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Asbury Automotive Group, Inc. (NYSE: ABG), headquartered in Duluth, GA, stands as one of the largest automotive retailers in the U.S. Since its inception, Asbury has grown through a combination of organic expansion and strategic acquisitions, currently operating 157 new-vehicle stores and 37 collision centers throughout 15 states. The company's diverse portfolio includes 206 franchises representing 31 domestic and international automobile brands, with a significant portion of its revenue derived from luxury and import brands.
Asbury's business model encompasses a wide range of automotive services, including new and used vehicle sales, vehicle maintenance and repair, parts replacement, and financial and insurance products. The company's innovative Clicklane platform offers a seamless, digital car-buying experience, underscoring its commitment to customer-centric service.
Recent strategic moves include the acquisition of Jim Koons Automotive Companies, significantly expanding Asbury's footprint in the Washington-Baltimore market, one of the nation's most vibrant economic regions. In 2023, Asbury generated $14.8 billion in revenue, with ambitions to double this figure by 2030 through continued organic and acquisitive growth.
Financially robust, Asbury maintains a strong balance sheet and cash flow, allowing for ongoing stock repurchases and strategic investments. The company recently authorized a $250 million share repurchase program, reflecting its commitment to delivering long-term value to shareholders.
Asbury is not just a leader in the automotive retail industry but also a recognized employer, featuring in Newsweek's 'America's Greatest Workplaces 2023' and Forbes' 'America’s Best Mid-Sized Companies'. Its corporate values emphasize a culture of respect, integrity, and community involvement, ensuring sustainable growth and operational excellence. For more details, visit www.asburyauto.com.
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.
Asbury Automotive Group (NYSE: ABG) has been recognized in Newsweek's World's Most Trustworthy Companies 2024 list, ranking 27th in the Vehicles & Components Industry. The recognition comes from a comprehensive survey conducted by Newsweek and Statista, evaluating companies with revenue over $500 million USD across Investor Trust, Customer Trust, and Employee Trust metrics.
The survey involved more than 70,000 participants and focused on companies demonstrating the highest levels of global trust. David Hult, Asbury's President and CEO, emphasized the company's commitment to maintaining integrity in their practices and procedures, aligning with their core mission and values.
Asbury Automotive Group's Vice President and Chief DEI Officer, Wendy Reynolds-Dobbs, has been named a 2024 Automotive News Champion of Diversity. With 15 years of public company experience, Reynolds-Dobbs leads strategic initiatives in DEI, ESG, and organizational development at Asbury. She spearheads various programs including the HBCU Change initiative, DEI newsletter 'Mosaic,' and Asbury Center for Learning. The recognition comes as part of the fourth annual Champions of Diversity in Automotive program, which acknowledges individuals championing diversity, equity, and inclusion in the automotive industry.
Asbury Automotive Group (NYSE: ABG) reported Q3 2024 results with revenue of $4.2 billion, up 16% year-over-year. Net income was $126 million ($6.37 per diluted share), down 25% from $169 million in Q3 2023. Parts & Service showed strong performance with 16% gross profit growth. The company faced challenges from stop sale orders affecting nearly 1,200 new units and Hurricane Helene, impacting EPS by $0.39-$0.43. During Q3, Asbury repurchased approximately 394,000 shares for $89 million. The company maintained strong liquidity of $768 million and a transaction adjusted net leverage ratio of 2.9x.
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