Asbury Automotive Group Inc. formally expanded into several new western states and picked up an estimated $5.7 billion in annualized revenue after closing Friday on the purchase of Larry H. Miller Dealerships, a deal announced in late September.
The $3.2 billion acquisition of Larry H. Miller's 61 new- and used-vehicle stores also gives Asbury a finance-and-insurance products provider, Total Care Auto, and might protect the dealership group from a takeover by another publicly traded rival.
"We are excited to complete the transformative acquisition of Larry H. Miller Dealerships," Asbury President and CEO David Hult said in a statement Friday. "With its strong culture and stewardship mentality, coupled with the ability to rapidly expand Asbury's presence into these desirable, high-growth Western markets, it is a rare opportunity."
Asbury, of Duluth, Ga., ranks No. 6 on Automotive News' list of the top 150 dealership groups based in the U.S., with retail sales of 95,165 new vehicles in 2020. Larry H. Miller, of Sandy, Utah, was eighth on the list, with 61,097 new-vehicle sales last year.
Asbury says it now has 155 dealerships spanning 205 franchises.
The company estimated it has added $6.6 billion in annualized revenue through acquisitions this year, beating its five-year target of $5 billion in a year.
The Larry H. Miller transaction includes 54 new-vehicle dealerships, seven used-vehicle dealerships, a used wholesale business and 11 collision centers across Arizona, California, Colorado, Idaho, New Mexico, Utah and Washington.
Asbury has said it will keep the Larry H. Miller name on the dealerships.
The acquisition increases Asbury's presence in Colorado and returns the company to California, after selling what had been its final dealership there in May 2011, Asbury said. The other states are new for the group.