Asbury Automotive Group has completed its acquisition of Park Place Dealerships.
The move will add $1.7 billion in annual revenues and grow Asbury's geographic mix to 28% of revenue derived from the Texas market, according to PR Newswire.
It will likewise expand Asbury’s overall portfolio from 36% to approximately 49% of revenue derived from luxury brands.
The operating assets to be acquired include 12 new vehicle franchises comprising of three Mercedes-Benz, three Sprinter, two Lexus, one Jaguar, one Land Rover, one Porsche, one Volvo, the Park Place auction and two collision centers.
"Park Place remains one of the best operators of luxury stores in the industry. Their portfolio of stores comes with a strong base of loyal clients and long-term team members throughout the high growth Dallas/Fort Worth market," David Hult, Asbury president and CEO, said. "We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction. The talent in both organizations and the resilience of the dealer model have put us in a position to become a stronger and more diversified company. I am pleased to welcome all our new teammates at Park Place."
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