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Asbury wraps up $3.2B deal for Larry H. Miller Dealerships

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Asbury Automotive Group Inc. formally expanded into a number of new western states and picked up an estimated $5.7 billion in annualized income after closing Friday on the acquisition of Larry H. Miller Dealerships, a deal introduced in late September.

The $3.2 billion acquisition of Larry H. Miller’s 61 new- and used-vehicle shops additionally provides Asbury a finance-and-insurance merchandise supplier, Complete Care Auto, and may shield the dealership group from a takeover by one other publicly traded rival.

“We’re excited to finish the transformative acquisition of Larry H. Miller Dealerships,” Asbury President and CEO David Hult stated in an announcement Friday. “With its robust tradition and stewardship mentality, coupled with the power to quickly develop Asbury’s presence into these fascinating, high-growth Western markets, it’s a uncommon alternative.”

Asbury, of Duluth, Ga., ranks No. 6 on Automotive Information‘ listing of the highest 150 dealership teams primarily based within the U.S., with retail gross sales of 95,165 new autos in 2020. Larry H. Miller, of Sandy, Utah, was eighth on the listing, with 61,097 new-vehicle gross sales final 12 months.

Asbury says it now has 155 dealerships spanning 205 franchises.

The corporate estimated it has added $6.6 billion in annualized income via acquisitions this 12 months, beating its five-year goal of $5 billion in a 12 months.

The Larry H. Miller transaction contains 54 new-vehicle dealerships, seven used-vehicle dealerships, a used wholesale enterprise and 11 collision facilities throughout Arizona, California, Colorado, Idaho, New Mexico, Utah and Washington.

Asbury has stated it’ll preserve the Larry H. Miller identify on the dealerships.

The acquisition will increase Asbury’s presence in Colorado and returns the corporate to California, after promoting what had been its last dealership there in Could 2011, Asbury stated. The opposite states are new for the group.

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