Company: GPI
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001031203-25-000029
Chunk: 8

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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.1 576.2 Finance, insurance and other, net (2)171.4 17.5 188.9 Total revenues$3,645.7 $824.8 $4,470.5 (1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. 

(2) Includes variable consideration recognized of $10.4 million and $12.4 million during the three months ended March 31, 2025 and 2024, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 8. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts. 

3. ACQUISITIONS AND DISPOSITIONS

The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value.Inchcape Acquisition On August 1, 2024, the Company completed the acquisition of Inchcape Retail automotive operations (“Inchcape Retail”), consisting of 54 dealership locations, certain real estate and three collision centers across the U.K. (collectively referred to as the “Inchcape Acquisition”), for aggregate consideration of approximately $517.0 million.The purchase price allocation for the Inchcape Acquisition is preliminary. The Company is continuing to analyze and assess relevant information related to the valuation of certain property, equipment, intangible assets, property lease contracts and deferred income taxes. Due to the recent timing and complexity of the Inchcape Acquisition, these amounts are provisional and subject to change as the Company’s fair value assessments are finalized. The Company will reflect any such adjustments in subsequent filings. The results of the Inchcape Acquisition are included in the U.K. segment. The acquired goodwill is not deductible for income tax purposes. 

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Table of Contents            GROUP 1 AUTOMOTIVE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)

The following table summarizes the consideration paid and aggregate amounts of assets acquired and liabilities assumed as of March 31, 2025 (in millions):Total consideration$517.0 Identifiable assets acquired and liabilities assumedCash$23.4 Contracts-in-transit and vehicle