v3.26.1
Subsequent Event
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On July 22, 2026, our Board of Directors received an unsolicited, preliminary and non-binding proposal (the “Proposal”) from Penske Corporation, on behalf of itself and its wholly-owned subsidiary Penske Automotive Holdings Corp. (collectively, “PC”), and Mitsui & Co., Ltd., on behalf of itself and its wholly-owned subsidiary Mitsui & Co. (U.S.A.), Inc. (collectively, “Mitsui” and together with PC, the “PC-Mitsui Investors”), to acquire all outstanding shares of our common stock not already owned by them for cash consideration of $210.00 per share. The PC-Mitsui Investors currently beneficially own collectively 72.6% of our outstanding common stock. In response to the Proposal, our Board established a special committee of disinterested and independent directors, authorized to retain its own legal and financial
advisors, to evaluate the Proposal. There can be no assurance as to whether an agreement relating to the Proposal or any proposed transaction will be reached or consummated, or as to the terms thereof if an agreement is reached.