Business Combinations

3 Months Ended

Mar. 31, 2013

Business Combinations

Business Combinations

3. Business Combinations

We acquired one Hertz car rental franchise during the three months ended March 31, 2013 and thirteen automotive retail franchises during the three months ended March 31, 2012. Our 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 our consolidated condensed financial statements, and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the three months ended March 31, 2013 and 2012 follows:

	March 31,
	2013		2012
Accounts receivable	$	—	$	16,976
Inventory	117		79,650
Other current assets	80		—
Property and equipment	20,021		32,593
Indefinite-lived intangibles	6,962		54,992
Current liabilities	—		(49,290		)
Non-current liabilities	—		(26,815		)
Total consideration	27,180		108,106
Seller financed/assumed debt	—		—
Cash used in dealership acquisitions	$	27,180	$	108,106

The following unaudited consolidated pro forma results of operations of PAG for the three months ended March 31, 2013 and 2012 give effect to acquisitions consummated during 2013 and 2012 as if they had occurred on January 1, 2012:

	Three Months Ended March 31,
	2013		2012
Revenues	$	3,403,722	$	3,236,892
Income from continuing operations	56,961		50,681
Net income	57,419		47,417
Income from continuing operations per diluted common share	$	0.63	$	0.56
Net income per diluted common share	$	0.63	$	0.52