Why Asbury Automotive sold 9 North Carolina dealerships

Asbury on Dec. 5 sold six dealerships in Greensboro, N.C., representing the Acura, BMW, Chrysler, Dodge, Jeep, Ram, Honda, Nissan and Volvo brands. A collision shop and parking lot in that city were included in the transaction. Hudson Automotive also acquired Dodge-Ram and Ford stores in Fayetteville, N.C., from Asbury, plus a Honda store in Durham, N.C. Asbury had operated the dealerships under its Crown Automotive regional brand.

David Hudson, president of Hudson Automotive, said company leaders are excited about the new locations, describing the stores’ franchises as great brands in a great market. The transaction gives Hudson Automotive its first BMW and Volvo stores.

“We’ve been in North Carolina for many years and we’re excited to continue to grow in that area,” Hudson told Automotive News.

Until the Asbury deal, it had been a mostly quiet year on the transaction front for Hudson Automotive. Hudson on Feb. 28 purchased Summerville Ford in South Carolina. The dealership group now has more than 40 stores in North Carolina, South Carolina, Georgia, Tennessee, Ohio, Kentucky, Alabama and Louisiana, Hudson said.

It wasn’t the dealership group’s first deal with Asbury. Hudson Automotive in September 2020 purchased a Lexus dealership in Greenville, S.C., from Asbury, Hudson said.

Hult said that having a relationship with Hudson Automotive also factored into the decision to sell. Following the sale, the Crown brand has one Nissan store left in South Carolina and the rest of the stores are in Virginia selling Acura, BMW and Mini. Those stores will stay, Hult said.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Shopping Cart