Welcome to our dedicated page for Asbury Automotive Group news (Ticker: ABG), a resource for investors and traders seeking the latest updates and insights on Asbury Automotive Group stock.
Asbury Automotive Group reports developments as a U.S. automotive retail and service company operating automobile dealerships and collision centers across 14 states. Company news commonly covers new- and used-vehicle sales, parts and service, finance and insurance products, quarterly operating results, and digital retail initiatives such as Clicklane and the Tekion dealer management system.
Updates also track portfolio management through dealership acquisitions and divestitures, capital allocation through share repurchase authorizations and leverage metrics, and governance changes including executive and board transitions. Asbury’s releases frequently frame performance around store mix, luxury and import brands, Total Care Auto products, liquidity, and dealership support operations.
Asbury Automotive Group (NYSE: ABG) reported a record net income of $147 million for Q3 2021, translating to $7.54 EPS, a significant 52% increase year-over-year. Adjusted EPS reached $7.36, up 80%. Revenue surged 30% to $2.4 billion, alongside a 43% increase in gross profit. The adjusted SG&A as a percentage of gross profit decreased by 580 basis points to 55.3%. The company also announced the transformative acquisition of Larry H. Miller Dealerships, expected to add $6.6 billion in annualized revenues. These results reflect strong operational performance despite inventory constraints.
Asbury Automotive Group, Inc. (NYSE: ABG) will release its third-quarter financial results on October 26, 2021, prior to market opening. A conference call is scheduled for 10:00 a.m. Eastern Time on the same day, with live simulcast available online. The company operates 91 dealerships and has initiated a 5-year growth strategy focusing on revenue and profitability through organic and acquisitive growth, alongside its Clicklane digital platform. Asbury is recognized as one of the largest automotive retailers in the U.S.
Asbury Automotive Group (NYSE: ABG) has announced its acquisition of the Larry H. Miller Group, which includes Larry H. Miller Dealerships and Total Care Auto. This move positions Asbury as the eighth largest dealership group in the U.S., expanding its reach across six Western states. The acquisition adds approximately $5.7 billion in annualized revenue and is expected to be highly accretive to earnings per share. The total purchase price is $3.2 billion, expected to close in Q4 2021, contingent upon regulatory approvals.
Asbury Automotive Group (NYSE: ABG) has announced its strategic exit from the Charlottesville market by selling its BMW dealership in the area to Flow Companies. This transaction, facilitated by The Presidio Group, marks a key move in Asbury's ongoing efforts to optimize its portfolio. CEO David Hult expressed satisfaction with the sale, highlighting it as a seamless process. The Presidio Group has successfully completed 24 luxury franchise transactions this year, underlining its expertise in automotive mergers and acquisitions.
Asbury Automotive Group (NYSE: ABG) reported a record net income of $152.1 million ($7.80 per diluted share) for Q2 2021, up from $49.6 million in Q2 2020. Total revenue reached $2.6 billion, marking a 79% increase year-over-year. Notable performance included a 50% increase in same-store revenue and a gross profit of $497.2 million (105% growth). With liquidity of $576 million and a leverage ratio of 1.6x, Asbury is on track to meet its strategic goals. The Clicklane platform has also exceeded growth expectations.
Asbury Automotive Group (NYSE: ABG) has enhanced its Clicklane platform, a digital car-buying ecosystem, by partnering with Insignia Group, allowing customers to customize vehicles with accessories. Through Insignia's visualization platform, users can browse items like wheels and storage solutions, viewing them on a digital model of their car. Additionally, Clicklane now integrates with Salty, offering bindable insurance quotes and purchases. CEO David Hult emphasizes these features set Clicklane apart, enhancing customer loyalty and satisfaction.
Salty Dot Inc. announced a strategic partnership with Asbury Automotive Group (NYSE: ABG) to enhance Clicklane, an online car-buying platform. This collaboration allows Clicklane customers access to bindable car insurance quotes through Salty's carrier network, bolstering customer experience with technology-driven solutions. Asbury customers spend approximately $350 million annually on insurance, highlighting the significance of this partnership in improving digital services. The initiative aligns with Asbury's commitment to an omnichannel strategy and aims to simplify the car-buying journey.
Asbury Automotive Group (NYSE: ABG) announced an enhancement to their Clicklane platform, enabling a complete online car-buying and selling experience. The partnership with Salty introduces bindable insurance quotes directly through Clicklane, enhancing customer convenience. CEO David Hult emphasized that Asbury customers spend nearly $350 million on insurance annually. This development signals a strategic move to broaden Asbury's market reach beyond traditional automotive sales, leveraging technology and AI for a seamless customer experience.
Asbury Automotive Group (NYSE: ABG) will release its Q2 financial results on July 27, 2021, before the market opens. A conference call is scheduled for the same day at 10:00 a.m. ET, available for live streaming on their investor relations website and via phone. Asbury operates 91 dealerships and 25 collision repair centers across the U.S., providing a wide range of automotive products and services, including vehicle sales, financing, and maintenance.
Asbury Automotive Group (NYSE: ABG) announced the appointment of Michael Welch as Senior Vice President and Chief Financial Officer, effective August 9, 2021. With over 20 years in the automotive retail industry, Welch brings extensive expertise in financial management and accounting. He previously held a leadership role at Group 1 Automotive, enhancing his understanding of the retail sector. President & CEO David Hult expressed enthusiasm for Welch's addition, citing the importance of his experience in executing Asbury's five-year growth plan.