Asbury Automotive Group Inc. — which exceeded automaker-set limits on the number of Lexus and Toyota dealerships it could operate after two large December acquisitions — has completed the sale of dealerships it needed to jettison to comply with both brands' policies.
Asbury, which in December bought Larry H. Miller Dealerships and Stevinson Automotive, sold two Lexus dealerships and five Toyota stores across four states over the course of six weeks.
"This was brutal because obviously you don't want to sell any of these stores," Asbury CEO David Hult told Automotive News.