Print this page

Asbury Completes Acquisition

By Staff Writer August 28, 2020

Asbury Automotive Group, Inc. has completed the acquisition of Park Place Dealerships adding approximately $1.7 billion in annual revenues.

“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 Chief Executive Officer. “We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction.”

Park Place owns and operates a portfolio of high volume, award winning luxury dealerships with premier real estate. Four stores are ranked among the top 10 stores in volume in the country amongst their franchise: Mercedes-Benz, Lexus, Porsche, and the Jaguar/Land Rover store. In addition, the other Lexus store and the Volvo store are ranked in the top 20 stores in volume nationally. The transaction will increase Asbury’s geographic mix to 28 percent of revenue derived from the Texas market, and will further diversify the Company’s overall portfolio from 36 percent to approximately 49 percent of revenue derived from luxury brands.

Rate this item
(0 votes)
Last modified on Friday, 28 August 2020 14:16

Related items