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Asbury Automotive realigns capital with 10-dealership sale

Total capital availability up to $500M as dealer targets 3x leverage ratio

Johnnie Martinez II

Asbury Automotive has completed the sale of 10 dealerships in Indiana, Missouri and South Carolina as part of its portfolio optimization strategy.  The move generated about $210 million for the Atlanta-based company after mortgage payoffs and estimated taxes, according to a Feb. 25 company release. The stores produced approximately $610 million in annualized revenue, the release stated.  Asbury sold:  Six St. Louis-area dealerships and a collision center to MileOne Autogroup;  […]

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