Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2025

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

Acquisitions and Divestitures

ACQUISITIONS AND DIVESTITURES

We purchased one Domestic store, one Import store, and two Premium Luxury stores during the nine months ended September 30, 2025. We did not purchase any stores during the nine months ended September 30, 2024. Acquisitions are included in the Unaudited Condensed Consolidated Financial Statements from the date of acquisition. The purchase price allocations for these business combinations are preliminary and subject to final adjustments, primarily related to the valuation of working capital amounts and residual goodwill.

The acquisitions that occurred during the nine months ended September 30, 2025, were not material to our financial condition or results of operations. Additionally, on a pro forma basis as if the results of these acquisitions had been included in our consolidated results for the entire nine month period ended September 30, 2025, revenue and net income would not have been materially different from our reported revenue and net income for this period.

We divested one Domestic store and one Import store during the nine months ended September 30, 2025. We received aggregate proceeds of $16.1 million and recognized net gains of $1.7 million related to these divestitures. We divested seven Domestic stores and one Import store during the nine months ended September 30, 2024. We received aggregate proceeds of $156.0 million and recognized net gains of $53.9 million related to these divestitures. These gains are included in Other Income, Net (within Operating Income) in our Unaudited Condensed Consolidated Statements of Income. The financial condition and results of operations of these businesses were not material to our consolidated financial statements.