During the nine months ended September 30, 2026, the Company separately acquired two franchise dealerships for total purchase consideration of $40 million, comprised of $19 million in cash and $21 million in trade vehicle floor plan payables. The purchase price was allocated to net tangible assets of $29 million, indefinite-lived franchise rights of $9 million, and goodwill of $2 million. The acquisitions were not material to the Company's financial condition or results of operations.

The following table summarizes goodwill and intangible assets, net as of September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025

	(in millions)

Customer relationships	$	50	$	50
Developed technology	31		31
Franchise rights	36		27

Intangible assets, acquired cost	117		108
Less: accumulated amortization	(66)		(61)
Intangible assets, net	$	51	$	47

Goodwill	$	12	$	10

Amortization expense was $2 million and $3 million during the three months ended September 30, 2026 and 2025, respectively, and $5 million and $12 million during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the remaining weighted-average amortization period for definite-lived intangible assets was 2.3 years. The anticipated annual amortization expense to be recognized in future years as of September 30, 2026 is as follows:


	Expected Future Amortization
	(in millions)
Remainder of 2026	$	2
2027	5
2028	3
2029	2
2030	2

Thereafter	1
Total	$	15