Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived intangible assets during the years ended December 31, 2025, and 2024:


	Goodwill		Other Indefinite-Lived Intangible Assets
Balance — December 31, 2023 (1)	$	2,239.9	$	877.3
Additions	175.8		284.2
Disposals	(9.0)		(3.7)
Impairment	—		(1.8)
Foreign currency translation	(30.4)		(15.3)
Balance — December 31, 2024 (1)	$	2,376.3	$	1,140.7
Additions	11.8		17.9
Disposals	(10.7)		(18.6)
Impairment	—		(3.4)
Foreign currency translation	58.3		27.6
Balance — December 31, 2025 (1)	$	2,435.7	$	1,164.2
____________________
(1)Net of accumulated goodwill impairment losses of $647.0 million

The following is a summary of the changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2025, and 2024:


	Retail Automotive		Retail Commercial Truck		Other		Total
Balance — December 31, 2023	$	1,669.0	$	494.3	$	76.6	$	2,239.9
Additions	162.5		13.3		—		175.8
Disposals	(6.0)		(3.0)		—		(9.0)

Foreign currency translation	(16.7)		(7.1)		(6.6)		(30.4)
Balance — December 31, 2024	$	1,808.8	$	497.5	$	70.0	$	2,376.3
Additions	11.8		—		—		11.8
Disposals	(10.7)		—		—		(10.7)

Foreign currency translation	49.2		3.9		5.2		58.3
Balance — December 31, 2025	$	1,859.1	$	501.4	$	75.2	$	2,435.7

For reporting units within our Retail Automotive, Retail Commercial Truck, and Other reportable segments, we prepared a quantitative assessment of the carrying value of goodwill. We estimated the fair value of our reporting units using an income approach. The income approach measures fair value by discounting expected future cash flows at a weighted average cost of capital. We also validate the fair value for each reporting unit using the income approach by calculating a cash earnings multiple and determining whether the multiple was reasonable compared to recent market transactions completed by the Company or in the industry. As part of that assessment, we also reconcile the estimated aggregate fair values of our reporting units to our market capitalization as of the assessment date. We believe this reconciliation process is consistent with a market participant perspective. This consideration would also include a control premium that represents the estimated amount an investor would pay for our equity securities to obtain a controlling interest and other significant assumptions, including revenue growth, terminal growth rates, EBITDA margin, and the weighted average cost of capital.

Based on our assessment as of October 1, 2025, and in conjunction with our fourth quarter annual forecasting process for 2026 which impacts key assumptions used in our goodwill impairment assessment, we concluded that for each of our reporting units that the fair values were more likely than not greater than their carrying values. As a result, we had no goodwill impairment charges in 2025. We also had no goodwill impairment charges in 2024.

For our other indefinite-lived intangible assets, we prepared a quantitative assessment as of October 1, 2025, by comparing the fair value to its carrying value. We estimated the fair value using an income approach, applying similar methodology as discussed above. As a result of this assessment, and in conjunction with the sale of a certain franchised dealership in the U.S. during 2025, we had $3.4 million of impairment charges relating to our other indefinite-lived intangible assets. We also had $1.8 million of impairment charges relating to our other indefinite-lived intangible assets during 2024.