Asbury Automotive Group

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Asbury Automotive Group
Company typePublic
NYSE: ABG
S&P 600 Component
IndustryAuto Dealership
Founded1995; 29 years ago (1995)
HeadquartersDuluth, GA
Key people
David W Hult, CEO
John Hartman, COO
Sean Goodman, CFO
ProductsNew Vehicles, Used Vehicles
RevenueDecrease $6.5 billion (2016)[1]
Decrease $297.8 million (2016)[1]
Decrease $167.2 million (2016)[1]
Total assetsIncrease $2.336 billion (2016)[1]
Total equityDecrease $279.7 million (2016)[1]
Number of employees
8,000[2] (2017)
Websitewww.asburyauto.com

Asbury Automotive Group is a company based in Atlanta and was founded in 1995. The company operates auto dealerships in various parts of the United States. As of 2018 its rank in the Fortune 500 is 434 out of 500.[2]

As of December 2016, it is one of the largest automobile retailers in the United States, operating 96 franchises (80 dealership locations) in 18 metropolitan markets within 10 states.[3] As of August 2017, its dealerships represent 29 American, European and Asian brands. In 2016, the company reported revenues of $6.5 billion and sold over 180,000 retail vehicles.[1] Currently based out of Duluth, GA, the company is led by President & CEO, David W. Hult.[citation needed]

In February 2017, Asbury finalized the acquisition of Hare Chevrolet and Hare Isuzu Truck Center, operating in Noblesville, IN.[4]

In March 2017, Asbury finalized the opening of Nalley Nissan Cumming, an open point awarded to Asbury in Metro Atlanta.[5]

On August 22, 2017, Monaghan announced that he will step down from his position at Asbury effective January 2018, to be replaced by chief operating officer David Hult.[6]

On January 9, 2018, Asbury finalized the acquisition of Terry Lee Honda in Avon, IN, adding a second location to their Hare Automotive brand.[7]

In February 2019, Asbury agreed to acquire the four-location Bill Estes Auto Group.[8][9]

In December 2019, Asbury agreed to buy Park Place Dealerships for $1 Billion.[10] On March 24, it was announced the deal is canceled amid covid concerns. Asbury to pay $30 million in termination fees[11]

Divisions

  • Coggin Automotive Group operates 12 retail auto stores representing 17 franchises for the sale and servicing of 12 brands in the Jacksonville, Florida area.
  • Courtesy Cars has 12 franchises for the sale and servicing of 12 brands in the Tampa, Florida area.
  • Crown Automotive Group comprises 18 dealerships in 9 cities across Virginia, North Carolina, and South Carolina.
  • David McDavid Auto Group includes 7 retail locations in the Dallas/Fort Worth, Irving, Frisco, Plano, Austin, and Houston, Texas areas.
  • Gray Daniels Auto Family hosts 5 retail auto stores for the sale and service of 6 brands in Mississippi. Sold to McLarty Automotive Group
  • Greenville Automotive Group operates 4 automotive retail stores for the sale and service of 7 brands in the Greenville, South Carolina area.
  • Hare is Asbury's newest platform, providing sales, customer service, and service for new and used cars. Its first location is in Noblesville, IN.
  • Nalley Automotive Group includes 18 retail auto stores representing 13 franchises for the sale and servicing of 11 brands in the Atlanta area.
  • Plaza Motor Company, is a platform consisting of high-line brands including Infiniti, BMW, Audi, Land Rover, Jaguar, Lexus, and Mercedes-Benz in the St. Louis area.

References

  1. ^ a b c d e f Asbury Automotive Group Feb. 2016 SEC 10-K http://phx.corporate-ir.net/phoenix.zhtml?c=130055&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTExNDE4NDA4JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3
  2. ^ a b "Asbury Automotive Group". Fortune. Retrieved 2018-12-28.
  3. ^ Asbury Automotive Group Feb. 2015 SEC 10-K https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001144980&type=&dateb=&owner=exclude&count=100
  4. ^ Purchase of Hare Chevrolet http://www.indystar.com/story/news/2017/01/31/hares-exit-car-business-after-170-years/97009768/
  5. ^ Nalley Nissan Cumming Opening https://seekingalpha.com/article/4067197-asbury-automotive-groups-abg-ceo-craig-monaghan-q1-2017-results-earnings-call-transcript
  6. ^ "Asbury CEO Monaghan will retire; COO Hult moves up". Automotive News. Retrieved 2017-11-07.
  7. ^ http://www.thebanksreport.com/dealership-buysells/asbury-acquisition-highlights-growing-trend-move-midwest/
  8. ^ https://www.ibj.com/articles/72363-auto-sales-giant-on-track-to-buy-4-more-dealerships-in-indy-area
  9. ^ https://www.prnewswire.com/news-releases/asbury-automotive-group-announces-2019-first-quarter-financial-results-300835984.html
  10. ^ "Asbury to buy luxury dealerships from Park Place in $1 billion deal". Automotive News. 2019-12-12. Retrieved 2020-03-28.
  11. ^ Henry, Jim. "Citing Pandemic Slowdown, Asbury Automotive Chain Nixes $1 Billion Acquisition". Forbes. Retrieved 2020-03-28.

External links


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