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Acquisitions
3 Months Ended
Oct. 31, 2018
Business Combinations [Abstract]  
Acquisitions
NOTE 12 – Acquisitions
During the year ended July 31, 2018, the Company acquired 100% of the voting stock of Autovahinkokeskus Oy (“AVK”), a salvage auto auction company based in Finland. AVK currently operates facilities in the municipalities of Espoo; Pirkkala; Oulu; and Turku, Finland. The aggregate purchase price of this acquisition totaled $8.9 million, net of cash acquired.
During the three months ended October 31, 2018, the purchase price allocation for AVK was finalized. In accordance with ASC 805, any adjustments to the fair value of acquired assets and liabilities that occur subsequent to the measurement period will be reflected in the Company’s results of operations. There were no acquisitions during the three months ended October 31, 2017.
This acquisition did not result in a significant change in the Company’s consolidated results of operations individually or in the aggregate; therefore, pro forma financial information has not been presented. The operating results have been included in the Company’s consolidated financial position and results of operations since the acquisition date.