Asbury Automotive Group

Auto Dealership Buy/Sell Market Achieves New Transaction Record in 2023, Surpassing 2021 Peak; Valuations Remain at All Time Highs for Top Franchises in High Growth Markets

Retrieved on: 
Tuesday, April 9, 2024
Consulting, EV, Electric Vehicles, Automotive, Professional Services, Business, Marketing, Advertising, Communications, Other Automotive, General Automotive, Finance, Lincoln, Volvo, Face, Growth, Asbury Automotive Group, Original equipment manufacturer, Big Three (automobile manufacturers), Partnership, Risk, Multiple, Kerrigan, Sale, Acquisition, Ford, ICE, BMW, OEM, Toyota Financial Services, Population growth, Car dealership

The auto dealership buy/sell market’s outperformance relative to the broader corporate M&A market is, according to the report, a result of its distinctly private structure.

Key Points: 
  • The auto dealership buy/sell market’s outperformance relative to the broader corporate M&A market is, according to the report, a result of its distinctly private structure.
  • “When earnings soared in 2021, buyers correctly projected that pandemic earnings were unsustainable and normalized earnings for valuation purposes.
  • The public dealership groups acquired 61 franchises for $2.7 billion in 2023, the second highest US acquisition spending level on record.
  • The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.

Asbury Automotive Group Schedules Release of First Quarter 2024 Financial Results

Retrieved on: 
Tuesday, April 9, 2024
General Automotive, Other Automotive, Aftermarket, Automotive, Asbury Automotive Group, Internet

Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its first quarter financial results before the market opens on Thursday, April 25, 2024.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its first quarter financial results before the market opens on Thursday, April 25, 2024.
  • Asbury will host a conference call later that day at 10:00 a.m. Eastern Time.
  • The conference call will be simulcast live on the internet and can be accessed by logging onto https://investors.asburyauto.com .
  • Participants may enter the conference call five to ten minutes prior to the scheduled start of the call by dialing:

The Presidio Group Advises Asbury Automotive Group on the Sale of Delaware Lexus Store

Retrieved on: 
Tuesday, March 5, 2024
Technology, General Automotive, Retail, Automotive Manufacturing, Manufacturing, Finance, Automotive, Banking, Online Retail, Professional Services, Transport, Other Retail, Internet, Logistics, Supply Chain Management, Acquisition, Darren McNees, Investment, Lexus, Sale, Asbury Automotive Group, Presidio

Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.

Key Points: 
  • Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.
  • “The Presidio Group, one of our trusted advisors, swiftly found a strategic buyer for this store and facilitated a quick and seamless transaction,” Asbury CEO David Hult said.
  • The Presidio team’s smooth oversight of the deal process was exemplary.”
    Alex Watterson, managing director of The Presidio Group, said, “It’s been a privilege for the Presidio team to facilitate this transaction and represent Asbury in the sale of this high-performing store representing such a lauded brand as Lexus.
  • The Presidio Group provided exclusive M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC.

Asbury Automotive Group Reports Fourth Quarter Financial Results

Retrieved on: 
Thursday, February 8, 2024
Fleet Management, Retail, General Automotive, Automotive, Specialty, Internet, EPS, TCA, GAAP, PVR, Asbury Automotive Group, Investment, Acquisition, Webcast, Reconciliation, Insurance, Share repurchase

Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported fourth quarter 2023 net income of $56 million ($2.70 per diluted share), a decrease of 89% from $353 million ($15.95 per diluted share) in fourth quarter 2022.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported fourth quarter 2023 net income of $56 million ($2.70 per diluted share), a decrease of 89% from $353 million ($15.95 per diluted share) in fourth quarter 2022.
  • Fourth quarter 2023 results include non-cash asset impairments of $117.2 million or $4.29 per diluted share.
  • Fourth quarter 2022 results include gains on dealership divestitures of $203 million or $6.92 per diluted share.
  • Four of the divestitures closed in the first quarter, three in the second quarter, and nine in the fourth quarter of 2022.

Asbury Automotive Group Schedules Release of Fourth Quarter 2023 Financial Results

Retrieved on: 
Tuesday, January 16, 2024
General Automotive, Other Automotive, Aftermarket, Automotive, Internet, Asbury Automotive Group

Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its fourth quarter financial results before the market opens on Thursday, February 8, 2024.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., announced that it will release its fourth quarter financial results before the market opens on Thursday, February 8, 2024.
  • Asbury will host a conference call later that day at 10:00 a.m. Eastern Time.
  • The conference call will be simulcast live on the internet and can be accessed by logging onto https://investors.asburyauto.com .
  • Participants may enter the conference call five to ten minutes prior to the scheduled start of the call by dialing:

Tekion Selected by Asbury Automotive Group to Elevate Guest Experiences

Retrieved on: 
Tuesday, January 9, 2024
Technology, Automotive, General Automotive, Automotive Manufacturing, Specialty, Manufacturing, Software, Retail, Data Management, Cloud, Fortune 500, Multimedia, ARC, Original equipment manufacturer, Accounting, Asbury Automotive Group, Video game

Tekion , innovator of the first cloud-native platform serving the entire automotive retail ecosystem, today announced a new engagement with Asbury Automotive Group , a Fortune 500 company and one of the largest franchised automotive retailers in the United States.

Key Points: 
  • Tekion , innovator of the first cloud-native platform serving the entire automotive retail ecosystem, today announced a new engagement with Asbury Automotive Group , a Fortune 500 company and one of the largest franchised automotive retailers in the United States.
  • View the full release here: https://www.businesswire.com/news/home/20240109514472/en/
    Asbury Automotive Group selects Tekion as their newest technology partner.
  • (Graphic: Business Wire)
    Asbury has selected Tekion as their newest technology partner to help deliver elevated guest-centric experiences powered by Tekion’s Automotive Retail Cloud (ARC).
  • To meet the ever-changing needs of our guests, we needed to be able to evolve and adapt,” said David Hult, President and CEO of Asbury Automotive Group.

Asbury Automotive Group Completes Acquisition of Jim Koons Automotive Companies

Retrieved on: 
Monday, December 11, 2023
Aftermarket, Automotive, Other Automotive, General Automotive, Recreational Vehicles, Performance & Special Interest, Fleet Management, Sale, Automotive News, The Washington Post, Asbury Automotive Group, Acquisition, NYSE, Holland & Knight, Ford, Life, Elite, American City Business Journals, History, Multimedia, General Motors, Heart, OEM, Mercedes-Benz, News, Hand, Volvo, Stellantis, Student Borrower Protection Center, Kia, Hyundai, Lexus, Koons

Asbury Automotive Group, Inc. (NYSE: ABG), one of the U.S.’ largest automotive retail and service companies, has completed the acquisition of Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG), one of the U.S.’ largest automotive retail and service companies, has completed the acquisition of Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S.
  • “Jim Koons’ passion for the car business, as well as his enthusiastic leadership of his group, is evident at every level of the Koons organization.
  • Koons’ rich 50 year history could not have been achieved without the contributions and support of our stellar employees,” said Jim Koons, Chairman of Jim Koons Automotive Companies.
  • His passion and commitment to excellence is evident in the incredible organization he built in the Jim Koons Automotive Companies.

Call Box Announces Automotive Leader Stephane Ferri as Chief Executive Officer

Retrieved on: 
Wednesday, November 1, 2023
Growth, Intelligence, Car Wars, Kutless, Asbury Automotive Group, Call box, DALLAS

DALLAS, Texas, Nov. 1, 2023 /PRNewswire-PRWeb/ -- Call Box, a leader in call tracking and analytics and parent company of Car Wars, announced today that Stephane Ferri has joined the company as Chief Executive Officer. In his new role, he'll focus on continuing the growth of Car Wars and Call Box brands, including growth in new verticals, increased penetration in the automotive market, and further adoption of artificial intelligence in Call Box's suite of products.

Key Points: 
  • Stephane Ferri has joined Call Box, the parent company of Car Wars, as Chief Executive Officer.
  • DALLAS, Texas, Nov. 1, 2023 /PRNewswire-PRWeb/ -- Call Box, a leader in call tracking and analytics and parent company of Car Wars, announced today that Stephane Ferri has joined the company as Chief Executive Officer.
  • Mr. Ferri brings a wealth of automotive knowledge with him, having 23 years of experience in the automotive industry, most recently as the CEO of PureCars.
  • Prior to that, he served as a Strategic Advisor for the Presidio Group, a banking firm serving the automotive retail sector, and senior leadership positions at Flexdrive, Cox Automotive Inc, and Asbury Automotive Group.

Asbury Automotive Group Reports Third Quarter 2023 Financial Results

Retrieved on: 
Tuesday, October 24, 2023
Fleet Management, Other Retail, Aftermarket, Automotive, Specialty, Other Automotive, General Automotive, Retail, Landcare Australia, Insurance, Sale, Reconciliation, NYSE, Share repurchase, GAAP, Acquisition, Asbury Automotive Group, Asbury, Internet, PVR, Total, Video game, Bank, Real estate, Film industry, Natural gas, Television

Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported third quarter 2023 net income of $169 million ($8.19 per diluted share), a decrease of 17% from $205 million ($9.23 per diluted share) in third quarter 2022.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported third quarter 2023 net income of $169 million ($8.19 per diluted share), a decrease of 17% from $205 million ($9.23 per diluted share) in third quarter 2022.
  • Four of the divestitures closed in the first quarter, three in the second quarter, and nine in the fourth quarter of 2022.
  • “We are excited about our pending acquisition of Koons Automotive, which would bring over $3 billion in revenue and a talented group of team members and leaders to the Asbury team.
  • Additional commentary regarding the first quarter results will be provided during the earnings conference call on Tuesday, October 24, 2023, at 10:00 a.m.

Asbury Automotive Group Named in Best Companies to Work For List by U.S. News & World Report

Retrieved on: 
Friday, October 20, 2023
Aftermarket, Human Resources, Other Retail, Automotive, General Automotive, Professional Services, Other Automotive, Retail, Online Retail, Fleet Management, Benchmark, 100 Best Companies to Work For, Industry Classification Benchmark, NYSE, U.S. News & World Report, Workplace, Interface (computing), FTSE Russell, Asbury Automotive Group, News, Growth, Asbury, Glassdoor, Russell, ICB

Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., announced today that it has been named by U.S News & World Report as a Best Company to Work for in the Retailers Industry.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., announced today that it has been named by U.S News & World Report as a Best Company to Work for in the Retailers Industry.
  • Asbury was rated among 349 companies across 20 fields of work on factors contributing to job seekers’ decision-making when choosing a workplace that best meets their needs in their industries of interest.
  • “We strive to create a supportive environment where our team members thrive both personally and professionally.
  • We are honored to receive this recognition by U.S. News & World Report that acknowledges the growth we are achieving internally,” said David Hult, Asbury’s President and Chief Executive Officer.