Asbury Automotive Group Inc Stock Price, News & Analysis

Asbury Automotive Group (NYSE: ABG) has sold its Larry H. Miller Ford, Chevrolet, and CDJR dealerships in Provo, Utah to Salt Lake Valley Auto Group, with Kerrigan Advisors serving as the sell-side advisor. The divestiture is part of Asbury's strategy to optimize its brand mix, with these dealerships originally being part of Asbury's 2021 Larry H. Miller acquisition.

The transaction marks Kerrigan Advisors' 294th dealership sale since 2014, with over 130 franchises sold in the Western Region. The buyer, Salt Lake Valley Auto Group, owned by the Keyvani family, is a 4-store Utah dealership group established in 1983.

The deal's strategic importance is highlighted by Utah's strong market fundamentals: The state is the second fastest-growing in the West, with vehicle sales up 29% since 2020 and average dealership revenue exceeding the NADA average by 17%. Provo, specifically, ranks as the #1 mid-size metro for projected population growth through 2028, with its GDP reaching $45 billion in 2023, representing 70+% growth since 2017.

Asbury Automotive Group (NYSE: ABG) has sold Larry H. Miller Toyota Lemon Grove dealership to Vaughan Automotive, with the transaction closing on June 16, 2025. The dealership, which Asbury acquired as part of the Larry H. Miller Dealerships acquisition in December 2021, was Asbury's last California holding following their recent sale of another Toyota store in Corona. Vaughan Automotive, which operates four Toyota dealerships in Texas, will rename the store to Maverick Toyota, marking their first expansion into California. The Presidio Group, an independent merchant banking firm, advised Asbury on the transaction, with both parties expressing satisfaction with the deal's execution and outcome.

Asbury Automotive Group (NYSE: ABG) has completed the sale of Larry H. Miller Toyota Corona dealership in California to Mike Hong and Jerry Heuer on June 9, 2025. The dealership, which Asbury had acquired as part of its Larry H. Miller Dealerships purchase in December 2021, will be renamed Toyota of Corona. The Presidio Group, an independent merchant banking firm, advised Asbury on the transaction. The deal comes amid Presidio's forecast of strengthening dealership M&A activity through the remainder of 2025, following a slower first quarter. The transaction includes the Toyota dealership, related real estate, and business operations in Corona, California.

Asbury Automotive Group reported its Q1 2025 financial results, with revenue of $4.1 billion and net income of $132 million ($6.71 per diluted share). The company achieved an all-time record Parts & Service gross profit of $343 million and showed sequential improvement in used retail gross profit per unit.

Key highlights include:

• Gross profit of $724 million, down 3% year-over-year
• New vehicle unit volume up 2% with 4% revenue increase
• Used vehicle retail volume down 10% with 9% revenue decrease
• Parts and service revenue remained flat with 3% gross profit increase

Notably, Asbury announced a definitive agreement to acquire The Herb Chambers Automotive Group, the 16th largest privately-owned dealership group, with approximately $3 billion in annual revenue. The company maintains strong liquidity of $964 million and operates 150 new vehicle dealerships across 196 franchises, representing 31 brands.

Asbury Automotive Group (NYSE: ABG), a leading automotive retail and service company in the U.S., has scheduled to release its first quarter 2025 financial results before market opening on Tuesday, April 29, 2025.

The company will host a conference call at 10:00 a.m. Eastern Time on the same day. Investors can access the live simulcast through the company's investor relations website. A replay will be available for 30 days. For direct audio access, participants can dial in using domestic (877) 407-2988 or international +1 (201) 389-0923 numbers with passcode 13753098.

Asbury Automotive Group (NYSE: ABG), a leading U.S. automotive retail and service company, has released its 2024 Corporate Responsibility Report detailing its Environmental, Social, and Governance (ESG) initiatives and commitments.

CEO David Hult emphasized the company's mission to be the most guest-centric automotive retailer, highlighting how their ESG initiatives are driven by dedicated team members working towards a more sustainable future. The report showcases Asbury's ESG progress and commitment to maintaining a culture of shared values.

Asbury Automotive Group (NYSE: ABG) has announced the promotion of Daniel E. Clara to Chief Operating Officer, effective February 17, 2025. Clara, currently Senior Vice President of Operations, brings over 23 years of automotive retail experience to the role. During his 5-year tenure as SVP of Operations, Clara has contributed to significant same-store growth and successful integration of large acquisitions.

In his new role, Clara will expand his leadership responsibilities to include the development and innovation team, along with significant marketing functions. His experience spans various positions within Asbury, including regional vice president, market director, general manager, and store-level roles. The Board Chair, Tom Reddin, highlighted Clara's successful track record in leading store operations and creating shareholder value.

Asbury Automotive Group (NYSE: ABG) has signed a definitive agreement to acquire The Herb Chambers Companies (HCC), the 14th largest private dealership group in the US. The $1.34 billion acquisition includes 33 dealerships, 52 franchises, and 3 collision centers in Massachusetts and Rhode Island, representing $2.9 billion in revenue in 2024.

The transaction is expected to close in late Q2 2025, with Asbury planning to fund the purchase through credit facility capacity, mortgage proceeds, and cash. Herb Chambers will assume the role of Special Advisor to Asbury while retaining ownership of Mercedes-Benz of Boston in Somerville, Massachusetts.

Asbury Automotive Group (NYSE: ABG) reported record fourth quarter results for 2024, with total revenue reaching an all-time high of $4.5 billion, up 18% year-over-year. Net income increased 132% to $129 million ($6.54 per diluted share), while adjusted net income was $143 million ($7.26 per diluted share).

Key highlights include record Parts & Service gross profit of $340 million, up 19%, with same-store growth of 11%. The company demonstrated improved operational efficiency with same-store SG&A as a percentage of gross profit at 63.0%. New vehicle unit volume increased 18%, while used vehicle retail unit volume grew 15%.

For full-year 2024, ABG reported net income of $430 million ($21.50 per diluted share) and record revenue of $17.2 billion. The company maintained strong liquidity of $828 million and repurchased approximately 830,000 shares for $183 million during 2024.