Business Combinations

6 Months Ended

Jun. 30, 2013

Business Combinations

Business Combinations

3. Business Combinations

We acquired one Hertz car rental franchise market area and one automotive retail franchise during the six months ended June 30, 2013. We acquired sixteen automotive retail franchises during the six months ended June 30, 2012. Our financial statements include the results of operations of the acquired dealerships and the rental car franchises 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 six months ended June 30, 2013 and 2012 follows:

	June 30,
	2013			2012
Accounts receivable	$	300		$	17,025
Inventory	1,905			80,766
Other current assets	158			—
Property and equipment	20,131			32,599
Indefinite-lived intangibles	7,303			57,310
Other non-current assets	—			—
Current liabilities	(55		)	(49,362		)
Non-current liabilities	992			(26,816		)
Total consideration	30,734			111,522
Seller financed/assumed debt	—			—
Cash used in acquisitions	$	30,734		$	111,522

The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2013 and 2012 give effect to acquisitions consummated during 2013 and 2012 as if they had occurred on January 1, 2012:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Revenues	$	3,704,215	$	3,408,230	$	7,121,402	$	6,661,073
Income from continuing operations	64,528		52,803		121,614		103,517
Net income	62,092		51,128		119,659		98,709
Income from continuing operations per diluted common share	$	0.71	$	0.58	$	1.34	$	1.14
Net income per diluted common share	$	0.69	$	0.57	$	1.32	$	1.09