Business Acquisitions and Dispositions
|6 Months Ended|
Jun. 30, 2022
|Business Combinations [Abstract]|
|Business Acquisitions and Dispositions||
2. Business Acquisitions and Dispositions
We acquired one franchised dealership location during the six months ended June 30, 2022 for an aggregate gross purchase price (including inventory acquired and subsequently funded by floor plan notes payable) of approximately $20.9 million, including a $14.7 million impact of a post-close adjustment related to the acquisition of RFJ Auto Partners, Inc. completed in December 2021. The allocation of the roughly $6.2 million aggregate gross purchase price for the acquisition completed during the six months ended June 30, 2022 included inventory of approximately $3.1 million, property and equipment of approximately $0.1 million, franchise assets of approximately $2.5 million, and goodwill of approximately $0.5 million. We acquired two businesses to be included in our EchoPark segment during the six months ended June 30, 2021 for an aggregate gross purchase price (including inventory acquired and subsequently funded by floor plan notes payable) of approximately $28.6 million.
We did not dispose of any businesses during the six months ended June 30, 2022. During the six months ended June 30, 2021, we disposed of one luxury franchised dealership, which generated net cash from dispositions of approximately $3.8 million.
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef