Asbury Automotive acquires the Colo dealer group. Stevinson Automotive
Asbury Automotive Group Inc. added eight dealerships in the Denver area and $ 715 million in annual revenue by completing the purchase of Stevinson Automotive.
The nation’s sixth-largest new vehicle retailer said it spent around $ 300 million on dealership goodwill – blue sky or intangible store value – plus $ 77 million on real estate and leasehold interest , according to a regulatory file. The purchase price excludes vehicle inventory, parts inventory and fixed assets.
The transaction closed on Monday and was paid for in cash, Asbury said.
“We are delighted to add to our growing footprint in the dynamic and growing Denver region, particularly through a respected and successful dealer group like Stevinson,” Asbury CEO David Hult said Tuesday. , in a press release.
The Stevinson Group, which dates back to 1962, derives 48 percent of its revenues from two Toyota dealers, while two Lexus dealers contribute another 27 percent. The rest of the revenue comes from unique locations of Porsche, Chevrolet, Hyundai and Jaguar, Asbury said. Stevinson also has a Land Rover open point, which was part of the acquisition. The stores are all in the suburbs of Denver.
Stevinson chairman Kent Stevinson will remain to assist Asbury with “unspecified real estate and construction projects in Colorado,” Hult said.
“After meeting and getting to know David Hult and the Asbury team, I knew their business approach, their philosophy towards employees and customers mirrored ours here at Stevinson,” Kent Stevinson said in a statement.