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 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.
Asbury Automotive Group (NYSE: ABG), a major automotive retail and service company in the U.S., has announced it will release its fourth quarter 2024 financial results before market opening on Thursday, January 30, 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, where a replay will be available for 30 days. For audio access, participants can dial (877) 407-2988 (domestic) or +1 (201) 389-0923 (international) using passcode 13751028.
Tekion has filed a federal antitrust lawsuit against CDK Global for allegedly engaging in anticompetitive practices in the franchise dealer management system (DMS) market. The lawsuit accuses CDK of maintaining market dominance by restricting customers' access to their own data, preventing them from switching to competing platforms.
The lawsuit highlights several instances of CDK's alleged anticompetitive behavior, including a recent case where a Georgia court had to order CDK to release data for four Asbury Automotive Group dealerships, a $100 million settlement in August 2024 related to DMS price inflation, and CDK's unsuccessful attempt to block Arizona's DMS law requiring unrestricted data access.
Tekion seeks damages and an injunction requiring CDK to facilitate data transfer within 10 days of a dealership's request.
Park Place Dealerships, part of Asbury Automotive Group (NYSE: ABG), has acquired 15 acres of land in Dallas, Texas from Raytheon on December 4, 2024. The company plans to develop a state-of-the-art Porsche dealership and a Volvo service center on the newly purchased property.
Demolition is scheduled to begin in early 2025, with construction expected to complete in Q2 2027. The new facilities will be located near Love Field and existing dealerships, featuring cutting-edge technology and a seamless experience for clients. The Volvo service center will be built beside the current Park Place Volvo dealership at Lemmon Avenue and Inwood Road, offering a combined showroom and service experience.
Landcar Casualty Company, a subsidiary of Asbury Automotive Group (NYSE: ABG), received an upgraded Financial Strength Rating to A (Excellent) from A- (Excellent) by AM Best. The credit rating agency also changed Landcar's outlook from stable to positive, citing its very strong balance sheet strength and strongest risk-adjusted capitalization. AM Best highlighted Landcar's advantageous position as a writer of auto-related insurance products through Asbury's dealership network, noting that its expansion has diversified its geographic footprint and enhanced growth opportunities.