Daily Management Review

US car dealer Asbury buys rival Jim Koons for $1.2B


US auto dealer Asbury Automotive Group acquire its competitor Jim Koons, which will become the largest transaction in the industry since 2021, Asbury announced in a news release.

US car dealer Asbury buys rival Jim Koons for $1.2B
Approximately $1.2 billion will be the deal's estimated value, according to MarketWatch. It's anticipated to close in the final quarter of this year or early in the next one.

Asbury plans to use available liquidity, a line of credit, and cash on hand to pay for the acquisition.

Jim Koons, the ninth-largest privately held car dealer in the US, operates across the Mid-Atlantic region. In 2022, its revenue surpassed $3 billion. Among other brands sold by the company are Toyota, Lexus, Mercedes-Benz, Ford, Kia, Hyundai, Volvo, Stellantis, and General Motors.

source: marketwatch.com