Asbury Automotive

Public retail groups: 'We're fighting tooth and nail' for margins

12:01 am U.S. ET | May 6, 2013
Profit margins on new vehicles are slipping for the nation's largest dealership groups as manufacturers and retailers slug it out for market share. New-car margins dropped for all the public dealership groups during the first quarter of 2013.... Read More »

 

Dealership groups expected to post first-quarter gains

4:29 pm U.S. ET | April 22, 2013
Dealership groups that announce their first-quarter earnings over the next two weeks should see continued growth as new- and used-car sales outperform 2012 levels, analysts say. Asbury Automotive Group, Sonic Automotive and Lithia Motors release their quarterly reports this week. Penske Automotive Group and Group 1 Automotive report next week.... Read More »

 

Public groups plan U.S. acquisition blitz

12:01 am U.S. ET | Feb. 25, 2013
Despite forays into overseas markets by Group 1 Automotive Inc. and Penske Automotive Group, public retailers intend to roll full speed ahead on U.S. acquisitions this year.... Read More »

 

Asbury says Q4 net income rises 6% to $22.8 million

1:50 pm U.S. ET | Feb. 19, 2013
Asbury Automotive Group reported a 6 percent gain in net income for the fourth quarter of 2012 as gross profits rose in all areas of the dealership group’s business. Asbury’s net income in the fourth quarter was $22.8 million, up from $21.5 million in the year-earlier period.... Read More »

 

No-dicker stickers win backers in Internet era

12:01 am U.S. ET | Dec. 17, 2012
Consumers now have unprecedented Internet access to vehicle prices, so some dealers are turning to an old retail concept: no-dicker selling. "Your customers already really know about the car's price," says Alison Spitzer, the 32-year-old vice president of operations for her family's 108-year-old Cleveland auto retail group, Spitzer Management. "Why put a price on the Web that you're just going to have to spend an hour and a half negotiating down from?"... Read More »

 

Public dealership groups expand their brands

12:01 am U.S. ET | Dec. 10, 2012
When AutoNation announced last week that it would purchase three Volkswagen stores and a Chrysler dealership, it proved the company's interest in diversifying its brand base.... Read More »

 

Asbury buys Atlanta-area VW, Bentley dealerships

4:14 pm U.S. ET | Dec. 5, 2012
Asbury Automotive Group, the nation's seventh-largest auto retailer, is buying two Atlanta-area dealerships with annual revenue of $60 million for an undisclosed amount. The acquisitions of Gossett Volkswagen and Bentley Atlanta will give Asbury, of nearby Duluth, Ga., 12 stores in the Atlanta area.... Read More »

 

Asbury considers expanding vehicle-pricing plan

12:01 am U.S. ET | Nov. 5, 2012
Asbury Automotive Group is evaluating whether to expand a no-dicker sales model to more markets and brands.... Read More »

 

FIXED OPERATIONS

Sales tactics migrate to service bay

12:01 am U.S. ET | Nov. 5, 2012
A growing number of dealership managers are borrowing tactics more commonly used on the auto sales side to pump up their parts and service results. The transformation is occurring as dealers look for ways to replace declining warranty work and maximize revenues in the most profitable department in their stores.... Read More »

 

Asbury plans to add stores over 3 years

12:01 am U.S. ET | Oct. 29, 2012
Asbury Automotive Group Inc. is ready to go on a store-buying spree, predicated on its forecast that annual U.S. auto sales will recover to 16 million vehicles in 2015.... Read More »

 

Asbury: Ready for acquisition blitz

4:27 pm U.S. ET | Oct. 23, 2012
Asbury Automotive Group is ready to pursue major store acquisitions with the expectation annual U.S. auto sales will recover to 16 million vehicles in 2015. Asbury expects to add stores that represent $400 million to $600 million in additional annual revenue during the next three years, company CEO Craig Monaghan said today.... Read More »

 

Sonic reports higher Q3 adjusted profits; Asbury posts all-time record

10:02 am U.S. ET | Oct. 23, 2012
Sonic Automotive today reported a higher adjusted profit for the third quarter, helped by higher vehicle sales as well as lower costs while Asbury Automotive said it posted an all-time company record for quarterly profits from continuing operations.... Read More »

 

Asbury's Jeffrey Wooley dies at 67

2:40 pm U.S. ET | Sept. 20, 2012
Jeffrey Wooley, a director of Asbury Automotive Group, died last week. He was 67.... Read More »

 

FINANCE & INSURANCE

Publics' F&I push could put pressure on lagging stores

12:01 am U.S. ET | Aug. 13, 2012
Public retailers want more F&I revenue per vehicle, and F&I product sales, they agree, are where they expect to get it. That could mean added scrutiny for group dealerships with lagging aftermarket sales.... Read More »

 

Political ads push dealerships out of TV, radio

12:01 am U.S. ET | Aug. 6, 2012
The presidential election will push many dealerships off the airwaves this fall. With political campaigns snapping up prime TV and radio air time early -- and driving up prices for those spots -- auto retailers such as Asbury Automotive Group are shifting advertising spending to other media.... Read More »

 

Strong F&I profits buoy 2nd-qtr. earnings for public retailers

12:01 am U.S. ET | July 30, 2012
Cheap and easily available credit, more subprime business, higher sales and additional training drove finance-and-insurance profits higher for the five public dealership groups that have released second-quarter earnings.... Read More »

 

Tech investments paying off for Asbury as Q2 profit climbs 49%

10:55 am U.S. ET | July 24, 2012
The efficiencies of a common dealership management system are starting to roll through to the bottom line for Asbury Automotive Group. Expense reduction, in large part connected to Asbury's investment in a common DMS and related technology, contributed to a 49-percent spike in the retailer's second-quarter net income.... Read More »

 

Chrysler Financial veteran Gilman retires as chief of TD Auto Finance

6:35 pm U.S. ET | June 7, 2012
Tom Gilman, who steered Chrysler Financial through some tumultuous years before it was bought by TD Auto Finance, will retire as the lender's CEO next month.... Read More »

 

U.S. dealership count: Going up

12:01 am U.S. ET | June 4, 2012
In a surprising swing after the severe cutback in U.S. dealerships during the recession, some automakers are again adding stores. This year is shaping up to be the second in a row with an increase in the dealership count. But the expansion isn't likely to last.... Read More »