On February 28, 2025, the Company acquired a franchise dealership for total purchase consideration of $24 million, comprised of $18 million in cash and $6 million in trade vehicle floor plan payable. The purchase price was allocated to net tangible assets of $16 million, indefinite-lived franchise rights of $6 million, and goodwill of $2 million, which is deductible for tax purposes. The acquisition was not material to the Company's financial condition or results of operations.

The following table summarizes goodwill and intangible assets, net as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024

	(in millions)

Customer relationships	$	50	$	50
Developed technology	41		41
Franchise rights	6		—

Intangible assets, acquired cost	97		91
Less: accumulated amortization	(65)		(57)
Intangible assets, net	$	32	$	34

Goodwill	$	2	$	—

Amortization expense was $4 million and $5 million during the three months ended June 30, 2025 and 2024, respectively, and $9 million during each of the six months ended June 30, 2025 and 2024. As of June 30, 2025, the remaining weighted-average amortization period for definite-lived intangible assets was 2.5 years. The anticipated annual amortization expense to be recognized in future years as of June 30, 2025 is as follows:


	Expected Future Amortization
	(in millions)
Remainder of 2025	$	6
2026	7
2027	5
2028	3
2029	2

Thereafter	3
Total	$	26