Asbury Automotive Team Inc. formally expanded into several new western states and picked up an estimated $5.7 billion in annualized profits immediately after closing Friday on the invest in of Larry H. Miller Dealerships, a deal introduced in late September.
The $three.two billion acquisition of Larry H. Miller’s sixty one new- and made use of-automobile merchants also offers Asbury a finance-and-insurance items service provider, Total Treatment Car, and might guard the dealership group from a takeover by yet another publicly traded rival.
“We are enthusiastic to comprehensive the transformative acquisition of Larry H. Miller Dealerships,” Asbury President and CEO David Hult explained in a assertion Friday. “With its strong society and stewardship mentality, coupled with the capacity to fast increase Asbury’s existence into these desirable, significant-progress Western marketplaces, it is a uncommon possibility.”
Asbury, of Duluth, Ga., ranks No. 6 on Automotive Information‘ list of the top one hundred fifty dealership groups centered in the U.S., with retail revenue of 95,165 new automobiles in 2020. Larry H. Miller, of Sandy, Utah, was eighth on the list, with sixty one,097 new-automobile revenue last yr.
Asbury says it now has 155 dealerships spanning 205 franchises.
The enterprise estimated it has added $6.6 billion in annualized profits by means of acquisitions this yr, beating its five-yr goal of $5 billion in a yr.
The Larry H. Miller transaction includes fifty four new-automobile dealerships, 7 made use of-automobile dealerships, a made use of wholesale business and 11 collision centers across Arizona, California, Colorado, Idaho, New Mexico, Utah and Washington.
Asbury has explained it will maintain the Larry H. Miller title on the dealerships.
The acquisition increases Asbury’s existence in Colorado and returns the enterprise to California, immediately after offering what experienced been its last dealership there in May perhaps 2011, Asbury explained. The other states are new for the group.
