After the historic sale of most of its stores and brand name to Asbury Automotive Group, Texas retailer Park Place Dealerships is now Avondale Group. Asbury finalized the purchase of Park Place on Monday, which will add an expected $1.7 billion in annual revenue for the public group.
Avondale is comprised of the remaining dealerships that Park Place founder Ken Schnitzer kept in the deal with Asbury, executives said Monday, as well as one store, Aston Martin Dallas, that was acquired before finalizing the new deal.
"We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction," Asbury CEO David Hult said in a statement. "The talent in both organizations and the resilience of the dealer model have put us in a position to become a stronger and more diversified company."
Pandemic conditions and issues with the public group's financing arrangements led Asbury to terminate in March a $1 billion deal to acquire most of the Park Place dealerships. Under a revised deal inked in July, the nation's seventh-largest new-vehicle retailer agreed to acquire eight Park Place dealerships that excluded real estate agreements along with several brands now part of the Avondale Group.
The deal with Asbury, now worth $735 million, closed with three Mercedes-Benz franchises, three Sprinter franchises and one Jaguar-Land Rover, one Porsche and one Volvo franchise. The sale also included an auction site and two collision centers. The acquisition remains the largest in Asbury's history and is one of the most expensive in the industry in a decade.