Jim Koons Automotive Companies, the D.C. region’s largest auto dealership chain and one of the largest privately owned dealership groups in the U.S., is being acquired by Asbury Automotive Group Inc. in Duluth, Georgia, for roughly $1.2 billion in what the buyer is billing as of one the largest retail automotive acquisitions in U.S. history.
The publicly traded Asbury (NYSE: ABG) announced the acquisition early Friday. Asbury said in a Securities and Exchange filing the deal includes “substantially all of the assets” of Koons, including $740 million for goodwill and approximately $417 million for the real estate and leasehold improvements. Asbury will also acquire new vehicles, used vehicles, service loaner vehicles, fixed assets, parts and supplies for a purchase price to be determined at the closing of the transaction.
Koons operates 20 dealerships in the Washington-Baltimore region, 29 franchises and six collision centers and posted revenue last year of around $3.2 billion. It was one of just 13 privately owned dealer groups in the country last year to top $3 billion in revenue and it is among the nation’s top sellers of Toyota, Stellantis, Ford, Kia, Hyundai, Volvo, Mercedes-Benz and General Motors vehicles, ranking among the top 10 in revenue per dealership.
Click here to read the rest of the article written by Alan Kline over at Washington Business Journal
