v3.26.1
GOODWILL AND FRANCHISE VALUE (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill The changes in the carrying amounts of goodwill are as follows:
(In millions)
Vehicle Operations
Financing Operations
Consolidated
Balance as of December 31, 2024
$2,099.3
$16.2
$2,115.5
Additions through acquisitions 1
383.1
—
383.1
Reductions through disposals
(39.2)
—
(39.2)
Currency translation
16.5
0.8
17.3
Balance as of December 31, 2025
2,459.7
17.0
2,476.7
Additions through acquisitions 2
71.1
—
71.1
Reductions through disposals
(2.8)
—
(2.8)
Currency translation
(5.6)
(0.6)
(6.2)
Balance as of June 30, 2026
$2,522.4
$16.4
$2,538.8
1Our purchase price allocations (PPA) for the 2024 acquisitions were finalized in 2025. As a result, we added $348.2 million
of goodwill. Preliminary PPA for a portion of our 2025 acquisitions resulted in adding $34.9 million of goodwill. Our PPA for
the remaining 2025 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are
included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions.
2Our PPA for a portion of the 2025 acquisitions were finalized in 2026. As a result, we added $71.1 million of goodwill. Our
PPA for the remainder of the 2025 acquisitions and 2026 acquisitions are preliminary and goodwill is not yet allocated to our
segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 –
Acquisitions.
Schedule of Franchise Value The changes in the carrying amounts of franchise value are as follows:
(In millions)
Franchise Value
Balance as of December 31, 2024
$2,550.3
Additions through acquisitions 1
231.1
Reductions through divestitures
(20.9)
Reductions from impairments 2
(5.8)
Currency translation
22.7
Balance as of December 31, 2025
2,777.4
Additions through acquisitions 3
35.2
Reductions through divestitures
(20.8)
Currency translation
(10.1)
Balance as of June 30, 2026
$2,781.7
1Our PPA for the 2024 acquisitions were finalized in 2025. As a result, we added $218.0 million of franchise value.
Preliminary PPA for a portion of our 2025 acquisitions resulted in adding $13.1 million of franchise value. These amounts
are included in other non-current assets until we finalize our purchase accounting. See Note 12 – Acquisitions.
2In our annual impairment testing in 2025, we determined the franchise value of one underperforming store was not
recoverable, resulting in an impairment of $5.8 million being recorded in the Consolidated Statements of Operations as
Asset impairments. Balance as of June 30, 2026 and December 31, 2025 is net of accumulated impairments of this amount
only.
3Our PPA for a portion of the 2025 acquisitions were finalized in 2026. As a result, we added $35.2 million of franchise value.
Our PPA for the remainder of the 2025 acquisitions and 2026 acquisitions are preliminary and franchise value is not yet
allocated. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 12 –
Acquisitions.