September 8, 2023 — Asbury Automotive is acquiring the Jim Koons automotive dealership group for $1.2 billion. The transaction is expected to close late this year or in early 2024. (Read TBR’s analysis of the deal and the pricing – written September 7th). The deal, which will be the third largest in history, includes $740… Continue Reading
September 7, 2023 — This week, the Asbury Automotive Group filed an 8-K with the SEC, alerting the market it is talking to the Jim Koons Automotive Companies about purchasing its 21 dealerships. (UPDATE: Asbury announced it is acquiring Koons — Read more Here.) The filing most likely was precipitated by the news leaking out… Continue Reading
July 10, 2023 — In June, 16 dealership buy-sell transactions involving 39 rooftops were announced. We’ll likely hear of more June deals in the coming weeks, as there often is a lag between a transaction’s completion and its announcement. July is off to a slow start with only two transactions being announced through the first… Continue Reading
June 27, 2023 — The Morgan Automotive Group finally announced its long-rumored acquisition of Al Hendrickson Toyota in Coconut Creek, FL, last week. The transaction is one of five dealership buy-sells involving eight rooftops announced in the U.S. the last few days. Founded in 1989 by Al Hendrickson Sr. and his son, Al Hendrickson Jr,… Continue Reading
Updated: 5-yr growth plan and new online brand unveiled. July 22, 2020 — Lithia Motors’ share price is at its all-time high trading above $195 in early trading this morning — which is up from $62.98 on March 18. The Oregon-based dealer group reported its highest ever second-quarter net income this morning generating $3.72 per… Continue Reading
July 9, 2020 — After a short COVID-19-induced respite in April and May, the dealership buy-sell market is back in business in a big way finishing the first half on par with 2019 activity. All signs are pointing to a sizzling third quarter continuing a pace set in June that saw 22 transactions involving 31…
April 14, 2020 — Online used-vehicle retailer Carvana share price jumped nearly 23% yesterday to $75.28 and is up nearly another $7 in early trading this morning. That’s a 228.6% increase from just over three weeks ago when its stock price hit its 52-week low of $22.91. Each of the eight public dealer group stocks…
March 9, 2020 — The number of franchise new-vehicle dealerships involved in buy-sell transactions declined 6.7% in 2019 from 2018. The number of transactions dropped 11.1% over the same period. Despite the decline, 2019 was the third most active year — in the number of rooftops and the number of transactions — over the last…
July 25, 2019 — Public dealer stocks have jumped an average of more than $5 over the last two days fueled by stronger-than-expected second-quarter earnings from AutoNation and Lithia Motors. The run began with AutoNation’s second-quarter earnings release on Tuesday in which it reported a record $1.12 earnings-per-share exceeding analysts expectations. The nation’s largest dealer…
July 23, 2019 — Late yesterday afternoon, AutoNation announced long-time CFO and vice president Cheryl Miller as its new CEO and president. She’s replacing Carl Liebert. On the surface, the change was a shock. Liebert had only assumed the top job at the nation’s top-selling dealer group in March after a months-long search that reportedly…