Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Our acquisitions have resulted in the recording of goodwill and other identifiable intangible assets. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of internally developed software, domain names and other identifiable intangible assets such as, trade names, developed technologies, and customer relationships related to the acquisitions the Company has completed. The changes in goodwill and intangible assets are as follows:

($ in thousands)	Goodwill		Trade Names		Developed Technologies		Customer Relationships		Domain Names		Internally Developed Software		Total Intangible Assets, net
	Unamortized		Unamortized		Amortized		Amortized		Amortized		Amortized
Net balance as of September 30, 2023	$	336,602	$	149,921	$	4,419	$	52,114	$	2,387	$	3,483	$	212,324
Acquisitions during the year ended September 30, 2024	—		—		—		—		—		909		909
Amortization expense for the year ended September 30, 2024	—		—		(455)		(5,711)		(637)		(1,039)		(7,842)
Net balance as of September 30, 2024	336,602		149,921		3,964		46,403		1,750		3,353		205,391
Acquisitions during the year ended September 30, 2025	—		—		—		—		—		1,188		1,188
Impairment recorded during the year ended September 30, 2025	(77,648)		(23,913)		(3,470)		(40,813)		—		—		(68,196)
Other adjustments during the year ended September 30, 2025	—		—		—		—		(119)		—		(119)
Amortization expense for the year ended September 30, 2025	—		—		(494)		(5,590)		(617)		(1,365)		(8,066)
Net balance as of September 30, 2025	$	258,954	$	126,008	$	—	$	—	$	1,014	$	3,176	$	130,198

During the year ended September 30, 2025 the Company recorded an impairment loss of $145.8 million related to goodwill and identifiable intangible assets in order to adjust carrying value to estimated fair value. The impairment loss is recorded in restructuring and impairment in the consolidated statements of operations. Of the $145.8 million impairment loss, $48.0 million and $97.8 million is reported in the Dealerships and Distribution reporting segment, respectively. See Note 2 for more information about our annual impairment tests of goodwill and identifiable intangible assets.

No impairment loss was recorded for the year ended September 30, 2024.

During the year ended September 30, 2023 the Company recorded an impairment loss of $147.4 million related to goodwill and identifiable intangible assets in order to adjust carrying value to estimated fair value. The impairment loss was recorded in restructuring and impairment in the consolidated statements of operations. Of the $147.4 million impairment loss, $6.5 million and $140.9 million is reported in the Dealerships and Distribution reporting segment, respectively.

Amortization expense was $8.1 million, $7.8 million and $13.4 million for the years ended September 30, 2025, 2024 and 2023, respectively, which includes amortization expense of $1.4 million, $1.0 million and $0.6 million for the years ended September 30, 2025, 2024 and 2023, respectively, for internally developed software. Amortization expense is recorded in depreciation and amortization in the consolidated statements of operations. For internally developed software acquisitions during the year ended September 30, 2025, the weighted average useful life of total intangible assets is 3.5 years.

The following table summarizes the expected amortization expense for the fiscal years 2026 through 2030 and thereafter ($ in thousands):

2026	$	2,108
2027	1,879
2028	96
2029	95
2030	12
Thereafter	—
	$	4,190

As of September 30, 2025, the carrying value of goodwill totaled $259.0 million, of which all $259.0 million was related to our Dealerships reporting segment. As of September 30, 2024, the carrying value of goodwill totaled $336.6 million, of which $295.3 million was related to our Dealerships reporting segment and $41.3 million was related to our Distribution reporting segment.