Asbury Automotive Group Inc Stock Price, News & Analysis

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.

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.