Deal Or No Deal? Asbury Automotive Acquires Ninth Largest Privately-Owned US Dealership, Jim Koons
Portfolio Pulse from Lekha Gupta
Asbury Automotive Group Inc (NYSE:ABG) has agreed to acquire Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S. The deal includes 29 franchises, six collision centers, and 20 dealerships in Virginia, Maryland, and Delaware. The transaction is expected to close in Q4 FY23 or early Q1 FY24. Asbury's President and CEO, David Hult, expects the Koons dealerships' profitability to be in line with Asbury's dealerships.
September 08, 2023 | 2:31 pm
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Asbury Automotive's acquisition of Jim Koons Automotive Companies could potentially boost its profitability and market presence. The deal is expected to close in Q4 FY23 or early Q1 FY24.
The acquisition of Jim Koons Automotive Companies, a large privately-owned dealership group, could significantly expand Asbury Automotive's market presence and potentially increase its profitability. This is likely to have a positive impact on Asbury's stock in the short term.
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