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Asbury buys Colo. seller group Stevinson

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Asbury Automotive Group Inc. has added eight dealerships within the Denver space and $715 million in annual income by closing on the acquisition of Stevinson Automotive.

The nation’s sixth-largest new-vehicle retailer stated it spent about $300 million for the dealership goodwill — or the blue sky or intangible worth of the shops, plus $77 million for actual property and leasehold pursuits, based on a regulatory submitting. The acquisition value excludes car stock, elements stock and stuck property.

The transaction closed on Monday and was paid for utilizing money readily available, Asbury stated.

“We’re thrilled so as to add to our rising footprint within the dynamic and rising Denver space, particularly by way of a well-respected and profitable dealership group like Stevinson,” Asbury CEO David Hult stated in a press release on Tuesday.

The Stevinson group, which dates to 1962, derives 48 p.c of its income from two Toyota dealerships, whereas two Lexus dealerships contribute one other 27 p.c. The rest of the income stems from single Porsche, Chevrolet, Hyundai and Jaguar places, Asbury stated. Stevinson additionally has a Land Rover open level, which was a part of the acquisition. The Colorado shops are all within the Denver suburbs.

Stevinson President Kent Stevinson will stay to assist Asbury with unspecified “actual property and development tasks in Colorado,” Hult stated.

“After assembly with David Hult and the Asbury workforce and attending to know them, I knew that their enterprise method, their philosophy towards staff and clients mirrored our personal right here at Stevinson,” Kent Stevinson stated in a press release.

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