Business Combinations

3 Months Ended

Mar. 31, 2015

Business Combinations

Business Combinations

3. Business Combinations

We acquired one retail automotive franchise and two retail commercial truck dealerships during the three months ended March 31, 2015. During the three months ended March 31, 2014, we acquired one retail automotive franchise as well as made an additional investment in an entity previously accounted under the equity method. Our financial statements include the results of operations of the acquired entities 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, 2015 and 2014 follows:

	March 31,
	2015			2014
Accounts receivable	$	—		$	0.7
Inventory	46.8			27.2
Other current assets	0.2			1.1
Property and equipment	4.4			3.8
Indefinite-lived intangibles	38.8			54.5
Current liabilities	(1.2		)	(2.0		)
Non-current liabilities	—			(2.2		)
Total consideration	89.0			83.1
Seller financed/assumed debt	(2.6		)	(1.3		)
Total cash used in acquisitions	$	86.4		$	81.8

The following unaudited consolidated pro forma results of operations of PAG for the three months ended March 31, 2015 and 2014 give effect to acquisitions consummated during 2015 and 2014 as if they had occurred effective at the beginning of the periods:

	Three Months Ended March 31,
	2015		2014
Revenues	$	4,497.8	$	4,345.8
Income from continuing operations	76.8		69.4
Net income	75.6		69.7
Income from continuing operations per diluted common share	$	0.85	$	0.77
Net income per diluted common share	$	0.84	$	0.77