Property and equipment	10.0
Indefinite-lived intangibles	64.6
Other noncurrent assets	—
Current liabilities	(2.9)
Noncurrent liabilities	(0.1)
Total cash used in acquisitions	$	93.6

Our following unaudited consolidated pro forma results of operations for the three months ended March 31, 2022, give effect to acquisitions consummated during 2022 as if they had occurred effective at the beginning of the period:


	Three Months Ended March 31,
	2022
Revenues	$	7,223.9

Net income attributable to Penske Automotive Group common stockholders	372.1

Net income per diluted common share	$	4.82