Business Combinations

3 Months Ended

Mar. 31, 2012

Business Combinations [Abstract]

Business Combinations

3. Business Combinations

The Company acquired thirteen and three franchises during the three months ended March 31, 2012 and 2011, respectively, in its retail operations. The Company’s 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 the Company’s 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, 2012 and 2011 follows:

	March 31,
	2012			2011
Accounts receivable	$	16,976		$	953
Inventory		79,650			7,923
Property and equipment		32,593			1,671
Goodwill		31,566			7,038
Franchise Value		23,426			—
Other assets		—			628
Current liabilities		(49,290	)		(2,491	)
Non-current liabilities		(26,815	)		—
Total consideration		108,106			15,722
Seller financed/assumed debt		—			(1,711	)
Cash used in dealership acquisitions	$	108,106		$	14,011

In addition, in March 2012 the Company formed a joint venture which acquired a BMW/Mini dealership in Monza, Italy, a suburb of Milan.

The following unaudited consolidated pro forma results of operations of the Company for the three months ended March 31, 2012 and 2011 give effect to acquisitions consummated during 2012 and 2011 as if they had occurred on January 1, 2011:

	Three Months Ended March 31,
	2012		2011
Revenues	$	3,258,179	$	2,908,036
Income from continuing operations		49,878		39,347
Net income		46,704		36,842
Income from continuing operations per diluted common share	$	0.55	$	0.43
Net income per diluted common share	$	0.52	$	0.40