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Monday, 16 December 2019 19:17

Asbury Automotive Group Acquires Park Place Dealerships

Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., entered into a definitive agreement to acquire certain assets of Park Place Dealerships, based in Dallas, Texas, for $1 billion in an all-cash transaction, excluding vehicle inventory.

"Park Place is highly regarded as one of the best operators of luxury stores in the industry," said David Hult, Asbury's president and chief executive officer. "We are excited to grow our presence in Austin, Texas, with a Jaguar/Land Rover open point. This acquisition will transform our total portfolio to 50% luxury stores and add approximately $2 billion in expected annualized revenues."

 

The operating assets acquired include 17 new vehicle franchises, 15 of which are located in the Dallas/Fort Worth market. Included in the 17 franchises is a Jaguar/Land Rover open point in Austin, Texas, that is expected to open late in the first quarter of 2020.

 

Obtained via PR Newswire.

 

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