Business Combinations

6 Months Ended

Jun. 30, 2016

Business Combinations

Business Combinations

3. Business Combinations

We acquired one retail automotive franchise and five retail commercial truck dealerships during the six months ended June 30, 2016. During the six months ended June 30, 2015, we acquired one retail automotive franchise andtworetail commercial truck dealerships. 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 six months ended June 30, 2016 and 2015 follows:

	June 30,
	2016		2015
Accounts receivable	$	3.9	$	—
Inventory		45.2		46.8
Other current assets		0.1		0.2
Property and equipment		0.6		4.4
Indefinite-lived intangibles		24.8		38.8
Current liabilities		(9.2)		(1.2)
Total consideration		65.4		89.0
Seller financed/assumed debt		—		(2.6)
Total cash used in acquisitions	$	65.4	$	86.4

The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2016 and 2015 give effect to acquisitions consummated during 2016 and 2015 as if they had occurred effective at the beginning of the periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Revenues	$	5,254.1	$	5,171.3	$	10,123.5	$	9,931.5
Income from continuing operations		94.7		95.3		174.1		173.0
Net income		93.5		95.2		172.9		172.0
Income from continuing operations per diluted common share	$	1.11	$	1.06	$	2.01	$	1.92
Net income per diluted common share	$	1.10	$	1.05	$	1.99	$	1.91