Asbury Automotive Group, Inc. - ABG STOCK NEWS

Asbury Automotive Group (NYSE: ABG) reported a remarkable fourth quarter for 2020, achieving a net income of $89.1 million ($4.59 per diluted share), marking a 104% increase from the previous year. Total revenue reached $2.2 billion, up 18%, despite a 1% decline in same-store revenue. The company launched its online car buying platform, Clicklane, and unveiled a five-year strategic plan targeting $20 billion in revenue by 2025. For the full year, net income was $254.4 million, a 36% increase in adjusted EPS.

Asbury Automotive Group (NYSE: ABG) announced the appointment of William D. Fay to its Board of Directors effective January 28, 2021. Fay, with over 38 years of experience at Toyota Motor North America, will also serve on the Audit and Capital Allocation & Risk Management Committees. His extensive background in sales, marketing, and operations is expected to strengthen Asbury’s strategic initiatives. Board Chairman Tom Reddin and CEO David Hult expressed confidence in Fay’s ability to enhance customer experience and support aggressive growth targets outlined in the company's five-year plan.

Asbury Automotive Group (NYSE: ABG) will announce its fourth quarter and full year financial results before the market opens on February 2, 2021. A conference call is scheduled for 10:00 a.m. Eastern Time the same day, which will be simulcast live on its investor relations website. Asbury is a major automotive retailer operating 91 dealerships with 112 franchises, offering various automotive products and services.

On January 7, 2021, CarOffer launched its Group Trade platform, enhancing vehicle sourcing for dealer groups. This tool allows dealers to trade among themselves with real-time inventory appraisals, optimizing profitability and efficiency. Asbury Automotive Group is among the first to enroll, collaborating with CarOffer for seven months to develop this innovative solution. The platform centralizes control of trade offers and logistics, streamlining operations across multiple stores. CarOffer serves over 2,000 dealerships, and recently, CarGurus announced plans to acquire a 51% stake in CarOffer at a $275M valuation.

Asbury Automotive Group (NYSE: ABG) has launched Clicklane, a new online platform enhancing the car-buying experience. Developed in partnership with Gubagoo, Clicklane offers features including real-time trade-in values, a loan marketplace with over 30 lenders, and the ability to sign documents online. The platform will be rolled out to all Asbury stores by Q1 2021. Additionally, Asbury unveiled a strategic plan aiming for $20 billion in revenue by 2025, which includes $5 billion from Clicklane and significant same-store growth.

Asbury Automotive Group (NYSE: ABG) announced the launch of Clicklane, a new end-to-end online car-buying and selling platform, previously named Glovebox. Scheduled for unveiling on December 2, 2020, Clicklane offers features such as real-time trade-in values and a marketplace of over 30 lenders for financing options, aiming for a seamless digital experience in automotive retail. This development addresses industry challenges in providing a complete online vehicle transaction system, enhancing convenience and transparency for consumers.

Asbury Automotive Group (NYSE:ABG) has successfully sold Nalley Ford Sandy Springs to Jim Ellis Automotive Group, represented by The Presidio Group. David Hult, President and CEO of Asbury, praised Presidio's expertise in facilitating a seamless transaction. Jim Ellis Automotive Group welcomes the Ford dealership, expanding its offerings, especially with new products like the Bronco. This sale marks the 37th dealership transaction handled by Presidio this year, highlighting a robust M&A market in the retail automotive sector.

Asbury Automotive Group (NYSE: ABG), a major U.S. automotive retailer, announced a rescheduling of its call to unveil an innovative end-to-end car buying solution. CEO David Hult expressed enthusiasm but noted the need to address certain intellectual property concerns. The new date for the announcement will be provided within two weeks. Asbury operates 90 dealerships and offers a variety of automotive products and services, including sales, financing, and repair services.

Asbury Automotive Group (NYSE: ABG) reported a strong third quarter in 2020, with net income rising to $96.2 million or $4.96 per diluted share, compared to $45.0 million or $2.33 per diluted share last year. Total revenue remained at $1.8 billion, although same-store revenue decreased by 5%. Notably, adjusted earnings per share surged by 75% to $4.08. The company completed its largest acquisition, increasing its annual revenue stream by $1.7 billion. Liquidity stood at $385 million, reflecting strong financial positioning.