Asbury Automotive Group Inc. formally expanded into many new western states and picked up an approximated $5.7 billion in annualized earnings just after closing Friday on the purchase of Larry H. Miller Dealerships, a offer declared in late September.
The $three.two billion acquisition of Larry H. Miller’s sixty one new- and used-automobile stores also provides Asbury a finance-and-insurance goods supplier, Overall Treatment Auto, and could guard the dealership group from a takeover by yet another publicly traded rival.
“We are enthusiastic to finish the transformative acquisition of Larry H. Miller Dealerships,” Asbury President and CEO David Hult claimed in a assertion Friday. “With its powerful culture and stewardship mentality, coupled with the ability to fast grow Asbury’s presence into these attractive, substantial-growth Western markets, it is a scarce chance.”
Asbury, of Duluth, Ga., ranks No. six on Automotive News‘ record of the top a hundred and fifty dealership groups primarily based in the U.S., with retail profits of 95,165 new automobiles in 2020. Larry H. Miller, of Sandy, Utah, was eighth on the record, with sixty one,097 new-automobile profits final calendar year.
Asbury states it now has 155 dealerships spanning 205 franchises.
The organization approximated it has extra $six.six billion in annualized earnings through acquisitions this calendar year, beating its five-calendar year goal of $5 billion in a calendar year.
The Larry H. Miller transaction involves 54 new-automobile dealerships, 7 used-automobile dealerships, a used wholesale business and eleven collision facilities throughout Arizona, California, Colorado, Idaho, New Mexico, Utah and Washington.
Asbury has claimed it will hold the Larry H. Miller identify on the dealerships.
The acquisition increases Asbury’s presence in Colorado and returns the organization to California, just after providing what experienced been its remaining dealership there in Could 2011, Asbury claimed. The other states are new for the group.