Goodwill and Intangible Assets

6 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

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 trade names that are related to the acquisitions the Company has completed. The changes in goodwill and intangible assets are as follows:


	Goodwill		Trade Names		Domain Names		Internally Developed Software		Total Intangible Assets, net
($ in thousands)	Unamortized		Unamortized		Amortized		Amortized
Net balance as of September 30, 2025	$	258,954	$	126,008	$	1,014	$	3,176	$	130,198
Acquisitions and additions during the six months ended March 31, 2026	—		—		—		311		311
Impairment recorded during the six months ended March 31, 2026	—		(5,800)		—		—		(5,800)
Accumulated amortization for the six months ended March 31, 2026	—		—		(290)		(817)		(1,107)
Disposals as part of sales during the six months ended March 31, 2026	—		(1,100)		—		—		(1,100)
Net balance as of March 31, 2026	$	258,954	$	119,108	$	724	$	2,670	$	122,502

During the six months ended March 31, 2026, the Company revised the estimates used in determining the fair value of certain trade names to reflect changes in branding arising from an internal realignment at certain locations. As a result, the Company recorded an impairment loss of $5.8 million in the Dealerships reporting segment in order to adjust the carrying value to estimated fair value. To determine the fair value of the indefinite-lived intangible assets, the Company uses a relief from royalty method for trade names. The financial projections used in the relief from royalty method reflected management's assumptions regarding revenue growth rates, economic and market trends, royalty rates, discount rates, and other expectations about the anticipated short-term and long-term operating results. The impairment loss is recorded in restructuring and impairment in the unaudited condensed consolidated statements of operations.

Amortization expense was $0.6 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively, which includes amortization expense of $0.4 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively, for internally developed software. Amortization expense was $1.1 million and $4.3 million for the six months ended March 31, 2026 and 2025, respectively, which includes amortization expense of $0.8 million and $0.6 million for the six months ended March 31, 2026 and 2025, respectively, for internally developed software. Amortization expense is recorded in depreciation and amortization in the unaudited condensed consolidated statements of operations. For internally developed software acquisitions and additions during the six months ended March 31, 2026, the weighted average useful life is 1.8 years.

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


2026 (excluding the six months ended March 31, 2026)	$	1,140
2027	2,051
2028	96
2029	95
2030	12
Thereafter	—
	$	3,394

As of March 31, 2026 and September 30, 2025, the carrying value of goodwill totaled $259.0 million, all of which was related to our Dealerships reporting segment.