Asbury Automotive Group, Inc., one of the U.S.’ largest automotive retail and service companies, has acquired Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S., for approximately $1.2 billion.
The deal, which was completed on Tuesday, adds 20 dealerships, 29 franchises, six collision centers and one of the highest volume Toyota dealerships in the US to Asbury’s portfolio.
The acquisition will boost Asbury’s annualized revenues by about $3 billion and expand its presence in the Washington-Baltimore market, an economically robust and fast growing region.
Asbury’s President and CEO David Hult praised Jim Koons’ passion, leadership and culture, and welcomed Koons’ employees to the Asbury family.
Jim Koons, Chairman of Jim Koons Automotive Companies, expressed his satisfaction with the transition and thanked his employees, Asbury and Kerrigan Advisors, the sell-side advisor for the transaction. He said the deal was a testament to the excellent teamwork and dedication of both companies.
Jim Koons Automotive Companies, founded in 1973, is one of the most successful and respected dealership groups in the industry, with top volume franchises such as Toyota, Lexus, Mercedes-Benz, Ford, Kia, Hyundai, Volvo, Stellantis and General Motors. The group has won multiple awards for customer satisfaction, employee relations and workplace culture.
Asbury Automotive to buy Jim Koons Automotive for over $3 billion