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Asbury Automotive Group

Company type	Public
Traded as	NYSE: ABG S&P 600 component
Industry	Auto dealership
Founded	1995; 29 years ago (1995)
Headquarters	Duluth, Georgia, U.S.
Key people	David W Hult, CEO Dan Clara, SVP of Operations Michael Welch, CFO
Products	New and used vehicles
Revenue	US$9.8 billion (2021)
Operating income	US$791.8 million (2021)
Net income	US$532.4 million (2021)
Total assets	US$8,002.6 million (2021)
Total equity	US$314.5 million (2021)
Number of employees	14,200 (2021)
Website	www.asburyauto.com

Asbury Automotive Group is an American company based in Atlanta that operates auto dealerships in various parts of the United States. Founded in 1995, it was ranked No. 360 on the 2022 Fortune 500 list.

With 148 dealerships and 198 franchises representing 31 American, European, and Asian brands, it is the third largest automotive retailer in the United States as of March 2022.

History

Asbury Automotive was formed in 1995 by Tom Gibson, a former vice president with Subaru of America. One of the company's original moves was to form a joint venture with Atlanta-based dealer Jim Nalley before acquiring his 11 dealerships outright in 1997. Nalley oversaw the stores until his retirement in 2004; his sons currently own dealerships across Alabama, Georgia, and Tennessee.

Eventually, Asbury would expand out of the Atlanta area, adding St. Louis-based Plaza Motors while acquiring David McDavid's Texas dealerships, and later the Jacksonville, Florida.-based Coggin Automotive and Tampa, Fla.-based Courtesy Automotive in 1998. A joint venture with the North Carolina-based Crown Automotive Group in 1999 saw Asbury eventually take full ownership of those dealerships, while moving into South Carolina with its outright purchase of the Greenville Automotive Group in 2010. It would also purchase dealerships across Arkansas, Mississippi, and Oregon before later divesting to focus on core markets.

Throughout the latter portion of the 2010s and early 2020s, under CEO David Hult, Asbury expanded rapidly, moving into the Indianapolis market with its purchase of Hare Automotive and the Bill Estes Automotive Group in 2017 and 2019, respectively. It would also make several single-point purchases to expand its reach across the area, including Terry Lee Honda in Avon, Ind. (renamed Hare Honda) in 2018 and Kahlo Chrysler Dodge Jeep Ram in Noblesville, Ind. in 2019.

In December 2019, Asbury agreed to buy Texas-based Park Place Dealerships, a collection of luxury vehicle dealerships in the Dallas/Fort Worth area, for $1 billion. On March 24, 2020, the deal was canceled amid concerns due to the COVID-19 pandemic. However, a modified deal was reached on July 6 of that year which closed on August 24.

In December 2020, Asbury unveiled Clicklane, an online new and used vehicle retailing platform. The company rolled out the platform across its existing dealership base while announcing intents to utilize the brand in markets in which it did not currently own stores.

On Sept. 29, 2021, Asbury purchased the Utah-based Larry H. Miller Dealerships for $3.2 billion, along with its Total Care Auto (TCA) vehicle protection plan business. The company divested 7 Toyota and Lexus dealerships due to manufacturer guidelines. Asbury announced plans to roll out TCA to its non-Larry H. Miller "legacy" stores, while in a similar fashion integrating the Clicklane platform to the Larry H. Miller dealerships.

In December 2021, Asbury acquired Stevinson Automotive Group in the Denver, Colorado area.

In September 2023, Asbury Automotive acquired Jim Koons automotive dealership group for about $1.2 billion.

Divisions

See also

• List of S&P 600 companies

References

1. ^ Asbury Automotive Group Feb. 2021 SEC 10-K https://asburyautomotivegroupinc.gcs-web.com/node/19451/html
2. "Asbury Annual Report 2021" (PDF). Retrieved 2022-05-06.
3. "Asbury Automotive Group". Fortune. Retrieved 2022-05-06.
4. "Asbury Automotive Annual Report 2021" (PDF). Retrieved 13 October 2023.
5. "Asbury Automotive Group History: Founding, Timeline, and Milestones". Zippia.com. 2021-12-14. Retrieved 2022-05-08.
6. "Dad prepared sons to open their own stores". 7 February 2013.
7. "History of Asbury Automotive Group Inc. – FundingUniverse". Fundinguniverse.com. Retrieved 2022-05-08.
8. Garrison, Trey; Hensell, Lesley (1997-06-01). "McDavid selling auto empire". American City Business Journals. Archived from the original on 2015-05-19.
9. ^ "Asbury Automotive buys Greenville". Atlanta Business Journal. 2 December 2010.
10. Purchase of Hare Chevrolet http://www.indystar.com/story/news/2017/01/31/hares-exit-car-business-after-170-years/97009768/
11. "UPDATE: Georgia firm buying Bill Estes' four Indianapolis dealerships". 6 February 2019.
12. Inc, Asbury Automotive Group. "Asbury Automotive Group Announces 2019 First Quarter Financial Results". www.prnewswire.com (Press release). Retrieved 13 October 2023. {{cite press release}}: |last= has generic name (help)
13. "Asbury Acquisition Highlights Growing Trend of Move into Midwest". The Banks Report. 2018-01-09. Retrieved 2022-05-08.
14. "Asbury adds Stellantis store in Indiana". 20 October 2021.
15. "Asbury to buy luxury dealerships from Park Place in $1 billion deal". Automotive News. 2019-12-12. Retrieved 2020-03-28.
16. Henry, Jim. "Citing Pandemic Slowdown, Asbury Automotive Chain Nixes $1 Billion Acquisition". Forbes. Retrieved 2020-03-28.
17. "Asbury Automotive Group Announces Acquisition of Park Place Dealerships and Provides Update on Recent Performance | Asbury Automotive Group, Inc".
18. "Asbury Automotive Group Completes the Acquisition of Park Place Dealerships" (Press release).
19. Inc, Asbury Automotive Group. "Asbury Automotive Group Launches Clicklane-- The First-Ever End-To-End Car-Buying Solution-- And Unveils Its Five-Year Strategic Vision". www.prnewswire.com (Press release). Retrieved 13 October 2023. {{cite press release}}: |last= has generic name (help)
20. Rosales, Glen (29 September 2021). "Car dealership group with ABQ locations sold for $3.2B". Albuquerque Journal. Journal Publishing Company. Retrieved 30 September 2021.
21. "Asbury sells 7 stores to fit Lexus, Toyota cap rules". 22 April 2022.
22. "Asbury Automotive to Acquire Jim Koons for About $1.2 Billion". usnews.com. Retrieved 2023-09-08.

External links

• Business data for Asbury Automotive Group:
  • Bloomberg
  • Google
  • Reuters
  • SEC filings
  • Yahoo!
• Asbury Automotive Group (official corporate website)
• Asbury Automotive Group SEC Filings Feb. 2015
• Asbury Automotive Group SEC Filings Feb. 2016

• Companies listed on the New York Stock Exchange
• Retail companies established in 1995
• Companies based in Duluth, Georgia
• Auto dealerships of the United States