Asbury Automotive Group has completed the sale of its Larry H. Miller Ford, Chevrolet and CDJR dealerships in Provo, UT, to Salt Lake Valley Auto Group, according to Kerrigan Advisors, which facilitated the sale.
The Provo dealerships were part of Asbury’s landmark 2021 acquisition of the Larry H. Miller group. The sale is part of the company’s effort to rebalance its portfolio toward long-term growth.
Salt Lake Valley Auto Group, founded in 1983 and owned by the Keyvani family, adds these three stores to its existing four-store operation in Utah. The transaction reflects broader trends in the buy/sell market, especially in high-growth areas like Utah.
Utah has emerged as a particularly lucrative region for auto retail, with vehicle sales up 29% since 2020 and average dealership revenue exceeding the NADA national average by 17%. Provo, where the dealerships are located, is the state’s fastest-growing market, boasting strong household vehicle ownership, high median incomes, and a 70%+ GDP increase since 2017.
“Buyers are increasingly focused on high-growth markets, and Utah stands out as one of the most attractive states for automotive retail investment,” said Ryan Kerrigan, managing director of Kerrigan Advisors. “With strong population growth, a resilient economy and rising vehicle demand, it is no surprise that opportunities like this are in high demand.”
The sale marked Kerrigan Advisors’ 294th completed dealership transaction since 2014, solidifying its position as the leading sell-side advisor for auto dealers in the U.S. and Western Region.
“It was great to work with Kerrigan Advisors again on another successful transaction,” said David Hult, president and CEO of Asbury Automotive Group. “Erin Kerrigan and her team ensured we found the right buyer for this divestiture, and we appreciated their professional management of the sale process from beginning to end.”
“Asbury’s approach to portfolio management is a great example of how the buy/sell market continues to evolve,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “We’re proud to support our clients in executing transactions that advance both their financial and operational objectives.”
Legal counsel for Asbury was provided by Hill Ward Henderson and Holland & Knight LLP represented the Keyvani family.
