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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), a leading U.S. automotive retail and service company, has announced the release date for its second quarter 2024 financial results. The results will be unveiled before the market opens on Friday, August 2, 2024. Following the release, Asbury will host a conference call at 10:00 a.m. Eastern Time on the same day.
Investors and interested parties can access the live simulcast of the conference call via Asbury's investor relations website. A replay will be available for 30 days. For those preferring audio access, dial-in details have been provided for both domestic and international participants.
Asbury Automotive Group has announced the appointment of Dean A. Calloway as Senior Vice President, General Counsel, and Secretary, effective July 1, 2024. Calloway has been with Asbury since 2013, occupying various legal roles and demonstrating expertise in commercial litigation, cybersecurity, corporate governance, and more. He succeeds George A. Villasana, the retiring SVP and Chief Legal Officer, who will stay on as a Special Advisor until March 2025. Asbury, a Fortune 500 company, is a large automotive retail and service company in the U.S., with 157 dealerships and a diverse range of automotive products and services.
Asbury Automotive Group (NYSE: ABG) reported a cyber incident affecting services provided by CDK Global, a vendor for many automotive retailers. The attack, identified on June 19, 2024, impacted Asbury's sales, service, inventory, CRM, and accounting functions. Immediate actions were taken to protect systems, and contingency plans are in place to mitigate operational disruptions. However, operations may be slower than usual. Koons Automotive locations and the Clicklane platform remain largely unaffected. The full scope and potential financial impact of the incident are currently unknown, and ongoing assessments are being conducted with CDK Global.
Asbury Automotive Group announced an increase in its share repurchase authorization to $400 million. This expansion reflects Asbury's commitment to a disciplined capital allocation approach. Year-to-date 2024, the company has repurchased about 281,000 shares for $59 million. The expanded program allows Asbury to repurchase shares in various manners, including open market and privately negotiated transactions. Factors influencing repurchase decisions include stock price, economic conditions, and strategic capital uses. Asbury operates 157 new vehicle dealerships, 37 collision repair centers, and offers a range of automotive products and services. The company is recognized on Forbes’ list of America's Best Mid-Sized Companies and by Newsweek and U.S. News & World Report as one of the best workplaces in the retail industry.
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