Asbury Automotive Group announces a deal to purchase one of the nation’s largest private mega-dealer groups, Utah-based Larry H. Miller Dealerships, for approximately $ 3.1 billion, including a related company, F&I product provider Total Care Auto, accounting for a total of approximately $ 5.7 billion in annualized sales.
In the proposed deal, Asbury gets 54 new car dealers, seven used car dealers and 11 collision centers. Annual vehicle unit sales are about 115,000 new and used vehicles combined, says Asbury. Total Care Auto offers extended service contracts and other F&I protection type products.
In addition to the Larry H. Miller dealership acquisition, which Asbury expects to complete in the fourth quarter, Asbury bought most of Dallas’ Park Place dealers for $ 735 million last year. This represents 12 new vehicle franchises and approximately $ 1.7 billion in annualized revenue.
Asbury, based in Duluth, Ga., Said on a conference call that with the addition of Larry H. Miller dealers and other contract acquisitions accounting for $ 900 million in revenue, annualized revenue Asbury’s would increase to almost double what it was after the Park Place acquisition. , to $ 15.5 billion.
The Larry H. Miller acquisition also adds six western states – Arizona, Utah, New Mexico, Idaho, California and Washington – and a greater share of national brands to Asbury’s portfolio.
Sandy, Utah-based dealer group Larry H. Miller is # 8 in the 2021 WardsAuto MegaDealer 100 2021, based on total 2020 revenue of $ 5.3 billion. .