Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

During 2023, we acquired three full-service commercial truck dealerships and two service and parts centers in Canada adding to PTG's operations. We also acquired two retail automotive franchises in the U.S., acquired two retail automotive franchises and one body shop in Italy, and acquired one service center in Australia. The companies acquired in 2023 generated $146.6 million of revenue and $5.1 million of pre-tax income from our date of acquisition through December 31, 2023. During 2022, we acquired 19 retail automotive franchises, consisting of 15 franchises in the U.K. and four franchises in the U.S. During 2022, we also acquired four full-service commercial truck dealerships in Canada adding to PTG's operations. 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 years ended December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Accounts receivable	$	—	$	8.3
Inventories	34.2		111.4
Other current assets	0.2		3.2
Property and equipment	38.7		134.1
Indefinite-lived intangibles	145.2		160.4
Other noncurrent assets	—		—
Current liabilities	(3.4)		(14.3)
Noncurrent liabilities	—		(9.7)
Total cash used in acquisitions	$	214.9	$	393.4

Our following unaudited consolidated pro forma results of operations for the years ended December 31, 2023 and 2022 give effect to acquisitions consummated during 2023 and 2022 as if they had occurred on January 1, 2022. This pro forma information is based on historical results of operations, adjusted for the income statement effects of incremental interest expense directly resulting from the acquisitions and the related tax effects. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future:


	Year Ended December 31,
	2023		2022
Revenues	$	29,727.6	$	28,624.7
Income from continuing operations attributable to Penske Automotive Group common stockholders	1,057.0		1,393.4
Net income attributable to Penske Automotive Group common stockholders	1,057.0		1,393.4
Income from continuing operations per diluted common share	$	15.55	$	18.73
Net income per diluted common share	$	15.55	$	18.73