Lithia Motors (LAD) 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Common Class B [Member]
Entity Common Stock, Shares Outstanding (in shares)		2,562,231
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		23,694,039
Entity Registrant Name	LITHIA MOTORS INC
Entity Central Index Key	1,023,128
Trading Symbol	lad
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Stockholders' Equity:
Common stock		$ 263,531,000	$ 276,058,000
Common Class B [Member]
Stockholders' Equity:
Common stock		319,000	319,000
Cash and cash equivalents		32,707,000	29,898,000
Accounts receivable, net of allowance for doubtful accounts of $1,474 and $2,191		285,730,000	295,379,000
Inventory Net		1,386,960,000	1,249,659,000
Other current assets		32,640,000	32,010,000
Assets held for sale			8,563,000
Total Current Assets		1,738,037,000	1,615,509,000
Property and equipment, net of accumulated depreciation of $135,365 and $117,679		854,077,000	816,745,000
Goodwill	[1]	210,627,000	199,375,000
Franchise value		155,187,000	150,892,000
Other non-current assets		101,901,000	98,411,000
Total Assets		3,059,829,000	2,880,932,000
Floor plan notes payable		46,651,000	41,047,000
Floor plan notes payable: non-trade		1,168,223,000	1,137,632,000
Current maturities of long-term debt		38,745,000	31,912,000
Trade payables		77,723,000	70,853,000
Accrued liabilities		167,135,000	153,661,000
Deferred income taxes		3,792,000	2,603,000
Liabilities related to assets held for sale			4,892,000
Total Current Liabilities		1,502,269,000	1,442,600,000
Long-term debt, less current maturities		591,231,000	609,066,000
Deferred revenue		63,238,000	54,403,000
Deferred income taxes		29,013,000	42,795,000
Other long-term liabilities		86,365,000	58,963,000
Total Liabilities		2,272,116,000	2,207,827,000
Preferred stock - no par value; authorized 15,000 shares; none outstanding		0	0
Additional paid-in capital		35,917,000	29,775,000
Accumulated other comprehensive loss		(461,000)	(926,000)
Retained earnings		488,407,000	367,879,000
Total Stockholders' Equity		787,713,000	673,105,000
Total Liabilities and Stockholders' Equity		$ 3,059,829,000	$ 2,880,932,000
[1]	Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	23,742,000	23,671,000
Common stock, shares outstanding (in shares)	23,742,000	23,671,000
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	2,562,000	2,562,000
Common stock, shares outstanding (in shares)	2,562,000	2,562,000
Allowance for doubtful accounts	$ 1,474	$ 2,191
Accumulated depreciation	$ 135,365	$ 117,679
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
New Vehicle [Member]
Revenues:
Revenues	$ 1,227,080,000	$ 732,121,000	$ 3,384,408,000	$ 2,006,127,000
Cost of sales:
Cost of sales	1,149,923,000	684,473,000	3,176,135,000	1,873,461,000
Used Retail Vehicle [Member]
Revenues:
Revenues	505,885,000	340,522,000	1,457,617,000	952,890,000
Cost of sales:
Cost of sales	443,598,000	296,624,000	1,273,195,000	824,129,000
Used Wholesale Vehicle [Member]
Revenues:
Revenues	69,472,000	48,853,000	198,476,000	135,832,000
Cost of sales:
Cost of sales	68,892,000	48,349,000	194,329,000	132,493,000
Finance and Insurance [Member]
Revenues:
Revenues	76,633,000	46,855,000	213,700,000	130,324,000
Service, Body and Parts [Member]
Revenues:
Revenues	189,796,000	120,772,000	545,966,000	339,726,000
Cost of sales:
Cost of sales	95,846,000	62,351,000	276,828,000	174,291,000
Fleet and Other [Member]
Revenues:
Revenues	15,979,000	7,988,000	70,803,000	32,120,000
Cost of sales:
Cost of sales	15,399,000	7,474,000	68,272,000	30,444,000
Revenues	2,084,845,000	1,297,111,000	5,870,970,000	3,597,019,000
Cost of sales	1,773,658,000	1,099,271,000	4,988,759,000	3,034,818,000
Gross profit	311,187,000	197,840,000	882,211,000	562,201,000
Asset impairments	4,131,000	0	14,391,000	0
Selling, general and administrative	223,728,000	131,627,000	610,956,000	378,919,000
Depreciation and amortization	10,531,000	6,067,000	30,544,000	17,399,000
Operating income	72,797,000	60,146,000	226,320,000	165,883,000
Floor plan interest expense	(4,951,000)	(3,127,000)	(14,255,000)	(9,326,000)
Other interest expense	(4,900,000)	(2,051,000)	(14,700,000)	(5,894,000)
Other (expense) income, net	(307,000)	1,027,000	(1,031,000)	3,110,000
Income from continuing operations before income taxes	62,639,000	55,995,000	196,334,000	153,773,000
Income tax provision	(19,248,000)	(21,458,000)	(61,067,000)	(59,372,000)
Income from continuing operations, net of income tax	43,391,000	34,537,000	135,267,000	94,401,000
Income from discontinued operations, net of income tax	0	0	0	3,179,000
Net income	$ 43,391,000	$ 34,537,000	$ 135,267,000	$ 97,580,000
Basic income per share from continuing operations (in dollars per share)	$ 1.65	$ 1.32	$ 5.14	$ 3.62
Basic income per share from discontinued operations (in dollars per share)	0	0	0	0.12
Basic net income per share (in dollars per share)	$ 1.65	$ 1.32	$ 5.14	$ 3.74
Shares used in basic per share calculations (in shares)	26,289	26,118	26,304	26,071
Diluted income per share from continuing operations (in dollars per share)	$ 1.64	$ 1.31	$ 5.10	$ 3.58
Diluted income per share from discontinued operations (in dollars per share)	0	0	0	0.13
Diluted net income per share (in dollars per share)	$ 1.64	$ 1.31	$ 5.10	$ 3.71
Shares used in diluted per share calculations (in shares)	26,480	26,359	26,500	26,337

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 43,391,000	$ 34,537,000	$ 135,267,000	$ 97,580,000
Other comprehensive income, net of tax:
Gain on cash flow hedges, net of tax expense of $103, $114, $283, and $288 respectively	161,000	184,000	465,000	463,000
Comprehensive income	$ 43,552,000	$ 34,721,000	$ 135,732,000	$ 98,043,000

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain on cash flow hedges, tax expense	$ 103	$ 114	$ 283	$ 288

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Scheduled Payments [Member]
Cash flows from financing activities:
Principal payments on long-term debt, scheduled	$ (11,048,000)	$ (5,528,000)
Other Payments [Member]
Cash flows from financing activities:
Principal payments on long-term debt, scheduled	(9,189,000)
Common Class A [Member]
Cash flows from financing activities:
Excess tax benefit from share-based payment arrangements	4,923,000	$ 6,160,000
Net income	135,267,000	97,580,000
Asset impairments	14,391,000	0
Depreciation and amortization	30,544,000	17,399,000
Stock-based compensation	8,579,000	5,054,000
Loss on disposal of other assets	27,000	307,000
Gain on disposal of franchise	(5,919,000)	(5,744,000)
Deferred income taxes	(7,955,000)	4,725,000
Excess tax benefit from share-based payment arrangements	(4,923,000)	(6,160,000)
Trade receivables, net	9,685,000	(11,336,000)
Inventories	(132,407,000)	(44,349,000)
Other assets	(5,339,000)	(13,700,000)
Floor plan notes payable	5,604,000	1,132,000
Trade payables	7,768,000	4,246,000
Accrued liabilities	16,949,000	21,913,000
Other long-term liabilities and deferred revenue	34,651,000	16,635,000
Net cash provided by operating activities	$ 106,922,000	87,702,000
Principal payments received on notes receivable		2,882,000
Capital expenditures	$ (62,159,000)	(54,149,000)
Proceeds from sales of assets	229,000	3,243,000
Cash paid for other investments	(20,693,000)	(3,385,000)
Cash paid for acquisitions, net of cash acquired	(34,920,000)	(81,558,000)
Proceeds from sales of stores	12,966,000	10,617,000
Net cash used in investing activities	(104,577,000)	(122,350,000)
Borrowings on floor plan notes payable, net: non-trade	36,204,000	30,375,000
Borrowings on lines of credit	878,340,000	836,156,000
Repayments on lines of credit	(939,817,000)	(891,000,000)
Proceeds from issuance of long-term debt	75,675,000	76,530,000
Proceeds from issuance of common stock	4,313,000	3,411,000
Repurchase of common stock	(24,198,000)	(11,745,000)
Dividends paid	(14,739,000)	(11,731,000)
Net cash provided by financing activities	464,000	32,628,000
Increase (decrease) in cash and cash equivalents	2,809,000	(2,020,000)
Cash and cash equivalents at beginning of period	29,898,000	23,686,000
Cash and cash equivalents at end of period	32,707,000	21,666,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	31,140,000	15,556,000
Cash paid during the period for income taxes, net	50,917,000	44,918,000
Supplemental schedule of non-cash activities:
Debt issued in connection with acquisitions	2,160,000	3,161,000
Floor plan debt paid in connection with store disposals	$ 4,400,000	$ 3,311,000

Note 1 - Interim Financial Stat

Note 1 - Interim Financial Statements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Interim Financial Statements Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of September 30, 2015 and for the three- and nine-month periods ended September 30, 2015 and 2014. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2014 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2014 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2015. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2014 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain prior period amounts have been reclassified to conform to the current presentation of our financial information. This reclassification was limited to our definition of segment income, which is currently income from continuing operations before taxes less depreciation and amortization, other interest expense and other (expense) income, net. Specifically, we defined intercompany charges and no longer include depreciation and amortization, other interest expense and other (expense) income, net as a component of segment income. These reclassifications had no effect on previously reported net income.

Note 2 - Accounts Receivable

Note 2 - Accounts Receivable	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 2. Accounts Receivable Accounts receivable consisted of the following (in thousands): September 30, December 31, 201 4 Contracts in transit $ 147,729 $ 162,785 Trade receivables 33,567 37,194 Vehicle receivables 33,429 34,876 Manufacturer receivables 61,144 56,008 Auto loan receivables 34,943 25,424 Other receivables 4,494 4,554 315,306 320,841 Less: Allowances (2,701 ) (3,130 ) Less: Long-term portion of accounts receivable, net (26,875 ) (22,332 ) Total accounts receivable, net $ 285,730 $ 295,379 Accounts receivable classifications include the following: ● Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received within five to ten days of selling a vehicle. ● Trade receivables are comprised of amounts due from customers, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. ● Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. ● Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. ● Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, charge-off or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 days past due. The allowance for doubtful accounts is estimated based on our historical write-off experience and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance after all appropriate means of collection have been exhausted and the potential for recovery is considered remote. The annual activity for charges and subsequent recoveries is immaterial. The long-term portion of accounts receivable, net, was included as a component of other non-current assets in the Consolidated Balance Sheets.

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3. Inventories The components of inventories, net, consisted of the following (in thousands): September 30, 2015 December 31, 2014 New vehicles $ 1,036,022 $ 958,876 Used vehicles 298,954 240,908 Parts and accessories 51,984 49,875 Total inventories $ 1,386,960 $ 1,249,659

Note 4 - Goodwill and Franchise

Note 4 - Goodwill and Franchise Value	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 4. Goodwill and Franchise Value The changes in the carrying amounts of goodwill are as follows (in thousands): Domestic Import Luxury Consolidated Balance as of December 31, 2013 (1) $ 22,548 $ 16,797 $ 10,166 $ 49,511 Additions through acquisitions 68,463 62,804 18,597 149,864 Balance as of December 31, 2014 (1) 91,011 79,601 28,763 199,375 Additions through acquisitions 5,825 3,870 1,803 11,498 Reduction related to divestiture - (246 ) - (246 ) Balance as of September 30 , 2015 (1) $ 96,836 $ 83,225 $ 30,566 $ 210,627 (1) Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. The changes in the carrying amounts of franchise value are as follows (in thousands): Franchise Value Balance as of December 31, 2013 $ 71,199 Additions through acquisitions 80,233 Transfers to assets held for sale (540 ) Balance as of December 31, 2014 150,892 Additions through acquisitions 4,331 Reduction related to divestiture (36 ) Balance as of September 30 , 2015 $ 155,187

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 5. Stockholders’ Equity Reclassification From Accumulated Other Comprehensive Loss The reclassification from accumulated other comprehensive loss was as follows (in thousands): Three Months Ended Affected L ine Item in the Consolidated Statements 2015 2014 of Operations Loss on cash flow hedges $ (104 ) $ (119 ) Floor plan interest expense Taxes 40 46 Income tax provision Loss on cash flow hedges, net $ (64 ) $ (73 ) Nine Months Ended Affected L ine Item in the Consolidated Statements 2015 2014 of Operations Loss on cash flow hedges $ (336 ) $ (370 ) Floor plan interest expense Taxes 131 141 Income tax provision Loss on cash flow hedges, net $ (205 ) $ (229 ) See Note 8 for more details regarding our derivative contracts. Repurchases of Class A Common Stock In August 2011, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our Class A common stock and, on July 20, 2012, our Board of Directors authorized the repurchase of 1,000,000 additional shares of our Class A common stock. Through September 30, 2015, we have repurchased 1,664,613 shares under this program at an average price of $38.51 per share. Of this amount, 164,837 shares were repurchased during the first nine months of 2015 at an average price of $105.15 per share for a total of $17.3 million. As of September 30, 2015, 1,335,387 shares remained available for repurchase pursuant to this program. The authority to repurchase does not have an expiration date. In addition, during the first nine months of 2015, we repurchased 77,596 shares at an average price of $88.48 per share, for a total of $6.9 million, related to tax withholdings associated with the vesting of restricted stock units (“RSUs”). The repurchase of shares related to tax withholdings associated with stock awards does not reduce the number of shares available for repurchase as approved by our Board of Directors. Dividends Dividends paid on our Class A and Class B common stock were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Dividend amount per share $ 0.20 $ 0.16 $ 0.56 $ 0.45 Total amount of dividend (in thousands) 5,257 4,174 14,739 11,731 See Note 16 for a discussion of a dividend related to our third quarter 2015 financial results.

Note 6 - Deferred Compensation

Note 6 - Deferred Compensation and Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 6. Deferred Compensation and Long-Term Incentive Plan We offer a deferred compensation and long-term incentive plan (the “LTIP”) to provide certain employees the ability to accumulate assets for retirement on a tax-deferred basis. We may make discretionary contributions to the LTIP. Discretionary contributions vest over one to seven years depending on the employee’s age and position. Additionally, a participant may defer a portion of his or her compensation and receive the deferred amount upon certain events, including termination or retirement. The following is a summary related to our LTIP (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Compensation expense $ 450 $ 381 $ 1,369 $ 1,458 Discretionary contribution - 350 2,249 2,450 Guaranteed annual return 5.25 % 5.25 % 5.25 % 5.25 % As of September 30, 2015 and December 31, 2014, the balance due to participants was $17.7 million and $14.2 million, respectively, and was included as a component of accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 7. Fair Value Measurements Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories: ● Level 1 – quoted prices in active markets for identical securities; ● Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads, credit risk; and ● Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. The inputs or methodology used for valuing financial assets and liabilities are not necessarily an indication of the risk associated with investing in them. We use the income approach to determine the fair value of our interest rate swap using observable Level 2 market expectations at each measurement date and an income approach to convert estimated future cash flows to a single present value amount (discounted) assuming that participants are motivated, but not compelled, to transact. Level 2 inputs for the swap valuation are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts on LIBOR for the first two years) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for fair value measurements. Key inputs, including the cash rates for very short term borrowings, futures rates for up to two years and LIBOR swap rates beyond the derivative maturity, are used to predict future reset rates to discount those future cash flows to present value at the measurement date. Inputs are collected from Bloomberg on the last market day of the period and used to determine the rate applied to discount the future cash flows. The valuation of the interest rate swap also takes into consideration estimates of our own, as well as the counterparty’s, risk of non-performance under the contract. See Note 8 for more details regarding our derivative contracts. We estimate the value of our equity-method investment which is recorded at fair value on a non-recurring basis based on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets. Because these valuations contain unobservable inputs, we classified the measurement of fair value of our equity-method investment as Level 3. We estimate the value of long-lived assets that are recorded at fair value based on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use a cost valuation approach to value long-lived assets when a market valuation approach is unavailable. Under this approach, we determine the cost to replace the service capacity of an asset, adjusted for physical and economic obsolescence. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. Real estate appraisers’ and brokers’ valuations are typically developed using one or more valuation techniques including market, income and replacement cost approaches. Because these valuations contain unobservable inputs, we classified the measurement of fair value of long-lived assets as Level 3. There were no changes to our valuation techniques during the nine-month period ended September 30, 2015. Assets and Liabilities Measured at Fair Value Following are the disclosures related to our assets and (liabilities) that are measured at fair value (in thousands): Fair Value at September 30 , 2015 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contracts, net $ - $ (877 ) $ - Measured on a non- recurring basis: Equity-method investment $ - $ - $ 28,147 Long-lived assets held and used: Certain buildings and improvements - - 3,367 Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contracts, net $ - $ (1,750 ) $ - Measured on a non- recurring basis: Equity-method investment $ - $ - $ 33,282 See Note 8 for more details regarding our derivative contracts. Based on operating losses recognized by the equity-method investment, we determined that an impairment of our investment had occurred. Accordingly, we performed a fair value calculation for this investment and determined that a $4.1 million and an $12.4 million impairment, respectively, was required to be recorded as asset impairments in our Consolidated Statements of Operations for the three and nine months ended September 30, 2015. See Note 12. Long-lived assets classified as held and used are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the assets may not be recoverable. An estimate of future undiscounted net cash flows associated with the long-lived assets is used to determine if the carrying value of the assets is recoverable. An impairment charge is recorded if the carrying value of the asset is determined to not be recoverable and exceeds its fair value. Due to changes in the expected future use for certain properties, during the second quarter of 2015, we evaluated the future undiscounted net cash flows for each property. We determined the carrying value was not recoverable and exceeded the estimated fair value. As a result of this evaluation, we recorded $2.0 million of impairment charges associated with these properties in the second quarter of 2015. Fair Value Disclosures for Financial Assets and Liabilities We determined the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have fixed rate debt and calculate the estimated fair value of our fixed rate debt using a discounted cash flow methodology. Using estimated current interest rates based on a similar risk profile and duration (Level 2), the fixed cash flows are discounted and summed to compute the fair value of the debt. As of September 30, 2015, this debt had maturity dates between November 2016 and October 2034. A summary of the aggregate carrying values and fair values of our long-term fixed interest rate debt is as follows (in thousands): September 30, 201 5 December 31, 201 4 Carrying value $ 248,557 $ 257,780 Fair value 256,881 270,781

Note 8 - Derivative Financial I

Note 8 - Derivative Financial Instrument	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 8. Derivative Financial Instrument From time to time, we enter into interest rate swaps to fix a portion of our interest expense. We do not enter into derivative instruments for any purpose other than to manage interest rate exposure to fluctuations in the one-month LIBOR benchmark. That is, we do not engage in interest rate speculation using derivative instruments. As of September 30, 2015, we had a $25 million interest rate swap outstanding with U.S. Bank Dealer Commercial Services. This interest rate swap matures on June 15, 2016 and has a fixed rate of 5.587% per annum. The variable rate on the interest rate swap is the one-month LIBOR rate. At September 30, 2015, the one-month LIBOR rate was 0.20% per annum, as reported in the Wall Street Journal. Typically, we designate all interest rate swaps as cash flow hedges and, accordingly, we record the change in fair value for the effective portion of these interest rate swaps in comprehensive income rather than net income until the underlying hedged transaction affects net income. If a swap is no longer designated as a cash flow hedge and the forecasted transaction remains probable or reasonably possible of occurring, the gain or loss recorded in accumulated other comprehensive loss is recognized in income as the forecasted transaction occurs. If the forecasted transaction is probable of not occurring, the gain or loss recorded in accumulated other comprehensive loss is recognized in income immediately. See Note 7. The estimated amount that we expect to reclassify from accumulated other comprehensive loss to net income within the next twelve months is $0.8 million at September 30, 2015. The fair value of our derivative instruments was included in our Consolidated Balance Sheets as follows (in thousands): Balance Sheet Information Fair Value of Liability Derivatives Derivatives Designated as Hedging Instruments Location in Balance Sheet September 30, 2015 Interest Rate Swap Contract Accrued liabilities $ 877 Other long-term liabilities - $ 877 Balance Sheet Information Fair Value of Liability Derivatives Derivatives Designated as Hedging Instruments Location in Balance Sheet December 31, 201 4 Interest Rate Swap Contract Accrued liabilities $ 1,194 Other long-term liabilities 556 $ 1,750 The effect of derivative instruments on our Consolidated Statements of Operations was as follows (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated OCI (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended September 30, 2015 Floor plan Floor plan Interest Rate Swap Contract $ 160 interest expense $ (104 ) interest expense $ (195 ) Three Months Ended September 30, 2014 Floor plan Floor plan Interest Rate Swap Contract $ 179 interest expense $ (119 ) interest expense $ (184 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated OCI (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Nine Months Ended September 30, 2015 Floor plan Floor plan Interest Rate Swap Contract $ 412 interest expense $ (336 ) interest expense $ (563 ) Nine Months Ended September 30, 2014 Floor plan Floor plan Interest Rate Swap Contract $ 381 interest expense $ (370 ) interest expense $ (543 ) See also Note 7 .

Note 9 - Acquisitions

Note 9 - Acquisitions	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 9 . Acquisitions In the first nine months of 2015, we completed the following acquisitions, which contributed revenues of $10.5 million for the nine months ended September 30, 2015: ● On May 14, 2015, we acquired a smart franchise from Smart Center of Omaha. ● On July 31, 2015, we acquired Bitterroot Ford in Missoula, Montana. ● On August 20, 2015, we acquired Acura of Honolulu in Honolulu, Hawaii. ● On September 28, 2015, we acquired Bennett Motors in Great Falls, Montana. All acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition. No portion of the purchase price was paid with our equity securities. The following table summarizes the consideration paid for the acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in thousands): Consideration Cash paid, net of cash acquired $ 34,920 Debt issued 2,160 $ 37,080 Assets Acquired and Liabilities Assumed Inventories $ 12,551 Franchise value 4,331 Property, plant and equipment 10,990 Other assets 178 Other liabilities (2,468 ) 25,582 Goodwill 11,498 $ 37,080 We account for franchise value as an indefinite-lived intangible asset. We expect the full amount of the goodwill recognized to be deductible for tax purposes. The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three- and nine-month periods ended September 30, 2015 and 2014 had occurred on January 1, 2014 (in thousands, except for per share amounts): Three Months Ended September 30, 2015 2014 Revenue $ 2,102,459 $ 1,424,809 Income from continuing operations, net of tax 43,293 35,672 Basic income per share from continuing operations, net of tax 1.65 1.37 Diluted income per share from continuing operations, net of tax 1.63 1.35 Nine Months Ended September 30, 201 5 2014 Revenue $ 5,936,256 $ 3,991,066 Income from continuing operations, net of tax 134,738 97,903 Basic income per share from continuing operations, net of tax 5.12 3.76 Diluted income per share from continuing operations, net of tax 5.08 3.72 These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property, plant and equipment; accounting for inventory on a specific identification method; and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring pro forma adjustments directly attributable to the acquisitions are included in the reported pro forma revenues and earnings.

Note 10 - Assets Held for Sale

Note 10 - Assets Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 10 . Assets Held for Sale and Discontinued Operations Assets Held for Sale We classify an asset group as held for sale if we have ceased operations at that location or the store meets the criteria required by U.S. generally accepted accounting standards as follows: ● our management team, possessing the necessary authority, commits to a plan to sell the store; ● the store is available for immediate sale in its present condition; ● an active program to locate buyers and other actions that are required to sell the store are initiated; ● a market for the store exists and we believe its sale is likely within one year; ● active marketing of the store commences at a price that is reasonable in relation to the estimated fair market value; and ● our management team believes it is unlikely changes will be made to the plan or the plan to dispose of the store will be withdrawn. As of December 31, 2014, we had two Import stores classified as held for sale. During the first nine months of 2015, we completed the sale of both of these Import stores, and recognized a gain of $5.9 million as a component of selling, general and administrative in our Consolidated Statements of Operations for the nine months ended September 30, 2015. As of September 30, 2015, we no longer had any stores classified as held for sale. Assets held for sale included the following (in thousands): September 30, 201 5 December 31, 2014 Inventories $ - $ 6,284 Property, plant and equipment - 1,739 Intangible assets - 540 $ - $ 8,563 Liabilities related to assets held for sale included the following (in thousands): September 30 , 201 5 December 31, 201 4 Floor plan notes payable $ - $ 4,892 Discontinued Operations and the Sales of Stores In the third quarter of 2014, we early-adopted guidance that redefined discontinued operations. As a result, we determined that individual stores which met the criteria for held for sale after our adoption date would no longer qualify for classification as discontinued operations. We had previously reclassified a store’s operations to discontinued operations in our Consolidated Statements of Operations, on a comparable basis for all periods presented, provided we did not expect to have any significant continuing involvement in the store’s operations after its disposal. Certain financial information related to discontinued operations and sales of stores was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ - $ - $ - $ 12,569 Pre-tax loss from discontinued operations $ - $ - $ - $ (467 ) Net gain on disposal activities - - - 5,744 - - - 5,277 Income tax expense - - - (2,098 ) Income from discontinued operations, net of income tax expense $ - $ - $ - $ 3,179 Goodwill and other intangible assets disposed of $ - $ - $ 282 $ 221 Cash generated from disposal activities - - 12,966 10,617 Floor plan debt paid in connection with disposal activities - - 4,400 3,311

Note 11 - Net Income Per Share

Note 11 - Net Income Per Share of Class A and Class B Common Stock	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 11. Net Income Per Share of Class A and Class B Common Stock We compute net income per share of Class A and Class B common stock using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding unvested common shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the common shares issuable upon the net exercise of stock options and unvested restricted stock units and is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares. Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Under our Articles of Incorporation, the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Following is a reconciliation of the income from continuing operations and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts): Three Months Ended September 30 , 2015 2014 Basic EPS from Continuing Operations Class A Class B Class A Class B Numerator: Income from continuing operations applicable to common stockholders $ 39,162 $ 4,229 $ 31,149 $ 3,388 Distributed income applicable to common stockholders (4,745 ) (512 ) (3,765 ) (409 ) Basic undistributed income from continuing operations applicable to common stockholders $ 34,417 $ 3,717 $ 27,384 $ 2,979 Denominator: Weighted average number of shares outstanding used to calculate basic income per share 23,727 2,562 23,556 2,562 Basic income per share from continuing operations applicable to common stockholders $ 1.65 $ 1.65 $ 1.32 $ 1.32 Basic distributed income per share from continuing operations applicable to common stockholders (0.20 ) (0.20 ) (0.16 ) (0.16 ) Basic undistributed income per share from continuing operations applicable to common stockholders $ 1.45 $ 1.45 $ 1.16 $ 1.16 Three Months Ended September 30 , 2015 2014 Diluted EPS from Continuing Operations Class A Class B Class A Class B Numerator: Distributed income applicable to common stockholders $ 4,745 $ 512 $ 3,765 $ 409 Reallocation of distributed income as a result of conversion of dilutive stock options 3 (3 ) 3 (3 ) Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding 509 - 406 - Diluted distributed income applicable to common stockholders $ 5,257 $ 509 $ 4,174 $ 406 Undistributed income from continuing operations applicable to common stockholders $ 34,417 $ 3,717 $ 27,384 $ 2,979 Reallocation of undistributed income as a result of conversion of dilutive stock options 27 (27 ) 28 (28 ) Reallocation of undistributed income due to conversion of Class B to Class A 3,690 - 2,951 - Diluted undistributed income from continuing operations applicable to common stockholders $ 38,134 $ 3,690 $ 30,363 $ 2,951 Denominator: Weighted average number of shares outstanding used to calculate basic income per share from continuing operations 23,727 2,562 23,556 2,562 Weighted average number of shares from stock options 191 - 241 - Conversion of Class B to Class A common shares outstanding 2,562 - 2,562 - Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations 26,480 2,562 26,359 2,562 Diluted income per share from continuing operations applicable to common stockholders $ 1.64 $ 1.64 $ 1.31 $ 1.31 Diluted distributed income per share from continuing operations applicable to common stockholders (0.20 ) (0.20 ) (0.16 ) (0.16 ) Diluted undistributed income per share from continuing operations applicable to common stockholders $ 1.44 $ 1.44 $ 1.15 $ 1.15 Three Months Ended September 30 , 2015 2014 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 18 - 13 - Nine Months Ended September 30 , 2015 2014 Basic EPS from Continuing Operations Class A Class B Class A Class B Numerator: Income from continuing operations applicable to common stockholders $ 122,092 $ 13,175 $ 85,124 $ 9,277 Distributed income applicable to common stockholders (13,303 ) (1,436 ) (10,578 ) (1,153 ) Basic undistributed income from continuing operations applicable to common stockholders $ 108,789 $ 11,739 $ 74,546 $ 8,124 Denominator: Weighted average number of shares outstanding used to calculate basic income per share 23,742 2,562 23,509 2,562 Basic income per share from continuing operations applicable to common stockholders $ 5.14 $ 5.14 $ 3.62 $ 3.62 Basic distributed income per share from continuing operations applicable to common stockholders (0.56 ) (0.56 ) (0.45 ) (0.45 ) Basic undistributed income per share from continuing operations applicable to common stockholders $ 4.58 $ 4.58 $ 3.17 $ 3.17 Nine Months Ended September 30 , 2015 2014 Diluted EPS from Continuing Operations Class A Class B Class A Class B Numerator: Distributed income applicable to common stockholders $ 13,303 $ 1,436 $ 10,578 $ 1,153 Reallocation of distributed income as a result of conversion of dilutive stock options 11 (11 ) 12 (12 ) Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding 1,425 - 1,141 - Diluted distributed income applicable to common stockholders $ 14,739 $ 1,425 $ 11,731 $ 1,141 Undistributed income from continuing operations applicable to common stockholders $ 108,789 $ 11,739 $ 74,546 $ 8,124 Reallocation of undistributed income as a result of conversion of dilutive stock options 86 (86 ) 82 (82 ) Reallocation of undistributed income due to conversion of Class B to Class A 11,653 - 8,042 - Diluted undistributed income from continuing operations applicable to common stockholders $ 120,528 $ 11,653 $ 82,670 $ 8,042 Denominator: Weighted average number of shares outstanding used to calculate basic income per share from continuing operations 23,742 2,562 23,509 2,562 Weighted average number of shares from stock options 196 - 266 - Conversion of Class B to Class A common shares outstanding 2,562 - 2,562 - Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations 26,500 2,562 26,337 2,562 Diluted income per share from continuing operations applicable to common stockholders $ 5.10 $ 5.10 $ 3.58 $ 3.58 Diluted distributed income per share from continuing operations applicable to common stockholders (0.56 ) (0.56 ) (0.45 ) (0.45 ) Diluted undistributed income per share from continuing operations applicable to common stockholders $ 4.54 $ 4.54 $ 3.13 $ 3.13 Nine Months Ended September 30 , 2015 2014 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 17 - 13 -

Note 12 - Equity-Method Investm

Note 12 - Equity-Method Investment	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 12. Equity-Method Investment In October 2014, we acquired a 99.9% membership interest in a limited liability company managed by U.S. Bancorp Community Development Corporation with an initial equity contribution of $4.1 million. We made additional equity contributions to the entity of $5.7 million and $17.1 million, respectively, in the three and nine-month periods ended September 30, 2015. We are obligated to make $49.8 million of contributions to the entity over a two-year period ending October 2016, $21.2 million of which had been paid as of September 30, 2015. This investment generates new markets tax credits under the New Markets Tax Credit Program (“NMTC Program”). The NMTC Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. While U.S. Bancorp Community Development Corporation exercises management control over the limited liability company, due to the economic interest we hold in the entity, we determined our ownership portion of the entity was appropriately accounted for using the equity method. The following amounts related to this equity-method investment were recorded in our Consolidated Balance Sheets (in thousands): September 30 , 201 5 December 31, 2014 Carrying value, recorded as a component of other non-current assets $ 28,147 $ 33,282 Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities 28,061 32,177 The following amounts related to this equity-method investment were recorded in our Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Asset impairments to write investment down to fair value $ 4,131 $ - $ 12,391 $ - Our portion of the partnership’s operating losses 1,731 - 5,196 - Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions 155 - 549 - Tax benefits and credits generated 7,414 - 22,316 -

Note 13 - Transition Agreement

Note 13 - Transition Agreement	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Transition Agreement [Text Block]	Note 13. Transition Agreement In September 2015, we entered into a Transition Agreement with Sidney B. DeBoer, our Executive Chairman, which provides him certain benefits for his prior service to us. These benefits will be in place until his death, irrespective of his future employment status. The Transition Agreement has an effective date of January 1, 2016 with the initial with payment of these benefits beginning in the third quarter of 2016. We recorded a charge of $18.3 million in the three and nine-month periods ended September 30, 2015 as a component of selling, general and administrative expense in our Consolidated Statement of Operations related to the present value of estimated future payments due pursuant to this agreement. We believe that these estimates are reasonable; however, actual cash flows could differ materially. We will periodically evaluate whether significant changes in these assumptions have occurred and record a charge if future expected cash flows are significantly different than the reserve recorded. As of September 30, 2015 the balance associated with this agreement was $18.3 million and was included as a component of accrued liabilities and other long-term liabilities in our Consolidated Balance Sheets.

Note 14 - Segments

Note 14 - Segments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 14. Segments While we have determined that each individual store is an operating segment, we have aggregated our operating segments into three reportable segments based on their economic similarities: Domestic, Import and Luxury. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Our Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products. Corporate and other revenue and income includes the results of operations of our stand-alone collision center offset by unallocated corporate overhead expenses, such as corporate personnel costs, and certain unallocated reserve and elimination adjustments. Additionally, certain internal corporate expense allocations increase segment income for Corporate and other while decreasing segment income for the other reportable segments. These internal corporate expense allocations are used to increase comparability of our dealerships and reflect the capital burden a stand-alone dealership would experience. Examples of these internal allocations include internal rent expense, internal floor plan financing charges, and internal fees charged to offset employees within our corporate headquarters that perform certain dealership functions. We define our chief operating decision maker (“CODM”) to be certain members of our executive management group. Historical and forecasted operational performance is evaluated on a store-by-store basis and on a consolidated basis by the CODM. We derive the operating results of the segments directly from our internal management reporting system. The accounting policies used to derive segment results are substantially the same as those used to determine our consolidated results, excepted for the internal allocation within Corporate and other discussed above. Our CODM measures the performance of each operating segment based on several metrics, including earnings from operations, and uses these results, in part, to evaluate the performance of, and to allocate resources to, each of the operating segments. Certain financial information on a segment basis is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues: Domestic $ 814,155 $ 684,835 $ 2,272,914 $ 1,893,014 Import 893,465 412,136 2,507,181 1,160,250 Luxury 374,390 196,646 1,083,680 541,082 2,082,010 1,293,617 5,863,775 3,594,346 Corporate and other 2,835 3,494 7,195 2,673 $ 2,084,845 $ 1,297,111 $ 5,870,970 $ 3,597,019 Segment income*: Domestic $ 33,176 $ 26,659 $ 91,691 $ 74,528 Import 30,506 13,407 73,963 37,351 Luxury 8,140 6,227 25,360 14,246 71,822 46,293 191,014 126,125 Corporate and other 6,555 16,793 51,595 47,831 Depreciation and amortization (10,531 ) (6,067 ) (30,544 ) (17,399 ) Other interest expense (4,900 ) (2,051 ) (14,700 ) (5,894 ) Other (expense) income, net (307 ) 1,027 (1,031 ) 3,110 Income from continuing operations before income taxes $ 62,639 $ 55,995 $ 196,334 $ 153,773 *Segment income for each of the segments is defined as Income from continuing operations before income taxes, depreciation and amortization, other interest expense and other (expense) income, net. Floor plan interest expense: Domestic $ 5,441 $ 4,601 $ 15,083 $ 13,043 Import 3,779 1,966 11,227 5,698 Luxury 2,345 1,062 6,715 3,227 11,565 7,629 33,025 21,968 Corporate and other (6,614 ) (4,502 ) (18,770 ) (12,642 ) $ 4,951 $ 3,127 $ 14,255 $ 9,326 September 30, 2015 December 31, 2014 Total assets: Domestic $ 961,582 $ 829,721 Import 700,042 698,015 Luxury 431,577 405,222 Corporate and other 966,628 947,974 $ 3,059,829 $ 2,880,932

Note 15 - Recent Accounting Pro

Note 15 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 15. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which amends the accounting guidance related to revenues. This amendment will replace most of the existing revenue recognition guidance when it becomes effective. The new standard, as amended in July 2015, is effective for fiscal years beginning after December 15, 2017 and entities are allowed to adopt the standard as early as annual periods beginning after December 15, 2016, and interim periods therein. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures and believe the financial impact is not material. We have not yet selected a transition method. In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718).” ASU 2014-12 addresses accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 indicates that, in such situations, the performance target should be treated as a performance condition and, accordingly, the performance target should not be reflected in estimating the grant-date fair value of the award. Instead, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. We do not expect the adoption of ASU 2014-12 to have a material effect on our financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810).” ASU 2015-02 amends guidance regarding the consolidation of certain legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We do not expect the adoption of ASU 2015-02 to have any effect on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30).” ASU 2015-03 amends guidance in order to simplify the presentation of debt issuance costs. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. We do not expect the adoption of ASU 2015-03 to have any effect on our financial position, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory (Topic 330).” ASU 2015-11 simplifies the accounting for the valuation of all inventory not accounted for using the last-in, first-out method by prescribing inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” This guidance eliminated the requirement for retrospective adjustments to financial statements for measurement-period adjustments that occur after a business combination is consummated. ASU 2015-16 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after December 15, 2015 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-16 to have any effect on our financial position, results of operations or cash flows.

Note 16 - Subsequent Events

Note 16 - Subsequent Events	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	Note 1 6 . Subsequent Events Acquisition On October 13, 2015, we acquired the inventory, equipment and intangible assets of Concord Chrysler Jeep Dodge Fiat in Concord, California. We paid $12.4 million in cash for this acquisition. Common Stock Dividend On October 19, 2015, our Board of Directors approved a dividend of $0.20 per share on our Class A and Class B common stock related to our third quarter 2015 financial results. The dividend will total approximately $4.7 million and will be paid on November 20, 2015 to shareholders of record on November 6, 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of September 30, 2015 and for the three- and nine-month periods ended September 30, 2015 and 2014. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2014 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2014 is derived from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2015. The interim condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our 2014 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior period amounts have been reclassified to conform to the current presentation of our financial information. This reclassification was limited to our definition of segment income, which is currently income from continuing operations before taxes less depreciation and amortization, other interest expense and other (expense) income, net. Specifically, we defined intercompany charges and no longer include depreciation and amortization, other interest expense and other (expense) income, net as a component of segment income. These reclassifications had no effect on previously reported net income.

Note 2 - Accounts Receivable (T

Note 2 - Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 201 4 Contracts in transit $ 147,729 $ 162,785 Trade receivables 33,567 37,194 Vehicle receivables 33,429 34,876 Manufacturer receivables 61,144 56,008 Auto loan receivables 34,943 25,424 Other receivables 4,494 4,554 315,306 320,841 Less: Allowances (2,701 ) (3,130 ) Less: Long-term portion of accounts receivable, net (26,875 ) (22,332 ) Total accounts receivable, net $ 285,730 $ 295,379

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2015 December 31, 2014 New vehicles $ 1,036,022 $ 958,876 Used vehicles 298,954 240,908 Parts and accessories 51,984 49,875 Total inventories $ 1,386,960 $ 1,249,659

Note 4 - Goodwill and Franchi27

Note 4 - Goodwill and Franchise Value (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	Domestic Import Luxury Consolidated Balance as of December 31, 2013 (1) $ 22,548 $ 16,797 $ 10,166 $ 49,511 Additions through acquisitions 68,463 62,804 18,597 149,864 Balance as of December 31, 2014 (1) 91,011 79,601 28,763 199,375 Additions through acquisitions 5,825 3,870 1,803 11,498 Reduction related to divestiture - (246 ) - (246 ) Balance as of September 30 , 2015 (1) $ 96,836 $ 83,225 $ 30,566 $ 210,627
Schedule of Indefinite-Lived Intangible Assets [Table Text Block]	Franchise Value Balance as of December 31, 2013 $ 71,199 Additions through acquisitions 80,233 Transfers to assets held for sale (540 ) Balance as of December 31, 2014 150,892 Additions through acquisitions 4,331 Reduction related to divestiture (36 ) Balance as of September 30 , 2015 $ 155,187

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Affected L ine Item in the Consolidated Statements 2015 2014 of Operations Loss on cash flow hedges $ (104 ) $ (119 ) Floor plan interest expense Taxes 40 46 Income tax provision Loss on cash flow hedges, net $ (64 ) $ (73 ) Nine Months Ended Affected L ine Item in the Consolidated Statements 2015 2014 of Operations Loss on cash flow hedges $ (336 ) $ (370 ) Floor plan interest expense Taxes 131 141 Income tax provision Loss on cash flow hedges, net $ (205 ) $ (229 )
Dividends Declared [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Dividend amount per share $ 0.20 $ 0.16 $ 0.56 $ 0.45 Total amount of dividend (in thousands) 5,257 4,174 14,739 11,731

Note 6 - Deferred Compensatio29

Note 6 - Deferred Compensation and Long-Term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Compensation expense $ 450 $ 381 $ 1,369 $ 1,458 Discretionary contribution - 350 2,249 2,450 Guaranteed annual return 5.25 % 5.25 % 5.25 % 5.25 %

Note 7 - Fair Value Measureme30

Note 7 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair Value at September 30 , 2015 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contracts, net $ - $ (877 ) $ - Measured on a non- recurring basis: Equity-method investment $ - $ - $ 28,147 Long-lived assets held and used: Certain buildings and improvements - - 3,367 Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Measured on a recurring basis: Derivative contracts, net $ - $ (1,750 ) $ - Measured on a non- recurring basis: Equity-method investment $ - $ - $ 33,282
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	September 30, 201 5 December 31, 201 4 Carrying value $ 248,557 $ 257,780 Fair value 256,881 270,781

Note 8 - Derivative Financial31

Note 8 - Derivative Financial Instrument (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Balance Sheet Information Fair Value of Liability Derivatives Derivatives Designated as Hedging Instruments Location in Balance Sheet September 30, 2015 Interest Rate Swap Contract Accrued liabilities $ 877 Other long-term liabilities - $ 877 Balance Sheet Information Fair Value of Liability Derivatives Derivatives Designated as Hedging Instruments Location in Balance Sheet December 31, 201 4 Interest Rate Swap Contract Accrued liabilities $ 1,194 Other long-term liabilities 556 $ 1,750
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated OCI (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended September 30, 2015 Floor plan Floor plan Interest Rate Swap Contract $ 160 interest expense $ (104 ) interest expense $ (195 ) Three Months Ended September 30, 2014 Floor plan Floor plan Interest Rate Swap Contract $ 179 interest expense $ (119 ) interest expense $ (184 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated OCI (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Nine Months Ended September 30, 2015 Floor plan Floor plan Interest Rate Swap Contract $ 412 interest expense $ (336 ) interest expense $ (563 ) Nine Months Ended September 30, 2014 Floor plan Floor plan Interest Rate Swap Contract $ 381 interest expense $ (370 ) interest expense $ (543 )

Note 9 - Acquisitions (Tables)

Note 9 - Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Consideration Cash paid, net of cash acquired $ 34,920 Debt issued 2,160 $ 37,080 Assets Acquired and Liabilities Assumed Inventories $ 12,551 Franchise value 4,331 Property, plant and equipment 10,990 Other assets 178 Other liabilities (2,468 ) 25,582 Goodwill 11,498 $ 37,080
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended September 30, 2015 2014 Revenue $ 2,102,459 $ 1,424,809 Income from continuing operations, net of tax 43,293 35,672 Basic income per share from continuing operations, net of tax 1.65 1.37 Diluted income per share from continuing operations, net of tax 1.63 1.35 Nine Months Ended September 30, 201 5 2014 Revenue $ 5,936,256 $ 3,991,066 Income from continuing operations, net of tax 134,738 97,903 Basic income per share from continuing operations, net of tax 5.12 3.76 Diluted income per share from continuing operations, net of tax 5.08 3.72

Note 10 - Assets Held for Sal33

Note 10 - Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	September 30, 201 5 December 31, 2014 Inventories $ - $ 6,284 Property, plant and equipment - 1,739 Intangible assets - 540 $ - $ 8,563 September 30 , 201 5 December 31, 201 4 Floor plan notes payable $ - $ 4,892
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ - $ - $ - $ 12,569 Pre-tax loss from discontinued operations $ - $ - $ - $ (467 ) Net gain on disposal activities - - - 5,744 - - - 5,277 Income tax expense - - - (2,098 ) Income from discontinued operations, net of income tax expense $ - $ - $ - $ 3,179 Goodwill and other intangible assets disposed of $ - $ - $ 282 $ 221 Cash generated from disposal activities - - 12,966 10,617 Floor plan debt paid in connection with disposal activities - - 4,400 3,311

Note 11 - Net Income Per Shar34

Note 11 - Net Income Per Share of Class A and Class B Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30 , 2015 2014 Basic EPS from Continuing Operations Class A Class B Class A Class B Numerator: Income from continuing operations applicable to common stockholders $ 39,162 $ 4,229 $ 31,149 $ 3,388 Distributed income applicable to common stockholders (4,745 ) (512 ) (3,765 ) (409 ) Basic undistributed income from continuing operations applicable to common stockholders $ 34,417 $ 3,717 $ 27,384 $ 2,979 Denominator: Weighted average number of shares outstanding used to calculate basic income per share 23,727 2,562 23,556 2,562 Basic income per share from continuing operations applicable to common stockholders $ 1.65 $ 1.65 $ 1.32 $ 1.32 Basic distributed income per share from continuing operations applicable to common stockholders (0.20 ) (0.20 ) (0.16 ) (0.16 ) Basic undistributed income per share from continuing operations applicable to common stockholders $ 1.45 $ 1.45 $ 1.16 $ 1.16 Three Months Ended September 30 , 2015 2014 Diluted EPS from Continuing Operations Class A Class B Class A Class B Numerator: Distributed income applicable to common stockholders $ 4,745 $ 512 $ 3,765 $ 409 Reallocation of distributed income as a result of conversion of dilutive stock options 3 (3 ) 3 (3 ) Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding 509 - 406 - Diluted distributed income applicable to common stockholders $ 5,257 $ 509 $ 4,174 $ 406 Undistributed income from continuing operations applicable to common stockholders $ 34,417 $ 3,717 $ 27,384 $ 2,979 Reallocation of undistributed income as a result of conversion of dilutive stock options 27 (27 ) 28 (28 ) Reallocation of undistributed income due to conversion of Class B to Class A 3,690 - 2,951 - Diluted undistributed income from continuing operations applicable to common stockholders $ 38,134 $ 3,690 $ 30,363 $ 2,951 Denominator: Weighted average number of shares outstanding used to calculate basic income per share from continuing operations 23,727 2,562 23,556 2,562 Weighted average number of shares from stock options 191 - 241 - Conversion of Class B to Class A common shares outstanding 2,562 - 2,562 - Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations 26,480 2,562 26,359 2,562 Diluted income per share from continuing operations applicable to common stockholders $ 1.64 $ 1.64 $ 1.31 $ 1.31 Diluted distributed income per share from continuing operations applicable to common stockholders (0.20 ) (0.20 ) (0.16 ) (0.16 ) Diluted undistributed income per share from continuing operations applicable to common stockholders $ 1.44 $ 1.44 $ 1.15 $ 1.15 Three Months Ended September 30 , 2015 2014 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 18 - 13 - Nine Months Ended September 30 , 2015 2014 Basic EPS from Continuing Operations Class A Class B Class A Class B Numerator: Income from continuing operations applicable to common stockholders $ 122,092 $ 13,175 $ 85,124 $ 9,277 Distributed income applicable to common stockholders (13,303 ) (1,436 ) (10,578 ) (1,153 ) Basic undistributed income from continuing operations applicable to common stockholders $ 108,789 $ 11,739 $ 74,546 $ 8,124 Denominator: Weighted average number of shares outstanding used to calculate basic income per share 23,742 2,562 23,509 2,562 Basic income per share from continuing operations applicable to common stockholders $ 5.14 $ 5.14 $ 3.62 $ 3.62 Basic distributed income per share from continuing operations applicable to common stockholders (0.56 ) (0.56 ) (0.45 ) (0.45 ) Basic undistributed income per share from continuing operations applicable to common stockholders $ 4.58 $ 4.58 $ 3.17 $ 3.17 Nine Months Ended September 30 , 2015 2014 Diluted EPS from Continuing Operations Class A Class B Class A Class B Numerator: Distributed income applicable to common stockholders $ 13,303 $ 1,436 $ 10,578 $ 1,153 Reallocation of distributed income as a result of conversion of dilutive stock options 11 (11 ) 12 (12 ) Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding 1,425 - 1,141 - Diluted distributed income applicable to common stockholders $ 14,739 $ 1,425 $ 11,731 $ 1,141 Undistributed income from continuing operations applicable to common stockholders $ 108,789 $ 11,739 $ 74,546 $ 8,124 Reallocation of undistributed income as a result of conversion of dilutive stock options 86 (86 ) 82 (82 ) Reallocation of undistributed income due to conversion of Class B to Class A 11,653 - 8,042 - Diluted undistributed income from continuing operations applicable to common stockholders $ 120,528 $ 11,653 $ 82,670 $ 8,042 Denominator: Weighted average number of shares outstanding used to calculate basic income per share from continuing operations 23,742 2,562 23,509 2,562 Weighted average number of shares from stock options 196 - 266 - Conversion of Class B to Class A common shares outstanding 2,562 - 2,562 - Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations 26,500 2,562 26,337 2,562 Diluted income per share from continuing operations applicable to common stockholders $ 5.10 $ 5.10 $ 3.58 $ 3.58 Diluted distributed income per share from continuing operations applicable to common stockholders (0.56 ) (0.56 ) (0.45 ) (0.45 ) Diluted undistributed income per share from continuing operations applicable to common stockholders $ 4.54 $ 4.54 $ 3.13 $ 3.13 Nine Months Ended September 30 , 2015 2014 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive 17 - 13 -

Note 12 - Equity-Method Inves35

Note 12 - Equity-Method Investment (Tables)	9 Months Ended
	Sep. 30, 2015
Consolidated Statement of Operations [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Asset impairments to write investment down to fair value $ 4,131 $ - $ 12,391 $ - Our portion of the partnership’s operating losses 1,731 - 5,196 - Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions 155 - 549 - Tax benefits and credits generated 7,414 - 22,316 -
Consolidated Balance Sheet [Member]
Notes Tables
Equity Method Investments [Table Text Block]	September 30 , 201 5 December 31, 2014 Carrying value, recorded as a component of other non-current assets $ 28,147 $ 33,282 Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities 28,061 32,177

Note 14 - Segments (Tables)

Note 14 - Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues: Domestic $ 814,155 $ 684,835 $ 2,272,914 $ 1,893,014 Import 893,465 412,136 2,507,181 1,160,250 Luxury 374,390 196,646 1,083,680 541,082 2,082,010 1,293,617 5,863,775 3,594,346 Corporate and other 2,835 3,494 7,195 2,673 $ 2,084,845 $ 1,297,111 $ 5,870,970 $ 3,597,019 Segment income*: Domestic $ 33,176 $ 26,659 $ 91,691 $ 74,528 Import 30,506 13,407 73,963 37,351 Luxury 8,140 6,227 25,360 14,246 71,822 46,293 191,014 126,125 Corporate and other 6,555 16,793 51,595 47,831 Depreciation and amortization (10,531 ) (6,067 ) (30,544 ) (17,399 ) Other interest expense (4,900 ) (2,051 ) (14,700 ) (5,894 ) Other (expense) income, net (307 ) 1,027 (1,031 ) 3,110 Income from continuing operations before income taxes $ 62,639 $ 55,995 $ 196,334 $ 153,773 Floor plan interest expense: Domestic $ 5,441 $ 4,601 $ 15,083 $ 13,043 Import 3,779 1,966 11,227 5,698 Luxury 2,345 1,062 6,715 3,227 11,565 7,629 33,025 21,968 Corporate and other (6,614 ) (4,502 ) (18,770 ) (12,642 ) $ 4,951 $ 3,127 $ 14,255 $ 9,326
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, 2015 December 31, 2014 Total assets: Domestic $ 961,582 $ 829,721 Import 700,042 698,015 Luxury 431,577 405,222 Corporate and other 966,628 947,974 $ 3,059,829 $ 2,880,932

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Contracts in Transit [Member]
Accounts receivable gross	$ 147,729	$ 162,785
Trade Accounts Receivable [Member]
Accounts receivable gross	33,567	37,194
Vehicle Receivables [Member]
Accounts receivable gross	33,429	34,876
Manufacturer Receivables [Member]
Accounts receivable gross	61,144	56,008
Auto Loans Receivables [Member]
Accounts receivable gross	34,943	25,424
Other Receivables [Member]
Accounts receivable gross	4,494	4,554
Accounts receivable gross	315,306	320,841
Less: Allowances	(2,701)	(3,130)
Less: Long-term portion of accounts receivable, net	(26,875)	(22,332)
Total accounts receivable, net	$ 285,730	$ 295,379

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
New Vehicle [Member]
Inventory Net	$ 1,036,022	$ 958,876
Used Vehicle [Member]
Inventory Net	298,954	240,908
Parts and Accessories [Member]
Inventory Net	51,984	49,875
Inventory Net	$ 1,386,960	$ 1,249,659

Note 4 - Goodwill and Franchi39

Note 4 - Goodwill and Franchise Value (Details Textual) $ in Millions	Dec. 31, 2008USD ($)
Goodwill, Impaired, Accumulated Impairment Loss	$ 299.3

Note 4 - Goodwill (Details)

Note 4 - Goodwill (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Domestic [Member]
Balance	[1]	$ 91,011,000	$ 22,548,000
Additions through acquisitions		5,825,000	68,463,000
Balance	[1]	96,836,000	91,011,000
Reduction related to divestiture		0
Import [Member]
Balance	[1]	79,601,000	16,797,000
Additions through acquisitions		3,870,000	62,804,000
Balance	[1]	83,225,000	79,601,000
Reduction related to divestiture		246,000
Luxury [Member]
Balance	[1]	28,763,000	10,166,000
Additions through acquisitions		1,803,000	18,597,000
Balance	[1]	30,566,000	28,763,000
Reduction related to divestiture		0
Balance	[1]	199,375,000	49,511,000
Additions through acquisitions		11,498,000	149,864,000
Balance	[1]	210,627,000	$ 199,375,000
Reduction related to divestiture		$ 246,000
[1]	Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.

Note 4 - Franchise Value (Detai

Note 4 - Franchise Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Balance	$ 150,892	$ 71,199
Additions through acquisitions	4,331	80,233
Written off related to sale of business	(36)	(540)
Balance	$ 155,187	$ 150,892

Note 5 - Stockholders' Equity42

Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	50 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jul. 20, 2012	Aug. 31, 2011
Common Class A [Member] | Additional Shares Authorized [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			1,000,000
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Treasury Stock Acquired, Average Cost Per Share	$ 88.48
Shares Paid for Tax Withholding for Share Based Compensation	77,596
Adjustments Related to Tax Withholding for Share-based Compensation	$ 6.9
Common Class A [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				2,000,000
Treasury Stock Acquired, Average Cost Per Share	$ 105.15	$ 38.51
Stock Repurchased During Period, Shares	164,837	1,664,613
Stock Repurchased During Period, Value	$ 17.3
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,335,387	1,335,387

Note 5 - Reclassification from

Note 5 - Reclassification from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Floor Plan Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Loss on cash flow hedges	$ (104)	$ (119)	$ (336)	$ (370)
Floor Plan Interest Expense [Member]
Loss on cash flow hedges	(104)	(119)	(336)	(370)
Income Tax Provision [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Taxes	40	46	131	141
Reclassification out of Accumulated Other Comprehensive Income [Member]
Loss on cash flow hedges, net	$ (64)	$ (73)	$ (205)	$ (229)

Note 5 - Dividend Paid (Details

Note 5 - Dividend Paid (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Dividend amount per share (in dollars per share)	$ 0.20	$ 0.16	$ 0.56	$ 0.45
Total amount of dividend (in thousands)	$ 5,257	$ 4,174	$ 14,739	$ 11,731

Note 6 - Deferred Compensatio45

Note 6 - Deferred Compensation and Long-Term Incentive Plan (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Minimum [Member]
Deferred Compensation Arrangement with Individual, Requisite Service Period	1 year
Maximum [Member]
Deferred Compensation Arrangement with Individual, Requisite Service Period	7 years
Other Noncurrent Liabilities [Member]
Deferred Compensation Liability, Classified, Noncurrent	$ 17.7	$ 14.2

Note 6 - Compensation Expense (

Note 6 - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Compensation expense	$ 450	$ 381	$ 1,369	$ 1,458
Discretionary contribution		$ 350	$ 2,249	$ 2,450
Guaranteed annual return	5.25%	5.25%	5.25%	5.25%

Note 7 - Fair Value Measureme47

Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2015
Equity Method Investment, Other than Temporary Impairment	$ 4.1		$ 12.4
Impairment of Real Estate		$ 2

Note 7 - Assets and Liabilities

Note 7 - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Measured on a recurring basis:
Derivative contracts, net	$ (877)	$ (1,750)
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Building and Building Improvements [Member]
Long-lived assets held and used:
Certain buildings and improvements	3,367
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Measured on a non-recurring basis:
Equity-method investment	$ 28,147	$ 33,282

Note 7 - Long-term Fixed Intere

Note 7 - Long-term Fixed Interest Rate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying value	$ 248,557	$ 257,780
Fair value	$ 256,881	$ 270,781

Note 8 - Derivative Financial50

Note 8 - Derivative Financial Instrument (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Variable Interest Rate	0.20%
Interest Rate Swap [Member]
Derivative Liability, Notional Amount	$ 25
Derivative, Maturity Date	Jun. 15, 2016
Derivative, Fixed Interest Rate	5.587%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 0.8

Note 8 - Fair Value of Derivati

Note 8 - Fair Value of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Interest Rate Swap Contract	$ 877	$ 1,194
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member]
Interest Rate Swap Contract		556
Interest Rate Swap Contract	$ 877	$ 1,750

Note 8 - Effect of Derivative I

Note 8 - Effect of Derivative Instruments on Consolidated Statements of Operations (Details) - Floor Plan Interest Expense [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Rate Swap Contract, Amount of Gain Recognized in Accumulated OCI (Effective Portion)	$ 160	$ 179	$ 412	$ 381
Interest Rate Swap Contract, Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(104)	(119)	(336)	(370)
Interest Rate Swap Contract, Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ (195)	$ (184)	$ (563)	$ (543)

Note 9 - Acquisitions (Details

Note 9 - Acquisitions (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 10.5

Note 9 - Summary of Acquisition

Note 9 - Summary of Acquisitions (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Cash paid, net of cash acquired	$ 34,920,000
Debt issued	2,160,000
	37,080,000
Inventories	12,551,000
Franchise value	4,331,000
Property, plant and equipment	10,990,000
Other assets	178,000
Other liabilities	(2,468,000)
	25,582,000
Additions through acquisitions	11,498,000
	$ 37,080,000

Note 9 - Pro Forma (Details)

Note 9 - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue	$ 2,102,459	$ 1,424,809	$ 5,936,256	$ 3,991,066
Income from continuing operations, net of tax	$ 43,293	$ 35,672	$ 134,738	$ 97,903
Basic income per share from continuing operations, net of tax (in dollars per share)	$ 1.65	$ 1.37	$ 5.12	$ 3.76
Diluted income per share from continuing operations, net of tax (in dollars per share)	$ 1.63	$ 1.35	$ 5.08	$ 3.72

Note 10 - Assets Held for Sal56

Note 10 - Assets Held for Sale and Discontinued Operations (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Import Store [Member] | Selling, General and Administrative Expenses [Member]
Gain (Loss) on Disposition of Business	$ 5,900,000
Gain (Loss) on Disposition of Business	$ 5,919,000	$ 5,744,000

Note 10 - Assets and Related Li

Note 10 - Assets and Related Liabilities Held for Sale (Details) $ in Thousands	Dec. 31, 2014USD ($)
Inventory [Member]
Assets held for sale	$ 6,284
Property, Plant, Equipment [Member]
Assets held for sale	1,739
Intangible Assets [Member]
Assets held for sale	540
Assets held for sale	8,563
Floor plan notes payable	$ 4,892

Note 10 - Financial Information

Note 10 - Financial Information of Discontinued Operations (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Revenue		$ 12,569,000
Pre-tax loss from discontinued operations		(467,000)
Net gain on disposal activities		5,744,000
Income from discontinued operations, before income tax expense		5,277,000
Income tax expense		(2,098,000)
Income from discontinued operations, net of income tax	$ 0	3,179,000
Goodwill and other intangible assets disposed of	282,000	221,000
Proceeds from sales of stores	12,966,000	10,617,000
Floor plan debt paid in connection with store disposals	$ 4,400,000	$ 3,311,000

Note 11 - Earnings Per Share Re

Note 11 - Earnings Per Share Reconciliation (Details) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Common Class A [Member] | Employee Stock Option [Member]
Shares issuable pursuant to stock options not included since they were antidilutive (in shares)	18	13	17	13
Common Class A [Member] | Distributed [Member]
Reallocation of distributed income as a result of conversion of dilutive stock options	$ 3,000	$ 3,000	$ 11,000	$ 12,000
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding	509,000	406,000	1,425,000	1,141,000
Common Class A [Member] | Diluted [Member]
Distributed income applicable to common stockholders	(5,257,000)	(4,174,000)	(14,739,000)	(11,731,000)
Distributed income applicable to common stockholders	5,257,000	4,174,000	14,739,000	11,731,000
Undistributed income from continuing operations applicable to common stockholders	38,134,000	30,363,000	120,528,000	82,670,000
Common Class A [Member] | Undistributed [Member]
Reallocation of distributed income as a result of conversion of dilutive stock options	27,000	28,000	86,000	82,000
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding	3,690,000	2,951,000	11,653,000	8,042,000
Common Class A [Member]
Income from continuing operations, net of income tax	39,162,000	31,149,000	122,092,000	85,124,000
Distributed income applicable to common stockholders	(4,745,000)	(3,765,000)	(13,303,000)	(10,578,000)
Basic undistributed income from continuing operations applicable to common stockholders	$ 34,417,000	$ 27,384,000	$ 108,789,000	$ 74,546,000
Shares used in basic per share calculations (in shares)	23,727	23,556	23,742	23,509
Basic income per share from continuing operations (in dollars per share)	$ 1.65	$ 1.32	$ 5.14	$ 3.62
Basic distributed income per share from continuing operations applicable to common stockholders (in dollars per share)	(0.20)	(0.16)	(0.56)	(0.45)
Basic undistributed income per share from continuing operations applicable to common stockholders (in dollars per share)	$ 1.45	$ 1.16	$ 4.58	$ 3.17
Distributed income applicable to common stockholders	$ 4,745,000	$ 3,765,000	$ 13,303,000	$ 10,578,000
Undistributed income from continuing operations applicable to common stockholders	$ 34,417,000	$ 27,384,000	$ 108,789,000	$ 74,546,000
Weighted average number of shares from stock options (in shares)	191	241	196	266
Conversion of Class B to Class A common shares outstanding (in shares)	2,562	2,562	2,562	2,562
Shares used in diluted per share calculations (in shares)	26,480	26,359	26,500	26,337
Diluted net income per share (in dollars per share)	$ 1.64	$ 1.31	$ 5.10	$ 3.58
Diluted distributed income per share from continuing operations applicable to common stockholders (in dollars per share)	(0.20)	(0.16)	(0.56)	(0.45)
Diluted undistributed income per share from continuing operations applicable to common stockholders (in dollars per share)	$ 1.44	$ 1.15	$ 4.54	$ 3.13
Common Class B [Member] | Distributed [Member]
Reallocation of distributed income as a result of conversion of dilutive stock options	$ (3,000)	$ (3,000)	$ (11,000)	$ (12,000)
Common Class B [Member] | Diluted [Member]
Distributed income applicable to common stockholders	(509,000)	(406,000)	(1,425,000)	(1,141,000)
Distributed income applicable to common stockholders	509,000	406,000	1,425,000	1,141,000
Undistributed income from continuing operations applicable to common stockholders	3,690,000	2,951,000	11,653,000	8,042,000
Common Class B [Member] | Undistributed [Member]
Reallocation of distributed income as a result of conversion of dilutive stock options	(27,000)	(28,000)	(86,000)	(82,000)
Common Class B [Member]
Income from continuing operations, net of income tax	4,229,000	3,388,000	13,175,000	9,277,000
Distributed income applicable to common stockholders	(512,000)	(409,000)	(1,436,000)	(1,153,000)
Basic undistributed income from continuing operations applicable to common stockholders	$ 3,717,000	$ 2,979,000	$ 11,739,000	$ 8,124,000
Shares used in basic per share calculations (in shares)	2,562	2,562	2,562	2,562
Basic income per share from continuing operations (in dollars per share)	$ 1.65	$ 1.32	$ 5.14	$ 3.62
Basic distributed income per share from continuing operations applicable to common stockholders (in dollars per share)	(0.20)	(0.16)	(0.56)	(0.45)
Basic undistributed income per share from continuing operations applicable to common stockholders (in dollars per share)	$ 1.45	$ 1.16	$ 4.58	$ 3.17
Distributed income applicable to common stockholders	$ 512,000	$ 409,000	$ 1,436,000	$ 1,153,000
Undistributed income from continuing operations applicable to common stockholders	$ 3,717,000	$ 2,979,000	$ 11,739,000	$ 8,124,000
Shares used in diluted per share calculations (in shares)	2,562	2,562	2,562	2,562
Diluted net income per share (in dollars per share)	$ 1.64	$ 1.31	$ 5.10	$ 3.58
Diluted distributed income per share from continuing operations applicable to common stockholders (in dollars per share)	(0.20)	(0.16)	(0.56)	(0.45)
Diluted undistributed income per share from continuing operations applicable to common stockholders (in dollars per share)	$ 1.44	$ 1.15	$ 4.54	$ 3.13
Income from continuing operations, net of income tax	$ 43,391,000	$ 34,537,000	$ 135,267,000	$ 94,401,000
Shares used in basic per share calculations (in shares)	26,289	26,118	26,304	26,071
Basic income per share from continuing operations (in dollars per share)	$ 1.65	$ 1.32	$ 5.14	$ 3.62
Shares used in diluted per share calculations (in shares)	26,480	26,359	26,500	26,337
Diluted net income per share (in dollars per share)	$ 1.64	$ 1.31	$ 5.10	$ 3.71

Note 12 - Equity-Method Inves60

Note 12 - Equity-Method Investment (Details Textual) - NMTC Program [Member] - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015
Equity Method Investment, Ownership Percentage	99.90%
Payments to Acquire Equity Method Investments	$ 4.1	$ 5.7	$ 17.1	$ 21.2
Equity Method Investment Equity Contribution Obligation		$ 49.8	$ 49.8	$ 49.8
Equity Method Investment Equity Contribution Obligation Term			2 years

Note 12 - Equity-Method Inves61

Note 12 - Equity-Method Investment Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Noncurrent Assets [Member]
Carrying value, recorded as a component of other non-current assets	$ 28,147	$ 33,282
Accrued Liabilities and Other Long Term Liabilities [Member]
Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities	$ 28,061	$ 32,177

Note 12 - Equity-Method Inves62

Note 12 - Equity-Method Investment Recorded in Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
NMTC Program [Member]
Asset impairments to write investment down to fair value	$ 4,131,000	$ 0	$ 12,391,000	$ 0
Our portion of the partnership’s operating losses	1,731,000	0	5,196,000	0
Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions	155,000	0	549,000	0
Tax benefits and credits generated	7,414,000	$ 0	22,316,000	$ 0
Asset impairments to write investment down to fair value	$ 4,100,000		$ 12,400,000

Note 13 - Transition Agreement

Note 13 - Transition Agreement (Details Textual) - Executive Chairman [Member] $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Selling, General and Administrative Expenses [Member]
Transition Agreement Expense	$ 18.3	$ 18.3
Accrued Liabilities and Other Long Term Liabilities [Member]
Transition Agreement, Accrued Liabilities	$ 18.3	$ 18.3

Note 14 - Segments (Details Tex

Note 14 - Segments (Details Textual)	9 Months Ended
	Sep. 30, 2015
Number of Reportable Segments	3

Note 14 - Certain Segment Finan

Note 14 - Certain Segment Financial Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Domestic [Member] | Operating Segments [Member]
Revenues:
Revenues		$ 814,155,000	$ 684,835,000	$ 2,272,914,000	$ 1,893,014,000
Segment income*:
Income from continuing operations before income taxes	[1]	33,176,000	26,659,000	91,691,000	74,528,000
Floor plan interest expense:
Floor plan interest expense		5,441,000	4,601,000	15,083,000	13,043,000
Import [Member] | Operating Segments [Member]
Revenues:
Revenues		893,465,000	412,136,000	2,507,181,000	1,160,250,000
Segment income*:
Income from continuing operations before income taxes	[1]	30,506,000	13,407,000	73,963,000	37,351,000
Floor plan interest expense:
Floor plan interest expense		3,779,000	1,966,000	11,227,000	5,698,000
Luxury [Member] | Operating Segments [Member]
Revenues:
Revenues		374,390,000	196,646,000	1,083,680,000	541,082,000
Segment income*:
Income from continuing operations before income taxes	[1]	8,140,000	6,227,000	25,360,000	14,246,000
Floor plan interest expense:
Floor plan interest expense		2,345,000	1,062,000	6,715,000	3,227,000
Operating Segments [Member]
Revenues:
Revenues		2,082,010,000	1,293,617,000	5,863,775,000	3,594,346,000
Segment income*:
Income from continuing operations before income taxes	[1]	71,822,000	46,293,000	191,014,000	126,125,000
Floor plan interest expense:
Floor plan interest expense		11,565,000	7,629,000	33,025,000	21,968,000
Corporate, Non-Segment [Member]
Revenues:
Revenues		2,835,000	3,494,000	7,195,000	2,673,000
Segment income*:
Income from continuing operations before income taxes	[1]	6,555,000	16,793,000	51,595,000	47,831,000
Floor plan interest expense:
Floor plan interest expense		(6,614,000)	(4,502,000)	(18,770,000)	(12,642,000)
Revenues		2,084,845,000	1,297,111,000	5,870,970,000	3,597,019,000
Income from continuing operations before income taxes		62,639,000	55,995,000	196,334,000	153,773,000
Depreciation and amortization		(10,531,000)	(6,067,000)	(30,544,000)	(17,399,000)
Other interest expense		(4,900,000)	(2,051,000)	(14,700,000)	(5,894,000)
Other (expense) income, net		(307,000)	1,027,000	(1,031,000)	3,110,000
Floor plan interest expense		$ 4,951,000	$ 3,127,000	$ 14,255,000	$ 9,326,000
[1]	Segment income for each of the segments is defined as Income from continuing operations before income taxes, depreciation and amortization, other interest expense and other (expense) income, net.

Note 14 - Segment Assets (Detai

Note 14 - Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Operating Segments [Member] | Domestic [Member]
Total assets:
Assets	$ 961,582	$ 829,721
Operating Segments [Member] | Import [Member]
Total assets:
Assets	700,042	698,015
Operating Segments [Member] | Luxury [Member]
Total assets:
Assets	431,577	405,222
Operating Segments [Member] | Corporate and Other [Member]
Total assets:
Assets	966,628	947,974
Assets	$ 3,059,829	$ 2,880,932

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($)	Oct. 19, 2015	Oct. 13, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Member] | Common Class B [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.20
Subsequent Event [Member] | Common Class A [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.20
Subsequent Event [Member] | Concord Chrysler Jeep Dodge Fiat [Member]
Payments to Acquire Businesses, Net of Cash Acquired		$ 12,400,000
Subsequent Event [Member]
Dividends, Common Stock, Cash	$ 4,700,000
Payments to Acquire Businesses, Net of Cash Acquired			$ 34,920,000	$ 81,558,000