Asbury Automotive Group, one of the U.S.'s largest automotive retail and service companies, has completed the acquisition of Jim Koons Automotive Companies, based in the Washington D.C. - Baltimore area.
The purchase price of approximately $1.2 billion includes $740 million of goodwill, $420 million of real estate and leasehold improvements, as well as vehicle inventory, parts inventory, and fixed assets of the dealerships. The acquisition is expected to add approximately $3 billion in annualized revenues. According to BusinessWire, this deal is the largest auto retail acquisition since 2021.
The sale includes six collision centers, 20 dealerships, 29 franchises, and one of the highest volume Toyota dealerships in the U.S.
“Not only are Koons’ twenty dealerships consistent leaders in sales volume and customer satisfaction, they are also renowned for their positive employee and workplace culture, essential values we share at Asbury,” said David Hult, Asbury’s President and Chief Executive Officer. "We welcome Koons employees to the Asbury family, and are grateful for their hard work and talent, and for the Asbury team, in the successful completion of this historic transaction.”
“Our transaction with Asbury was a large and complex one, and the excellent and dedicated teamwork demonstrated by both companies is a clear indicator of its future success," said Jim Koons, Chairman of Jim Koons Automotive Companies.
Asbury Automotive Group, a Fortune 500 company headquartered in Duluth, Georgia, is one of the largest automotive retailers in the country. Since 2020, Asbury embarked on a five-year plan to increase revenue and profitability strategically through organic and acquisitive growth as well as their innovative Clicklane digital vehicle purchasing platform.
