Car dealership group with ABQ locations sold for $3.2B
One of Albuquerque’s largest automotive dealerships, Larry H. Miller Dealerships, was sold Wednesday as part of a $3.2 billion transaction, including about $740 million in real estate, to Atlanta-based Asbury Auto Group, according to a news release issued today, Wednesday.
Based out of Utah, Larry H. Miller has been aggressive in Albuquerque with seven dealerships in the metro area among the 54 total dealerships the auto group owned.
It recently expanded its holdings in Albuquerque with the 2020 purchase of Casa Chevrolet and Casa Chrysler Jeep.
The company has 581 employees in New Mexico. Its local brands included Toyota, Hyundai, Chevrolet, Jeep, Dodge, Chrysler and Genesis.
According to company spokeswoman, Amanda Covington, “We’re unable to give any interviews (Wednesday).”
Publicly traded Asbury is a Fortune 500 company that came into the deal with 91 dealerships, but a relatively small footprint in the west. It had already made inroads into Colorado, but now is adding dealerships for the first time in Arizona, Utah, Idaho, California and Washington in addition to New Mexico.
“Larry H. Miller Dealerships is one of the most respected automotive dealer groups in the United States with a strong culture and stewardship mentality,” David Hult, Asbury’s President and Chief Executive Officer, said in a prepared release. “This acquisition is a unique opportunity to rapidly expand Asbury’s presence into these desirable, high-growth Western markets with strong accretion from day-one, with this impressive group and its rich history.”
Originally founded in 1979 by Larry and Gail Miller, the dealership grew at a rapid pace.
“We have been honored to cultivate a strong, values-based culture and customer-first business model within the automotive industry for more than four decades,” owner Gail Miller said in a prepared release. “We feel a great sense of stewardship to our incredible associates and their families, to our loyal customers and partners, and to the communities where we operate. As always, we believe that being in business is a means to doing good and this transaction will elevate our ability to continue to enrich lives through our philanthropic efforts as well as reinvest in new ventures.”