Cliff Banks - The Banks Report

Asbury Sells BMW Store to Holman

July 13, 2015 — The Holman Automotive Group acquired Princeton BMW MINI in New Jersey today from the Asbury Automotive Group. 

It is Holman’s second acquisition in the last several weeks as it acquired Audi of Willow Grove outside of Philadelphia in June. Holman operates approximately 22 franchises located in Pennsylvania, New Jersey and Florida.

The sale moves Asbury completely out of the Northeast area of the country and reduces the number of BMW stores it owns to seven.  It will be interesting to see if the sale is a pre-cursor to another Asbury move.

Following a sizzling pace in May and June (see TBR’s 2015 Mid-Year Dealership Buy-Sell Report) dealership buy-sells the first half of July have slowed with fewer than 10 acquisitions. But the second half of the month has the potential to be hot as there are several deals nearing the finish line — some of which could include nine or more stores based on the deals we’re tracking.

 

 

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