Asbury Automotive Group

Last updated
Asbury Automotive Group
Company type Public
NYSE:  ABG
S&P 600 component
Industry Auto dealership
Founded1995;29 years ago (1995)
Headquarters Duluth, Georgia, U.S.
Key people
David W Hult, CEO
Dan Clara, SVP of Operations
Michael Welch, CFO
ProductsNew and used vehicles
RevenueIncrease2.svg US$9.8 billion (2021) [1]
Increase2.svg US$791.8 million (2021) [1]
Increase2.svg US$532.4 million (2021) [1]
Total assets Increase2.svg US$8,002.6 billion (2021) [1]
Total equity Increase2.svg US$314.5 million (2021) [1]
Number of employees
14,200 [2]  (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. [3]

Contents

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. [4]

History

Asbury Automotive was formed in 1995 by Tom Gibson, a former vice president with Subaru of America. [5] 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. [6]

Eventually, Asbury would expand out of the Atlanta area, adding St. Louis-based Plaza Motors [7] while acquiring David McDavid's Texas dealerships, [8] 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 [9] 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. [9] 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 [10] and the Bill Estes Automotive Group [11] [12] 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 [13] and Kahlo Chrysler Dodge Jeep Ram in Noblesville, Ind. [14] 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. [15] On March 24, 2020, the deal was canceled amid concerns due to the COVID-19 pandemic. [16] However, a modified deal was reached on July 6 of that year [17] which closed on August 24. [18]

In December 2020, Asbury unveiled Clicklane, an online new and used vehicle retailing platform. [19] 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. [20] The company divested 7 Toyota and Lexus dealerships due to manufacturer guidelines. [21] 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. [22]

Divisions

NameLocations served
Arapahoe HyundaiDenver, Colorado (Centennial)
Bill Estes Auto GroupIndianapolis, Indiana (Brownsburg, Lebanon)
Coggin AutomotiveJacksonville, Orlando, Deland, Port St. Lucie, St. Augustine, Florida
Courtesy AutomotiveTampa Bay, Florida (Brandon, Palm Harbor, Tampa)
Crown AutomotiveRichmond, Virginia
David McDavidDallas/Fort Worth, Austin, Texas
Greenville AutomotiveGreenville, South Carolina
Hare AutomotiveIndianapolis, Indiana (Noblesville)
Kahlo Chrysler Jeep Dodge RamIndianapolis, Indiana (Noblesville)
Larry H. Miller DealershipsPhoenix, Arizona; Tucson, Arizona; Southern California; Denver, Colorado; Boise, Idaho; Albuquerque, New Mexico; Salt Lake City, Utah; Spokane, Washington
Mike Shaw Chrysler Jeep Dodge RamDenver, Colorado (Greeley)
Mike Shaw SubaruDenver, Colorado (Greeley, Thornton)
Nalley AutomotiveAtlanta, Georgia (Alpharetta, Cumming, Decatur, Lithonia, Marietta, Roswell, Smyrna, Union City)
Park Place DealershipsDallas/Fort Worth, Texas
Plaza MotorsSt. Louis, Missouri (Creve Coeur, O'Fallon)
Stevinson AutomotiveDenver, Colorado (Aurora, Lakewood, Littleton, Longmont)

See also

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References

  1. 1 2 3 4 5 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. 1 2 "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.
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