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Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
The Company completed four business acquisitions during the twelve months ended December 31, 2024, and two business acquisitions during the twelve months ended December 31, 2023. These acquisitions were accounted for using the acquisition method and, accordingly, the results of the acquired businesses have been included in the Company's results of operations from the respective acquisition dates. Goodwill acquired in connection with acquisitions represents expected synergies from the combined operations, is deductible for tax purposes in the United States, and is amortized on a straight-line basis over 15 years.
Indiana Auto Auction
On June 17, 2024 the Company completed its acquisition of all of the ownership interest of Indiana Auto Auction for total cash consideration of $51.5 million, which included $5.0 million of acquired cash and $14.1 million of acquired real estate. The aggregate purchase price was allocated to $16.2 million of goodwill, $13.9 million of intangible assets, and $21.4 million of net tangible assets assumed. The Company completed a sale of the real estate to a third party on August 6, 2024. Indiana Auto Auction offers wholesale and commercial car auction and reconditioning services and enabled the Company to expand its range of offerings to dealers and commercial partners.
March 13, 2024 Acquisition
On March 13, 2024 the Company completed its acquisition of all of the ownership interest of a business (the "March 13, 2024 acquisition") for total cash consideration of $19.1 million. The aggregate purchase price was allocated to $14.2 million of goodwill, $5.7 million of intangible assets, and of $0.8 million net tangible liabilities assumed. The
business acquired the March 13, 2024 acquisition offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners.
166 Auto Auction
On March 8, 2024 the Company completed its acquisition of all of the ownership interest of 166 Auto Auction for total cash consideration of $27.4 million. The aggregate purchase price was allocated to $7.4 million of goodwill, $16.3 million of intangible assets, and of $3.6 million net tangible assets assumed. 166 Auto Auction offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners.
Alliance Auto Auctions
On January 30, 2024 the Company completed its acquisition of all of the ownership interest of Alliance Auto Auctions for total cash consideration of $66.9 million and 639,976 common shares of the Company's Class A common stock. The fair value of the consideration shares of $8.6 million was determined based upon the closing market price of the Company's Class A common shares on January 30, 2024.
The aggregate purchase price for the Alliance Auto Auctions acquisition was allocated to the assets and liabilities assumed as follows (in thousands):
Assets Acquired
Cash and cash equivalents$2,467 
Trade receivables14,926 
Finance receivables— 
Other current assets768 
Property & equipment892 
Intangible assets32,700 
Goodwill40,412 
Other assets8,305 
Total assets acquired$100,470 
Liabilities Assumed
Accounts payable$15,040 
Accrued payroll400 
Accrued other liabilities2,132 
Deferred Revenue64 
Other long-term liabilities7,383 
Total liabilities assumed25,019 
Net assets acquired$75,451 
August 2023 Acquisition
On August 22, 2023, the Company completed its acquisition of all of the ownership interests of a business (“the August 2023 acquisition”) for cash consideration of $16.9 million. The aggregate purchase price was allocated to $6.2 million of goodwill, $14.2 million of intangible assets, and $3.6 million of net liabilities assumed.
The business acquired in the August 2023 acquisition offers wholesale car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners. The August 2023 acquisition was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company's results of operations from the acquisition date.
April 2023 Acquisition
On April 24, 2023, the Company completed its acquisition of all of the ownership interests of a business (“the April 2023 acquisition”) for total cash consideration of $12.5 million. The aggregate purchase price was allocated to $5.3 million of goodwill, $6.0 million of intangible assets and $1.2 million of net assets assumed.
The business acquired in the April 2023 acquisition offers wholesale and commercial car auction services and enabled the Company to expand its range of offerings to dealers and commercial partners. The April 2023 acquisition was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company's results of operations from the acquisition date.