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) has appointed Hilliard C. Terry, III to its Board of Directors, effective February 22, 2022. Mr. Terry brings extensive experience in finance and corporate development, having previously served as CFO of Textainer Group Holdings and treasurer at Agilent Technologies. His appointment strengthens the Company’s leadership, with his insights expected to enhance Asbury’s strategic growth initiatives and digital transformations. The Board now comprises ten members, nine of whom are independent.
Asbury Automotive Group (NYSE: ABG) reported a strong fourth quarter with net income of $141 million ($6.44 per diluted share), a 40% increase year-over-year. Adjusted EPS rose 68% to $7.46. Revenue grew 19% to $2.7 billion, while gross profit surged 46%. The company successfully integrated several acquisitions, contributing to a robust operating margin of 8.9%. Full-year results showed a 38% rise in revenue and 55% growth in gross profit. Additionally, the share repurchase authorization was increased by $100 million, totaling $200 million.
Park Place Dealerships celebrates 35 years in the automotive industry, evolving from its first store in 1987 to a tech-savvy leader today. With plans for a brand refresh, the company aims to enhance its culture and adapt to the increasing demand for electric vehicles. Over the next five years, they will recruit and train technicians and staff to support this transition, ensuring a high level of client service. The company remains committed to excellence, as emphasized by their new campaign 'X is for Excellence' to resonate with clients and the community.
Asbury Automotive Group, Inc. (NYSE: ABG) announced it will release its fourth quarter and full year financial results on February 15, 2022, before market opens. A conference call will follow at 10:00 a.m. ET, accessible online and via phone. This call will provide insights into Asbury's performance, part of its five-year growth strategy initiated in late 2020. The company operates 155 dealerships across the U.S., with a focus on enhancing revenue and profitability through organic growth and the innovative Clicklane platform.
Asbury Automotive Group (NYSE: ABG) has successfully completed the acquisition of Larry H. Miller Dealerships and Total Care Auto, enhancing its position as the eighth largest franchised dealership group in the U.S. This acquisition includes 54 new vehicle dealerships, seven used vehicle dealerships, and additional business operations, contributing approximately $5.7 billion in annual revenue. The deal aims to expand Asbury’s geographic footprint and enhance its Clicklane platform, providing significant value for shareholders with expected LTM Adjusted EBITDA of $473 million.
Asbury Automotive Group (NYSE: ABG) has acquired Stevinson Automotive, enhancing its presence in the Denver market with eight dealerships across six franchise brands, contributing approximately $715 million in annual revenue. This strategic acquisition aligns with Asbury's growth plan to expand its market footprint and improve profitability through both organic and acquisitions. Stevinson's award-winning dealerships are known for their strong customer focus and established culture, making them a valuable addition to Asbury's operations.
Asbury Automotive Group, Inc. (NYSE: ABG) announced the pricing of its private placement of senior notes totaling $1.4 billion, consisting of $800 million in 4.625% Senior Notes due 2029 and $600 million in 5.000% Senior Notes due 2032. The notes were priced at par and are expected to close on November 19, 2021. Proceeds will be utilized to fund the acquisition of the Larry H. Miller Dealerships and related expenses, along with general corporate purposes. This offering reduces the $2.35 billion bridge commitments associated with the acquisition.
Asbury Automotive Group (NYSE: ABG) announced pricing for its public offering of 3,300,000 shares at $182.00 per share, expected to close on November 5, 2021. An option for underwriters to purchase an additional 495,000 shares is available. Proceeds will be utilized for acquiring the LHM Business, covering related fees, and general corporate purposes. This follows a concurrent offering of Senior Notes due 2029 and 2032. Asbury aims to enhance its dealership portfolio through this strategic move.
Asbury Automotive Group (NYSE: ABG) has initiated an underwritten public offering of 3.3 million shares of its common stock under an automatic shelf registration effective November 1, 2021. An additional 495,000 shares may be purchased by underwriters within 30 days. The offering proceeds will primarily fund the acquisition of the Larry H. Miller dealerships and Total Care Auto, alongside covering associated fees and general corporate expenses. The offering is subject to market conditions and will be facilitated by J.P. Morgan Securities, BofA Securities, and Wells Fargo Securities.
Asbury Automotive Group (NYSE: ABG) plans to offer up to $1.5 billion in Senior Notes, including 2029 and 2032 Notes. The offering's proceeds will primarily fund the acquisition of Larry H. Miller Dealerships and Total Care Auto, aimed at enhancing Asbury's business capabilities. Additionally, this will reduce their bridge commitments of $2.35 billion. The Notes will be offered to qualified institutional buyers and non-U.S. persons under specific regulations, exempt from the Securities Act requirements.