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) 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.
Asbury Automotive Group (NYSE: ABG) announced the resignation of Patrick J. Guido as Senior Vice President & Chief Financial Officer effective June 24, 2021, for personal reasons. David W. Hult, President & CEO, expressed gratitude for Guido's service. William Stax, the current Vice President, has been appointed as the interim Principal Financial Officer starting June 25, 2021, while the company searches for a new CFO. Asbury remains a leading automotive retailer in the U.S., operating 91 dealerships and 25 collision repair centers.
Asbury Automotive Group (NYSE: ABG) reported net income of $92.8 million ($4.78 per diluted share) for Q1 2021, a significant increase from $19.5 million ($1.01) in Q1 2020. Adjusted net income was $90.7 million ($4.68), up from $34.7 million ($1.80). Total revenue reached $2.2 billion, a 36% increase year-over-year. Key performance metrics included a 24% rise in new vehicle unit volume and a 40% increase in gross profit.
The company expressed confidence in its growth strategy following the launch of its online platform, Clicklane.
Asbury Automotive Group (NYSE: ABG) is set to release its first-quarter financial results on April 27, 2021, before the market opens. A conference call will follow on the same day at 10:00 a.m. Eastern Time. The call will be available for live streaming and can also be accessed via phone for those who wish to participate. Asbury operates 91 dealerships and 25 collision repair centers nationwide, providing a wide range of automotive services.
Asbury Automotive Group (NYSE: ABG) reported a remarkable fourth quarter for 2020, achieving a net income of $89.1 million ($4.59 per diluted share), marking a 104% increase from the previous year. Total revenue reached $2.2 billion, up 18%, despite a 1% decline in same-store revenue. The company launched its online car buying platform, Clicklane, and unveiled a five-year strategic plan targeting $20 billion in revenue by 2025. For the full year, net income was $254.4 million, a 36% increase in adjusted EPS.
Asbury Automotive Group (NYSE: ABG) announced the appointment of William D. Fay to its Board of Directors effective January 28, 2021. Fay, with over 38 years of experience at Toyota Motor North America, will also serve on the Audit and Capital Allocation & Risk Management Committees. His extensive background in sales, marketing, and operations is expected to strengthen Asbury’s strategic initiatives. Board Chairman Tom Reddin and CEO David Hult expressed confidence in Fay’s ability to enhance customer experience and support aggressive growth targets outlined in the company's five-year plan.
Asbury Automotive Group (NYSE: ABG) will announce its fourth quarter and full year financial results before the market opens on February 2, 2021. A conference call is scheduled for 10:00 a.m. Eastern Time the same day, which will be simulcast live on its investor relations website. Asbury is a major automotive retailer operating 91 dealerships with 112 franchises, offering various automotive products and services.
On January 7, 2021, CarOffer launched its Group Trade platform, enhancing vehicle sourcing for dealer groups. This tool allows dealers to trade among themselves with real-time inventory appraisals, optimizing profitability and efficiency. Asbury Automotive Group is among the first to enroll, collaborating with CarOffer for seven months to develop this innovative solution. The platform centralizes control of trade offers and logistics, streamlining operations across multiple stores. CarOffer serves over 2,000 dealerships, and recently, CarGurus announced plans to acquire a 51% stake in CarOffer at a $275M valuation.