Asbury Automotive Group Inc., once the smallest and perhaps quietest of the U.S. public dealership groups, is now a bona fide giant after a stunning 20 months of deal-making. And even as it digests big acquisitions like Larry H. Miller Dealerships, Asbury is still gunning for the kind of growth that could vault it past rivals and make it one of the two biggest new-vehicle retailers in the country.
Asbury last week raised its 2025 revenue goal by 60 percent to $32 billion, a number more than three times Asbury's 2021 revenue of $9.84 billion. CEO David Hult said $6.2 billion of the additional revenue would come from buying more dealerships.
And buying dealerships is something Hult has gotten a lot of experience with since closing on the purchase of prized Texas group Park Place Dealerships in August 2020. Acquisitions made in 2021, led by the whopping Larry H. Miller deal, almost doubled Asbury's pro forma annual revenue, which now stands at $15 billion, Hult said last week.