Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

Business Combinations

During 2025, we acquired one retail automotive franchise in Italy, which generated $14.1 million of revenue and $0.4 million of pre-tax income from our date of acquisition through December 31, 2025. In addition, on November 19, 2025, we acquired PMG from a commonly controlled affiliate, which was accounted for as a transaction between entities under common control and therefore, was not accounted for as a business combination. During 2024, we acquired 16 retail automotive franchises in the U.K., acquired two retail automotive franchises in Italy, and acquired three retail automotive franchises and one used vehicle dealership in Australia, and acquired one retail automotive franchise in the U.S. We also acquired three full-service dealerships and two independent repair facilities in the U.S. adding to PTG's operations. 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 financial statements and may be subject

to adjustment pending completion of final valuation. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2025 and 2024:

	Year Ended December 31,
	2025		2024
Accounts receivable	$	—	$	32.3
Inventories	2.8		256.5
Other current assets	0.1		0.3
Property and equipment	0.5		125.4
Operating lease right-of-use assets	—		66.1
Indefinite-lived intangibles	29.7		460.0
Other noncurrent assets	—		—
Current liabilities	(7.3)		(67.2)
Long-term operating lease liabilities	—		(66.1)
Other noncurrent liabilities	(4.3)		(21.1)
Total cash used in acquisitions	$	21.5	$	786.2

Our following unaudited consolidated pro forma results of operations for the years ended December 31, 2025 and 2024 give effect to acquisitions consummated during 2025 and 2024 as if they had occurred on January 1, 2024. This pro forma information is based on historical results of operations, adjusted for the income statement effects of incremental interest expense directly resulting from the acquisitions and the related tax effects. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future:

	Year Ended December 31,
	2025		2024
Revenues	$	31,826.8	$	32,524.1
Net income attributable to Penske Automotive Group common stockholders	936.1		979.8
Net income per diluted common share	$	14.14	$	14.65