After delaying the deal earlier this year, Asbury Automotive Group has completed its acquisition of Park Place Dealerships.
The auto retailer announced the move adds approximately $1.7 billion in annual revenue. The company announced the completion of the deal in a press release Aug. 24.
“Park Place remains one of the best operators of luxury stores in the industry. Their portfolio of stores comes with a strong base of loyal clients and long-term team members throughout the high growth Dallas/Fort Worth market,” said David Hult, Asbury’s president and CEO. “We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction. The talent in both organizations and the resilience of the dealer model have put us in a position to become a stronger and more diversified company. I am pleased to welcome all our new teammates at Park Place.”
Park Place brings several award-winning luxury dealerships to Asbury in highly coveted locations. The Mercedes-Benz, Lexus, Porsche and Jaguar/Land Rover stores rank among the top 10 stores in the country amongst their franchises.
The move expands the footprint of the Duluth, GA-based retailer with 28% of revenue now coming from the Texas market. It also gives Asbury a higher presence in luxury brands from 36% to around 49% of revenue derived from luxury vehicles.
In the acquisition, Asbury will obtain operating assets which include 12 new vehicle franchises. All franchises reside within the Dallas/Fort Worth market with three Mercedes-Benz, three Sprinter, two Lexus, one Jaguar, one Land Rover, one Porsche and one Volvo. The retailer also acquired the Park Place auction and two collision centers.
August 28, 2020 at 05:33AM
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Done Deal: Asbury Automotive Acquires Park Place Dealerships - Autobody News
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