According to data compiled by The Banks Report, the Asbury Automotive Group’s acquisition of Sandy Springs Ford this week puts the industry at 300 dealership buy-sells for the year.
As we reported in our November Dealership Buy-Sell Update, the industry finished November with 295 acquisitions, compared with 202 total deals for all of 2013. Since December 1, Group 1 has acquired three BMW/MINI stores in the U.K.; Bill Parks sold his Chevrolet Buick GMC dealership to Joe Marshall in Tupelo, MS; and the Asbury/Sandy Springs purchase today.
Our November update along with a list of all this year’s acquisitions is available to TBR subscribers: Click Here.
Meanwhile, the Carlock Group is scheduled to close on Hoyt Sheffield’s Chrysler Dodge Jeep Ram store this month — also in Tupelo. Dean Elmer’s Priority Automotive Group in Virginia will close on three purchases this month and the Sonic Automotive Group is expected to announce at least two acquisitions and one sale this month — all in the Colorado area.
The Sandy Springs Ford dealership, located in Roswell, GA, generated $110 million in revenue in 2013. There is no word yet regarding what Asbury paid for the store. What we do know, is that earlier this year, David Wilson paid $75 million for Fletcher Jones’ Las Vegas Toyota store that generated $125 million last year. He also paid $30 million for Villa Ford in Southern California — a dealership that generated $100 million in 2013.
Frank Jackson was the owner — he sold his Sandy Springs Toyota Scion store to the Rick Hendrick Automotive Group in early October. The Ford dealership has been renamed Nalley Ford Sandy Springs. It’s Asbury’s third deal this year, but should this acquisition likely will be the first of several over the course of next year.
Asbury now has 82 dealerships and generated $5.3 billion in revenue in 2013. Its stock price closed today at $76.23 — just under its 52-week high of $77.80 and above its 52-week low of $45.31.