Asbury Automotive Sells Toyota Corona Dealership in Strategic California Exit

CORONA, Calif.--(BUSINESS WIRE)-- The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, advised Asbury Automotive Group (“Asbury”) (NYSE: ABG) on the sale of a Toyota dealership and related real estate and business operations located in Corona, Calif.

The transaction closed on June 9. Asbury had purchased the Toyota dealership as part of its acquisition of Larry H. Miller Dealerships in December 2021.

“The guidance from The Presidio Group afforded a smooth transaction,” said David Hult, Asbury president and CEO. “We appreciate their efforts bringing this deal to market in a way that helped maximize shareholder value and ensures the Larry H. Miller Toyota Corona team is in good hands.”

The dealership was sold to Mike Hong and Jerry Heuer, who will rename the store Toyota of Corona.

“Being able to grow with a tremendous brand like Toyota in Southern California is incredibly exciting,” Hong said. “We thank the team at Presidio for their professionalism and expertise in guiding this transaction to a successful close.”

Alex Watterson, managing director of The Presidio Group, said, "Working on this transaction has been a privilege for the Presidio team, and we thank Asbury once again for the opportunity to assist. Presidio has helped facilitate numerous transactions involving Asbury over the last several years, and the company’s continued use of our advisory services is extremely validating.”

With more deals in the industry now being finalized, Presidio’s experts are forecasting that dealership M&A activity will strengthen through the remainder of 2025.

“Presidio’s pipeline of deals continues to be robust, and we are getting steady interest from both dealers looking to sell and those interested in acquiring,” said George Karolis, president of The Presidio Group. “The industry is positioned for a strong second half of 2025, and we expect transaction pace to pick up significantly from what turned out to be a slower first quarter for deal count. I also want to express my gratitude to David Hult and his team for being a great partner to Presidio and entrusting this important transaction to our team to shepherd.”

Kevin H. Sutton, shareholder at Hill Ward Henderson, served as outside legal counsel to Asbury. Jill K. Bell and S. Katherine Frazier of Hill Ward Henderson provided legal counsel to Asbury as to real estate matters.

Brian D. Langa, partner at Demetriou, Del Guercio, Springer & Francis, LLP, provided legal counsel to Mr. Hong and Mr. Heuer.

The Presidio Group provided M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC.

About Asbury Automotive Group, Inc.

Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multiyear plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury’s constant North Star. As of March 31, 2025, Asbury operated 150 new-vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury is recognized as one of America’s Fastest Growing Companies 2024 by the Financial Times, and the company is listed in World’s Most Trustworthy Companies 2024 by Newsweek. For additional information, visit www.asburyauto.com.

About The Presidio Group LLC

The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed 290 transactions for over $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.