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, Inc. (NYSE: ABG) is a Fortune 500 automotive retail and service company and one of the largest automotive retailers in the United States. The ABG news feed on Stock Titan aggregates company announcements, earnings releases, transaction updates, and operational news drawn from sources such as Business Wire and SEC-related disclosures.
Investors and industry followers can use this page to review quarterly and annual financial results, including earnings releases that discuss revenue, gross profit, margins, and non-GAAP measures such as adjusted net income and adjusted operating margins. Asbury regularly issues press releases ahead of and following its earnings calls, and the news stream captures scheduling notices for upcoming results as well as detailed summaries of reported performance.
Because Asbury pursues growth through acquisitions and portfolio optimization, the ABG news page also highlights transaction activity. Recent examples include the completion of the acquisition of The Herb Chambers Companies, one of the nation’s largest private auto dealership groups, and divestitures such as the sale of the Larry H. Miller CDJR Riverdale dealership. These items provide context on how Asbury is reshaping its dealership and brand mix.
Operational updates, such as the renovation of Park Place Motorcars Fort Worth and the expansion of technology platforms across markets, appear alongside corporate governance and leadership news, including CEO succession plans and board leadership changes. Recognition items, such as inclusion in Newsweek’s World’s Most Trustworthy Companies and the Financial Times’ America’s Fastest Growing Companies list, are also part of the coverage.
By checking this ABG news page regularly, readers can follow Asbury’s financial reporting, acquisition and divestiture activity, dealership initiatives, and leadership developments in one place.
Asbury Automotive Group (NYSE: ABG) announced the launch of Clicklane, a new end-to-end online car-buying and selling platform, previously named Glovebox. Scheduled for unveiling on December 2, 2020, Clicklane offers features such as real-time trade-in values and a marketplace of over 30 lenders for financing options, aiming for a seamless digital experience in automotive retail. This development addresses industry challenges in providing a complete online vehicle transaction system, enhancing convenience and transparency for consumers.
Asbury Automotive Group (NYSE:ABG) has successfully sold Nalley Ford Sandy Springs to Jim Ellis Automotive Group, represented by The Presidio Group. David Hult, President and CEO of Asbury, praised Presidio's expertise in facilitating a seamless transaction. Jim Ellis Automotive Group welcomes the Ford dealership, expanding its offerings, especially with new products like the Bronco. This sale marks the 37th dealership transaction handled by Presidio this year, highlighting a robust M&A market in the retail automotive sector.
Asbury Automotive Group (NYSE: ABG), a major U.S. automotive retailer, announced a rescheduling of its call to unveil an innovative end-to-end car buying solution. CEO David Hult expressed enthusiasm but noted the need to address certain intellectual property concerns. The new date for the announcement will be provided within two weeks. Asbury operates 90 dealerships and offers a variety of automotive products and services, including sales, financing, and repair services.
Asbury Automotive Group (NYSE: ABG) reported a strong third quarter in 2020, with net income rising to $96.2 million or $4.96 per diluted share, compared to $45.0 million or $2.33 per diluted share last year. Total revenue remained at $1.8 billion, although same-store revenue decreased by 5%. Notably, adjusted earnings per share surged by 75% to $4.08. The company completed its largest acquisition, increasing its annual revenue stream by $1.7 billion. Liquidity stood at $385 million, reflecting strong financial positioning.
Asbury Automotive Group (NYSE: ABG) reported preliminary Q3 2020 results with expected net income per diluted share between $4.88 and $4.96, marking a 72%-75% increase from the previous year. Adjusted net income per diluted share is projected to be between $4.00 and $4.08. The company anticipates a 6%-7% rise in same store gross profit and an SG&A percentage of 61%-62%. The results include a $24.7 million gain from a dealership divestiture. Final Q3 results will be released on October 27, 2020.
Asbury Automotive Group (NYSE: ABG) has announced the pricing of its private placement of senior notes, totaling $125.0 million of additional 4.50% Senior Notes due 2028 and $125.0 million of additional 4.75% Senior Notes due 2030. The offering is set to close on September 16, 2020. Proceeds will be used to repay existing promissory notes linked to a recent acquisition of Park Place Dealerships, reduce revolving credit debt, cover expenses, and for general corporate purposes. The notes will be offered to qualified buyers under Rule 144A and Regulation S, exempt from registration.
Asbury Automotive Group, Inc. (NYSE: ABG) plans to offer up to $250.0 million in additional senior notes, which includes notes due 2028 and 2030, exempt from registration under the Securities Act. The notes aim to repay $150.0 million in promissory notes from recent acquisitions and $50.0 million from a revolving credit facility. The offering targets qualified institutional buyers and non-U.S. persons, aiming to enhance liquidity and optimize the capital structure while addressing prior indebtedness.
Asbury Automotive Group (NYSE: ABG) has successfully acquired Park Place Dealerships, enhancing its annual revenues by approximately $1.7 billion. This strategic acquisition elevates Asbury's revenue from luxury brands to around 49%, reinforcing its presence in the Texas market to 28%. Park Place's luxury dealerships, such as Mercedes-Benz and Lexus, are known for strong margins and resilience during economic downturns. Asbury operates a diverse portfolio of 91 dealerships and 25 collision repair centers, aiming to leverage this acquisition for future growth.
Asbury Automotive Group, Inc. (NYSE: ABG) reported a net income of $49.6 million, or $2.57 per diluted share, for Q2 2020, down from $54.9 million in Q2 2019. Adjusted net income rose to $48.7 million ($2.52 per diluted share), up from $45.9 million a year earlier. The company achieved a record operating margin of 5.7% and a significant reduction in SG&A expenses relative to gross profit. Asbury announced plans to acquire Park Place luxury franchises, expected to add $1.7 billion in revenue and enhance its luxury store portfolio to 49%. Liquidity at quarter end stood at $747 million.
Asbury Automotive Group (NYSE: ABG) announced it will release its second quarter financial results before the market opens on July 28, 2020. The company will host a conference call on the same day at 10:00 a.m. Eastern Time to discuss the results. Investors can access the call via the company’s investor relations website or through a phone line. A replay of the call will be available for seven days afterward.