Company Summary
Headquartered in Duluth, GA, Asbury is one of the largest automotive retailers of new and used vehicles, and related services in the United States. As of Dec 31, 2022, Asbury owned 186 new vehicle franchises at 139 locations. It also operates 32 collision centers, seven standalone used vehicle dealerships, one used vehicle wholesale business and one auto auction within 15 states. The company offers 31 automotive brands, including Lexus, Mercedes-Benz, Acura, BMW, Genesis, Infiniti, Jaguar, Land Rover, Lincoln, Porsche, Volvo, Audi, Bentley, Toyota, Honda, Nissan, Hyundai, Sprinter, Volkswagen, Subaru, Fiat, Kia, MINI, Isuzu, Dodge, Chrysler, Jeep, Ford, Chevrolet, Buick and GMC.
Apart from a wide range of new and used vehicles, the company provides finance and insurance products, and automotive repair and maintenance services. Asbury’s omni-channel platform is designed to increase its market share through digital innovation. In December 2020, Asbury introduced Clicklane, an online shopping platform, that ensures a true online car-buying and selling experience.
Asbury’s business mix earlier consisted of New Vehicles (accounted for about 47.7% of the company’s revenues in 2022), Used Vehicles (33.6%), Parts and Services (13.4%), and Finance and insurance (5.3%).
In 2021, Asbury acquired Larry H. Miller Dealerships, the eighth largest dealership in the United States, adding 54 new vehicle dealerships, seven used car stores, 11 collision centers and a used vehicle wholesale business to its existing portfolio. Additionally, Asbury acquired Total Care Auto (TCA), a leading provider of service contracts and other vehicle protection products. Subsequent to the closure of the Larry H. Miller buyout in December 2021,
Asbury has two reportable segments: Dealerships and TCA. The Dealerships segment includes revenues derived primarily from the sale of new vehicles, the sale of used vehicles to retail customers and dealers, repair and maintenance services, and the arrangement of third-party vehicle financing. Revenues from the TCA segment, reflected in F&I Revenues, are derived from the vehicle service contracts, guaranteed asset protection insurance, prepaid maintenance contracts, vehicle theft assistance contracts and appearance protection contracts.