Larry H. Miller Dealerships to sell all stores for $3.2B
Sep 29, 2021, 8:10 AM | Updated: 9:15 am
(Larry H. Miller Dealerships, Facebook)
(Larry H. Miller Dealerships, Facebook)
SALT LAKE CITY — The Georgia automotive group Ashbury is set to purchase all Larry H. Miller Dealerships for $3.2 billion dollars they announced on Monday.
Ashbury said the acquisition will add over 60 dealerships across the west that represent 18 franchise brands with best-in-class operators.
“Larry H. Miller Dealerships is one of the most respected automotive dealer groups in the United States with a strong culture and stewardship mentality,” Asbury’s President and CEO David Hult said on Tuesday.
“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.
“Larry H. Miller Dealerships is a well-run operation with long-tenured employees and a senior leadership team equaling over 5,300 passionate team members, all of whom have had a part in building and carrying forward the legacy that Larry H. and Gail Miller founded over 42 years ago.”
Gail Miller said this sale is something that will increase their opportunities to reinvest in other ventures.
“Since our family’s purchase of a single Utah dealership in 1979, 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,” Miller said.
“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.”
Ashbury said the sale is expected to close in the fourth quarter of 2021.
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