Timing and a good offer were the catalysts behind a fourth-quarter deal in which megaretailer Asbury Automotive Group Inc. divested nine dealerships in North Carolina to Hudson Automotive Group of Charleston, S.C., according to Asbury CEO David Hult.
Hult told Automotive News that the company has always been focused on portfolio management and making sure they use capital for the strongest shareholder return. He said Hudson Automotive approached Asbury with the offer.
"We thought that transaction made sense for us and it made sense for the company's shareholders and everybody," Hult said. "So, we chose to sell the stores that we had in North Carolina. There wasn't any OEM requirements; none of that stuff. It was just simply an opportunity for us. We thought it was a fair price."