Asbury Automotive Group Inc., in its largest acquisition ever and one of the largest in the industry in at least a decade, plans to buy 10 luxury dealerships in Texas in a $1 billion all-cash deal as it grows its luxury portfolio and presence in the state.
The nation's seventh-largest new-vehicle retailer said last week that it had signed asset purchase agreements to buy 10 dealerships with 17 new-vehicle franchises — including many top national performers in the Dallas and Fort Worth markets — from Park Place Dealerships.
The acquisition of most of the Park Place business will grow Asbury's luxury revenue mix to about 50 percent from 33 percent and boost the share of revenue coming from Texas to 36 percent. Asbury said the Dallas market has a 30 percent higher penetration of luxury new-vehicle sales than the national average.