Public dealership group Asbury Automotive Group Inc. on Wednesday rolled out a new digital retailing platform called Clicklane that it says will help it more than double its revenue to $20 billion in 2025.
Asbury, the seventh-largest new-vehicle retailer as ranked by Automotive News, announced the growth goals Wednesday. It says it plans to expand from an estimated $8 billion in revenue in 2020 by adding $5 billion in incremental business through Clicklane over the next five years, plus another $5 billion through acquisitions and $2 billion in same-store revenue growth. Asbury posted revenue of $7.21 billion in 2019.
Clicklane replaces Asbury's previous digital retailing tool called Push Start. The change is the latest step in the dealership group's 4-year-old-plus omnichannel strategy, Asbury CEO David Hult said in a statement. Omnichannel retailing refers to offering a seamless buying experience to consumers whether they shop online, in-store or both.
Asbury shares gained 4.3 percent to close at $122.82 on Wednesday.
"With Clicklane, we have created one platform for the entire life cycle of vehicle ownership and found the solution to what has been a fragmented process," Hult said. "Others may have pioneered the online car-buying experience, but we believe that we have perfected it."