Asbury Automotive Group, Inc. Acquires New Ford Store in Jacksonville, Florida
DULUTH, Ga., June 30, 2015 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., is pleased to announce that it is expanding in the Florida market. Asbury has acquired Mike Davidson Ford which generates approximately $90 million in revenues annually. The new dealership will be rebranded as Coggin Ford and brings the number of Asbury stores in Florida to 24, along with three Q auto locations.
The newly acquired store is located in close proximity to Coggin Honda and Nissan on Atlantic Boulevard. For years, the Ford store has provided quality sales and service to customers in the Jacksonville area with a wide selection of new and pre-owned vehicles. Asbury is pleased to continue this tradition of excellence.
"We are very excited to add this Ford store to better serve our Jacksonville customers and are pleased to expand our suite of Coggin stores. We welcome our new employees to the Asbury family and are looking forward to this opportunity in the Jacksonville area," said David Hult, executive vice president and chief operating officer of Asbury Automotive Group.
About Asbury Automotive Group
Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Georgia, is one of the largest automotive retailers in the U.S. Asbury operates 86 dealerships, composed of 106 franchises for the sale and servicing of 29 domestic and foreign brands of vehicles. Asbury also operates 26 collision repair centers and three stand-alone used vehicle stores. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact and may include statements relating to goals, plans, market conditions and projections regarding Asbury's financial position, liquidity, results of operations, market position and dealership portfolio, the benefits of its restructuring program and other initiatives and future business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God or other incidents which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges, risks associated with Asbury's indebtedness (including available borrowing capacity, compliance with its financial covenants and ability to refinance or repay such indebtedness, particularly upcoming maturities, on favorable terms), Asbury's relationships with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, adverse results in litigation and other proceedings, and Asbury's ability to execute its IT initiatives and other operational strategies, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Asbury Automotive Group, Inc.