Asbury sells Georgia store
ALM Automotive Group bought Nalley Chevrolet in the Atlanta suburb of Union City, Ga., from public auto retailer Asbury Automotive Group Inc. The deal closed Aug. 5.
Asbury had $206.6 million worth of assets held for sale as of June 30, according to a regulatory filing. The group described the portfolio as eight franchised dealerships and a piece of unused real estate. It was unclear if Nalley Chevrolet is among the stores slated for divestment.
Asbury held $242.7 million in assets for sale as of the end of the first quarter, spanning 10 franchised dealerships and a piece of unused real estate.
In the second quarter, Asbury sold Larry H. Miller Nissan 104th in Denver and a store in Atlanta it identified to investors in a presentation as "Nalley Nissan," an apparent reference to Nalley Nissan of Cumming. Asbury reported a $3.6 million pretax gain from those transactions in the second quarter.
Asbury, of Duluth, Ga., ranks No. 5 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 149,509 new vehicles in 2023.
ALM Automotive, which has new- and used-car dealerships in Georgia and South Carolina, renamed the dealership ALM Chevrolet South.
Kerrigan Advisors, a dealership sell-side firm in Incline Village, Nev., represented Asbury in the transaction.
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Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of over 280 dealerships representing $9 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
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