Asbury Automotive Group

Asbury Automotive was formed in 1995 by Tom Gibson, a former vice president with Subaru of America.{{cite web|url=https://www.zippia.com/asbury-automotive-group-careers-976/history/ |title=Asbury Automotive Group History: Founding, Timeline, and Milestones |publisher=Zippia.com |date=2021-12-14 |access-date=2022-05-08}}

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.{{cite web | url=https://www.autonews.com/article/20130211/RETAIL07/302119975/dad-prepared-sons-to-open-their-own-stores | title=Dad prepared sons to open their own stores | date=7 February 2013 }}

Eventually, Asbury would expand out of the Atlanta area, adding St. Louis–based Plaza Motors{{cite web|url=http://www.fundinguniverse.com/company-histories/asbury-automotive-group-inc-history/ |title=History of Asbury Automotive Group Inc. – FundingUniverse |publisher=Fundinguniverse.com |date= |access-date=2022-05-08}} while acquiring David McDavid's Texas dealerships,{{cite web |title=McDavid selling auto empire |url=https://www.bizjournals.com/dallas/stories/1997/06/02/story1.html |website=American City Business Journals |date=1997-06-01 |archive-url=https://web.archive.org/web/20150519011434/http://www.bizjournals.com:80/dallas/stories/1997/06/02/story1.html? |archive-date=2015-05-19 |url-status=live |last1=Garrison |first1=Trey |last2=Hensell |first2=Lesley}} and later the Jacksonville, Florida.–based Coggin Automotive and Tampa, Florida–based Courtesy Automotive in 1998. A joint venture with the North Carolina–based Crown Automotive Group in 1999{{cite news|url=https://www.bizjournals.com/atlanta/news/2010/12/02/asbury-automotive-buys-greenville.html|title=Asbury Automotive buys Greenville|work=Atlanta Business Journal|date=2 December 2010}} 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{{cite web | url=https://www.ibj.com/articles/72363-auto-sales-giant-on-track-to-buy-4-more-dealerships-in-indy-area | title=UPDATE: Georgia firm buying Bill Estes' four Indianapolis dealerships | date=6 February 2019 }}{{Cite press release |title=Asbury Automotive Group Announces 2019 First Quarter Financial Results |url=https://www.prnewswire.com/news-releases/asbury-automotive-group-announces-2019-first-quarter-financial-results-300835984.html |website=www.prnewswire.com |accessdate=13 October 2023}} 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{{cite web|url=http://www.thebanksreport.com/dealership-buysells/asbury-acquisition-highlights-growing-trend-move-midwest/ |title=Asbury Acquisition Highlights Growing Trend of Move into Midwest |publisher=The Banks Report |date=2018-01-09 |access-date=2022-05-08}} and Kahlo Chrysler Dodge Jeep Ram in Noblesville, Ind.{{cite web | url=https://www.autonews.com/dealers/asburys-latest-expansion-time-indiana | title=Asbury adds Stellantis store in Indiana | date=20 October 2021 }} 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.{{cite web|url=https://www.autonews.com/dealers/asbury-buy-luxury-dealerships-park-place-1-billion-deal|title=Asbury to buy luxury dealerships from Park Place in $1 billion deal|date=2019-12-12|website=Automotive News|language=en|access-date=2020-03-28}} On March 24, 2020, the deal was canceled amid concerns due to the COVID-19 pandemic.{{cite web|url=https://www.forbes.com/sites/jimhenry/2020/03/25/citing-pandemic-slowdown-asbury-automotive-chain-nixes-1-billion-acquisition/|title=Citing Pandemic Slowdown, Asbury Automotive Chain Nixes $1 Billion Acquisition|last=Henry|first=Jim|website=Forbes|language=en|access-date=2020-03-28}} However, a modified deal was reached on July 6 of that year{{cite web | url=https://asburyautomotivegroupinc.gcs-web.com/news-releases/news-release-details/asbury-automotive-group-announces-acquisition-park-place-0 | title=Asbury Automotive Group Announces Acquisition of Park Place Dealerships and Provides Update on Recent Performance | Asbury Automotive Group, Inc }} which closed on August 24.{{cite press release | url=https://www.prnewswire.com/news-releases/asbury-automotive-group-completes-the-acquisition-of-park-place-dealerships-301117354.html | title=Asbury Automotive Group Completes the Acquisition of Park Place Dealerships }}

In December 2020, Asbury unveiled Clicklane, an online new and used vehicle retailing platform.{{Cite press release |title=Asbury Automotive Group Launches Clicklane-- The First-Ever End-To-End Car-Buying Solution-- And Unveils Its Five-Year Strategic Vision |url=https://www.prnewswire.com/news-releases/asbury-automotive-group-launches-clicklane-the-first-ever-end-to-end-car-buying-solution-and-unveils-its-five-year-strategic-vision-301183177.html |website=www.prnewswire.com |accessdate=13 October 2023}} 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 September 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.{{cite news |last1=Rosales |first1=Glen |title=Car dealership group with ABQ locations sold for $3.2B |url=https://www.abqjournal.com/2433732/abqs-largest-car-dealership-sold-for-32b-2.html |access-date=30 September 2021 |work=Albuquerque Journal |publisher=Journal Publishing Company |date=29 September 2021}} The company divested seven Toyota and Lexus dealerships due to manufacturer guidelines.{{cite web | url=https://www.autonews.com/dealers/asbury-sells-7-stores-fit-lexus-toyota-cap-rules | title=Asbury sells 7 stores to fit Lexus, Toyota cap rules | date=22 April 2022 }} 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 December 2022, Asbury divested from its nine Crown Automotive Group locations in Greensboro, Durham, and Fayetteville North Carolina. The locations were sold to South Carolina-based Hudson Automotive Group and included BMW, Honda, Volvo, Nissan, Ford, and Chrysler franchises.

In September 2023, Asbury Automotive acquired Jim Koons automotive dealership group for about $1.2 billion.{{Cite web |title=Asbury Automotive to Acquire Jim Koons for About $1.2 Billion |url=https://money.usnews.com/investing/news/articles/2023-09-08/asbury-automotive-to-acquire-jim-koons-for-about-1-2-billion |access-date=2023-09-08 |website=usnews.com |language=en-us}}

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{{reflist|refs=

Asbury Automotive Group Feb. 2021 SEC 10-K https://asburyautomotivegroupinc.gcs-web.com/node/19451/html

Purchase of Hare Chevrolet http://www.indystar.com/story/news/2017/01/31/hares-exit-car-business-after-170-years/97009768/

}}

• {{Finance links

| symbol = ABG

| sec_cik = ABG

| google = NYSE:ABG

| yahoo = ABG

| bloomberg = ABG:US

| reuters = ABG

| nasdaq = ABG

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• [https://www.asburyauto.com/ Asbury Automotive Group] (official corporate website)
• [https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001144980&type=&dateb=&owner=exclude&count=100 Asbury Automotive Group SEC Filings Feb. 2015]
• [http://phx.corporate-ir.net/phoenix.zhtml?c=130055&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTExNDE4NDA4JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3 Asbury Automotive Group SEC Filings Feb. 2016]

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Category:Companies listed on the New York Stock Exchange

Category:Retail companies established in 1995

Category:Companies based in Duluth, Georgia

Category:Auto dealerships of the United States