Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of automotive joint venture relationships



Location	Dealerships	Ownership Interest
Fairfield, Connecticut	Audi, Mercedes-Benz, Sprinter, Porsche, smart	80.00	% (A) (B)
Greenwich, Connecticut	Mercedes-Benz	80.00	% (A) (B)
Northern Italy	BMW, MINI, Maserati, Porsche, Audi, Land Rover, Volvo, Nissan	84.00	% (B) (E)
Aachen, Germany	Audi, Maserati, SEAT, Skoda, Volkswagen	68.00	% (C)
Frankfurt, Germany	Lexus, Toyota, Volkswagen	50.00	% (D)
Barcelona, Spain	BMW, MINI	50.00	% (D)
Tokyo, Japan	BMW, MINI, Rolls-Royce, Ferrari, ALPINA	49.00	% (D)

(a)

An entity controlled by one of our directors, Lucio A. Noto, owns a 20% interest in this joint venture.

(b)

Entity is consolidated in our financial statements.

(c)

Entity is consolidated in our financial statements as a result of our purchase of an additional 10% interest in this joint venture in the third quarter of 2015. In March 2016, we acquired an additional 8% interest in this joint venture.

(d)

Entity is accounted for using the equity method of accounting.

(e)

In October 2016, we made an additional investment in this joint venture, which increased our ownership interest from 70% to 84%. This additional investment funded our acquisition of seven retail automotive franchises in October 2016, consisting of three Porsche franchises, one Audi franchise, one Land Rover franchise, one Volvo franchise, and one Nissan franchise in the Bologna, Italy market.