Last yr, Asbury offered 4 places within the first quarter and three extra within the second quarter to adjust to Toyota and Lexus regional retailer depend limits within the wake of its December 2021 purchases of Larry H. Miller Dealerships and Stevinson Automotive. Asbury offered 9 extra dealerships throughout the fourth quarter, a transaction Hult stated represented “an opportunity” and concerned a “fair price” but in addition was carried out in anticipation of a big acquisition that did not materialize.
This yr on May 15, the midpoint of the second quarter, Asbury offered David McDavid Acura in Austin, Texas, to Umansky Automotive Group of Memphis, Tenn.
Asbury stated Tuesday that it earned $10.2 million from divestitures throughout the quarter.
On a same-store foundation, Asbury’s second-quarter income declined 0.9 p.c from a yr earlier to $3.7 billion, whereas its gross revenue dropped 7.1 p.c to $711.8 million.
Highlights from Asbury’s second-quarter earnings report embody:
Q2 income: $3.7 billion, down 5.3 p.c from a yr earlier
Q2 internet revenue: $196.4 million, down 2.5 p.c from a yr earlier
Q2 adjusted internet revenue: $188 million, down 16 p.c
Sales: 38,260 new autos, down 1.1 p.c; 31,623 used autos, down 21 p.c
Asbury, of Duluth, Ga., ranks No. 5 on Automotive News‘ record of the highest 150 dealership teams primarily based within the U.S., with retail gross sales of 151,179 new autos in 2022.